Global Indemnity plc completed its redomestication to change the ultimate holding company of the Global Indemnity group of companies from an entity incorporated in Ireland to an entity incorporated in the Cayman Islands.
The name of the new holding company is Global Indemnity Limited.
The insurance company returned to Cayman six years after citing political and reputational risks as reasons for moving its company seat from Cayman to Ireland.
A review of Global Indemnity’s corporate structure in early 2016 evaluated the reasons for leaving in 2010 and determined that developments in the laws and business environments in the Cayman Islands no longer presented the same “reputational, political or other risks” as in 2010.
The insurer said, “The Cayman Islands has an impeccable reputation for economic and political stability and compliance with international standards.”
The insurance group would further benefit from Cayman’s tax-neutral regime, which has no direct corporate taxation and allows for dividends to be paid in U.S. dollars without the need for shareholder approval.
Global Indemnity group provides specialty property and casualty insurance in the United States and reinsurance worldwide.