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Shareholders' Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Shareholders' Equity
10.
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 nine months ended September 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 nine months ended September 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 class B common shares that were surrendered or repurchased during the quarters and nine months ended September 30, 2023 or 2022.

 

Each class A common share has one vote and each class B common share has ten votes.

As of September 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 September 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 September 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 nine months ended September 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

 

September 28, 2023

 

October 9, 2023

 

October 16, 2023

 

 

3,385

 

Various (1)

 

Various

 

Various

 

 

(20

)

Total

 

 

 

 

 

$

10,150

 

 

(1)
Represents distributions declared on unvested shares, net of forfeitures.

 

Distribution payments of $0.25 per common share were declared during the nine months ended September 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

 

September 23, 2022

 

October 4, 2022

 

October 11, 2022

 

 

3,616

 

Various (1)

 

Various

 

Various

 

 

274

 

Total

 

 

 

 

 

$

11,089

 

 

(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 September 30, 2023 and 2022 and $0.3 million in each of the nine months ended September 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 September 30, 2023 and December 31, 2022, respectively. In addition, distributions of $3.4 million, which were declared on September 28, 2023 but not paid until October 16, 2023, were also included in other liabilities on the consolidated balance sheets as of September 30, 2023. Accrued preferred distributions were less than $0.1 million as of both September 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.