ICGF--Deal Day: Manifest- the Restructuring of Global Indemnity Insurance

Saul Fox, Chief Executive of Fox Paine & Company and Chairman of Global Indemnity, will lead a discussion of the restructuring of Global Indemnity from an unwieldy collection of valuable businesses housing a structure that was inefficient from a management, capital allocation, equity market valuation, regulatory compliance, shareholder liquidity, and tax perspectives. Through twenty-three individual transactions, including entity formations, liquidations, recapitalizations, tax free spin-offs, dividends, mergers, and intracompany taxable sale transactions, all of which were executed at the close of business on a single business day (December 31, 2024), Global Indemnity was transformed into two companies. One company now consists of independent, separately regulated ‘balance sheet’ statutory insurance entities. The second company now contains independent agency operations that generate insurance premium and service fee income, and include related IT, underwriting, and claims handling. The transactions raised a host of complex corporate law, tax and regulatory issues.

Edward Rock, co-director of ICGF, and Brant Hellwig, Professor of Law and Director of the Graduate Tax Program, will moderate a panel that, in addition to Mr. Fox, will also include Jason Hurwitz (Partner, Osier Capital; Financial Advisor, Fox Paine; Former Director, Global Indemnity);Brian Riley (Chief Financial Officer, Global Indemnity Group, LLC); Elena M. Coyle (Partner, Skadden, Arps, Slate, Meagher & Flom LLP); Michael A. Wiseman (Partner, Skadden, Arps, Slate, Meagher & Flom, LLP); Matthew R. Roberts, (Associate, Skadden, Arps, Slate, Meagher & Flom, LLP); and Evan Kasowitz (Senior Vice President, Operations, Global Indemnity).

The program will be followed by a reception.

Host or Publisher Institute for Corporate Governance and Finance