Global Indemnity suspends exploration of sale, increases board

Global Indemnity announced that it suspended the exploration of the sale or merger of Penn-America, Global Indemnity’s insurance group, and Global Indemnity itself at this time. Saul Fox, Global Indemnity’s Chairman, stated: “Our merger & acquisition market information that suggested we pursue a transaction at this time was not realized.” Jay Brown, Global Indemnity’s Chief Executive Officer, added: “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 also announced that it increased the size of its board to seven members to accommodate the designation of Fred Karlinsky to the board. Karlinsky is co-chair of Greenberg Traurig, LLP’s global insurance practice.