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Global Indemnity Group, LLC Announces Chief Executive Officer and Chief Operations Officer Departures, Names Chief Executive Officer, Appoints a New Director, and Announces Share Buyback Authorization
WILMINGTON, Del.--(BUSINESS WIRE)-- Global Indemnity Group, LLC (NYSE:GBLI) (“GBLI”), today announced that David S. Charlton, Chief Executive Officer, and
About this update from Global Indemnity Group, Llc
[{"type":"text","content":" WILMINGTON, Del.--(BUSINESS WIRE)--\nGlobal Indemnity Group, LLC (NYSE:GBLI) (“GBLI”), today announced that David S. Charlton, Chief Executive Officer, and Reiner R. Mauer, Chief Operations Officer, are no longer officers or directors of GBLI (including its subsidiaries).\n\nGBLI’s board of directors appointed Joseph W. Brown, 73, as its Chief Executive Officer. Mr. Brown has served as a GBLI director since December 2015 and will remain on GBLI’s board of directors. Mr. Brown has close to 50 years of insurance industry experience, including prior tenures as a director, chairman, and chief executive officer of MBIA, Inc. (NYSE: MBI), chairman of the board of Safeco, chairman of the board of Talegen Holdings, Inc., chairman of Noblr, and president and chief executive officer of Fireman’s Fund Insurance Company.\n\nGBLI also announced that Jason B. Hurwitz, 50, rejoined GBLI’s board of directors. Mr. Hurwitz had previously served on GBLI’s board from September 2017 to January 2022. Mr. Hurwitz is a partner with Osier Capital LLC, an investment firm focused on insurance and other long-term investments. As a principal and advisor during his career, Mr. Hurwitz completed 28 corporate acquisitions or divestitures totaling over $5 billion and served on the boards of directors of eight of these companies. Mr. Hurwitz will join GBLI’s Audit Committee.\n\nSaul Fox, GBLI’s chairman, and whose investment firm, Fox Paine & Company (including its affiliates), owns approximately 40% of GBLI’s shares stated: “I wish to thank David Charlton and Reiner Mauer for their significant contributions to GBLI during their 18-month and 16-month respective tenures with GBLI. However, GBLI’s board of directors believes that the company would be best served at this time by Jay Brown as its Chief Executive Officer, given Jay’s vast experience as a chief executive and as a board chairman of several prominent and highly esteemed property & casualty insurance companies, where Jay orchestrated enterprise transformative results. Jay’s decades of insurance company senior leadership expertise will be of tremendous value to GBLI as it transitions to an information technology and data driven casualty lines focused provider.” Jay Brown added: “It has been a terrific experience as a director working with the GBLI board and management team over the past 5 years developin...