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For release: October 30, 2025

 

Global Indemnity Group, LLC Reports Third Quarter 2025 Financial Results Highlighted by 54% Growth in Current Accident Year Underwriting Income and 19% Increase in Operating Income

 

Wilmington, Del., (October 30, 2025) – Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported financial results for the three and nine months ended September 30, 2025.

 

Third Quarter 2025 Consolidated Results and Business Highlights

 

•
Operating income increased 19% to $15.7 million or $1.08 per share for 2025 compared to $13.2 million or $0.95 per share for the same period in 2024.

 

•
Net income available to common shareholders was $12.4 million or $0.86 per share for 2025 compared to $12.7 million or $0.92 per share for the same period in 2024.

 

•
Current accident year underwriting income increased 54% to $10.2 million for 2025 compared to $6.6 million for the same period in 2024 driven by strong property loss ratio performance.

 

•
Gross written premiums increased 9% to $108.4 million in 2025 compared to $99.8 million for the same period in 2024; Excluding terminated products, gross written premiums increased 13% to $108.5 million in 2025 compared to $96.4 million for the same period in 2024.
o
Vacant Express and Collectibles, in aggregate, grew 5% to $16.4 million in 2025 from organic agency growth, new agency appointments, and new products.
o
Wholesale Commercial grew 10% to $67.9 million in 2025 from premium rate increases, organic agency growth, new agency appointments, and new products.
o
Assumed Reinsurance increased 58% to $15.6 million in 2025 due to new treaties incepting during 2024 and 2025 and organic growth from existing treaties.
•
Current accident year combined ratio was 90.4% for 2025 compared to 93.5% for same period in 2024.
•
Net losses and loss adjustment expenses related to prior accident years were a decrease of less than $0.1 million for 2025.
•
Annualized investment return was 4.0% for 2025.

 

•
Net investment income increased 9% to $17.9 million in 2025 compared to $16.5 million for the same period in 2024.

 

•
Book value per share increased to $48.88 at September 30, 2025 from $48.35 at June 30, 2025; an increase of 1.8% including dividends paid of $0.35 per share for the three months ended September 30, 2025.
•
Shareholders' equity increased to $704.1 million at September 30, 2025 compared to $695.3 million at June 30, 2025.
•
AM Best affirmed Global Indemnity Group, LLC’s A (Excellent) rating for its U.S. insurance subsidiaries on August 8, 2025.
•
Acquired Sayata, an AI-enabled digital distribution marketplace and agency operations for commercial insurance.
•
Rebranded Penn-America Underwriters, LLC as Katalyx Holdings and Katalyx Holdings launched Valyn Re, its inaugural reinsurance managing general agency ("MGA"), as part of its new reinsurance platform expansion.
•
Announced transfer of listing of its class A common shares to Nasdaq Global Select Market; expected to begin trading November 4, 2025 under “GBLI”.

 

Selected Consolidated Operating and Balance Sheet Information

(Dollars in millions, except per share data)

 

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Select Operating Data:

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

108.4

 

 

$

99.8

 

 

$

313.8

 

 

$

294.0

 

Investment income

 

$

17.9

 

 

$

16.5

 

 

$

47.4

 

 

$

46.3

 

Annualized investment return

 

 

4.0

%

 

 

7.9

%

 

 

4.8

%

 

 

6.1

%

Underwriting income

 

$

10.0

 

 

$

5.8

 

 

$

5.3

 

 

$

14.6

 

Underwriting income, current accident year

 

$

10.2

 

 

$

6.6

 

 

$

5.4

 

 

$

15.3

 

Underwriting income, current accident year, excluding California Wildfires

 

$

10.2

 

 

$

6.6

 

 

$

21.2

 

 

$

15.3

 

Corporate expenses

 

$

7.8

 

 

$

5.9

 

 

$

24.9

 

 

$

18.7

 

Operating income

 

$

15.7

 

 

$

13.2

 

 

$

21.8

 

 

$

33.8

 

Operating income excluding California Wildfires

 

$

15.7

 

 

$

13.2

 

 

$

34.1

 

 

$

33.8

 

Net income available to common shareholders

 

$

12.4

 

 

$

12.7

 

 

$

18.5

 

 

$

33.9

 

Net income available to common shareholders excluding California Wildfires

 

$

12.4

 

 

$

12.7

 

 

$

30.9

 

 

$

33.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders per share

 

$

0.86

 

 

$

0.92

 

 

$

1.30

 

 

$

2.48

 

Net income available to common shareholders per share excluding California Wildfires

 

$

0.86

 

 

$

0.92

 

 

$

2.17

 

 

$

2.48

 

Operating income per share

 

$

1.08

 

 

$

0.95

 

 

$

1.51

 

 

$

2.45

 

Operating income per share excluding California Wildfires

 

$

1.08

 

 

$

0.95

 

 

$

2.38

 

 

$

2.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

50.1

%

 

 

54.9

%

 

 

58.8

%

 

 

56.0

%

Expense ratio

 

 

40.5

%

 

 

39.4

%

 

 

39.9

%

 

 

39.2

%

Combined ratio

 

 

90.6

%

 

 

94.3

%

 

 

98.7

%

 

 

95.2

%

Combined ratio, current accident year

 

 

90.4

%

 

 

93.5

%

 

 

98.7

%

 

 

95.0

%

Combined ratio, current accident year excluding California Wildfires

 

 

90.4

%

 

 

93.5

%

 

 

93.2

%

 

 

95.0

%

 

 

 

 

 

As of September 30, 2025

 

 

As of June 30, 2025

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Select Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and invested assets, net

 

$

1,435.2

 

 

$

1,433.0

 

 

$

1,431.8

 

 

$

1,440.7

 

Total assets

 

$

1,734.1

 

 

$

1,720.6

 

 

$

1,713.6

 

 

$

1,731.3

 

Shareholders’ equity

 

$

704.1

 

 

$

695.3

 

 

$

687.1

 

 

$

689.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

48.88

 

 

$

48.35

 

 

$

47.85

 

 

$

49.98

 

Book value per share plus cumulative

 

 

 

 

 

 

 

 

 

 

 

 

dividends and excluding AOCI

 

$

57.62

 

 

$

56.78

 

 

$

56.08

 

 

$

58.14

 

Shares Outstanding (in millions)

 

 

14.3

 

 

 

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

 

 

18.9

 

 

 

—

 

 

 

1.30

 

Fair value of fixed maturities

 

 

6.2

 

 

 

—

 

 

 

0.45

 

Stock compensation / share issuance (1)

 

 

5.2

 

 

 

0.6

 

 

 

(1.80

)

Dividends

 

 

(15.3

)

 

 

—

 

 

 

(1.05

)

Balance at September 30, 2025

 

$

700.1

 

 

 

14.3

 

 

$

48.88

 

 

(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 Nine Months Ended September 30, 2025 and 2024

 

Segment Income for the Three Months Ended September 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

 

$

—

 

 

$

—

 

 

$

99.4

 

 

$

94.0

 

 

$

0.3

 

 

$

1.4

 

 

$

—

 

 

$

—

 

 

$

99.7

 

 

$

95.4

 

Commissions and fee income

 

 

15.0

 

 

 

—

 

 

 

—

 

 

 

0.3

 

 

 

0.1

 

 

 

0.1

 

 

 

(14.5

)

 

 

—

 

 

 

0.6

 

 

 

0.4

 

Total revenues

 

$

15.0

 

 

$

—

 

 

$

99.4

 

 

$

94.3

 

 

$

0.4

 

 

$

1.5

 

 

$

(14.5

)

 

$

—

 

 

$

100.3

 

 

$

95.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

—

 

 

$

—

 

 

$

52.7

 

 

$

51.4

 

 

$

(2.4

)

 

$

1.0

 

 

$

(0.4

)

 

$

—

 

 

$

49.9

 

 

$

52.4

 

Underwriting expenses

 

 

13.8

 

 

 

—

 

 

 

40.2

 

 

 

35.6

 

 

 

0.5

 

 

 

2.0

 

 

 

(14.1

)

 

 

—

 

 

 

40.4

 

 

 

37.6

 

Total losses and expenses

 

$

13.8

 

 

$

—

 

 

$

92.9

 

 

$

87.0

 

 

$

(1.9

)

 

$

3.0

 

 

$

(14.5

)

 

$

—

 

 

$

90.3

 

 

$

90.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting income (loss)

 

$

1.2

 

 

$

—

 

 

$

6.5

 

 

$

7.3

 

 

$

2.3

 

 

$

(1.5

)

 

$

—

 

 

$

—

 

 

$

10.0

 

 

$

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Income for the Nine Months Ended September 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

 

$

—

 

 

$

—

 

 

$

289.1

 

 

$

272.5

 

 

$

(1.0

)

 

$

12.3

 

 

$

—

 

 

$

—

 

 

$

288.1

 

 

$

284.8

 

Commissions and fee income

 

 

44.8

 

 

 

—

 

 

 

—

 

 

 

1.0

 

 

 

0.1

 

 

 

0.1

 

 

 

(43.3

)

 

 

—

 

 

 

1.6

 

 

 

1.1

 

Total revenues

 

$

44.8

 

 

$

—

 

 

$

289.1

 

 

$

273.5

 

 

$

(0.9

)

 

$

12.4

 

 

$

(43.3

)

 

$

—

 

 

$

289.7

 

 

$

285.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

—

 

 

$

—

 

 

$

175.2

 

 

$

151.4

 

 

$

(4.6

)

 

$

8.0

 

 

$

(1.0

)

 

$

—

 

 

$

169.6

 

 

$

159.4

 

Underwriting expenses

 

 

39.5

 

 

 

—

 

 

 

116.2

 

 

 

104.5

 

 

 

1.4

 

 

 

7.4

 

 

 

(42.3

)

 

 

—

 

 

 

114.8

 

 

 

111.9

 

Total losses and expenses

 

$

39.5

 

 

$

—

 

 

$

291.4

 

 

$

255.9

 

 

$

(3.2

)

 

$

15.4

 

 

$

(43.3

)

 

$

—

 

 

$

284.4

 

 

$

271.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting income (loss)

 

$

5.3

 

 

$

—

 

 

$

(2.3

)

 

$

17.6

 

 

$

2.3

 

 

$

(3.0

)

 

$

—

 

 

$

—

 

 

$

5.3

 

 

$

14.6

 

Underwriting income (loss) excluding California Wildfires

 

$

5.3

 

 

$

—

 

 

$

13.4

 

 

$

17.6

 

 

$

2.3

 

 

$

(3.0

)

 

$

—

 

 

$

—

 

 

$

21.1

 

 

$

14.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Data for the Three and Nine Months Ended September 30, 2025 and 2024

(Dollars in thousands)

Segment Written Premiums

 

 

 

 

For the Three Months Ended September 30,

 

 

 

Belmont Core

 

 

Belmont Non-Core

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Direct written premiums

 

$

92,916

 

 

$

93,338

 

 

$

43

 

 

$

(40

)

 

$

92,959

 

 

$

93,298

 

Assumed written premiums

 

 

15,625

 

 

 

9,906

 

 

 

(215

)

 

 

(3,437

)

 

 

15,410

 

 

 

6,469

 

Gross written premiums

 

$

108,541

 

 

$

103,244

 

 

$

(172

)

 

$

(3,477

)

 

$

108,369

 

 

$

99,767

 

Net written premiums

 

$

105,708

 

 

$

100,712

 

 

$

(165

)

 

$

(3,535

)

 

$

105,543

 

 

$

97,177

 

 

 

 

 

For the Nine Months Ended September 30,

 

 

 

Belmont Core

 

 

Belmont Non-Core

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Direct written premiums

 

$

278,156

 

 

$

278,527

 

 

$

161

 

 

$

63

 

 

$

278,317

 

 

$

278,590

 

Assumed written premiums

 

 

38,593

 

 

 

19,317

 

 

 

(3,065

)

 

 

(3,946

)

 

 

35,528

 

 

 

15,371

 

Gross written premiums

 

$

316,749

 

 

$

297,844

 

 

$

(2,904

)

 

$

(3,883

)

 

$

313,845

 

 

$

293,961

 

Net written premiums

 

$

308,215

 

 

$

290,910

 

 

$

(2,894

)

 

$

(3,897

)

 

$

305,321

 

 

$

287,013

 

 

 

Direct Written Premiums Produced by Agency and Insurance Services Segment

 

 

For the Three Months Ended
September 30,

 

 

 

 

For the Nine Months Ended
September 30,

 

 

 

 

2025

 

 

2024

 

 

% Change

 

2025

 

 

2024

 

 

% Change

Wholesale Commercial

$

67,931

 

 

$

61,938

 

 

9.7%

 

$

201,888

 

 

$

186,870

 

 

8.0%

Vacant Express

 

11,341

 

 

 

11,219

 

 

1.1%

 

 

34,632

 

 

 

29,804

 

 

16.2%

Collectibles

 

5,087

 

 

 

4,471

 

 

13.8%

 

 

13,372

 

 

 

12,139

 

 

10.2%

Direct written premiums excluding Specialty Products

 

84,359

 

 

 

77,628

 

 

8.7%

 

 

249,892

 

 

 

228,813

 

 

9.2%

Specialty Products

 

8,557

 

 

 

15,710

 

 

(45.5%)

 

 

28,264

 

 

 

49,714

 

 

(43.1%)

Total direct written premiums

$

92,916

 

 

$

93,338

 

 

(0.5%)

 

$

278,156

 

 

$

278,527

 

 

(0.1%)

 

 

Assumed Written Premiums Produced by Belmont Segments

 

 

 

For the Three Months Ended
September 30,

 

 

%

 

For the Nine Months Ended
September 30,

 

 

%

 

 

2025

 

 

2024

 

 

Change

 

2025

 

 

2024

 

 

Change

Belmont Core

 

$

15,625

 

 

$

9,906

 

 

57.7%

 

$

38,593

 

 

$

19,317

 

 

99.8%

Belmont Non-Core

 

 

(215

)

 

 

(3,437

)

 

(93.7%)

 

 

(3,065

)

 

 

(3,946

)

 

(22.3%)

Total assumed written premiums

 

$

15,410

 

 

$

6,469

 

 

138.2%

 

$

35,528

 

 

$

15,371

 

 

131.1%

 

 

 

 

 

Global Indemnity Group, LLC

Consolidated Statements of Operations

(Unaudited)

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

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Gross written premiums

 

$

108,369

 

 

$

99,767

 

 

$

313,845

 

 

$

293,961

 

Net written premiums

 

$

105,543

 

 

$

97,177

 

 

$

305,321

 

 

$

287,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

99,670

 

 

$

95,413

 

 

$

288,132

 

 

$

284,806

 

Net investment income

 

 

17,911

 

 

 

16,488

 

 

 

47,400

 

 

 

46,319

 

Net realized investment gains (losses)

 

 

(3,994

)

 

 

(512

)

 

 

(3,731

)

 

 

540

 

Other income

 

 

611

 

 

 

372

 

 

 

1,568

 

 

 

1,074

 

Total revenues

 

 

114,198

 

 

 

111,761

 

 

 

333,369

 

 

 

332,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

49,875

 

 

 

52,400

 

 

 

169,561

 

 

 

159,446

 

Acquisition costs and other underwriting expenses

 

 

40,415

 

 

 

37,553

 

 

 

114,837

 

 

 

111,790

 

Corporate expenses

 

 

7,844

 

 

 

5,923

 

 

 

24,872

 

 

 

18,679

 

Income before income taxes

 

 

16,064

 

 

 

15,885

 

 

 

24,099

 

 

 

42,824

 

Income tax expense

 

 

3,541

 

 

 

3,125

 

 

 

5,221

 

 

 

8,605

 

Net income

 

 

12,523

 

 

 

12,760

 

 

 

18,878

 

 

 

34,219

 

Less: preferred stock distributions

 

 

110

 

 

 

110

 

 

 

330

 

 

 

330

 

Net income available to common shareholders

 

$

12,413

 

 

$

12,650

 

 

$

18,548

 

 

$

33,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.87

 

 

$

0.93

 

 

$

1.31

 

 

$

2.49

 

Diluted

 

$

0.86

 

 

$

0.92

 

 

$

1.30

 

 

$

2.48

 

Weighted-average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,297

 

 

 

13,665

 

 

 

14,148

 

 

 

13,618

 

Diluted

 

 

14,358

 

 

 

13,801

 

 

 

14,223

 

 

 

13,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash distributions declared per common share

 

$

0.35

 

 

$

0.35

 

 

$

1.05

 

 

$

1.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

50.1

%

 

 

54.9

%

 

 

58.8

%

 

 

56.0

%

Expense ratio

 

 

40.5

%

 

 

39.4

%

 

 

39.9

%

 

 

39.2

%

Combined ratio

 

 

90.6

%

 

 

94.3

%

 

 

98.7

%

 

 

95.2

%

 

 

 

 

 

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

(Unaudited)
September 30, 2025

 

 

December 31, 2024

 

ASSETS

 

 

 

 

 

 

Fixed maturities:

 

 

 

 

 

 

Available for sale, at fair value (amortized cost: $1,314,418 and $1,394,639; net of allowance for expected credit losses of $0 at September 30, 2025 and December 31, 2024)

 

$

1,309,379

 

 

$

1,381,908

 

Equity securities, at fair value

 

 

33,625

 

 

 

12,284

 

Other invested assets

 

 

19,084

 

 

 

29,413

 

Total investments

 

 

1,362,088

 

 

 

1,423,605

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

75,360

 

 

 

17,009

 

Premium receivables, net of allowance for expected credit losses of

 

 

 

 

 

 

$3,476 at September 30, 2025 and $3,530 at December 31, 2024

 

 

75,870

 

 

 

75,088

 

Reinsurance receivables, net of allowance for expected credit losses

 

 

 

 

 

 

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

 

 

64,262

 

 

 

66,855

 

Funds held by ceding insurers

 

 

23,919

 

 

 

30,026

 

Deferred income taxes

 

 

17,947

 

 

 

22,459

 

Deferred acquisition costs

 

 

45,523

 

 

 

41,136

 

Intangible assets

 

 

17,000

 

 

 

14,103

 

Goodwill

 

 

4,820

 

 

 

4,820

 

Prepaid reinsurance premiums

 

 

3,661

 

 

 

3,320

 

Receivable for securities

 

 

—

 

 

 

52

 

Income tax receivable

 

 

6,071

 

 

 

825

 

Lease right of use assets

 

 

8,424

 

 

 

9,295

 

Other assets

 

 

29,143

 

 

 

22,660

 

Total assets

 

$

1,734,088

 

 

$

1,731,253

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

761,681

 

 

$

800,391

 

Unearned premiums

 

 

200,941

 

 

 

183,411

 

Reinsurance balances payable

 

 

2,700

 

 

 

8,181

 

Payable for securities

 

 

2,227

 

 

 

—

 

Contingent commissions

 

 

5,606

 

 

 

6,826

 

Lease liabilities

 

 

8,922

 

 

 

10,371

 

Other liabilities

 

 

47,876

 

 

 

32,924

 

Total liabilities

 

$

1,029,953

 

 

$

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: 11,818,110 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: 10,530,342 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)

 

 

464,796

 

 

 

459,578

 

Accumulated other comprehensive income (loss), net of tax

 

 

(4,200

)

 

 

(10,410

)

Retained earnings (1)

 

 

272,231

 

 

 

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

 

 

704,135

 

 

 

689,149

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,734,088

 

 

$

1,731,253

 

 

(1)
Since the Company’s initial public offering in 2003, the Company has returned $644 million to shareholders, including $522 million in share repurchases and $122 million in dividends/distributions.

 

 

GLOBAL INDEMNITY GROUP, LLC

SELECTED INVESTMENT DATA

(Dollars in millions)

 

 

Market Value as of

 

 

 

(Unaudited)
September 30, 2025

 

 

December 31, 2024

 

 

 

 

 

 

 

 

Fixed maturities

 

$

1,309.4

 

 

$

1,381.9

 

Cash and cash equivalents

 

 

75.3

 

 

 

17.0

 

Total fixed maturities and cash and cash equivalents

 

 

1,384.7

 

 

 

1,398.9

 

Equities and other invested assets

 

 

52.7

 

 

 

41.7

 

Total cash and invested assets, gross

 

 

1,437.4

 

 

 

1,440.6

 

Receivable/(payable) for securities

 

 

(2.2

)

 

 

0.1

 

Total cash and invested assets, net

 

$

1,435.2

 

 

$

1,440.7

 

 

 

 

Total Pre-Tax Investment Return

 

 

 

For the Three Months Ended
September 30,
(Unaudited)

 

 

For the Nine Months Ended
September 30,
(Unaudited)

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

$

15.2

 

 

$

15.8

 

 

$

45.1

 

 

$

44.2

 

Equities

 

 

0.7

 

 

 

0.2

 

 

 

1.0

 

 

 

0.6

 

Limited partnerships

 

 

2.0

 

 

 

0.5

 

 

 

1.3

 

 

 

1.5

 

Net investment income

 

 

17.9

 

 

 

16.5

 

 

 

47.4

 

 

 

46.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

(4.0

)

 

 

(0.5

)

 

 

(3.7

)

 

 

0.5

 

Net unrealized investment gains

 

 

0.6

 

 

 

12.8

 

 

 

7.8

 

 

 

18.8

 

Net realized and unrealized investment return

 

 

(3.4

)

 

 

12.3

 

 

 

4.1

 

 

 

19.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investment return

 

$

14.5

 

 

$

28.8

 

 

$

51.5

 

 

$

65.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total cash and invested assets

 

$

1,434.1

 

 

$

1,451.6

 

 

$

1,437.9

 

 

$

1,429.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total annualized investment return %

 

 

4.0

%

 

 

7.9

%

 

 

4.8

%

 

 

6.1

%

 

SUMMARY OF OPERATING INCOME

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

 

 

 

For the Three Months Ended
September 30,
(Unaudited)

 

 

For the Nine Months Ended
September 30,
(Unaudited)

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income, net of tax (1)

 

$

15,663

 

 

$

13,162

 

 

$

21,810

 

 

$

33,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses), net of tax

 

 

(3,140

)

 

 

(402

)

 

 

(2,932

)

 

 

429

 

Net income

 

$

12,523

 

 

$

12,760

 

 

$

18,878

 

 

$

34,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – diluted

 

 

14,358

 

 

 

13,801

 

 

 

14,223

 

 

 

13,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income per share – diluted (2)

 

$

1.08

 

 

$

0.95

 

 

$

1.51

 

 

$

2.45

 

 

(1)
Operating income, net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended September 30, 2025 and 2024 and $0.3 million for each of the nine months ended September 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 September 30, 2025 and 2024 and $0.3 million for each of the nine months ended September 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 (losses) 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 Nine Months Ended
September 30,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Consolidated current accident year underwriting income excluding California Wildfires

 

 

 

 

 

 

Underwriting income (1)

 

$

5,302

 

 

$

14,644

 

Effect of prior accident year

 

 

130

 

 

 

703

 

Current accident year underwriting income (2)

 

 

5,432

 

 

 

15,347

 

California Wildfires net losses and loss adjustment expenses

 

 

15,757

 

 

 

—

 

Current accident year underwriting income excluding California Wildfires (2)

 

$

21,189

 

 

$

15,347

 

 

 

 

 

 

 

 

Belmont Core underwriting income excluding California Wildfires

 

 

 

 

 

 

Underwriting income (loss) (1)

 

$

(2,345

)

 

$

17,616

 

California Wildfires net losses and loss adjustment expenses

 

 

15,757

 

 

 

—

 

Underwriting income excluding California Wildfires (2)

 

$

13,412

 

 

$

17,616

 

 

 

 

 

 

 

 

Consolidated underwriting income excluding California Wildfires

 

 

 

 

 

 

Underwriting income (1)

 

$

5,302

 

 

$

14,644

 

California Wildfires net losses and loss adjustment expenses

 

 

15,757

 

 

 

—

 

Underwriting income excluding California Wildfires (2)

 

$

21,059

 

 

$

14,644

 

 

 

 

 

 

 

 

Net income available to common shareholders excluding California Wildfires

 

 

 

 

 

 

Net income available to common shareholders (1)

 

$

18,548

 

 

$

33,889

 

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

 

 

12,338

 

 

 

—

 

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

 

$

30,886

 

 

$

33,889

 

 

 

 

 

 

 

 

Operating income excluding California Wildfires

 

 

 

 

 

 

Operating income (4)

 

$

21,810

 

 

$

33,790

 

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

 

 

12,338

 

 

 

—

 

Operating income excluding California Wildfires (2)

 

$

34,148

 

 

$

33,790

 

 

 

 

 

 

 

 

Current accident year combined ratio excluding California Wildfires

 

 

 

 

 

 

Combined ratio (1)

 

 

98.7

%

 

 

95.2

%

Effect of prior accident year

 

 

—

 

 

 

(0.2

%)

Current accident year combined ratio (2)

 

 

98.7

%

 

 

95.0

%

Impact of California Wildfires

 

 

(5.5

%)

 

 

—

 

Current accident year combined ratio excluding California Wildfires (2)

 

 

93.2

%

 

 

95.0

%

 

(1) Most directly comparable GAAP measure / ratio

(2) Non-GAAP financial measure / ratio

(3) Represents net losses and loss adjustment expenses of $15.8 million less tax benefit of $3.5 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 traded holding company with a diversified portfolio of property and casualty insurance-related entities.

Katalyx Holdings LLC includes:

 

•
Four managing general agencies focused on sourcing, underwriting, and servicing primary and reinsurance business: Penn-America Insurance Services, LLC; Valyn Re LLC; J.H. Ferguson & Associates, LLC (including Vacant Express); and Collectibles Insurance Services, LLC.
•
Three specialized insurance product and service entities: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx’s MGAs and broader digital initiatives; Sayata, an AI-enabled insurance marketplace; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services.

 

Belmont Holdings GX, Inc. includes:

•
Five statutory insurance carriers, each rated “A” (Excellent) by AM Best:
Penn-America Insurance Company, United National Insurance Company, Penn-Patriot Insurance Company, Diamond State Insurance Company, and Penn-Star Insurance Company.

 

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

 

 

Forward-Looking Information

 

The forward-looking statements in this press release are made pursuant to the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934 and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements. These statements are based on management’s current expectations and information available as of the date of this release.

 

Factors that could cause actual results to differ include, among others, risks related to the timing and execution of the Company’s strategy, and other operational or strategic risks. Additional details regarding these and other risks and uncertainties can be found in the Company’s filings with the Securities and Exchange Commission. Global Indemnity undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

 

 

 

Contact:

Scott Eckstein / Patrick Federle

 

KCSA Strategic Communications

(212) 896-1210

GBLI@kcsa.com