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For release: August 6, 2025

 

Global Indemnity Group, LLC Reports Second Quarter 2025 Results

 

Wilmington, Del., (August 6, 2025) – Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported strong 2nd quarter 2025 results with 61% growth in underwriting income and continued premium growth.

 

Highlights of Consolidated Results for the Three Months Ended June 30, 2025

 

•
Net income available to common shareholders was $10.2 million or $0.71 per share for 2025 compared to $10.0 million or $0.73 per share for the same period in 2024.

 

•
Book value per share increased to $48.35 at June 30, 2025 from $47.85 at March 31, 2025; an increase of 1.8% including dividends paid of $0.35 per share for the three months ended June 30, 2025.

 

•
Current accident year underwriting income increased 61% to $5.6 million for 2025 compared to $3.5 million for the same period in 2024.

 

•
Gross written premiums increased 6% to $106.8 million in 2025 compared to $100.7 million for the same period in 2024; Excluding terminated products, gross written premiums increased 18% to $109.9 million in 2025 compared to $93.4 million for the same period in 2024.
o
Vacant Express and Collectibles, in aggregate, grew 20% to $16.6 million in 2025 from organic agency growth, new agency appointments, and new products.
o
Wholesale Commercial grew 8% to $69.1 million in 2025 from premium rate increases, organic agency growth, new agency appointments, and new products.
o
Assumed Reinsurance increased 86% to $12.0 million in 2025 due to new treaties incepting during 2024 and 2025.
•
Current accident year combined ratio was 94.6% for 2025 compared to 96.7% for same period in 2024.
•
Net losses and loss adjustment expenses related to prior accident years were less than $0.1 million for 2025.
•
Annualized investment return was 4.9% for 2025.
•
Net investment income was $14.7 million in 2025 as compared to $15.3 million.
o
Net investment income from the Company's fixed maturities portfolio increased 2% to $15.3 million compared to $15.0 million for the same period in 2024.
o
Book yield on the fixed maturities portfolio increased to 4.54% at June 30, 2025 from 4.49% at March 31, 2025.
•
Shareholders' equity increased to $695.3 million at June 30, 2025 compared to $687.1 million at March 31, 2025.

 

 

 

 

 

 

 

 

 

Selected Consolidated Operating and Balance Sheet Information

(Dollars in millions, except per share data)

 

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Select Operating Data:

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

106.8

 

 

$

100.7

 

 

$

205.5

 

 

$

194.2

 

Investment income

 

$

14.7

 

 

$

15.3

 

 

$

29.5

 

 

$

29.8

 

Annualized investment return

 

 

4.9

%

 

 

5.0

%

 

 

5.1

%

 

 

5.2

%

Underwriting income (loss)

 

$

5.8

 

 

$

3.5

 

 

$

(4.7

)

 

$

8.8

 

Underwriting income (loss), current accident year

 

$

5.6

 

 

$

3.5

 

 

$

(4.7

)

 

$

8.7

 

Underwriting income, current accident year, excluding California Wildfires

 

$

5.6

 

 

$

3.5

 

 

$

10.9

 

 

$

8.7

 

Corporate expenses

 

$

7.5

 

 

$

6.4

 

 

$

17.0

 

 

$

12.8

 

Operating income

 

$

10.2

 

 

$

9.9

 

 

$

6.1

 

 

$

20.6

 

Operating income excluding California Wildfires

 

$

10.2

 

 

$

9.9

 

 

$

18.6

 

 

$

20.6

 

Net income available to common shareholders

 

$

10.2

 

 

$

10.0

 

 

$

6.1

 

 

$

21.2

 

Net income available to common shareholders excluding California Wildfires

 

$

10.2

 

 

$

10.0

 

 

$

18.5

 

 

$

21.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders per share

 

$

0.71

 

 

$

0.73

 

 

$

0.43

 

 

$

1.55

 

Net income available to common shareholders per share excluding California Wildfires

 

$

0.71

 

 

$

0.73

 

 

$

1.31

 

 

$

1.55

 

Operating income per share

 

$

0.71

 

 

$

0.72

 

 

$

0.42

 

 

$

1.49

 

Operating income per share excluding California Wildfires

 

$

0.71

 

 

$

0.72

 

 

$

1.29

 

 

$

1.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

55.6

%

 

 

57.8

%

 

 

63.5

%

 

 

56.5

%

Expense ratio

 

 

38.8

%

 

 

38.8

%

 

 

39.5

%

 

 

39.2

%

Combined ratio

 

 

94.4

%

 

 

96.6

%

 

 

103.0

%

 

 

95.7

%

Combined ratio, current accident year

 

 

94.6

%

 

 

96.7

%

 

 

103.0

%

 

 

95.8

%

Combined ratio, current accident year excluding California Wildfires

 

 

94.6

%

 

 

96.7

%

 

 

94.7

%

 

 

95.8

%

 

 

 

 

 

As of June 30, 2025

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Select Balance Sheet Data:

 

 

 

 

 

 

 

 

 

Cash and invested assets, net

 

$

1,433.0

 

 

$

1,431.8

 

 

$

1,440.7

 

Total assets

 

$

1,720.6

 

 

$

1,713.6

 

 

$

1,731.3

 

Shareholders’ equity

 

$

695.3

 

 

$

687.1

 

 

$

689.1

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

48.35

 

 

$

47.85

 

 

$

49.98

 

Book value per share plus cumulative dividends and

 

 

 

 

 

 

 

 

 

excluding AOCI

 

$

56.78

 

 

$

56.08

 

 

$

58.14

 

Shares Outstanding (in millions)

 

 

14.3

 

 

 

14.3

 

 

 

13.7

 

 

 

 

Changes in Common Shareholders' Equity and Book Value per Share

(Dollars and shares in millions, except per share data)

 

 

 

Common Shareholders' Equity

 

 

Common Shares

 

 

Book Value Per Share

 

Balance at December 31, 2024

 

$

685.1

 

 

 

13.7

 

 

$

49.98

 

Net income

 

 

6.4

 

 

 

—

 

 

 

0.43

 

Fair value of fixed maturities

 

 

5.8

 

 

 

—

 

 

 

0.42

 

Stock compensation / share issuance (1)

 

 

4.2

 

 

 

0.6

 

 

 

(1.78

)

Dividends

 

 

(10.2

)

 

 

—

 

 

 

(0.70

)

Balance at June 30, 2025

 

$

691.3

 

 

 

14.3

 

 

$

48.35

 

 

(1) includes 550,000 class A common shares designated as class A-2 common shares issued on March 6, 2025 for services performed in connection with the Company’s internal corporate reorganization.

 

Segment Data for the Three and Six Months Ended June 30, 2025 and 2024

 

Segment Income for the Three Months Ended June 30,

 

 

Agency and
Insurance
Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Eliminations

 

 

Consolidated

 

(Dollars in millions)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

—

 

 

$

—

 

 

$

97.5

 

 

$

89.3

 

 

$

(2.4

)

 

$

3.5

 

 

$

—

 

 

$

—

 

 

$

95.1

 

 

$

92.8

 

Commissions and fee income

 

 

15.4

 

 

 

—

 

 

 

—

 

 

 

0.4

 

 

 

—

 

 

 

—

 

 

 

(14.9

)

 

 

—

 

 

 

0.5

 

 

 

0.4

 

Total revenues

 

$

15.4

 

 

$

—

 

 

$

97.5

 

 

$

89.7

 

 

$

(2.4

)

 

$

3.5

 

 

$

(14.9

)

 

$

—

 

 

$

95.6

 

 

$

93.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

—

 

 

$

—

 

 

$

56.0

 

 

$

51.2

 

 

$

(2.8

)

 

$

2.5

 

 

$

(0.3

)

 

$

—

 

 

$

52.9

 

 

$

53.7

 

Underwriting expenses

 

 

13.1

 

 

 

—

 

 

 

38.8

 

 

 

33.9

 

 

 

(0.4

)

 

 

2.1

 

 

 

(14.6

)

 

 

—

 

 

 

36.9

 

 

 

36.0

 

Total losses and expenses

 

$

13.1

 

 

$

—

 

 

$

94.8

 

 

$

85.1

 

 

$

(3.2

)

 

$

4.6

 

 

$

(14.9

)

 

$

—

 

 

$

89.8

 

 

$

89.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting income (loss)

 

$

2.3

 

 

$

—

 

 

$

2.7

 

 

$

4.6

 

 

$

0.8

 

 

$

(1.1

)

 

$

—

 

 

$

—

 

 

$

5.8

 

 

$

3.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Income for the Six Months Ended June 30,

 

 

Agency and
Insurance
Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Eliminations

 

 

Consolidated

 

(Dollars in millions)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

—

 

 

$

—

 

 

$

189.8

 

 

$

178.5

 

 

$

(1.3

)

 

$

10.9

 

 

$

—

 

 

$

—

 

 

$

188.5

 

 

$

189.4

 

Commissions and fee income

 

 

29.8

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

0.1

 

 

 

—

 

 

 

(28.9

)

 

 

—

 

 

 

1.0

 

 

 

0.7

 

Total revenues

 

$

29.8

 

 

$

—

 

 

$

189.8

 

 

$

179.2

 

 

$

(1.2

)

 

$

10.9

 

 

$

(28.9

)

 

$

—

 

 

$

189.5

 

 

$

190.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

—

 

 

$

—

 

 

$

122.6

 

 

$

100.0

 

 

$

(2.2

)

 

$

7.0

 

 

$

(0.7

)

 

$

—

 

 

$

119.7

 

 

$

107.0

 

Underwriting expenses

 

 

25.7

 

 

 

—

 

 

 

76.0

 

 

 

68.9

 

 

 

1.0

 

 

 

5.4

 

 

 

(28.2

)

 

 

—

 

 

 

74.5

 

 

 

74.3

 

Total losses and expenses

 

$

25.7

 

 

$

—

 

 

$

198.6

 

 

$

168.9

 

 

$

(1.2

)

 

$

12.4

 

 

$

(28.9

)

 

$

—

 

 

$

194.2

 

 

$

181.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting income (loss)

 

$

4.1

 

 

$

—

 

 

$

(8.8

)

 

$

10.3

 

 

$

—

 

 

$

(1.5

)

 

$

—

 

 

$

—

 

 

$

(4.7

)

 

$

8.8

 

Underwriting income (loss) excluding California Wildfires

 

$

4.1

 

 

$

—

 

 

$

6.8

 

 

$

10.3

 

 

$

—

 

 

$

(1.5

)

 

$

—

 

 

$

—

 

 

$

11.0

 

 

$

8.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Data for the Three and Six Months Ended June 30, 2025 and 2024

(Dollars in thousands)

Segment Written Premiums

 

 

 

 

For the Three Months Ended June 30,

 

 

 

Belmont Core

 

 

Belmont Non-Core

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Direct written premiums

 

$

97,774

 

 

$

94,057

 

 

$

31

 

 

$

11

 

 

$

97,805

 

 

$

94,068

 

Assumed written premiums

 

 

12,045

 

 

 

6,495

 

 

 

(3,049

)

 

 

143

 

 

 

8,996

 

 

 

6,638

 

Gross written premiums

 

$

109,819

 

 

$

100,552

 

 

$

(3,018

)

 

$

154

 

 

$

106,801

 

 

$

100,706

 

Net written premiums

 

$

106,873

 

 

$

97,602

 

 

$

(2,959

)

 

$

149

 

 

$

103,914

 

 

$

97,751

 

 

 

 

 

For the Six Months Ended June 30,

 

 

 

Belmont Core

 

 

Belmont Non-Core

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Direct written premiums

 

$

185,240

 

 

$

185,189

 

 

$

118

 

 

$

103

 

 

$

185,358

 

 

$

185,292

 

Assumed written premiums

 

 

22,968

 

 

 

9,411

 

 

 

(2,850

)

 

 

(509

)

 

 

20,118

 

 

 

8,902

 

Gross written premiums

 

$

208,208

 

 

$

194,600

 

 

$

(2,732

)

 

$

(406

)

 

$

205,476

 

 

$

194,194

 

Net written premiums

 

$

202,507

 

 

$

190,198

 

 

$

(2,729

)

 

$

(362

)

 

$

199,778

 

 

$

189,836

 

 

 

Direct Written Premiums Produced by Agency and Insurance Services Segment

 

 

For the Three Months Ended
June 30,

 

 

 

 

For the Six Months Ended
June 30,

 

 

 

 

2025

 

 

2024

 

 

% Change

 

2025

 

 

2024

 

 

% Change

Wholesale Commercial

$

69,075

 

 

 

63,877

 

 

8.1%

 

$

133,957

 

 

$

124,932

 

 

7.2%

Vacant Express

 

12,370

 

 

 

9,731

 

 

27.1%

 

 

23,291

 

 

 

18,585

 

 

25.3%

Collectibles

 

4,186

 

 

 

4,014

 

 

4.3%

 

 

8,285

 

 

 

7,668

 

 

8.0%

Direct written premiums excluding Specialty Products

 

85,631

 

 

 

77,622

 

 

10.3%

 

 

165,533

 

 

 

151,185

 

 

9.5%

Specialty Products

 

12,143

 

 

 

16,435

 

 

(26.1%)

 

 

19,707

 

 

 

34,004

 

 

(42.0%)

Total direct written premiums

$

97,774

 

 

$

94,057

 

 

4.0%

 

$

185,240

 

 

$

185,189

 

 

0.0%

 

 

Assumed Written Premiums Produced by Belmont Segments

 

 

 

For the Three Months Ended
June 30,

 

 

%

 

For the Six Months Ended
June 30,

 

 

%

 

 

2025

 

 

2024

 

 

Change

 

2025

 

 

2024

 

 

Change

Belmont Core

 

$

12,045

 

 

$

6,495

 

 

85.5%

 

$

22,968

 

 

$

9,411

 

 

144.1%

Belmont Non-Core

 

 

(3,049

)

 

 

143

 

 

NM

 

 

(2,850

)

 

 

(509

)

 

NM

Total assumed written premiums

 

$

8,996

 

 

$

6,638

 

 

35.5%

 

$

20,118

 

 

$

8,902

 

 

126.0%

 

NM - not meaningful

 

 

 

Global Indemnity Group, LLC

Consolidated Statements of Operations

(Unaudited)

(Dollars and shares in thousands, except per share data)

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Gross written premiums

 

$

106,801

 

 

$

100,706

 

 

$

205,476

 

 

$

194,194

 

Net written premiums

 

$

103,914

 

 

$

97,751

 

 

$

199,778

 

 

$

189,836

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

95,146

 

 

$

92,814

 

 

$

188,462

 

 

$

189,393

 

Net investment income

 

 

14,707

 

 

 

15,311

 

 

 

29,489

 

 

 

29,831

 

Net realized investment gains

 

 

127

 

 

 

205

 

 

 

263

 

 

 

1,052

 

Other income

 

 

540

 

 

 

357

 

 

 

957

 

 

 

702

 

Total revenues

 

 

110,520

 

 

 

108,687

 

 

 

219,171

 

 

 

220,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

52,948

 

 

 

53,662

 

 

 

119,686

 

 

 

107,046

 

Acquisition costs and other underwriting expenses

 

 

36,915

 

 

 

35,968

 

 

 

74,422

 

 

 

74,237

 

Corporate expenses

 

 

7,528

 

 

 

6,383

 

 

 

17,028

 

 

 

12,756

 

Income before income taxes

 

 

13,129

 

 

 

12,674

 

 

 

8,035

 

 

 

26,939

 

Income tax expense

 

 

2,785

 

 

 

2,581

 

 

 

1,680

 

 

 

5,480

 

Net income

 

 

10,344

 

 

 

10,093

 

 

 

6,355

 

 

 

21,459

 

Less: preferred stock distributions

 

 

110

 

 

 

110

 

 

 

220

 

 

 

220

 

Net income available to common shareholders

 

$

10,234

 

 

$

9,983

 

 

$

6,135

 

 

$

21,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.72

 

 

$

0.73

 

 

$

0.44

 

 

$

1.56

 

Diluted

 

$

0.71

 

 

$

0.73

 

 

$

0.43

 

 

$

1.55

 

Weighted-average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,275

 

 

 

13,610

 

 

 

14,072

 

 

 

13,594

 

Diluted

 

 

14,341

 

 

 

13,678

 

 

 

14,161

 

 

 

13,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash distributions declared per common share

 

$

0.35

 

 

$

0.35

 

 

$

0.70

 

 

$

0.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

55.6

%

 

 

57.8

%

 

 

63.5

%

 

 

56.5

%

Expense ratio

 

 

38.8

%

 

 

38.8

%

 

 

39.5

%

 

 

39.2

%

Combined ratio

 

 

94.4

%

 

 

96.6

%

 

 

103.0

%

 

 

95.7

%

 

 

 

 

 

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

(Unaudited)
June 30, 2025

 

 

December 31, 2024

 

ASSETS

 

 

 

 

 

 

Fixed maturities:

 

 

 

 

 

 

Available for sale, at fair value (amortized cost: $1,341,934 and $1,394,639; net of allowance for expected credit losses of $0 at June 30, 2025 and December 31, 2024)

 

$

1,336,344

 

 

$

1,381,908

 

Equity securities, at fair value

 

 

12,569

 

 

 

12,284

 

Other invested assets

 

 

22,072

 

 

 

29,413

 

Total investments

 

 

1,370,985

 

 

 

1,423,605

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

67,344

 

 

 

17,009

 

Premium receivables, net of allowance for expected credit losses of

 

 

 

 

 

 

$3,371 at June 30, 2025 and $3,530 at December 31, 2024

 

 

70,433

 

 

 

75,088

 

Reinsurance receivables, net of allowance for expected credit losses

 

 

 

 

 

 

of $8,992 at June 30, 2025 and December 31, 2024

 

 

67,566

 

 

 

66,855

 

Funds held by ceding insurers

 

 

24,416

 

 

 

30,026

 

Deferred income taxes

 

 

20,002

 

 

 

22,459

 

Deferred acquisition costs

 

 

43,915

 

 

 

41,136

 

Intangible assets

 

 

14,000

 

 

 

14,103

 

Goodwill

 

 

4,820

 

 

 

4,820

 

Prepaid reinsurance premiums

 

 

3,605

 

 

 

3,320

 

Receivable for securities

 

 

—

 

 

 

52

 

Income tax receivable

 

 

2,150

 

 

 

825

 

Lease right of use assets

 

 

8,779

 

 

 

9,295

 

Other assets

 

 

22,570

 

 

 

22,660

 

Total assets

 

$

1,720,585

 

 

$

1,731,253

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

776,127

 

 

$

800,391

 

Unearned premiums

 

 

195,013

 

 

 

183,411

 

Reinsurance balances payable

 

 

3,051

 

 

 

8,181

 

Payable for securities

 

 

5,341

 

 

 

—

 

Contingent commissions

 

 

4,116

 

 

 

6,826

 

Lease liabilities

 

 

9,346

 

 

 

10,371

 

Other liabilities

 

 

32,303

 

 

 

32,924

 

Total liabilities

 

$

1,025,297

 

 

$

1,042,104

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Series A cumulative fixed rate preferred shares, $1,000 par value;

 

 

 

 

 

 

100,000,000 shares authorized, shares issued and outstanding:

 

 

 

 

 

 

4,000 and 4,000 shares, respectively, liquidation preference:

 

 

 

 

 

 

$1,000 per share and $1,000 per share, respectively

 

 

4,000

 

 

 

4,000

 

Common shares: no par value; 900,000,000 common shares authorized;

 

 

 

 

 

 

class A common shares issued: 11,790,484 and 11,202,355, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively);

 

 

 

 

 

 

class A common shares outstanding: 10,502,716 and 9,914,587, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively);

 

 

 

 

 

 

class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively

 

 

—

 

 

 

—

 

Additional paid-in capital (1)

 

 

463,816

 

 

 

459,578

 

Accumulated other comprehensive income (loss), net of tax

 

 

(4,657

)

 

 

(10,410

)

Retained earnings (1)

 

 

264,821

 

 

 

268,673

 

Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively

 

 

(32,692

)

 

 

(32,692

)

Total shareholders’ equity

 

 

695,288

 

 

 

689,149

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,720,585

 

 

$

1,731,253

 

 

(1)
Since the Company’s initial public offering in 2003, the Company has returned $639 million to shareholders, including $522 million in share repurchases and $117 million in dividends/distributions.

 

 

GLOBAL INDEMNITY GROUP, LLC

SELECTED INVESTMENT DATA

(Dollars in millions)

 

 

Market Value as of

 

 

 

(Unaudited)
June 30, 2025

 

 

December 31, 2024

 

 

 

 

 

 

 

 

Fixed maturities

 

$

1,336.3

 

 

$

1,381.9

 

Cash and cash equivalents

 

 

67.3

 

 

 

17.0

 

Total fixed maturities and cash and cash equivalents

 

 

1,403.6

 

 

 

1,398.9

 

Equities and other invested assets

 

 

34.7

 

 

 

41.7

 

Total cash and invested assets, gross

 

 

1,438.3

 

 

 

1,440.6

 

Receivable/(payable) for securities

 

 

(5.3

)

 

 

0.1

 

Total cash and invested assets, net

 

$

1,433.0

 

 

$

1,440.7

 

 

 

 

Total Pre-Tax Investment Return

 

 

 

For the Three Months Ended
June 30,
(Unaudited)

 

 

For the Six Months Ended
June 30,
(Unaudited)

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

$

15.3

 

 

$

15.0

 

 

$

30.2

 

 

$

28.9

 

Limited partnerships

 

 

(0.6

)

 

 

0.3

 

 

 

(0.7

)

 

 

0.9

 

Net investment income

 

 

14.7

 

 

 

15.3

 

 

 

29.5

 

 

 

29.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains

 

 

0.1

 

 

 

0.2

 

 

 

0.3

 

 

 

1.1

 

Net unrealized investment gains

 

 

2.9

 

 

 

2.4

 

 

 

7.2

 

 

 

5.9

 

Net realized and unrealized investment return

 

 

3.0

 

 

 

2.6

 

 

 

7.5

 

 

 

7.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investment return

 

$

17.7

 

 

$

17.9

 

 

$

37.0

 

 

$

36.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total cash and invested assets

 

$

1,432.4

 

 

$

1,426.3

 

 

$

1,436.8

 

 

$

1,412.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total annualized investment return %

 

 

4.9

%

 

 

5.0

%

 

 

5.1

%

 

 

5.2

%

 

SUMMARY OF OPERATING INCOME

(Dollars and shares in thousands, except per share data)

 

 

 

For the Three Months Ended
June 30,
(Unaudited)

 

 

For the Six Months Ended
June 30,
(Unaudited)

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income, net of tax (1)

 

$

10,242

 

 

$

9,935

 

 

$

6,147

 

 

$

20,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains, net of tax

 

 

102

 

 

 

158

 

 

 

208

 

 

 

831

 

Net income

 

$

10,344

 

 

$

10,093

 

 

$

6,355

 

 

$

21,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – diluted

 

 

14,341

 

 

 

13,678

 

 

 

14,161

 

 

 

13,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income per share – diluted (2)

 

$

0.71

 

 

$

0.72

 

 

$

0.42

 

 

$

1.49

 

 

(1)
Operating income, net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended June 30, 2025 and 2024 and $0.2 million for each of the six months ended June 30, 2025 and 2024.
(2)
The operating income per share calculation is net of preferred shareholder distributions of $0.1 million for each of the three months ended June 30, 2025 and 2024 and $0.2 million for each of the six months ended June 30, 2025 and 2024.

 

Note Regarding Operating Income

 

Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment gains and other unique charges not related to operations. Operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.

 

Reconciliation of non-GAAP financial measures and ratios

The tables below reconcile the non-GAAP financial measures or ratios, which excludes the impact of prior accident year adjustments and the California Wildfires, to its most directly comparable GAAP measure or ratio. The Company believes the non-GAAP financial measures or ratios are useful to investors when evaluating the Company's underwriting performance as trends in the Company's segments may be obscured by prior accident year adjustments and the California Wildfires. These non-GAAP financial measures or ratios should not be considered as a substitute for its most directly comparable GAAP measure or ratio and do not reflect the overall underwriting profitability of the Company.

 

 

 

For the Six Months Ended
June 30,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Consolidated current accident year underwriting income excluding California Wildfires

 

 

 

 

 

 

Underwriting income (loss) (1)

 

$

(4,689

)

 

$

8,812

 

Effect of prior accident year

 

 

(53

)

 

 

(81

)

Current accident year underwriting income (loss) (2)

 

 

(4,742

)

 

 

8,731

 

California Wildfires net losses and loss adjustment expenses

 

 

15,684

 

 

 

—

 

Current accident year underwriting income excluding California Wildfires (2)

 

$

10,942

 

 

$

8,731

 

 

 

 

 

 

 

 

Belmont Core underwriting income excluding California Wildfires

 

 

 

 

 

 

Underwriting income (loss) (1)

 

$

(8,848

)

 

$

10,308

 

California Wildfires net losses and loss adjustment expenses

 

 

15,684

 

 

 

—

 

Underwriting income excluding California Wildfires (2)

 

$

6,836

 

 

$

10,308

 

 

 

 

 

 

 

 

Consolidated underwriting income excluding California Wildfires

 

 

 

 

 

 

Underwriting income (loss) (1)

 

$

(4,689

)

 

$

8,812

 

California Wildfires net losses and loss adjustment expenses

 

 

15,684

 

 

 

—

 

Underwriting income excluding California Wildfires (2)

 

$

10,995

 

 

$

8,812

 

 

 

 

 

 

 

 

Net income available to common shareholders excluding California Wildfires

 

 

 

 

 

 

Net income available to common shareholders (1)

 

$

6,135

 

 

$

21,239

 

California Wildfires net losses and loss adjustment expenses (net of tax) (3)

 

 

12,406

 

 

 

—

 

Net income available to common shareholders excluding California Wildfires (2)

 

$

18,541

 

 

$

21,239

 

 

 

 

 

 

 

 

Operating income excluding California Wildfires

 

 

 

 

 

 

Operating income (4)

 

$

6,147

 

 

$

20,628

 

California Wildfires net losses and loss adjustment expenses (net of tax) (3)

 

 

12,406

 

 

 

—

 

Operating income excluding California Wildfires (2)

 

$

18,553

 

 

$

20,628

 

 

 

 

 

 

 

 

Current accident year combined ratio excluding California Wildfires

 

 

 

 

 

 

Combined ratio (1)

 

 

103.0

%

 

 

95.7

%

Effect of prior accident year

 

 

—

 

 

 

0.1

%

Current accident year combined ratio (2)

 

 

103.0

%

 

 

95.8

%

Impact of California Wildfires

 

 

(8.3

%)

 

 

—

 

Current accident year combined ratio excluding California Wildfires (2)

 

 

94.7

%

 

 

95.8

%

 

(1) Most directly comparable GAAP measure / ratio

(2) Non-GAAP financial measure / ratio

(3) Represents net losses and loss adjustment expenses of $15.7 million less tax benefit of $3.3 million.

(4) See previous table for reconciliation of operating income (loss) to net income (loss) which is the most directly comparable GAAP measure.

 

 

 

About Global Indemnity Group, LLC and its subsidiaries

 

Global Indemnity Group, LLC (NYSE:GBLI) is a publicly listed holding company for property and casualty insurance-related businesses.

 

Global Indemnity holds controlling interests in:

•
Penn-America Underwriters, LLC consists of (i) three agencies: Penn-America Insurance Services, LLC, J.H. Ferguson and Associates, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC that source, underwrite, and service policies and (ii) two strategic insurance product and service businesses: Liberty Insurance Adjustment Agency, Inc., a claims adjustment and claims service business, and Kaleidoscope Insurance Technologies, Inc., a proprietary insurance software and services provider.
•
Belmont Holdings GX, Inc. includes five state-regulated insurance carriers: Penn-Patriot Insurance Company, Diamond State Insurance Company, Penn-Star Insurance Company, Penn-America Insurance Company, and United National Insurance Company, each of which are rated “A” (Excellent) by AM Best.
•
Belmont Holdings Asset Management works with property & casualty insurance companies to enhance investment portfolio performance.

 

For more information, visit the Company’s website at www.gbli.com.

 

 

Forward-Looking Information

 

The forward-looking statements contained in this press release1 do not address a number of risks and uncertainties. Investors are cautioned that Global Indemnity’s actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnity’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the Company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

 

[1] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934.

 

 

 

Contact:

Brian J. Riley

 

Chief Financial Officer

(610) 660-6817

briley@gbli.com