Saul A. Fox
Chief Executive
Saul Fox founded Fox Paine & Company (together with its affiliates, “Fox Paine”) in 1996 and has served as its chief executive officer since inception. Fox Paine is Global Indemnity’s largest shareholder and holds a majority of its voting shares.
Mr. Fox founded Global Indemnity’s original predecessor in August 2003 and has served as chairman of Global Indemnity (including its predecessor entities) since that time; he also served as chief executive officer from February 2007 to June 2007. At formation in 2003, Fox Paine and Global Indemnity entered into an advisory agreement under which Fox Paine provides Global Indemnity with advice regarding, among other matters, mergers and acquisitions, divestitures, financings, investment strategy and manager selection, corporate structure and governance, management selection and compensation, and jurisdictional tax optimization.
Pursuant to this agreement, Fox Paine has advised Global Indemnity on the acquisitions of United National (2003), Penn Independent (2005), Penn America Group (2005), Collectibles Insurance Services (2010), and American Reliable (2015), as well as the dispositions of its Manufactured Homes and Dwelling business (2021) and its Farm & Ranch business (2022). Fox Paine also advised on Global Indemnity’s 2003 initial public offering, the 2009 rights offering of an additional 100 million dollars of common equity, and the 2015 repurchase of approximately 45% of Global Indemnity’s then-outstanding shares.
Since Global Indemnity’s inception, Fox Paine has approved in excess of [$629 million] in cash distributions to Global Indemnity shareholders through share repurchases and dividends; Fox Paine has not participated in any of these repurchases nor has it otherwise sold any of its Global Indemnity shares. In 2020, Fox Paine advised Global Indemnity on its redomestication from the Cayman Islands to the United States and its reorganization as a publicly traded Delaware limited liability company treated as a pass-through entity for U.S. federal income tax purposes.
In 2024, Fox Paine conceived, designed, and orchestrated a transformative corporate reorganization for Global Indemnity, “Project Manifest,” involving 23 entity formations, recapitalizations, spin-offs, dividends, mergers, and sale transactions. Project Manifest is intended to enable Global Indemnity, over approximately five years, to generate and for its shareholders to realize hundreds of millions of dollars of additional value by taking advantage of operational, capital, corporate, regulatory, and other optimizations resulting from the reorganization.
Over his 42‑year career in private equity, Mr. Fox has led or overseen more than 100 acquisitions, mergers, divestitures, financings, reorganizations, and related transactions across a broad range of industries, including property and casualty insurance and reinsurance, oil and natural gas exploration & production and drilling, geophysical software, independent alternative power generation, medical diagnostic and therapeutic devices, budget lodging, and the manufacture and distribution of luxury perfumes, cosmetics, and other high-end personal care products. These transactions aggregate approximately 21 billion dollars of enterprise value in which 1.7 billion dollars of invested equity capital increased to 5.9 billion dollars, generating a 3.4x multiple of invested capital and an average internal rate of return of 39%.
Before founding Fox Paine, Mr. Fox was a general partner of Kohlberg Kravis Roberts & Co. (“KKR”), which he joined in 1984. During his 13-year tenure at KKR, he led the firm’s successful acquisitions and divestitures of American Reinsurance (KKR’s first insurance company investment), Canadian General Insurance (KKR’s first international acquisition), and Motel 6 (among the first actively managed operating companies to utilize the master limited partnership structure in an initial public offering).
Earlier in his career, Mr. Fox practiced law at Latham & Watkins LLP, specializing in tax and commercial matters. He received a Juris Doctor degree (cum laude) from the University of Pennsylvania School of Law in 1978 and a baccalaureate degree (summa cum laude) from Temple University in 1975.
Mr. Fox, age 72, has served on numerous for‑profit and non‑profit boards, including those of the University of Pennsylvania Law School, the Hoover Institution, and the United States Library of Congress Trust Fund Board. Born and raised in the Pennsylvania Delaware Valley, he now resides in Miami Beach, Florida, with his wife, Dr. Swoboda (“Boddy”) Fox (née Haberland), a board‑certified internal medicine physician; he has four children and two grandchildren.