DUBLIN, Jan. 5, 2015 /PRNewswire/ -- Global Indemnity
plc's (NASDAQ: GBLI) U.S. affiliate today announced that it has
completed its previously announced agreement to purchase American
Reliable Insurance Company from Assurant, Inc. (NYSE: AIZ) having
satisfied all closing conditions. In a transaction with an
enterprise value of approximately $394,000,000, Global Indemnity's U.S. division
paid approximately $114 million in
cash to Assurant at closing and assumed approximately $280,000,000 in customary insurance related
liabilities, obligations, and mandates. American Reliable,
with facilities in Scottsdale,
Arizona, and Omaha,
Nebraska, writes specialty personal lines and agricultural
property and casualty insurance, in each case distributed through a
network of general and independent agents.
Cindy Valko, Global Indemnity's
Chief Executive remarked: "We are pleased to welcome American
Reliable to the Global Indemnity family. The combined company
brings great value to its employees and wholesale and MGA partners,
with its complementary products, infrastructure, and underwriting
expertise." Cindy Valko
added: "This is an exciting milestone for Global Indemnity as
we continue our commitment to profitable growth."
About Global Indemnity and its subsidiaries
Global Indemnity plc (NASDAQ:GBLI), 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 in the United States, as well as reinsurance
worldwide. Global Indemnity plc's two primary segments are:
- United States Based Insurance Operations
- Bermuda Based Reinsurance Operations
For more information, visit the Global Indemnity plc website at
http://www.globalindemnity.ie.
Forward Looking Information
Forward-looking statements contained in this press release are
made under the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and involve a number of risks and
uncertainties that could cause actual results to differ materially
from the expectations expressed in the forward-looking statements.
Factors which could cause actual results to differ from those
contemplated in any such forward-looking statements include, but
are not limited to the risk that the conditions to the
closing of the transaction are not satisfied, risks that the
proposed transaction disrupts the current plans and operations of
American Reliable or Global Indemnity, the risk that American
Reliable's earnings could be more or less than anticipated and
unexpected costs, charges or expenses resulting from the
transaction. The foregoing review of important factors that
could cause actual events to differ from expectations should not be
construed as exhaustive. Please see our periodic reports
filed with the Securities and Exchange Commission for a discussion
of the risks and uncertainties which may affect us and for a more
detailed discussion of our cautionary note regarding
forward-looking statements. Global Indemnity undertakes no
intent or obligation to publicly update or revise any of these
forward looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Contact:
|
Media Linda
Hohn
Associate General Counsel
(610) 660-6862
lhohn@global-indemnity.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/global-indemnity-purchases-american-reliable-insurance-company-300015478.html
SOURCE Global Indemnity plc