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Global Indemnity announces share redemption, dividend program

Global Indemnity Ltd. on Dec. 29 will acquire 3,397,031 of its A ordinary shares for roughly $83 million in the aggregate, or about $24.44 per share, from former investors in vehicles managed by Fox Paine & Co. LLC

Global Indemnity also announced the adoption of a dividend program, subject to discretion of the board and other factors. The company currently anticipates an initial dividend rate of 25 cents per share per quarter, or $1.00 per share per year.

Additionally, Global Indemnity announced that in consequence of the acquisition of the 3,397,031 shares, Fox Paine will be paid an $11 million advisory fee.