Golden Gate Sued Over Insurer’s $2.2 Billion Capital Shortfall

Policyholders of a struggling life insurer sued its private equity owner, accusing Golden Gate Capital of self-dealing and mismanaging PHL Variable Insurance Co. to the point that it now faces possible liquidation.

Policyholders of a struggling life insurer sued its private equity owner, accusing Golden Gate Capital of self-dealing and mismanaging PHL Variable Insurance Co. to the point that it now faces possible liquidation.