GBLI suspends the exploration of the sale or merger of Penn-America and Global Indemnity

Global Indemnity Group has suspended the exploration of the sale or merger of Penn-America, its insurance group, and Global Indemnity itself at this time.

In June, the company shared that multiple parties indicated preliminary interest in exploring an acquisition or merger.

Global Indemnity, through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in the US, as well as reinsurance worldwide.

“Our merger & acquisition market information that suggested we pursue a transaction at this time was not realized.” – Saul Fox, Global Indemnity’s chairman.

“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.” – Jay Brown, Global Indemnity’s CEO.