Specialty P&C insurer plans to redomicile to US from Cayman Islands and Bermuda
Global Indemnity, a specialty property and casualty insurer currently domiciled in the Cayman Islands, has decided to redomesticate the company and its Bermuda subsidiary Global Indemnity Reinsurance to the US.
The company's board of directors have approved the redomestication plan and the filing of a preliminary proxy statement with the US Securities and Exchange Commission.
If the company’s shareholders approve the redomestication plan, Global Indemnity Group, a Delaware limited liability company, will replace the company, a Cayman Islands corporation, as the publicly listed parent company of Global Indemnity’s affiliated group.
Furthermore, the Bermuda subsidiary's business will be assumed by the company’s existing US 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 that will trade on NASDAQ under the Company’s existing ticker symbol 'GBLI'.
Following all approvals, the company anticipates the redomestication to close in the third quarter of 2020.
