Cynthia Valko Chief Executive Agreement

Exhibit 10.41

CYNTHIA VALKO

CHIEF EXECUTIVE AGREEMENT

January 1, 2018

Global Indemnity Ltd. (including all entities controlled directly or indirectly by Global Indemnity Ltd., “GBLI” or the “Company”) and Cynthia Valko (“Executive”) agree as follows effective January 1, 2018:

(a)    Return on Equity Bonus (“ROE Bonus”): $600,000 cash (“ROE Bonus Opportunity”).

With respect to each of calendar years 2018, 2019, and 2020 (corresponding to the Company’s fiscal years) during which Executive served as CEO (each such year being a “Bonus Year”), if GBLI’s return on equity percentage (calculated as (A) GBLI’s consolidated pre-tax income presented in conformity with GAAP adjusted to include all premiums, underwriting losses, and underwriting expenses in respect of insurance policies issued in the Bonus Year (“Bonus Year Policies”) (regardless of when such amounts were earned or incurred) and to exclude (i) all premiums, underwriting losses, and underwriting expenses in respect of insurance policies issued in other than the Bonus Year (regardless of when such amounts were earned or incurred), (ii) the contribution to income of “Excess Capital” (defined below), (iii) investment portfolio realized and unrealized capital gains and losses (including for this purpose the effect of marking-to-market the Company’s $200,000,000 notional principal amount interest rate hedge transaction, although the net positive or negative Bonus Year cash flow associated with the hedge transaction shall be treated as a reduction or increase, respectively, in the Company’s interest expense in respect of a Bonus Year), (iv) fees and expenses paid or incurred with respect to Fox Paine & Company, LLC (including its affiliates), and (v) Board fees in excess of $1,500,000 per year, divided by (B) GBLI’s average Book Value for the Bonus Year presented in conformity with GAAP less the average principal amount of Excess Capital (the “Actual ROE Percentage”)) exceeds 85% of the targeted return on equity percentage (the “Targeted ROE Percentage”), then a preliminary ROE Bonus award (“Preliminary ROE Bonus”) in respect of such Bonus Year will be calculated in accordance with the following formula:

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(b)    Performance Incentive Bonus: S200.000 cash (“Performance Incentive Bonus”).

With respect to each Bonus Year, Executive will also be entitled to earn a Performance Incentive Bonus. The Performance Incentive Bonus shall be determined by the Comp Committee, in its sole discretion, based upon the Chairman’s assessment, in his sole discretion, of Executive’s performance during the Bonus Year in respect of the following matters: succession planning, executive recruiting, new and existing product developments, implementation of underwriting tools utilizing artificial intelligence, business developments, acquisitions & divestitures, expense reductions, regulatory and rating agency results and relationships, and coordination with the Chairman, Board, Regulators, and Rating Agencies.

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(a)    Tranche 3:

300,000 options (“Tranche 3 Options”) to acquire 300,000 GBLI Class A ordinary shares having an exercise price (“strike price”) of $50.00 per share. The Tranche 3 Options shall vest 1/3 (100,000 options) on each of December 31 of 2018, 2019, and 2020 if, and only if, Executive is an employee of GBLI and in “good standing” as of such dates. Once vested, the Tranche 3 Options may be exercised at any time. All unexercised Tranche 3 Options expire on the earlier of (i) December 31, 2027 and (ii) 90 calendar days after Executive is neither employed by GBLI nor is a member of the Board. The Tranche 3 Options are subject to the Company’s stock option plans and ancillary documentation and agreements.

(b)    Tranche 2:

In 2014, Executive was granted 300,000 options by GBLI to acquire 300,000 GBLI Class A ordinary shares effective January 1, 2015 (the “Tranche 2 Options”). The formulaic exercise price of the Tranche 2 Options initiated at approximately $25.00 per share. As a result of GBLI not achieving Board approved income, premium volume, and underwriting profitability targets, the Tranche 2 Options are unvested. Tranche 2 Options currently expire if otherwise extant on December 31, 2024.

The existing formulaic exercise price of the Tranche 2 Options shall continue unaltered. The existing vesting provisions of the Tranche 2 Options are hereby eliminated. Henceforth, such number of Tranche 2 Options shall vest on each of December 31, 2018, 2019, and 2020 as is equal to 100,000 multiplied by a fraction, the numerator of which fraction shall be the U.S. dollar amount of Executive’s Trued-Up ROE Bonus in respect of such year and the denominator of which fraction shall be the ROE Bonus Opportunity with respect to such year.

During the Term of Office, Executive may participate in all existing and future employee benefit plans, (e.g. pension and retirement, savings, medical, health and accident, life, disability) that are available to other senior executives of GBLI. Executive is entitled to four (4) weeks of paid vacation per Bonus Year.

Notwithstanding any other provision hereof, Executive’s employment by and with GBLI is terminable at will in the sole discretion of the Board at any time whether with or without notice or cause. In the event Executive is terminated prior to the expiration of the Term of Office, Executive shall receive as “severance” one month of Base Salary for each 12 months of employment (prior to the date of termination) unless Executive precipitated a “Cause Event” (as defined below), with such amount payable in a lump sum cash payment on the 60^th date following the date of Executive’s termination of employment (the “Release Deadline”); provided that such payment shall be subject to Executive providing an executed general release of claims in respect of GBLI and Fox Paine & Company, LLC, including their respective affiliates, in a form reasonably satisfactory to GBLI and Fox Paine & Company, LLC, including their respective affiliates (a “Release”), and not revoking such Release within any legally applicable revocation period, in each case prior to the Release Deadline. In the event Executive voluntarily terminates employment with GBLI for any reason, Executive shall not be entitled to the severance payment described above.

For purposes hereof, a “Cause Event” includes: (i) conduct of Executive constituting fraud, dishonesty, malfeasance, incompetence, gross misconduct, gross negligence, (ii) Executive being officially charged with or indicted for a felony criminal offense involving violence or moral turpitude, (iii) Executive failing to follow the lawful written instructions of the Chairman or the Board, or (iv) Executive’s violation of GBLI’s governance, code of conduct, conflict of interest, or similar GBLI policies applicable to GBLI employees generally or senior executives generally.

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Any disputes among Executive, GBLI, and/or Fox Paine & Company, LLC (including affiliates) shall be resolved by confidential binding arbitration in Philadelphia, Pennsylvania under the auspices of JAMS. The governing law shall be that of New York. The arbitration shall be conducted by a single arbitrator selected by the parties in accordance with the JAMS Employment Arbitration Rules & Procedures pertaining at the time the dispute arises. Any arbitration will be conducted on a strictly confidential basis. This agreement to arbitrate and any arbitration hereunder will be interpreted and conducted in all manners necessary to ensure its enforceability.

By executing this document below, the parties hereto acknowledge their agreement hereto as of the effective date of this agreement:

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