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Keefe, Bruyette, & Woods Reiterates Market Perform Rating on Global Indemnity (GBLI)

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Keefe, Bruyette, & Woods is out with a research report this morning, where it reiterates its Market Perform rating on shares of Global Indemnity plc (NASDAQ: GBLI); it has an $18.00 price target on the stock.

The KBW analysts said, “United America Indemnity completed its redomestication to Ireland and is now a wholly-owned subsidiary of Global Indemnity plc (GBLI). UAI's shareholders received one share of Global Indemnity ordinary shares for every two United America Indemnity common shares. UAI's ticker "INDM" was replaced by Global Indemnity's ticker "GBLI." We are revising our estimates and target price to reflect the reverse stock split.

They also noted, “The P&C industry is in a period of weakening profitability and slow growth. We favor those companies that we believe are best positioned to increase book value over time. KBW recommends an underweight position in the sector.”

Global Indemnity plc is a specialty P&C insurer, writing predominantly in the excess and surplus lines market, and a Bermuda-based reinsurer.

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