Global Growth today announced the rehabilitation of Pavonia Life Insurance Company of Michigan (“Pavonia”), a Michigan insurance company affiliated with Global Growth and owned by Global Growth owner Greg Lindberg. As part of the rehabilitation, Pavonia is being acquired by Axar Capital Management.
The rehabilitation fully protects Pavonia’s 350,000 direct and reinsured policyholders and secures more than $900 million in policyholder insurance benefits. The rehabilitation is the culmination of an extended cooperative effort between Global Growth, Michigan regulators, and Axar Capital to help Pavonia successfully exit the voluntary rehabilitative process that began in June 2019.
“We are deeply grateful to the Michigan Department of Insurance and Axar Capital for collaboratively working with us throughout the rehabilitative process to put the interests of policyholders first,” said Global Growth CEO, Justin Holbrook. “This is a textbook example of how rehabilitations can and should work. Put policyholders first. Find common sense solutions. Work hand-in-hand to exit rehabilitation as soon as possible. When we do that, policyholders win.”
Mr. Holbrook continued, “I’m hopeful the North Carolina Department of Insurance will follow Michigan’s example and begin working with us to rehabilitate our affiliated insurance companies in North Carolina. There’s no need to waste millions of dollars in legal fees to score senseless legal points that won’t benefit a single policyholder. If we simply work together, we can help all policyholders from our North Carolina insurance companies — Colorado Bankers Life, Southland National Life Insurance Company, and Bankers Life Insurance Company — get full and complete access to their benefits in the next twelve months, if not sooner.”
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