Global Indemnity Group LLC
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
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Item 2. PROPERTIES
At December 31, 2023, office space leased in Bala Cynwyd, Pennsylvania, holds the Penn-America segment’s principal executive offices and headquarters.
A decision has been made for employees who do not work at the Bala Cynwyd, Pennsylvania office to work remotely. The Company exercised the early lease termination clauses for its Omaha, Nebraska and Cavan, Ireland leases and intends to exercise the early termination clause for its Scottsdale, Arizona lease. As a result, the lease liability on the Company's consolidated balance sheet at December 31, 2023 and 2022 include $3.2 million and $4.6 million, respectively, which represents the present value of expected lease costs through the early termination date.
The Company believes the Bala Cynwyd, Pennsylvania location is suitable and adequate to meet its needs. Additionally, a number of the Company’s personnel work remotely and almost all of the Company’s personnel have the ability to work remotely.
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