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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
Shareholders' Equity | 10.Shareholders’ Equity On August 28, 2020, Global Indemnity Limited completed the previously disclosed scheme of arrangement and amalgamation that effected certain transactions (the "Redomestication") that resulted in the shareholders of Global Indemnity Limited becoming the holders of all of the issued and outstanding common shares of the Company. Please see Note 2 for details on the redomestication. The treasury shares of Global Indemnity Limited were not subject to the scheme of arrangement. The carrying value of the Global Indemnity Limited treasury shares, $4.1 million, were offset against the Additional Paid-in Capital account of Global Indemnity Limited, according to the Company’s policy regarding the treatment of treasury shares. Please see Note 2 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2019 Annual Report on Form 10-K for more information on the Company’s policy regarding the treatment of treasury shares. Issuance of Preferred Shares On August 27, 2020, the Company issued and sold to Wyncote LLC (“Wyncote”), an affiliate of Fox Paine & Company, LLC, 4,000 Series A Preferred Interests at a price of $1,000 per Series A Preferred Interest, for the aggregate purchase price of $4,000,000. The issuance of Series A Preferred Interests to Wyncote was made pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act. The Series A Preferred Interests are not convertible into or exchangeable for any other securities or property of the Company. The shares are redeemable at the discretion of the Company after five years or at the discretion of the holders upon the occurrence of a change in control of the Company. While the preferred shares are non-voting, the preferred shareholders are entitled to appoint two additional members to the Company’s Board of Directors whenever the “Unpaid Targeted Priority Return” (as defined in the applicable Share Designation) with respect to the preferred shares exceed zero immediately following six or more “Distribution Dates” (as defined in the applicable Share Designation), whether or not such Distribution Dates occur consecutively. Following the Effective Time, all of the issued and outstanding Series A Preferred Interests sold to Wyncote remain outstanding as "Series A Cumulative Fixed Rate Preferred Shares", unaffected by the Scheme of Arrangement and subject to the terms of the Second Amended and Restated Limited Liability Company Agreement of the Company (the “LLC Agreement”) and that certain Share Designation, effective as of the Effective Time, that sets forth the designation, rights, preferences, powers, duties, restrictions, limitations and obligations of the Series A Cumulative Fixed Rate Preferred Shares from and after the Effective Time. The following table provides information with respect to the class A common shares that were surrendered or repurchased during the quarter ended September 30, 2020:
Period (1) |  | Total Number of Shares Purchased |  |  | Average Price Paid Per Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program |  |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs |
August 1-31, 2020 |  |  | 396 |  | (2) | $ | 24.95 |  |  |  | — |  |  |  | — |
Total |  |  | 396 |  |  | $ | 24.95 |  |  |  | — |  |  |  |  |
(1) | Based on settlement date.
(2) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock. There were no class A commons shares that were surrendered or repurchased during the quarter ended September 30, 2019. The following table provides information with respect to the class A common shares that were surrendered or repurchased during the nine months ended September 30, 2020:
Period (1) |  | Total Number of Shares Purchased |  |  | Average Price Paid Per Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program |  |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs |
January 1-31, 2020 |  |  | 3,124 |  | (2) | $ | 29.63 |  |  |  | — |  |  |  | — |
February 1-29, 2020 |  |  | 1,600 |  | (2) | $ | 31.13 |  |  |  | — |  |  |  | — |
August 1-31, 2020 |  |  | 396 |  |  | $ | 24.95 |  |  |  | — |  |  |  | — |
Total |  |  | 5,120 |  |  | $ | 29.74 |  |  |  | — |  |  |  |  |
(1) | Based on settlement date.
(2) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock. The following table provides information with respect to the class A common shares that were surrendered or repurchased during the nine months ended September 30, 2019:
Period (1) |  | Total Number of Shares Purchased |  |  | Average Price Paid Per Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
January 1-31, 2019 |  |  | 7,945 |  | (2) | $ | 36.23 |  |  | — |  | —
February 1-28, 2019 |  |  | 19,083 |  | (2) | $ | 34.59 |  |  | — |  | —
Total |  |  | 27,028 |  |  | $ | 35.07 |  |  | — |  |
(1) | Based on settlement date.
(2) | Surrendered by employees as payment of taxes withheld on the vesting of restricted stock.
There were no class B common shares that were surrendered or repurchased during the quarters and nine months ended September 30, 2020 or 2019. As of September 30, 2020, the Company’s class A common shares were held by approximately 190 shareholders of record. There were four holders of record of the Company’s class B common shares, all of whom are affiliated investment funds of Fox Paine & Company, LLC, as of September 30, 2020. The Company’s preferred shares were held by 1 holder of record, an affiliate of Fox Paine & Company, LLC, as of September 30, 2020. Please see Note 12 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2019 Annual Report on Form 10-K for more information on the Company’s repurchase program. Dividends / Distributions Dividend & distribution payments of $0.25 per common share were declared during the nine months ended September 30, 2020 as follows:
Approval Date |  | Record Date |  | Payment Date |  | Total Dividends / Distributions Declared (Dollars in thousands) |
February 9, 2020 (1) |  | March 24, 2020 |  | March 31, 2020 |  | $ | 3,539 |
June 7, 2020 (1) |  | June 23, 2020 |  | June 30, 2020 |  |  | 3,545 |
September 13, 2020 (2) |  | September 25, 2020 |  | September 30, 2020 |  |  | 3,552 |
Various (3) |  | Various |  | Various |  |  | 337 |
Total |  |  |  |  |  | $ | 10,973 |
| (1) | Represents dividend payments
| (2) | Represents distribution / return of capital payments
| (3) | Represents dividends / distributions declared on unvested shares, net of forfeitures.
Dividend payments of $0.25 per common share were declared during the nine months ended September 30, 2019 as follows:
Approval Date |  | Record Date |  | Payment Date |  | Total Dividends Declared (Dollars in thousands) |
February 10, 2019 |  | March 22, 2019 |  | March 29, 2019 |  | $ | 3,521 |
June 2, 2019 |  | June 21, 2019 |  | June 28, 2019 |  |  | 3,525 |
September 15, 2019 |  | September 26, 2019 |  | October 2, 2019 |  |  | 3,528 |
Various (1) |  | Various |  | Various |  |  | 191 |
Total |  |  |  |  |  | $ | 10,765 |
| (1) | Represents dividends declared on unvested shares, net of forfeitures.
As of September 30, 2020 and December 31, 2019, accrued distributions on unvested shares, which were included in other liabilities on the consolidated balance sheets, were $0.6 million and $0.3 million, respectively. Accrued preferred distributions were less than $0.1 million as of September 30, 2020 and were included in other liabilities on the consolidated balance sheets. Please see Note 12 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2019 Annual Report on Form 10-K for more information on the Company’s dividend program.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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