AM Best Affirms Credit Ratings of Global Indemnity Group, LLC and Its Subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long Term Issue Credit Rating (Long-Term ICR) of “a” of the U.S. operating subsidiaries of Global Indemnity Group, LLC (Global Indemnity) (Delaware) [NASDAQ: GBLI]. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” of Global Indemnity. (See below for complete list of companies and ratings). AM Best also has affirmed the Long-Term Issue Rating (Long-Term IR) of “bbb-” on the $130 million 7.875% subordinated notes due 2047 of Global Indemnity Limited, now guaranteed by Global Indemnity. The outlook of these Credit Ratings (ratings) is stable.

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

The balance sheet strength assessment is based on Global Indemnity’s Best’s Capital Adequacy Ratio (BCAR) score being at the strongest level, supported by a conservative investment portfolio, conservative reserving practices and added financial flexibility through its access to the capital markets. Through its six member intercompany pool, the group targets a diverse mix of specialty niche business that is generally not offered in the standard insurance marketplace. Each company serves a specific market or distribution channel, which provides the group access to a substantial amount of commercial and personal lines business in the United States.

The group’s operating earnings have generally performed in line with its peers over the past five years; catastrophe losses dampened earnings in 2017 and 2018, but bounced back to historic levels in 2019 and 2020. The group recently made significant progress in reducing its catastrophe exposures drastically. AM Best believes that the group’s continuing efforts to improve underwriting and reduce catastrophe exposure should provide additional benefits to its earnings going forward.

Global Indemnity’s business profile is assessed at neutral. The group is composed of several long-standing and well-recognized franchises that provide it with a diverse mix of business through multiple distribution channels. Earlier today, Global Indemnity announced the appointment of Mr. David S. Charlton as their new CEO. Mr. Charlton is a 34-year veteran property & casualty insurance industry senior executive, with particular expertise in excess and surplus, binding authority, small business and other specialty insurance – a background well aligned with that of Global Indemnity.

Positive rating actions could occur if the company can demonstrate sustainable fundamental operating results at levels that exceed those of its peers while maintaining balance sheet strength at the strongest level. Downward pressure on the ratings or outlooks could result if there is material deterioration in the organization’s risk-adjusted capitalization or a significant decline in underwriting and operating performance.

The FSR of A (Excellent) and the Long-Term ICRs of “a” have been affirmed with stable outlooks for the subsidiaries of Global Indemnity Group, LLC:

  • American Reliable Insurance Company
  • Diamond State Insurance Company
  • Penn-America Insurance Company
  • Penn-Patriot Insurance Company
  • Penn-Star Insurance Company
  • United National Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Jieqiu Fan
Senior Financial Analyst
+1 908 439 2200, ext. 5372

Daniel J. Ryan

Senior Director
+1 908 439 2200, ext. 5325

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Jim Peavy

Director, Communications
+1 908 439 2200, ext. 5644

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