Global Indemnity Announces that Multiple Parties Have Expressed Preliminary Interest in Acquiring or Merg
Global Indemnity Announces That It Increased Its Existing Share Buy Back Authorization to $135 Million
Global Indemnity Group, LLC GBLI ("Global Indemnity" or the "Company") announced that in recent days, multiple parties indicated preliminary interest in exploring an acquisition of or merger with Penn-America, Global Indemnity's insurance group, or an acquisition of or merger with Global Indemnity itself. While the Company is responding to certain of these preliminary indications of interest, there is no assurance that an acceptable transaction will result from such engagement. The Company does not intend to make any further public comment regarding the process unless or until it has been completed or suspended. Attached is the "Chairman's Letter to Shareholders" that accompanied the Company's 2022 Annual Report, which was distributed in late April 2023.
During the pendency of the foregoing, but subject to material developments, Global Indemnity intends to continue to buy back shares pursuant to its previously announced authorization. In addition, the Company's Board of Directors approved an increase in the existing share buyback authorization amount to $135 million. The timing and actual number of shares repurchased, if any, will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. Share repurchases under the authorization may be made through a variety of methods, which may include open market purchases, privately negotiated transactions or any other method or combination of methods. The share repurchase program, however, does not obligate Global Indemnity to acquire any amount of its common shares, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.