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Global Indemnity Group, LLC Announces Additional Share Buyback Authorization
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
Global Indemnity Group (GBLI) has announced a total of $60 million for its stock purchase program, with $21.9 million already spent and an additional $38.1 million approved for repurchase. This authorization remains valid until December 31, 2027. The actual repurchase will depend on market conditions and other factors. The program permits various methods of stock repurchase but does not obligate GBLI to acquire a set amount of shares, allowing for discretion in execution.
Positive
Authorization for an aggregate stock buyback of $60 million supports shareholder value.
Repurchase program may enhance earnings per share (EPS) if shares are effectively bought back.
Negative
The company has spent a significant $21.9 million already, which could restrict future liquidity.
Market conditions may affect the timing and amount of repurchases, introducing uncertainty.
WILMINGTON, Del.--(BUSINESS WIRE)--
Global Indemnity Group, LLC (NYSE:GBLI) (“GBLI”) today announced that it has spent $21.9 million under its previously announced stock purchase program and authorized an additional repurchase amount of $38.1 million for an aggregate stock purchase program of $60 million. The authorization to repurchase shares will expire on December 31, 2027. The timing and actual number of shares repurchased, if any, will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. Further, GBLI may utilize a variety of stock repurchase methods, including open market purchases or privately negotiated transactions, all in compliance with GBLI’s Insider Trading Policy, the United States Securities and Exchange Commission, and other applicable legal requirements. The repurchase program does not obligate GBLI to acquire any amount of A Common Shares, and the repurchase program may be suspended or discontinued at any time at GBLI’s discretion.
About Global Indemnity Group, LLC and its subsidiaries
Global Indemnity Group, LLC (NYSE:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and casualty insurance coverages and individual policyholder coverages in the United States through its United National/Penn-America Binding & Programs Unit and its InsurTech Unit, as well as reinsurance worldwide.
For more information, visit the Company’s website at www.gbli.com.
Forward-Looking Information
The forward-looking statements contained in this press release do not address a number of risks and uncertainties. Investors are cautioned that Global Indemnity’s 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’s 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 Security Exchange Act of 1934.
Media
Stephen W. Ries Head of Investor Relations
(610) 668-3270
sries@gbli.com
Source: Global Indemnity Group, LLC
FAQ
What is the total amount authorized for the stock buyback program of Global Indemnity Group (GBLI)?
Global Indemnity Group has authorized a total of $60 million for its stock buyback program.
How much has Global Indemnity Group (GBLI) already spent in its stock purchase program?
Global Indemnity Group has already spent $21.9 million under its stock purchase program.
When does the stock repurchase program for GBLI expire?
The stock repurchase program for Global Indemnity Group expires on December 31, 2027.
What factors influence the share repurchase timing for GBLI?
The timing and actual number of shares repurchased by GBLI will depend on various factors, including market conditions and alternative investment opportunities.
Can Global Indemnity Group (GBLI) suspend its stock repurchase program?
Yes, Global Indemnity Group may suspend or discontinue the stock repurchase program at its discretion.
