- Global Indemnity Group ( NYSE: GBLI ) in a sudden announcement on Friday told that CEO David S. Charlton and COO Reiner R. Mauer are "no longer" with the company and its subsidiaries following their short stint of 18-month and 16-month, respectively, at GBLI.
- The Pennsylvania-based property & casualty insurer did not disclose any reason for the executives departure.
- Joseph W. Brown, 73 who has served as GBLI director since December 2015, has been named as company's new chief executive officer.
- "GBLI’s board of directors believes that the company would be best served at this time by Jay Brown as its Chief Executive Officer," commented Chairman Saul Fox who together with his investment firm owns about 40% of GBLI’s shares.
- In addition, the group announced the rejoining of Jason B. Hurwitz as director. Hurwitz had previously served on GBLI’s board from September 2017 to January 2022.
- Buyback: GBLI Board has authorised to repurchase up to $32M of the company's common shares beginning Q4 2022 through the end of 2027.
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Global Indemnity Group unfolds sudden exec. change, plans $32M buyback