Global Indemnity plans to re-domicile to Cayman

Specialty insurer Global Indemnity has unveiled plans to re-domicile from Ireland to the Cayman Islands.

The board of directors has unanimously approved the decision while the shareholders of Global Indemnity will be asked to vote in favour of completing the reorganisation proposal at a special shareholders meeting.

If accepted, the proposed Cayman Islands exempted company, Global Indemnity, would replace Global Indemnity as the ultimate holding company of the Global Indemnity group of companies.

Global Indemnity does not expect the redomestication to have any material impact on its financial results, including its global effective tax rate.

“The Cayman Islands offers a business friendly regulatory environment and a predictable legal framework that simultaneously provides both corporate certainty and shareholder protections, presents a flexible and stable legal and corporate governance framework, which allows a company’s board of directors latitude to exercise its judgment in what it deems to be in the best interests of the company and offers a beneficial tax regime,” said Global Indemnity.