https://retirementplanningscottsdale.com/2019/03/05/fiduciary-anil-vazirani-proved-right-once-again-when-he-stated-years-ago-that-private-equity-should-not-own-insurance-companies/ Fiduciary Anil Vazirani proved right once again when he stated years ago that Private Equity should not own Insurance Companies.
A Wall Street Journal article published on February 28, 2019, stated that soon after Greg Lindberg moved into the insurance business, the North Carolina entrepreneur went on a spending spree. Much of the cash came from huge sums he diverted from the group of life insurance firms he began assembling in 2014, a Wall Street Journal investigation found. He lent at least $2 billion from those insurers to many entities he controlled, using much of it to expand his private holdings, according to interviews, regulatory filings and more than 4,500 internal documents from Mr. Lindberg’s companies reviewed by the Journal.
The WSJ article continues to state that the sheer scale of Mr. Lindberg’s use of insurance assets to invest in his own businesses has little precedent in recent decades, industry experts say, and exposes hundreds of thousands of policyholders across the U.S. and in Europe to an unusual and potentially risky strategy.
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