GEORGE TOWN, Cayman Islands, June 23, 2020 (GLOBE NEWSWIRE) -- Global Indemnity Limited (NASDAQ:GBLI) (the “Company”) announced that the Company’s Board of Directors approved a plan to redomesticate the Company and its Bermuda subsidiary, Global Indemnity Reinsurance, Ltd., to the United States. The Board also approved the filing of a preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with a special meeting of the Company’s shareholders that will be called to consider and approve the redomestication plan.
If the Company’s shareholders approve the redomestication plan, Global Indemnity Group, LLC, a Delaware limited liability company (that will be taxed as a partnership for U.S. federal income tax purposes), will replace the Company, a Cayman Islands corporation, as the publicly listed parent company of the Company’s affiliated group, and the business of the Company’s Bermuda subsidiary will be assumed by the Company’s existing U.S. insurance company subsidiaries. Pursuant to the plan of redomestication, the Company’s class A ordinary shares will be converted on a one-for-one basis to the class A common shares of the new parent company, Global Indemnity Group, LLC, a Delaware limited liability company, that will trade on NASDAQ under the Company’s existing ticker symbol (“GBLI”).
If approved by its shareholders, the Company anticipates that the redomestication will close in the third quarter of 2020.
Important Information for Shareholders
Security holders are urged to read the definitive proxy statement regarding the proposed redomestication when it becomes available, because it will contain important information. Shareholders may obtain a copy of the definitive proxy statement (when available) and other related documents filed by the Company with the SEC free of charge on the SEC’s website at www.sec.gov. The definitive proxy statement (when available) and other related documents may also be obtained free of charge by accessing http://www.globalindemnity.ky, clicking on the link for “Investor Relations” and then clicking on the link for “SEC Filings”.
Participants in the Solicitation
The Company and its directors, executive officers, other members of management, and employees may solicit proxies from shareholders in favor of the proposed redomestication. Information about the Company’s executive officers and directors is included in the Company’s annual report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 6, 2020 and in the proxy statement for the 2020 annual general meeting filed with the SEC on April 30, 2020, respectively. Copies of these documents may be obtained free of charge by contacting the Company or accessing the Company’s website. In addition, these documents will be available free of charge at the SEC’s website.