A court-appointed official has recommended selling Clanwilliam, an Irish healthcare software firm tied to Greg Lindberg, to help recover funds for victims of the insurance magnate’s $2 billion fraud.
The company’s sale, however, is being delayed by several lawsuits, including those filed by Lindberg and a separate case brought by Bermuda-based insurers. The Bermuda-based insurers filed the lawsuit to protect their ability to offset losses tied to prior investments in Lindberg’s affiliated entities.
Joseph W. Grier III, the special master in Lindberg’s case, has proposed dismissing the lawsuits to allow the sale of Clanwilliam to proceed.
If the proposed sale of Clanwilliam receives regulatory approval, Grier recommended that the proceeds, estimated at $318 million, be deposited into a court-controlled account under his oversight.
Under the proposal, $108.2 million would go to Bermuda-based insurers seeking to recover losses from investments tied to Lindberg’s companies. Meanwhile, $172.2 million would be distributed to Lindberg-linked insurance companies and related entities based in North Carolina, which were financially impacted by the diversion of funds within the insurance magnate’s empire.
Vista Life & Casualty Reinsurance Co., another firm connected to Lindberg and exposed to his fraudulent investment activities, would receive $23.5 million in restitution.
The special master would receive $14.1 million to cover administrative expenses, as outlined in the court’s January order.
In November 2024, Lindberg pleaded guilty to conspiracy and money laundering in a $2 billion fraud scheme involving his insurance empire.
The US Department of Justice said Lindberg’s scheme ran from 2016 to 2019 and spanned a network of companies across North Carolina, Bermuda, Malta, and other jurisdictions. Lindberg and his co-conspirators evaded regulatory oversight, funnelled more than $2 billion through circular transactions with affiliated firms, and misled regulators, ratings agencies, and policyholders.
Lindberg’s indictment revealed that he directed the scheme and personally profited by forgiving over $125 million in loans to himself from the insurance companies he controlled.
In May 2025, Lindberg was also convicted of attempting to bribe North Carolina’s insurance commissioner. Lindberg is held by the US Marshals as he awaits sentencing for both convictions.
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