A.M. Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" of Global Indemnity Reinsurance Company, Ltd. (Global Indemnity Re) (Hamilton, Bermuda) and its U.S. subsidiaries. Concurrently, A.M. Best has affirmed the Long-Term ICR of "bbb" of Global Indemnity Re's ultimate parent holding company, Global Indemnity plc (Global Indemnity) (Dublin, Ireland) [NASDAQ:GBLI]. Additionally, A.M. Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of "bbb-" on Global Indemnity's $100 million 7.75% subordinated notes offering due 2045, as well as the indicative Long-Term IRs on its shelf registration of "bbb" on senior unsecured debt, "bbb-" on subordinated unsecured debt and "bb+" on the preferred stock. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies.) The ratings of Global Indemnity Re are based on the consolidated results of the company and its six U.S.-based insurance subsidiaries. The ratings consider the key roles that each of these member companies play, and reflects the organization's strong capitalization, solid historical underwriting results and its attention on risk selection and risk management in order to maximize stakeholder value. The ratings also take into consideration initiatives introduced in 2011, the benefits gained from these actions, its increasingly diverse book of business and the advantages of multi-distribution channels and its long-standing agency/broker relationships. These positive ratings factors are offset by competitive pricing pressures in the United States, reinsurance pricing pressures, low investment yields and its recent decline in equity. In addition, the organization has a persistently high expense ratio. The strong capital position continues to reflect ample support for the company's prospective premium growth, including the acquisition of American Reliable Insurance Company (American Reliable) in 2015. Future financial flexibility is also available via Global Indemnity Re's ultimate parent company, Global Indemnity. Through its six member inter-company pool, the organization is afforded access to a substantial amount of commercial and personal lines business in the United States. U.S.-sourced business accounts for the lion's share of the group's revenues, as these U.S. insurers cede 50% of the net retained liabilities to Global Indemnity Re and retain the remaining 50% for themselves. These companies, which comprise the vast majority of business retained by Global Indemnity Re, have reported profitable underwriting and operating results over most of the last decade. Upon its acquisition of American Reliable in 2015, Global Indemnity Re immediately gained immediate access to more than $250 million of specialty personal lines and agricultural business, which nearly doubled its U.S. writings. The acquisition also complemented Global Indemnity Re's existing business with minimal distributional overlap. Global Indemnity Re's assimilation of American Reliable furthers its diversification of risk and enhanced underwriting expertise. Some offsetting rating factors related to the American Reliable acquisition include the significant increase in U.S. property exposures taken on by Global Indemnity Re, the additional risk-adjusted capital required to support this business and the additional reinsurance costs necessary to stay within the organization's stated risk tolerances.