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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Shareholders' Equity | 9. Shareholders’ Equity Repurchases of the Company's class A common shares On October 21, 2022, Global Indemnity Group, LLC announced it commenced a stock repurchase program beginning in the fourth quarter of 2022. On January 3, 2023, Global Indemnity Group, LLC announced that it had authorized an increase in the aggregate stock purchase program from $32 million, which was authorized on October 21, 2022, to $60 million. On June 8, 2023, Global Indemnity Group, LLC's Board of Directors approved an additional increase in the existing share buyback authorization amount of $60 million to $135 million. The authorization to repurchase will expire on December 31, 2027. The timing and actual number of shares repurchased, if any, will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The following table provides information with respect to the class A common shares that were surrendered or repurchased during the six months ended June 30, 2023:
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 (2) |
January 1-31, 2023 |  |  | 3,302 |  | (3) | $ | 23.31 |  |  |  | — |  |  |  | — |
January 1-31, 2023 |  |  | 250,000 |  | (4) | $ | 25.90 |  |  |  | 250,000 |  |  | $ | 106,604,066 |
April 1-30, 2023 |  |  | 200,000 |  | (4) | $ | 28.00 |  |  |  | 200,000 |  |  | $ | 101,004,066 |
June 1-30, 2023 |  |  | 15,558 |  | (3) | $ | 33.74 |  |  |  | — |  |  | $ | 101,004,066 |
Total |  |  | 468,860 |  |  | $ | 27.04 |  |  |  |  |  |  |
(1) Based on settlement date. (2) Based on the $135 million share repurchase authorization. (3) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock and/or restricted stock units. (4) Purchased as part of the repurchase program announced in October 2022. The following table provides information with respect to the class A common shares that were surrendered or repurchased during the six months ended June 30, 2022:
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, 2022 |  |  | 4,781 |  | (2) | $ | 25.13 |  |  |  | — |  |  |  | — |
June 1-30, 2022 |  |  | 11,173 |  | (2) | $ | 26.28 |  |  |  | — |  |  |  | — |
Total |  |  | 15,954 |  |  | $ | 25.94 |  |  | — |  |  | — |
(1) Based on settlement date. (2) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock and/or restricted stock units. There were no c lass B common shares that were surrendered or repurchased during the quarters and six months ended June 30, 2023 or 2022. Each class A common share has one vote and each class B common share has ten votes. As of June 30, 2023, Global Indemnity Group, LLC’s class A common shares were held by approximately 140 shareholders of record. There were two holders of record of Global Indemnity Group, LLC’s class B common shares, all of whom are affiliated investment funds of Fox Paine & Company, LLC, as of June 30, 2023. Global Indemnity Group, LLC’s preferred shares were held by 1 holder of record, an affiliate of Fox Paine & Company, LLC, as of June 30, 2023. Please see Note 16 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2022 Annual Report on Form 10-K for more information on the Company’s repurchase program. Distributions Distribution payments of $0.25 per common share were declared during the six months ended June 30, 2023 as follows:
Approval Date |  | Record Date |  | Payment Date |  | Total Distributions Declared (Dollars in thousands) |
March 2, 2023 |  | March 24, 2023 |  | March 31, 2023 |  | $ | 3,410 |
June 1, 2023 |  | June 23, 2023 |  | June 30, 2023 |  |  | 3,375 |
Various (1) |  | Various |  | Various |  |  | (21 | )
Total |  |  |  |  |  | $ | 6,764 |
(1) Represents distributions declared on unvested shares, net of forfeitures. Distribution payments of $0.25 per common share were declared during the six months ended June 30, 2022 as follows:
Approval Date |  | Record Date |  | Payment Date |  | Total Distributions Declared (Dollars in thousands) |
March 3, 2022 |  | March 21, 2022 |  | March 31, 2022 |  | $ | 3,597 |
June 2, 2022 |  | June 20, 2022 |  | June 30, 2022 |  |  | 3,602 |
Various (1) |  | Various |  | Various |  |  | 190 |
Total |  |  |  |  |  | $ | 7,389 |
(1) Represents distributions declared on unvested shares, net of forfeitures. In addition, distributions paid to Global Indemnity Group, LLC's preferred shareholder were $0.1 million in each of the quarters ended June 30, 2023 and 2022 and $0.2 million in each of the six months ended June 30, 2023 and 2022. Accrued distributions on unvested shares, which were included in other liabilities on the consolidated balance sheets, were $0.3 million and $1.1 million as of June 30, 2023 and December 31, 2022, respectively. Accrued preferred distributions were less than $0.1 million as of both June 30, 2023 and December 31, 2022 and were included in other liabilities on the consolidated balance sheets. Please see Note 16 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2022 Annual Report on Form 10-K for more information on the Company’s distribution program.

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