Global Indemnity Group, LLC Announces Chief Executive Officer and Chief Operations Officer Departures, Names Chief Executive Officer, Appoints a New Director, and Announces Share Buyback Authorization
21 Ottobre 2022 - 10:16PM
Business Wire
Global Indemnity Group, LLC (NYSE:GBLI) (“GBLI”), today
announced that David S. Charlton, Chief Executive Officer, and
Reiner R. Mauer, Chief Operations Officer, are no longer officers
or directors of GBLI (including its subsidiaries).
GBLI’s board of directors appointed Joseph W. Brown, 73, as its
Chief Executive Officer. Mr. Brown has served as a GBLI director
since December 2015 and will remain on GBLI’s board of directors.
Mr. Brown has close to 50 years of insurance industry experience,
including prior tenures as a director, chairman, and chief
executive officer of MBIA, Inc. (NYSE: MBI), chairman of the board
of Safeco, chairman of the board of Talegen Holdings, Inc.,
chairman of Noblr, and president and chief executive officer of
Fireman’s Fund Insurance Company.
GBLI also announced that Jason B. Hurwitz, 50, rejoined GBLI’s
board of directors. Mr. Hurwitz had previously served on GBLI’s
board from September 2017 to January 2022. Mr. Hurwitz is a partner
with Osier Capital LLC, an investment firm focused on insurance and
other long-term investments. As a principal and advisor during his
career, Mr. Hurwitz completed 28 corporate acquisitions or
divestitures totaling over $5 billion and served on the boards of
directors of eight of these companies. Mr. Hurwitz will join GBLI’s
Audit Committee.
Saul Fox, GBLI’s chairman, and whose investment firm, Fox Paine
& Company (including its affiliates), owns approximately 40% of
GBLI’s shares stated: “I wish to thank David Charlton and Reiner
Mauer for their significant contributions to GBLI during their
18-month and 16-month respective tenures with GBLI. However, GBLI’s
board of directors believes that the company would be best served
at this time by Jay Brown as its Chief Executive Officer, given
Jay’s vast experience as a chief executive and as a board chairman
of several prominent and highly esteemed property & casualty
insurance companies, where Jay orchestrated enterprise
transformative results. Jay’s decades of insurance company senior
leadership expertise will be of tremendous value to GBLI as it
transitions to an information technology and data driven casualty
lines focused provider.” Jay Brown added: “It has been a terrific
experience as a director working with the GBLI board and management
team over the past 5 years developing the long-term strategy for
our company. I look forward to shifting to the senior executive
role at the company leading the effort to make that vision a
reality.”
GBLI also announced that it will commence a stock repurchase
program beginning in the fourth quarter of 2022. Repurchases of up
to $32 million of GBLI’s currently outstanding A Common Shares have
been authorized by GBLI’s board of directors. The authorization to
repurchase will expire on December 31, 2027. 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.
Under the repurchase program, repurchases may be made from time
to time using a variety of methods, including open market purchases
or privately negotiated transactions, all in compliance with GBLI’s
Insider Trading Policy, the United States Securities and Exchange
Commission, and other applicable legal requirements.
The repurchase program does not obligate GBLI to acquire any
particular amount of A Common Shares, and the repurchase program
may be suspended or discontinued at any time at GBLI’s
discretion.
About Global Indemnity Group, LLC and its
subsidiaries
Global Indemnity Group, LLC (NYSE:GBLI), through its several
direct and indirect wholly owned subsidiary insurance companies,
provides both admitted and non-admitted specialty property and
casualty insurance coverages and individual policyholder coverages
in the United States, as well as reinsurance worldwide. Global
Indemnity Group, LLC’s four primary business units are:
- Small to Middle Market Commercial Business
- Commercial Specialty Business
- Programs
- Reinsurance
For more information, visit the Company’s website at
www.gbli.com.
Forward-Looking Information
The forward-looking statements contained in this press release
do not address a number of risks and uncertainties. Investors are
cautioned that Global Indemnity’s actual results may be materially
different from the estimates expressed in, or implied, or projected
by, the forward-looking statements. These statements are based on
estimates and information available to us at the time of this press
release. All forward-looking statements in this press release are
based on information available to Global Indemnity as of the date
hereof. Please see Global Indemnity’s filings with the Securities
and Exchange Commission for a discussion of risks and uncertainties
which could impact the company and for a more detailed explication
regarding forward-looking statements. Global Indemnity does not
assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made.
[1] Disseminated pursuant to the "safe harbor" provisions of
Section 21E of the Security Exchange Act of 1934.
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version on businesswire.com: https://www.businesswire.com/news/home/20221021005449/en/
Media Stephen W. Ries Head of Investor Relations (610)
668-3270 sries@gbli.com
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