Global Indemnity Group has announced the suspension of its exploration into the sale or merger of its insurance group, Penn-America, and the company itself. The decision comes after reconsidering market information, according to a statement.
Furthermore, Global Indemnity plans to continue its share buyback program under its previously announced $135 million authorization. With $100 million of capacity remaining, the company will base the timing and volume of share repurchases on various factors, including stock price, general business and market conditions, and other investment opportunities.
The repurchases may be made through different methods, such as open market purchases or privately negotiated transactions. However, the share repurchase program does not obligate the company to acquire any specific number of common shares and may be suspended or discontinued at any time at the company’s discretion.
In addition to this announcement, Global Indemnity has also expanded its board of directors to seven members with the appointment of Fred Karlinsky, Esq. Karlinsky, who is co-chair of Greenberg Traurig, LLP’s global insurance practice, brings extensive experience in advising growth-oriented companies in the insurance industry.
“Given the company’s debt-free balance sheet and strong reserve base, coupled with our enviable decades-long profitability, outstanding management team, and extensive national agent and broker network, Penn-America is well-positioned to achieve exceptional financial results for our owners,” Global Indemnity CEO Jay Brown said.
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