WILMINGTON, Delaware–(BUSINESS WIRE)–Global Indemnity Group, LLC (NYSE: GBLI) (“GBLI”), today announced that David S. Charlton, Chairman and Chief Executive Officer, and Reiner R. Mauer, Chief Operating Officer, are no longer officers or directors of GBLI (including its subsidiaries).
GBLI’s Board of Directors has named Joseph W. Brown, 73, as Chief Executive Officer. Mr. Brown has been a director of GBLI since December 2015 and will remain a member of GBLI’s Board of Directors. Mr. Brown has nearly 50 years of experience in the insurance industry, including prior tenures as Director, President and Chief Executive Officer of MBIA, Inc. (NYSE: MBI), Chairman Board of Directors of Safeco, Chairman of the Board of Directors of Talegen Holdings, Inc., Chairman of Noblr and President and CEO of Fireman’s Fund Insurance Company.
GBLI also announced that Jason B. Hurwitz, 50, has joined the GBLI Board of Directors. Mr. Hurwitz previously served on GBLI’s Board of Directors from September 2017 to January 2022. Mr. Hurwitz is a partner at Osier Capital LLC, an investment firm focused on insurance and other long-term investments. As a director and advisor during his career, Mr. Hurwitz has completed 28 business acquisitions or divestitures totaling more than $5 billion and has served on the boards of eight of these companies. Mr. Hurwitz will join GBLI’s Audit Committee.
Saul Fox, Chairman of GBLI, and whose investment firm, Fox Paine & Company (including its affiliates), owns approximately 40% of GBLI’s shares, said: “I would like to thank David Charlton and Reiner Mauer for their significant contributions to GBLI during their respective 18 and 16 month terms with GBLI. However, GBLI’s Board of Directors believes that the company would be best served at this time by Jay Brown as Chief Executive Officer, given Jay’s extensive experience as Chief Executive Officer and as Chairman of the Board. directors of several large and highly regarded property and casualty insurance companies. , where Jay orchestrated the company’s transformative results. Jay’s decades of expertise in senior insurance company management will be invaluable to GBLI as it transitions to an IT-focused provider and data-driven P&C lines. . Jay Brown added: “It has been a great experience as a director working with GBLI’s board and management team over the past 5 years to develop our company’s long-term strategy. I look forward to transitioning into senior management of the company and leading the effort to make this vision a reality. »
GBLI also announced that it will initiate a share repurchase program beginning in the fourth quarter of 2022. Repurchases of up to $32 million of GBLI’s currently outstanding common A shares have been authorized by the Board of Directors. administration of GBLI. The repurchase authorization 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 market opportunities. investment alternatives.
Under the Buyback Program, buybacks may be made from time to time using various methods, including open market purchases or privately negotiated transactions, all in accordance with the Insider Trading Policy. of GBLI, the United States Securities and Exchange Commission and other applicable legal requirements. .
The buyback program does not obligate GBLI to acquire any particular number of common A shares, and the buyback program may be suspended or terminated at any time at GBLI’s discretion.
About Global Indemnity Group, LLC and its Subsidiaries
Global Indemnity Group, LLC (NYSE:GBLI), through its several wholly-owned direct and indirect insurance subsidiaries, provides admitted and non-admitted specialty property and casualty insurance coverage and individual insured coverage to United States, as well as reinsurance worldwide. . The four main business units of Global Indemnity Group, LLC are:
- Small and medium business enterprises
- Specialized trading company
For more information, visit the Company’s website at www.gbli.com.
The forward-looking statements contained in this press release do not take into account a number of risks and uncertainties. Investors are cautioned that the actual results of Global Indemnity may differ materially from the estimates expressed, 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 contained 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 that could impact the company and for a more detailed explanation regarding forward-looking statements. Global Indemnity undertakes no obligation to update any forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
 Distributed pursuant to the “safe harbor” provisions of Section 21E of the Security Exchange Act of 1934.