GLOBAL INDEMNITY COMPLETES REDOMESTICATION TO US

Re/insurer Global Indemnity Group has completed the redomestication of Cayman Islands-based Global Indemnity Ltd and Bermudian unit Global Indemnity Reinsurance to the US. Pennsylvania-based Global Indemnity Group has replaced the Cayman company as the publicly traded parent, while the Bermudian unit has merged into the group’s Virginia-based Penn-Patriot Insurance unit, with Penn-Patriot the surviving entity and GI Bermuda’s business being assumed by the group’s US subsidiaries. The group’s shares continue to trade on the Nasdaq market under the symbol GBLI. With the redomestication, Global Indemnity has eliminated four subsidiaries and virtually all foreign operations and reduced the number of governing nations from four to one. The number of taxing nations has reduced from three to one. The move has also eliminated around $1bn in intercompany indebtedness and $174m of external debt and provided around $250m in cash and investments.