per Global Indemnity plc, 7.75% Subordinated Notes 15/08/2045 KYG3933F1211 non cambia niente
Global Indemnity Completes Redomestication to the Cayman Islands
GEORGE TOWN, Cayman Islands, Nov. 07, 2016 (GLOBE NEWSWIRE) -- Global Indemnity plc (NASDAQ:GBLI) announced today that it has completed its redomestication to change the ultimate holding company of the Global Indemnity group of companies from an entity incorporated in Ireland to an entity incorporated in the Cayman Islands. As previously announced, the name of the new holding company is Global Indemnity Limited.
Global Indemnity Limited is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, and is subject to SEC reporting requirements applicable to domestic registrants. Global Indemnity Limited’s A ordinary shares will trade on the Nasdaq Global Select Stock Market under the ticker symbol “GBLI.”
About Global Indemnity Limited and its subsidiaries
Global Indemnity Limited, through its several direct and indirect wholly owned subsidiary insurance and reinsurance companies, provides both admitted and non-admitted specialty property and casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. Global Indemnity Limited’s three primary segments are:
The Company believes that 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, each Company A ordinary share will be cancelled and replaced with one A ordinary share of Global Indemnity Limited and each Company B ordinary share will be cancelled and replaced with one B ordinary share of Global Indemnity Limited. The Company intends that the Global Indemnity Limited A ordinary shares will trade on The NASDAQ Global Select Market (“NASDAQ”) under the ticker symbol GBLI, the same symbol under which the Company’s A ordinary shares are currently listed. The Company intends that Global Indemnity Limited will be subject to U.S. Securities and Exchange Commission (the “SEC”) reporting requirements, the mandates of the U.S. Sarbanes-Oxley Act and the corporate governance rules of NASDAQ. The Company will report its consolidated financial results in U.S. dollars and under U.S. generally accepted accounting principles. In addition to shareholder approval, the move to the Cayman Islands is subject to an order from the High Court of Ireland sanctioning the transaction and the satisfaction of certain other conditions.