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Global Indemnity Group, LLC Reports First Quarter 2024 Results

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Global Indemnity Group, reported net income available to shareholders of $11.3 million for Q1 2024, a significant increase from $2.4 million in Q1 2023. The rise was due to strong underwriting results in the Penn-America business and a 21% increase in investment income. Gross written premiums declined by 24.0% to $93.5 million due to runoff in the Non-Core segment. Book value per share increased to $48.18 in March 2024, with a 2.1% rise from December 2023. Dividend per share increased by 40% to $0.35 in 2024.

Positive
  • Significant increase in net income available to shareholders from $2.4 million in Q1 2023 to $11.3 million in Q1 2024.

  • Strong underwriting results in the Penn-America business drove the increase in net income.

  • 21% increase in investment income to $14.5 million in 2024.

  • Book value per share saw a 2.1% increase to $48.18 in March 2024.

  • Dividend per share surged by 40% to $0.35 in 2024.

Negative
  • Gross written premiums declined by 24.0% to $93.5 million in 2024.

  • Runoff of business in the Company's Non-Core segment attributed to the decline in gross written premiums.

The first quarter results for Global Indemnity Group demonstrate a robust increase in net income, rising from $2.4 million in Q1 2023 to $11.3 million in Q1 2024. A key driver for this improvement is a solid performance from the Penn-America excess and surplus lines business, evidenced by a healthy Loss Ratio of 54.8% and a Combined Ratio of 94.0%, both indicators of underwriting efficiency. Additionally, investment income has seen a boost due to interest rates, suggesting proactive treasury management. However, a 24% drop in gross written premiums signals a reduction in new business in the Non-Core segment, which investors should keep an eye on as it might impact future revenue.

From a shareholder value perspective, the increase in dividends per share by 40% and an uplift in book value per share reflects a strong return to investors. This performance presents a positive signal for shareholder confidence. Though there is a concerning decline in gross written premiums, the significant improvement in profitability and shareholder returns could suggest a strategic shift towards more profitable business lines, which may benefit the company in the long-term.

The reported underwriting and investment gains by Global Indemnity Group indicate a strategic refinement in their operations, particularly within the Penn-America line. The significant improvement in the combined ratio from 101.0% last year to 94.9% this year indicates better control of expenses relative to premiums earned, which is a positive sign for operational efficiency in the insurance sector. The company's decision to reshape its portfolio, by running off the Non-Core segment, appears to have positively influenced underwriting results.

We must also note the improvement in property loss ratios, a reflection of reduced claim expenses or improved pricing accuracy. However, the unchanged catastrophe losses year over year indicate that the company's risk exposure to catastrophic events remains constant, which is an essential consideration for long-term stability. Investors should appreciate the mix of outcomes, from operational refinements to investment income adjustments and how these elements contribute to the overall financial health of an insurance company.

The actions taken by Global Indemnity Group to reposition their investment portfolio in anticipation of rising interest rates have borne fruit with a 21% increase in investment income. This strategic maneuver is indicative of a forward-thinking management team capable of adjusting asset allocations to maximize returns. Furthermore, the increased book value per share, including dividends, suggests that the intrinsic value of the company is growing, which can be considered a strong indicator of the company's underlying financial health.

Though net written premiums have decreased, due to the runoff in Non-Core operations, the growth segments such as InsurTech and Assumed Reinsurance within the Penn-America business demonstrate the company's ability to innovate and adapt to market changes. This balance between maintaining underwriting discipline and exploring growth avenues may provide resilience against market volatilities. For investors, the strategic allocation in rising interest environments and the disciplined underwriting suggest a management team that is both prudent and proactive—an attractive trait for long-term investment considerations.

WILMINGTON, Del.--(BUSINESS WIRE)-- Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net income available to shareholders of $11.3 million for the three months ended March 31, 2024 compared to $2.4 million for the same period in 2023.

Highlights for the 1st quarter of 2024

  • The increase in net income available to shareholders was driven by strong underwriting results in the Penn-America excess and surplus lines business, reflected in a 54.8% Loss Ratio and 94.0% Combined Ratio, and a 21% increase in investment income to $14.5 million in 2024 due to steps taken by the Company to position it to take advantage of rising interest rates.
  • Gross written premiums declined 24.0% to $93.5 million for 2024 from $123.0 in the same period in 2023 due to runoff of business in the Company’s Non-Core segment.
  • Book value per share increased to $48.18 at March 31, 2024 from $47.53 at December 31, 2023, an increase of 2.1% including dividends paid of $0.35 per share in 2024.
  • Dividend per share increased 40% to $0.35 in 2024 from $0.25 in the same period in 2023.

Consolidated Selected Operating and Balance Sheet Information

(Dollars in millions, except per share data)

 

 

For the Three Months Ended

 

March 31,

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Net income available to shareholders

 

$

11.3

 

 

$

2.4

 

Net income available to shareholders per share

 

$

0.82

 

 

$

0.17

 

Adjusted operating income

 

$

10.7

 

 

$

3.7

 

Adjusted operating income per share

 

$

0.77

 

 

$

0.26

 

Underwriting income (loss)

 

$

5.3

 

 

$

(1.1

)

Investment income

 

$

14.5

 

 

$

12.0

 

Gross written premiums

 

$

93.5

 

 

$

123.0

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

Loss ratio

 

 

55.3

%

 

 

62.8

%

Expense ratio

39.6

%

38.2

%

Combined ratio (1)

 

 

94.9

%

 

 

101.0

%

 

 

As of March 31,

 

 

As of December 31,

 

2024

2023

 

 

 

 

 

 

 

Book value per share (2)

 

$

48.18

 

 

$

47.53

 

Book value per share plus cumulative dividends and excluding AOCI

 

$

56.00

 

 

$

55.22

 

Shareholders’ equity (3)

 

$

659.5

 

 

$

648.8

 

Cash and invested assets (4)

 

$

1,417.3

 

 

$

1,390.4

 

Shares Outstanding (in millions)

 

 

13.6

 

 

 

13.6

 

(1) The loss ratio, expense ratio and combined ratio are GAAP financial measures that are generally viewed in the insurance industry as indicators of underwriting profitability. The loss ratio is the ratio of net losses and loss adjustment expenses to net earned premiums. The expense ratio is the ratio of acquisition costs and other underwriting expenses to net earned premiums. The combined ratio is the sum of the loss and expense ratios.

(2) Net of cumulative Company distributions to common shareholders totaling $6.35 per share and $6.00 per share as of March 31, 2024 and December 31, 2023, respectively.

(3) Shareholders’ equity includes $4 million of series A cumulative fixed rate preferred shares.

(4) Including receivable for securities matured.

Business Highlights for the Three Months Ended March 31, 2024 and 2023

(Dollars in millions)

 

Select Underwriting Income Results

 

 

 

For the Three Months Ended March 31,

 

 

 

Penn-America

 

 

Non-Core Operations

 

 

Consolidated

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

94.0

 

 

$

95.4

 

 

$

(0.5

)

 

$

27.6

 

 

$

93.5

 

 

$

123.0

 

Net written premiums

 

$

92.6

 

 

$

91.2

 

 

$

(0.5

)

 

$

24.7

 

 

$

92.1

 

 

$

115.9

 

Net earned premiums

 

$

89.1

 

 

$

90.6

 

 

$

7.5

 

 

$

49.5

 

 

$

96.6

 

 

$

140.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting income (loss), current accident year

 

$

5.7

 

 

$

(0.8

)

 

$

(0.4

)

 

$

0.2

 

 

$

5.3

 

 

$

(0.6

)

Underwriting income (loss)

 

$

5.6

 

 

$

(3.1

)

 

$

(0.3

)

 

$

2.0

 

 

$

5.3

 

 

$

(1.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current accident year

 

 

54.8

%

 

 

63.0

%

 

 

60.6

%

 

 

62.5

%

 

 

55.3

%

 

 

62.8

%

Prior accident year

 

 

0.1

%

 

 

2.4

%

 

 

(0.5

%)

 

 

(4.4

%)

 

 

0.0

%

 

 

0.0

%

Calendar year loss ratio

 

 

54.9

%

 

 

65.4

%

 

 

60.1

%

 

 

58.1

%

 

 

55.3

%

 

 

62.8

%

Expense ratio

 

 

39.2

%

 

 

38.3

%

 

 

44.9

%

 

 

37.9

%

 

 

39.6

%

 

 

38.2

%

Combined ratio

 

 

94.1

%

 

 

103.7

%

 

 

105.0

%

 

 

96.0

%

 

 

94.9

%

 

 

101.0

%

Combined ratio, current accident year

 

 

94.0

%

 

 

101.2

%

 

 

105.5

%

 

 

99.7

%

 

 

94.9

%

 

 

100.6

%

 

Select Premium Data

 

 

Three Months Ended March 31,

 

Gross Written Premiums

 

Net Written Premiums

 

2024

 

 

2023

 

 

% Change

 

2024

 

 

2023

 

 

% Change

Penn-America:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Commercial

$

61.0

 

 

$

58.3

 

 

4.7%

 

$

59.0

 

 

$

56.8

 

 

4.0%

InsurTech

 

12.5

 

 

 

10.7

 

 

17.0%

 

 

12.0

 

 

 

9.6

 

 

24.6%

Assumed Reinsurance

 

2.9

 

 

 

2.4

 

 

20.9%

 

 

2.9

 

 

 

2.4

 

 

20.9%

 

 

76.4

 

 

 

71.4

 

 

7.1%

 

 

73.9

 

 

 

68.8

 

 

7.5%

Programs

 

17.6

 

 

 

24.0

 

 

(26.7%)

 

 

18.7

 

 

 

22.4

 

 

(16.5%)

Penn-America

 

94.0

 

 

 

95.4

 

 

(1.4%)

 

 

92.6

 

 

 

91.2

 

 

1.6%

Non-Core Operations

 

(0.5

)

 

 

27.6

 

 

(102.0%)

 

 

(0.5

)

 

 

24.7

 

 

(102.1%)

Total

$

93.5

 

 

$

123.0

 

 

(24.0%)

 

$

92.1

 

 

$

115.9

 

 

(20.5%)

  • Penn-America’s gross written premiums for the 2024 was $94.0 million slightly below $95.4 million in 2023.
    • In aggregate for Wholesale Commercial, InsurTech, and Assumed Reinsurance gross written premiums business grew by 7.1% in 2024. Growth is driven by organic agency growth, new agents, and new products.
    • Programs’ gross written premiums declined 26.7%; Excluding programs terminated in 2023 that did not meet our long-term growth and underwriting income expectations, Programs’ gross written premiums declined 11.9% in 2024.
  • Penn-Amerca’s current accident year underwriting income improved to $5.7 million in 2024 compared to an underwriting loss of $0.8 million in 2023 mainly driven by improved experience on non-catastrophe related property business. Combined ratio improved to 94.0% in 2024 from 101.2% in 2023.
  • Penn-America’s current accident year loss ratio improved 8.2 points to 54.8% in 2024.
    • Property loss ratio improved 18.6 points to 50.1% due to improved performance on non-catastrophe related business; catastrophe losses were $3.3 million in 2024 and 2023.
    • Casualty loss ratio was 58.6% in 2024 compared to 58.9% in 2023.

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

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

 

 

 

For the Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Gross written premiums

 

$

93,488

 

 

$

122,985

 

Net written premiums

 

$

92,085

 

 

$

115,861

 

 

 

 

 

 

 

 

Net earned premiums

 

$

96,579

 

 

$

140,072

 

Net investment income

 

 

14,520

 

 

 

12,008

 

Net realized investment gains (losses)

 

 

847

 

 

 

(1,520

)

Other income

 

 

345

 

 

 

354

 

Total revenues

 

 

112,291

 

 

 

150,914

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

53,384

 

 

 

88,001

 

Acquisition costs and other underwriting expenses

 

 

38,269

 

 

 

53,478

 

Corporate and other operating expenses

 

 

6,373

 

 

 

6,368

 

Income before income taxes

 

 

14,265

 

 

 

3,067

 

Income tax expense

 

 

2,899

 

 

 

573

 

Net income

 

 

11,366

 

 

 

2,494

 

Less: Preferred stock distributions

 

 

110

 

 

 

110

 

Net income available to common shareholders

 

$

11,256

 

 

$

2,384

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

Net income available to common shareholders

 

 

 

 

 

 

Basic

 

$

0.83

 

 

$

0.17

 

Diluted

 

$

0.82

 

 

$

0.17

 

Weighted-average number of shares outstanding

 

 

 

 

 

 

Basic

 

 

13,579

 

 

 

13,671

 

Diluted

 

 

13,687

 

 

 

13,929

 

 

 

 

 

 

 

 

Cash distributions declared per common share

 

$

0.35

 

 

$

0.25

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

Loss ratio

 

 

55.3

%

 

 

62.8

%

Expense ratio

 

 

39.6

%

 

 

38.2

%

Combined ratio

 

 

94.9

%

 

 

101.0

%

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

(Unaudited)

 

 

 

 

March 31, 2024

December 31, 2023

ASSETS

 

 

 

 

 

 

Fixed maturities:

 

 

 

 

 

 

Available for sale, at fair value (amortized cost: $1,250,975 and $1,322,092; net of allowance for expected credit losses of $0 at March 31, 2024 and December 31, 2023)

 

$

1,226,309

 

 

$

1,293,793

 

Equity securities, at fair value

 

 

17,045

 

 

 

16,508

 

Other invested assets

 

 

34,021

 

 

 

38,236

 

Total investments

 

 

1,277,375

 

 

 

1,348,537

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

38,857

 

 

 

38,037

 

Premium receivables, net of allowance for expected credit losses of

 

 

 

 

 

 

$4,423 at March 31, 2024 and $4,796 at December 31, 2023

 

 

92,440

 

 

 

102,158

 

Reinsurance receivables, net of allowance for expected credit losses of

 

 

 

 

 

 

$8,992 at March 31, 2024 and December 31, 2023

 

 

77,664

 

 

 

80,439

 

Funds held by ceding insurers

 

 

17,395

 

 

 

16,989

 

Deferred federal income taxes

 

 

33,224

 

 

 

36,802

 

Deferred acquisition costs

 

 

40,231

 

 

 

42,445

 

Intangible assets

 

 

14,368

 

 

 

14,456

 

Goodwill

 

 

4,820

 

 

 

4,820

 

Prepaid reinsurance premiums

 

 

3,229

 

 

 

4,958

 

Receivable for securities matured

 

 

101,091

 

 

 

3,858

 

Lease right of use assets

 

 

9,288

 

 

 

9,715

 

Other assets

 

 

18,260

 

 

 

26,362

 

Total assets

 

$

1,728,242

 

 

$

1,729,576

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

853,602

 

 

$

850,599

 

Unearned premiums

 

 

176,630

 

 

 

182,852

 

Ceded balances payable

 

 

1,651

 

 

 

2,642

 

Federal income tax payable

 

 

1,600

 

 

 

1,595

 

Contingent commissions

 

 

2,598

 

 

 

5,632

 

Lease liabilities

 

 

11,910

 

 

 

12,733

 

Other liabilities

 

 

20,756

 

 

 

24,770

 

Total liabilities

 

$

1,068,747

 

 

$

1,080,823

 

 

 

 

 

 

 

 

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: 11,082,004 and 11,042,670, respectively;

 

 

 

 

 

 

class A common shares outstanding: 9,810,763 and 9,771,429, respectively;

 

 

 

 

 

 

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

 

 

 

 

 

 

Additional paid-in capital (1)

 

 

456,179

 

 

 

454,791

 

Accumulated other comprehensive income (loss), net of tax

 

 

(19,995

)

 

 

(22,863

)

Retained earnings (1)

 

 

251,474

 

 

 

244,988

 

Class A common shares in treasury, at cost: 1,271,241 and 1,271,241 shares, respectively

 

 

(32,163

)

 

 

(32,163

)

Total shareholders’ equity

 

 

659,495

 

 

 

648,753

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,728,242

 

 

$

1,729,576

 

(1)

Since the Company’s initial public offering in 2003, the Company has returned $614 million to shareholders, including $522 million in share repurchases and $92 million in dividends/distributions.

GLOBAL INDEMNITY GROUP, LLC

SELECTED INVESTMENT DATA

(Dollars in millions)

 

 

 

Market Value as of

 

 

 

(Unaudited)

 

 

 

 

March 31, 2024

December 31, 2023

 

 

 

 

 

 

 

Fixed maturities

 

$

1,226.3

 

 

$

1,293.8

 

Cash and cash equivalents

 

 

38.9

 

 

 

38.0

 

Total bonds and cash and cash equivalents

 

 

1,265.2

 

 

 

1,331.8

 

Equities and other invested assets

 

 

51.0

 

 

 

54.7

 

Total cash and invested assets, gross

 

 

1,316.2

 

 

 

1,386.5

 

Receivable for securities matured

 

 

101.1

 

 

 

3.9

 

Total cash and invested assets, net

 

$

1,417.3

 

 

$

1,390.4

 

 

 

Total Investment Return (1)

 

 

 

For the Three Months Ended

 

March 31,

(Unaudited)

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Net investment income

 

$

14.5

 

 

$

12.0

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

0.8

 

 

 

(1.5

)

Net unrealized investment gains (losses)

 

 

3.6

 

 

 

10.5

 

Net realized and unrealized investment return

 

 

4.4

 

 

 

9.0

 

 

 

 

 

 

 

 

Total investment return

 

$

18.9

 

 

$

21.0

 

 

 

 

 

 

 

 

Average total cash and invested assets

 

$

1,403.9

 

 

$

1,344.9

 

 

 

 

 

 

 

 

Total quarterly investment return %

 

 

1.3

%

 

 

1.6

%

Total annualized investment return %

 

 

5.4

%

 

 

6.2

%

(1)

Amounts in this table are shown on a pre-tax basis.

GLOBAL INDEMNITY GROUP, LLC

SUMMARY OF ADJUSTED OPERATING INCOME

(Unaudited)

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

 

 

 

For the Three Months

 

Ended March 31,

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Adjusted operating income, net of tax (1)

 

$

10,692

 

 

$

3,716

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

674

 

 

 

(1,222

)

Net income

 

$

11,366

 

 

$

2,494

 

 

 

 

 

 

 

 

Weighted average shares outstanding – basic

 

 

13,579

 

 

 

13,671

 

 

 

 

 

 

 

 

Weighted average shares outstanding – diluted

 

 

13,687

 

 

 

13,929

 

 

 

 

 

 

 

 

Adjusted operating income per share – basic (2)

 

$

0.78

 

 

$

0.26

 

 

 

 

 

 

 

 

Adjusted operating income per share – diluted (2)

 

$

0.77

 

 

$

0.26

 

(1)

Adjusted operating income, net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended March 31, 2024 and 2023.

(2)

The adjusted operating income per share calculation is net of preferred shareholder distributions of $0.1 million for each of the three months ended March 31, 2024 and 2023.

Note Regarding Adjusted Operating Income

Adjusted 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. Adjusted operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.

About Global Indemnity Group, LLC and its subsidiaries

Global Indemnity Group, LLC (NYSE:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. The insurance companies manage the distribution of the Company's core product offerings through Penn-America. The Company also has a Non-Core Operations segment that contains lines of business that have been de-emphasized or are no longer being written.

Forward-Looking Information

The forward-looking statements contained in this press release3 do not address a number of risks and uncertainties including COVID-19. 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.

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

Stephen W. Ries

Head of Investor Relations

(610) 668-3270

sries@gbli.com

Source: Global Indemnity Group, LLC

FAQ

What was Global Indemnity Group, 's net income available to shareholders for Q1 2024?

Global Indemnity Group, reported net income available to shareholders of $11.3 million for the first quarter of 2024.

What caused the increase in net income for Global Indemnity Group, in Q1 2024?

The increase in net income was driven by strong underwriting results in the Penn-America business and a 21% rise in investment income.

What was the change in gross written premiums for Global Indemnity Group, in Q1 2024?

Gross written premiums declined by 24.0% to $93.5 million in Q1 2024 due to runoff of business in the Non-Core segment.

How much did the book value per share increase by for Global Indemnity Group, in March 2024?

The book value per share increased to $48.18 in March 2024, marking a 2.1% rise from December 2023.

What was the dividend per share increase for Global Indemnity Group, in 2024?

The dividend per share increased by 40% to $0.35 in 2024 compared to the same period in 2023.

Global Indemnity Group, LLC

NYSE:GBLI

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GBLI Stock Data

422.01M
4.45M
30.01%
60.59%
0.06%
Direct Property and Casualty Insurance Carriers
Finance and Insurance
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United States of America
BALA CYNWYD

About GBLI

global indemnity ltd (nasdaq: gbli), is a holding company formed in 2010 under the laws of ireland. united america indemnity, ltd. is now a wholly owned subsidiary of global indemnity ltd. we offer a broad array of insurance and reinsurance products and services to meet the needs of a diverse customer base. our operating segments, penn-america group®, diamond state group®, united national group®, american reliable insurance company®, j.h. ferguson & associates (vacantexpress.com®), collectibles insurance services, and global indemnity reinsurance company ltd., are providers of specialty property, and casualty coverage for specialty risks, programs, and niches that are generally not offered by standard insurance and reinsurance companies. each of our operating segments targets specific markets and distribution channels, providing the company and our agents opportunities and flexibility in conducting business. global indemnity's multi-channel distribution network consists of u.s. and int