Pennsylvania-based specialty insurer Global Indemnity has completed its business reorganisation, known as Project Manifest, aiming to improve efficiency in operations and drive growth.
The reorganisation includes the creation of distinct business units within its Penn-America business divisions, and the establishment of separate technology and claims services companies.
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It has led to the creation of separate and distinct businesses for each of Penn-America’s divisions, namely wholesale commercial, vacant express, collectibles and specialty products.
This move is designed to improve branding, attract talent and expand relationships with distribution partners.
Additionally, Global Indemnity will establish two new entities – Kaleidoscope Insurance Technologies for technology and Liberty Insurance Adjustment Agency for claims services.
These companies will support Penn-America and lay the groundwork to offer products and services to other participants in the insurance industry.
The overhaul also involves de-stacking of insurance companies to manage capital and liquidity more efficiently.
Fox Paine & Company offered financial advice to Global Indemnity for Project Manifest.
Global Indemnity’s offerings cater to specialty property and casualty (P&C) insurance in the excess and surplus lines market via its subsidiaries.
Belmont Holdings GX, an insurance holding company, manages its core and non-core insurance portfolios through its wholly owned specialty insurance companies.
The group’s distribution and specialised services arm, Penn-America Underwriters, handles the underwriting, growth and distribution of insurance products, technology services and claim services.
