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A Private Equity-Backed Insurer Collapsed—Now Policyholders Say It Was Looted
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A Private Equity-Backed Insurer Collapsed—Now Policyholders Say It Was Looted
Policyholders of a collapsed Hartford insurer are suing Golden Gate Capital and Nassau Financial Group, accusing them of draining the company through self-dealing reinsurance and investment deals before its $2.2 billion collapse.
Golden Gate Capital sued over PHL insurer’s $2.2bn capital shortfall
Golden Gate Capital is facing a lawsuit from policyholders of struggling life insurer PHL Variable Insurance Company, who allege that the private equity firm and its affiliate Nassau Financial Group mismanaged the business and contributed to a $2.2bn capital shortfall, according to a report by Bloomberg.
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