Global Indemnity (GBLI) Appoints CEO, Authorizes $100M Buyback; Will Continue as Independent Provider
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Global Indemnity plc (NASDAQ: GBLI), has appointed Cynthia Valko as Chief Executive Officer of Global Indemnity plc and as a member of the company's Board of Directors, both effective September 19, 2011.
Valko succeeds Larry Frakes, who had informed Global Indemnity's Board of his intention to retire at the expiration of his contract in December.
Global Indemnity's Board of Directors, having completed its previously announced evaluation of the company's "strategic alternatives," determined that Global Indemnity will continue as an independent provider of primary and reinsurance specialty insurances products and services.
Global Indemnity's Board of Directors has also authorized the repurchase of up to $100 million of the Company's Class A ordinary shares. The timing and amount of the repurchase transactions, if any, under this program will depend upon market conditions as well as other factors.
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Valko succeeds Larry Frakes, who had informed Global Indemnity's Board of his intention to retire at the expiration of his contract in December.
Global Indemnity's Board of Directors, having completed its previously announced evaluation of the company's "strategic alternatives," determined that Global Indemnity will continue as an independent provider of primary and reinsurance specialty insurances products and services.
Global Indemnity's Board of Directors has also authorized the repurchase of up to $100 million of the Company's Class A ordinary shares. The timing and amount of the repurchase transactions, if any, under this program will depend upon market conditions as well as other factors.
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