Trending...
- USA Med Bed Helping Home Care Patients with Refurbished Hill Rom Hospital Beds
- CAPHRA warns Southeast Asia not to repeat Australia's nicotine policy failure
- KRE PRIME Launches Adaptive Convertible Jumpsuit
BALA CYNWYD, Pa.--(BUSINESS WIRE)--Global Indemnity Group, LLC (NYSE:GBLI) ("GBLI"), announced today that American Reliable Insurance Company ("ARIC"), a GBLI subsidiary, completed the disposition of ARIC's Farm, Ranch, and Equine book of renewal business to Everett Cash Mutual. GBLI also announced that it agreed to sell ARIC to Everett Cash Mutual (ECM), which, subject to regulatory approvals and customary transactional conditions, is expected to close in or before the first quarter of 2023. GBLI and ECM anticipate that the renewal rights and acquisition transactions will further enhance ARIC's provision of products and services to both ARIC's policyholders and to ARIC's agency partners.
ECM's President and CEO, Randy Shaw, stated that "Everett Cash Mutual Insurance Co., founded in 1913, is committed to serving the insurance needs of the agricultural community." Shaw added that "ECM's acquisition of ARIC will shift ECM from a regional carrier to a national provider with combined gross written premium approaching $200 million. We look forward to engaging with American Reliable employees and agents in the coming days."
David Charlton, GBLI's Chief Executive, remarked, "GBLI will be working closely with ECM to assure that the renewal rights and acquisition transactions will be seamless for ARIC policyholders and ARIC's agent partners. In that regard, we encourage ARIC's agents to partner with ECM, who is a carrier dedicated to processing Farm, Ranch, & Equine insurance." Charlton added that, "These transactions will also enable GBLI to further sharpen its focus on the company's core small and middle market commercial specialty casualty businesses".
Transaction Information:
In aggregate GBLI will receive approximately $85 million, including the release of capital currently supporting ARIC's operations (over the course of the next 12 months). GBLI will receive $30 million for the sale of renewal rights and will receive an amount equal to surplus when ARIC is sold. Until ECM acquires American Reliable, ECM will be providing GBLI with 100% quota share reinsurance in respect of policies subject to the renewal rights agreement with ECM.
More on The PennZone
GBLI exited ARIC's Manufactured Homes and Dwellings business in the fourth quarter of 2021, which was comparable in size to ARIC's Farm, Ranch, & Equine business and generated comparable proceeds to GBLI upon its disposition.
Fox Paine & Company and Merger & Acquisition Services, Inc. served as GBLI's financial advisors in connection with the Farm, Ranch, & Equine as well as the Manufactured Homes and Dwellings transactions. Skadden, Arps, Slate, Meagher & Flom LLP served as GBLI's legal advisor in regard to both transactions. Philo Smith Capital Corporation served as ECM's financial advisor, and Mette, Evans & Woodside served as legal advisor.
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, as well as reinsurance worldwide. Global Indemnity Group, LLC's four primary business units are:
For more information, visit the Company's website at www.gbli.com.
About Everett Cash Mutual
Founded in 1913, Everett Cash Mutual Insurance Co. is a property/casualty mutual insurer focused on serving the farm and agri-business sector. ECM provides state of the art products and technology to support its marketing territory. ECM is rated A "Excellent" by A.M. Best.
Forward-Looking Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements that do not relate solely to historical or current facts, and often can be identified by the use of words such as "expect," "intend," "plan," "believe," "trends," and similar expressions of a future or forward-looking nature. The forward-looking statements contained in this press release[1] 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 and involve a number of risks, uncertainties and assumptions, including those described in Global Indemnity's filings with the Securities and Exchange Commission. Investors are cautioned that it is not possible for Global Indemnity to predict all risks, nor can we assess the impact of all factors on our business or to the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. 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 us 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.
More on The PennZone
[1] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934.
Contacts
Media – GBLI
Stephen W. Ries
Head of Investor Relations
(610) 668-3270
sries@gbli.com
Media – Everett Cash Mutual
David E. Eppinger, CPCU, ARM
Chief Operating Officer
(814) 652-6111
dave@everettcash.com
ECM's President and CEO, Randy Shaw, stated that "Everett Cash Mutual Insurance Co., founded in 1913, is committed to serving the insurance needs of the agricultural community." Shaw added that "ECM's acquisition of ARIC will shift ECM from a regional carrier to a national provider with combined gross written premium approaching $200 million. We look forward to engaging with American Reliable employees and agents in the coming days."
David Charlton, GBLI's Chief Executive, remarked, "GBLI will be working closely with ECM to assure that the renewal rights and acquisition transactions will be seamless for ARIC policyholders and ARIC's agent partners. In that regard, we encourage ARIC's agents to partner with ECM, who is a carrier dedicated to processing Farm, Ranch, & Equine insurance." Charlton added that, "These transactions will also enable GBLI to further sharpen its focus on the company's core small and middle market commercial specialty casualty businesses".
Transaction Information:
In aggregate GBLI will receive approximately $85 million, including the release of capital currently supporting ARIC's operations (over the course of the next 12 months). GBLI will receive $30 million for the sale of renewal rights and will receive an amount equal to surplus when ARIC is sold. Until ECM acquires American Reliable, ECM will be providing GBLI with 100% quota share reinsurance in respect of policies subject to the renewal rights agreement with ECM.
More on The PennZone
- Zenylitics Announces Leadership Transition to Continue Accelerated Growth
- Wellness Technology Distributor Helping People Set Up Wellness Center Businesses
- Christian Apocalyptic Thriller Explores Biblical Prophecy, Global Technology, & the Rise of the Ant
- Turnstone Creative Expands Leadership Team with Addition of Marketing Manager
- The Hidden Price Of Lost Property In UK Schools
GBLI exited ARIC's Manufactured Homes and Dwellings business in the fourth quarter of 2021, which was comparable in size to ARIC's Farm, Ranch, & Equine business and generated comparable proceeds to GBLI upon its disposition.
Fox Paine & Company and Merger & Acquisition Services, Inc. served as GBLI's financial advisors in connection with the Farm, Ranch, & Equine as well as the Manufactured Homes and Dwellings transactions. Skadden, Arps, Slate, Meagher & Flom LLP served as GBLI's legal advisor in regard to both transactions. Philo Smith Capital Corporation served as ECM's financial advisor, and Mette, Evans & Woodside served as legal advisor.
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, as well as reinsurance worldwide. Global Indemnity Group, LLC's four primary business units are:
- Small to Middle Market Commercial Business
- Commercial Specialty Business
- Programs
- Reinsurance
For more information, visit the Company's website at www.gbli.com.
About Everett Cash Mutual
Founded in 1913, Everett Cash Mutual Insurance Co. is a property/casualty mutual insurer focused on serving the farm and agri-business sector. ECM provides state of the art products and technology to support its marketing territory. ECM is rated A "Excellent" by A.M. Best.
Forward-Looking Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements that do not relate solely to historical or current facts, and often can be identified by the use of words such as "expect," "intend," "plan," "believe," "trends," and similar expressions of a future or forward-looking nature. The forward-looking statements contained in this press release[1] 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 and involve a number of risks, uncertainties and assumptions, including those described in Global Indemnity's filings with the Securities and Exchange Commission. Investors are cautioned that it is not possible for Global Indemnity to predict all risks, nor can we assess the impact of all factors on our business or to the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. 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 us 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.
More on The PennZone
- Milton Collier, CEO & President of Freight Broker 911, Eliminates the #1 Barrier to Entry in Logistics: Announces 100% Free Freight Broker Training
- FDA-Cleared AI Neuropsychiatry Platform, Million-Dose Ketamine Manufacturing and Presidential Psychedelic Initiative Drive Growing Momentum for NRXP
- AI Velocity Trading Launches Institutional-Grade Algorithmic Engine for Retail Investors
- America's Workforce Solution, LLC Assessed "Awardable" for Department of War work in the CDAO's Tradewinds Solutions Marketplace
- Speaker and Certified Coach Syrena N. Williams Debuts Powerful New Book on Healing, Identity, and Wholeness
[1] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934.
Contacts
Media – GBLI
Stephen W. Ries
Head of Investor Relations
(610) 668-3270
sries@gbli.com
Media – Everett Cash Mutual
David E. Eppinger, CPCU, ARM
Chief Operating Officer
(814) 652-6111
dave@everettcash.com
Filed Under: Business
0 Comments
Latest on The PennZone
- Color Card Administrator Highlights Growing Enterprise Demand for Workflow Orchestration in Enterprise Business Card Governance
- Tennessee Laws Lead with Psychotropic Drug Testing in Mass Shooting Cases and Comprehensive Reporting: CCHR Urges Nationwide Adoption
- Curious About Mensa? DFW Event Offers a 1-Day Immersion
- Morphy's will breeze into summer with a June 10-11 Fine & Decorative Arts auction featuring nearly 1,200 high-quality lots
- L-Tron to Exhibit at American Association for Motor Vehicle Administrators Region 1 Conference
- Buzzblender Announces Launch of Simple Hotel Mode for Android and Upcoming Video Wall Support for Samsung Professional Displays
- How Strategic WooCommerce Development and Digital Marketing Helped a Fashion Ecommerce Business Increase Revenue by 3X
- Burkentine Builders Breaks Ground For Two New Communities
- VIV Welcomes Residents to St. Petersburg's EDGE District
- Evocative Joins the Independent Data Centre Network (IDCN) as Primary USA Operator
- Philadelphia Scientist Roohid Parast Advances IBD Research at Johnson & Johnson
- Medical Experts Highlight the Importance of Second Opinions in Death Investigations
- Joseph Nybyk aka Neibich of Gilbert, Arizona
- Omnitronics Unveils 100% Software omniGateDMR and omniGateP25 RoIP Gateways
- KRE PRIME Launches Adaptive Convertible Jumpsuit
- USA Med Bed Helping Home Care Patients with Refurbished Hill Rom Hospital Beds
- Sobreseimiento de Nicolás dos Santos y Jorge Méndez expone demandas millonarias a Paraguay y boicot a la Hidrovía
- CAPHRA warns Southeast Asia not to repeat Australia's nicotine policy failure
- Milo3D.ai Launches Free AI 3D Model Generator That Turns Text and Images Into Game-Ready 3D Assets in Seconds
- UK Financial Ltd Executes 100% Success Rate on All ERC-3643 Transfers to Coin Holders of MayaCat Regulated Security Token and Maya Preferred PRA