Global Indemnity Limited, a specialist provider of property and casualty insurance, has revealed that its Board of Directors have approved a plan to redomesticate the firm and its Bermuda arm, Global Indemnity Reinsurance, Ltd., to the U.S.
At the same time, the Board also approved the filing of a preliminary proxy statement with the U.S. Securities and Exchange Commission (SEC) in connection with a special meeting of the firm’s shareholders that will be called to both consider and approve the plan to redomesticate.
If approved, Global Indemnity Group, LLC, a Delaware-based limited liability entity, will replace the company, a Cayman Islands corporation, as the publicly listed parent company of Global Indemnity’s affiliated group. Furthermore, the business of its Bermuda-based reinsurance arm will be assumed by the firm’s existing U.S. insurance company subsidiaries.
The firm adds that in accordance with the plan, its class A ordinary shares will be converted on a one-for-one basis to the class A common shares of the new parent, that will trade under the firm’s existing ticker symbol (GBLI) on the NASDAQ.
If shareholders approve the plan, it’s expected that the redomestication will close in the third-quarter of 2020.
