Global Indemnity Group, LLC Announces AM Best Affirmation of A (Excellent) Rating
-
鈥淎M Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 鈥渁鈥� (Excellent) of the
U.S. operating subsidiaries of Global Indemnity Group, LLC (Global Indemnity) (Delaware ) [NYSE: GBLI].鈥� - 鈥淭he balance sheet strength assessment reflects Global Indemnity鈥檚 risk-adjusted capitalization, with it being at the strongest level, as measured by Best鈥檚 Capital Adequacy Ratio (BCAR), supported by a strategically conservative investment portfolio, generally prudent reserving practices, as well as the added financial flexibility afforded by its parent鈥檚 access to the capital markets.鈥�
- 鈥淭he group鈥檚 core commercial specialty business, which focuses on small- to middle-market customers, has been consistently profitable.鈥�
- 鈥淕lobal Indemnity is composed of several long-standing and well-recognized franchises that provide a diverse mix of business through multiple distribution channels.鈥�
About Global Indemnity Group, LLC and its subsidiaries
Global Indemnity Group, LLC (NYSE:GBLI) is a publicly listed holding company for property and casualty insurance-related businesses.
Global Indemnity holds controlling interests in:
- Penn-America Underwriters, LLC consists of (i) three agencies: Penn-America Insurance Services, LLC, J.H. Ferguson and Associates, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC that source, underwrite, and service policies and (ii) two strategic insurance product and service businesses: Liberty Insurance Adjustment Agency, Inc., a claims adjustment and claims service business and Kaleidoscope Insurance Technologies, Inc., a proprietary insurance software and services provider.
- Belmont Holdings GX, Inc. includes five state-regulated insurance carriers: Penn-Patriot Insurance Company, Diamond State Insurance Company, Penn-Star Insurance Company, Penn-America Insurance Company, and United National Insurance Company, each of which are rated 鈥淎鈥� (Excellent) by AM Best.
- Belmont Holdings Asset Management works with property & casualty insurance companies to enhance investment portfolio performance.
For more information, visit the Company鈥檚 website at .
Forward-Looking Information
The forward-looking statements contained in this press release1 do not address a number of risks and uncertainties. Investors are cautioned that Global Indemnity鈥檚 actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnity鈥檚 filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the Company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
[1] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934.
View source version on businesswire.com:
Brian Riley
Chief Financial Officer
(610) 660-6817
[email protected]
Source: Global Indemnity Group, LLC
