Global Indemnity Group, LLC Announces CEO Retirement and Names President of Insurance Operations
19 Enero 2021 - 3:05PM
Global Indemnity Group, LLC (NASDAQ:GBLI) (the “Company”), parent
company of specialty property and casualty insurance providers
Penn-America Group®, United National Group®, Diamond State Group®
and American Reliable Insurance Company®, today announced that
Cynthia Valko, chief executive officer, age 66, informed the board
of directors she will retire on January 31, 2021, although she will
continue to serve the company in an advisory capacity. The
Company’s board of directors will undertake a search process to
identify the successor for Ms. Valko.
“It has been my great privilege to serve as chief executive of
Global Indemnity since 2011,” said Ms. Valko. “We doubled premiums,
expanded into new business lines and delivered $250 million of net
income to shareholders while steadfastly protecting our 350,000
insureds. I am so proud of our executive management team and our
400 employees who made our success possible. I have complete
confidence that Global Indemnity will continue to grow and
thrive.”
Saul Fox, chairman of the board, stated, “For the past 9 years,
Cindy Valko provided Global Indemnity with exemplary leadership.
She significantly enhanced the breadth and depth of the Company’s
agent and broker relationships, which powered the Company’s
profitable growth. Cindy Valko’s commitment to executive
development leaves in place a highly talented management team.”
The Company’s board of directors promoted Jonathan Oltman, age
46, to president of Penn-Patriot, its principal subsidiary, with
sole responsibility for all of the Company’s insurance operations.
Mr. Oltman joined Global Indemnity in 2014, serving most recently
as executive vice president of the Company’s core commercial
specialty businesses. Under Mr. Oltman’s leadership since 2015, the
Company’s commercial lines gross written premiums grew by 55% at an
85% combined ratio. Mr. Oltman has 25 years of experience in excess
and surplus, small business, and specialty property and casualty
insurance lines, including prior tenures with Selective Insurance
Group, Inc., Harleysville Insurance and Nationwide Insurance. As
the Company’s principal executive officer, Mr. Oltman will report
directly to the Company’s board of directors through its
chairman.
About Global Indemnity Group, LLC and its
subsidiaries
Global Indemnity Group, LLC (NASDAQ:GBLI), through its several
direct and indirect wholly owned subsidiary insurance companies,
provides both admitted and non-admitted specialty property and
specialty casualty insurance coverages and individual policyholder
coverages in the United States, as well as reinsurance worldwide.
Global Indemnity Group, LLC’s four primary segments are:
- Commercial Specialty
- Specialty Property
- Farm, Ranch, & Stable
- Reinsurance Operations
Forward-Looking Information
The forward-looking statements contained in this press release1
do not address a number of risks and uncertainties including
COVID-19. 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.
Contact: MediaStephen
W. RiesSenior Corporate Counsel(610)
668-3270 sries@global-indemnity.com
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