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A.M. Best Assigns Issuer Credit Rating to Global Indemnity Limited and Issue Credit Rating to Its New Subordinated Note Offering

GLOBAL INDEMNITY (GBLI)  More Company Research Source: Business Wire
PDF OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has assigned a Long-Term Issuer Credit Rating of “bbb” to the newly created Global Indemnity Limited (Global Indemnity) (Cayman Islands) (NASDAQ:GBLI), replacing Global Indemnity Unlimited Company (Global Unlimited) (Dublin, Ireland) as the ultimate parent of Global Indemnity Reinsurance Company Ltd. and its U.S. subsidiaries. A.M. Best also has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb-” to the $120 million 7.875% subordinated notes due 2047; and $100 million 7.75% subordinated notes due 2045 of Global Indemnity. Additionally, A.M. Best has assigned indicative Long-Term IRs of “bbb” to senior unsecured debt, “bbb-” to subordinated debt and “bb+” to the preferred stock of Global Indemnity’s shelf registration. The outlook assigned to these Credit Ratings (ratings) is stable. All remaining ratings of Global Indemnity and its subsidiaries are unchang [Read more]

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