Global Indemnity Plan To Redomesticate To US
Global Indemnity Limited announced that their Board of Directors approved a plan to redomesticate to the United States.
A statement from the company said, “Global Indemnity Limited announced that the Company’s Board of Directors approved a plan to redomesticate the Company and its Bermuda subsidiary, Global Indemnity Reinsurance, Ltd., to the United States.
“The Board also approved the filing of a preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with a special meeting of the Company’s shareholders that will be called to consider and approve the redomestication plan.
“If the Company’s shareholders approve the redomestication plan, Global Indemnity Group, LLC, a Delaware limited liability company [that will be taxed as a partnership for U.S. federal income tax purposes], will replace the Company, a Cayman Islands corporation, as the publicly listed parent company of the Company’s affiliated group, and the business of the Company’s Bermuda subsidiary will be assumed by the Company’s existing U.S. 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, LLC, a Delaware limited liability company, that will trade on NASDAQ under the Company’s existing ticker symbol [“GBLI”].
“If approved by its shareholders, the Company anticipates that the redomestication will close in the third quarter of 2020.”
