United America Indemnity plans to reincorporate in Ireland

Feb 17, 2010 (Datamonitor via COMTEX) -- United America Indemnity, a specialty property and casualty insurer, has approved a plan to redomicile from the Cayman Islands to Ireland.

United America (UAI) said that its shareholders will be asked to vote in favor of completing the reorganization proposal at a special shareholders meeting. If the proposal is accepted, the company will become a wholly owned subsidiary of Global Indemnity, an Irish company.

Earlier, the company reconsidered its original plan to redomicile to Switzerland and has now determined that incorporating in Ireland is in the best interests of both the company and its shareholders.

UAI believes that Ireland offers an attractive business environment, an educated and motivated professional workforce, a comprehensible legal system grounded in common law, a sophisticated regulatory environment, and an extensive global network of international treaties.

If the move to Ireland is approved by shareholders, the company's class A common shares will be exchanged for Global Indemnity's class A ordinary shares on a two for one basis (two UAI shares for one Global Indemnity share.

In addition to shareholder approval, the move to Ireland is subject to an order from the Grand Court of the Cayman Islands sanctioning the transaction.

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