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AM Best Affirms Credit Ratings of Global Indemnity Limited and Its Subsidiaries

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AM Best Affirms Credit Ratings of Global Indemnity Limited and Its Subsidiaries

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" of Global Indemnity Reinsurance Co. Ltd. (Global Indemnity Re) (Hamilton, Bermuda) and its U.S. subsidiaries. Concurrently, AM Best has affirmed the Long-Term ICR of "bbb" of Global Indemnity Re's ultimate parent holding company, Global Indemnity Ltd. (Global Indemnity) (Cayman Islands) [NASDAQ: GBLI].

Additionally, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of "bbb-" on Global Indemnity's $100 million 7.75% subordinated notes offering due 2045, and the $130 million 7.875% subordinated note offering due 2047, as well as the indicative Long-Term IRs on its shelf registration of "bbb" on senior unsecured debt, "bbb-" on subordinated unsecured debt and "bb+" on the preferred stock. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Global Indemnity Re's balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.