Global Indemnity Group, LLC Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Global Indemnity Group (Nasdaq: GBLI) reported Q1 2026 results for the period ended March 31, 2026. Operating income was $8.3 million ($0.57 per share) and net income available to common shareholders was $4.1 million ($0.29 per share). Net earned premiums rose 5.4% to $98.4 million. Current accident year combined ratio was 94.9% and loss ratio was 54.8%. Total investment return was $6.7 million (1.9% annualized). Book value per share was $47.92; shareholders’ equity was $700.1 million.
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Positive
- Operating income of $8.3 million
- Net earned premiums +5.4% to $98.4 million
- Current accident year combined ratio 94.9%
Negative
- Total investment return down to 1.9% annualized
- Book value per share declined to $47.92 from $48.96
News Market Reaction – GBLI
-2.63%
-2.63%
Session close to close
In the May 5 session, GBLI declined 2.63%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Operating income: $8.3M
Net income: $4.1M
Current AY combined ratio: 94.9%
+5 more
8 metrics
Operating income
$8.3M
Q1 2026 vs operating loss of $4.1M in 2025
Net income
$4.1M
Q1 2026 net income to common vs $4.1M loss in 2025
Current AY combined ratio
94.9%
Q1 2026 current accident year combined ratio, in line with 2025
Loss ratio
54.8%
Q1 2026 calendar year loss ratio supporting underwriting income
Net earned premiums
$98.4M
Q1 2026, 5.4% growth over Q1 2025
Gross written premiums
$96.5M
Q1 2026 vs $98.7M in Q1 2025
Book value per share
$47.92
March 31, 2026 vs $48.96 at December 31, 2025
Dividend per share
$0.35
Cash distributions declared per common share in Q1 2026
Previous Earnings Reports
5 past events · Latest: Mar 10 (Positive)
Same Type
Pattern
5 events
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 10 | Full-year 2025 earnings | Positive | -0.2% | Full-year 2025 results with improved combined ratio excluding wildfire losses. |
| Aug 06 | Q2 2025 earnings | Positive | -2.6% | Strong Q2 2025 growth, higher underwriting income, solid 94.4% combined ratio. |
| May 07 | Q1 2025 earnings | Negative | -4.6% | Q1 2025 net loss driven by significant California wildfire losses. |
| Nov 07 | Q3 2024 earnings | Positive | +0.3% | Nine‑month 2024 results with higher income and favorable catastrophe experience. |
| Aug 07 | Q2 2024 earnings | Positive | +1.8% | First‑half 2024 strength with higher income and improved underwriting metrics. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Earnings releases have produced mixed reactions: strong results sometimes saw negative moves, while weaker or impacted quarters often traded in line with the news tone.
Recent Company History
Over recent periods, Global Indemnity’s earnings news has highlighted improving underwriting performance and steady investment income, occasionally offset by catastrophe losses like the California wildfires. Prior updates showed strong combined ratios, premium growth, and rising book value per share, with 24h price moves often modest (both up and down). This Q1 2026 report, with $8.3M operating income and a 94.9% current accident year combined ratio, continues the focus on underwriting profitability after last year’s wildfire impact.
Key Terms
combined ratio, loss ratio, limited partnership, AOCI
4 terms
combined ratio financial
"Current accident year combined ratio of 94.9% was in line with 94.8%"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
loss ratio financial
"with a 54.8% loss ratio and a 94.9% combined ratio."
Loss ratio is the percentage of an insurer’s collected premiums that is paid out to cover claims and related costs, showing how much of customer payments are used to settle losses. Investors treat it like a fuel-efficiency gauge for an insurance business—lower loss ratios suggest pricing and risk selection leave more room for profit, while consistently high ratios signal weak pricing, rising claims, or not enough money set aside, which can hurt returns.
limited partnership financial
"a $2.3 million market value decline on a single limited partnership position"
A limited partnership is a legal business structure with two types of partners: at least one general partner who runs the business and bears full legal responsibility, and one or more limited partners who contribute money, share profits, and have liability capped at their investment. For investors, it matters because it separates control from financial exposure — like putting money into a store without managing it — and affects how returns, risks, taxes and transferability of ownership are handled.
AOCI financial
"Book value per share plus cumulative dividends and excluding AOCI"
Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Operating Income of
WILMINGTON, Del., May 05, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (Nasdaq: GBLI) (the "Company") today reported financial results for the three months ended March 31, 2026. Operating income was
Highlights of Consolidated Results for the Three Months Ended March 31, 2026
As-Reported Operating Performance
- Operating income of
$8.3 million , or$0.57 per share, compared to an operating loss of$4.1 million , or ($0.30) per share, in 2025. Net income available to common shareholders of$4.1 million , or$0.29 per share, compared to a net loss of$4.1 million , or ($0.30) per share, in 2025. Both measures for 2025 included$12.2 million of after-tax loss from the January 2025 California Wildfires ("California Wildfires"). - Calendar year combined ratio improved 16.6 points to
95.1% compared to111.7% in 2025, driven primarily by the impact of the California Wildfires in 2025. The loss ratio remains strong at54.8% driving underwriting income.
Operating Performance (excluding California Wildfires)
- Current accident year underwriting income grew
4% to$5.5 million compared to$5.3 million in 2025 supported by5.4% growth in net earned premiums to$98.4 million . - Current accident year combined ratio of
94.9% was in line with94.8% in 2025 reflecting stable underlying loss experience and a stable expense ratio. - Operating income of
$8.3 million , or$0.57 per share, compared to$8.1 million , or$0.57 per share, in 2025.
Investment Results
- Net investment income of
$12.2 million compared to$14.8 million in 2025 reflecting a$2.3 million market value decline on a single limited partnership position for which the Company expects to record a full recovery in the second quarter of 2026 and an increased allocation to U.S. Treasuries. - Total investment return of
$6.7 million , or1.9% annualized, compared to$19.3 million , or5.4% , in 2025 primarily driven by mark-to-market adjustments on fixed income securities due to an increase in Treasury rates and which are expected to recover.
Premium Growth
- Gross written premiums of
$96.5 million compared to$98.7 million in 2025. Excluding terminated business in 2025, gross written premiums were down0.7% .- Wholesale Commercial:
$61.5 million , down5.2% from$64.9 million , reflects the Company maintaining pricing and return standards amidst competitive market conditions, particularly as regards property rate reductions. Wholesale Commercial’s property rate change was flat for the first quarter of 2026. - Vacant Express:
$11.5 million , up4.9% , and Collectibles:$4.6 million , up12.6% , driven by premium rate increases, new agency appointments, and organic growth from existing agents. - Specialty Products:
$7.7 million , up2.4% from$7.6 million , with growth from new products and existing programs more than offsetting the impact of terminated business; excluding terminated products, Specialty Products grew21.3% . - Assumed Reinsurance:
$11.2 million , compared to$10.9 million , reflecting new treaties incepting during 2025 and 2026.
- Wholesale Commercial:
Capital Position and Book Value
- Common shareholders’ equity of
$700.1 million at March 31, 2026 compared to$702.6 million at December 31, 2025; impacted by$2.6 million of unrealized losses, net of tax, within the fixed income portfolio due to an increase in Treasury rates. - Book value per share of
$47.92 at March 31, 2026 compared to$48.96 at December 31, 2025. - The Company paid dividends of
$5.1 million , or$0.35 per common share, during the quarter. Since its 2003 initial public offering, the Company has returned$654.6 million to shareholders, including$522.2 million in share repurchases and$132.4 million in dividends and distributions.
| Selected Consolidated Operating Information for the Three Months Ended March 31, | |||||||
| $ in Millions, except per share data | |||||||
| 2026 | 2025 | ||||||
| Gross written premiums | $ | 96.5 | $ | 98.7 | |||
| Gross written premiums - Belmont Core | $ | 96.5 | $ | 98.4 | |||
| Investment income | $ | 12.2 | $ | 14.8 | |||
| Annualized investment return | 1.9 | % | 5.4 | % | |||
| Underwriting income (loss) | $ | 5.3 | $ | (10.5 | ) | ||
| Underwriting income (loss), current accident year | $ | 5.5 | $ | (10.3 | ) | ||
| Underwriting income, current accident year, excluding California Wildfires | $ | 5.5 | $ | 5.3 | |||
| Corporate expenses | $ | 9.0 | $ | 9.5 | |||
| Operating income (loss) | $ | 8.3 | $ | (4.1 | ) | ||
| Operating income excluding California Wildfires | $ | 8.3 | $ | 8.1 | |||
| Pretax adjusted operating contribution (1) | $ | 20.0 | $ | 20.1 | |||
| Net income (loss) available to common shareholders | $ | 4.1 | $ | (4.1 | ) | ||
| Net income available to common shareholders excluding California Wildfires | $ | 4.1 | $ | 8.1 | |||
| Adjusted return on equity, annualized, excluding California Wildfires (2) | 12.5 | % | 12.5 | % | |||
| Per Share Data: | |||||||
| Net income (loss) available to common shareholders per share | $ | 0.29 | $ | (0.30 | ) | ||
| Net income available to common shareholders per share excluding California Wildfires | $ | 0.29 | $ | 0.58 | |||
| Operating income (loss) per share | $ | 0.57 | $ | (0.30 | ) | ||
| Operating income per share excluding California Wildfires | $ | 0.57 | $ | 0.57 | |||
| Combined ratio: | |||||||
| Loss ratio | 54.8 | % | 71.5 | % | |||
| Expense ratio | 40.3 | % | 40.2 | % | |||
| Combined ratio | 95.1 | % | 111.7 | % | |||
| Combined ratio, current accident year | 94.9 | % | 111.5 | % | |||
| Combined ratio, current accident year excluding California Wildfires | 94.9 | % | 94.8 | % | |||
| (1) | Equals investment income plus underwriting income for current accident year excluding losses and loss adjustment expenses incurred from California Wildfires and market value decline on a single limited partnership position that the Company expects to record a full recovery in the second quarter of 2026. |
| (2) | Excludes corporate expenses, investment income on excess capital, and prior year underwriting income (loss). |
| Segment Income (Loss) for the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
| $ in Millions | ||||||||||||||||||||||||||||||||||||||||
| Agency and Insurance Services | Belmont Core | Belmont Non-Core | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||
| Net earned premiums | $ | — | $ | — | $ | 98.4 | $ | 92.3 | $ | — | $ | 1.0 | $ | — | $ | — | $ | 98.4 | $ | 93.3 | ||||||||||||||||||||
| Commissions and fee income | 13.2 | 14.4 | — | — | — | — | (12.4 | ) | (14.0 | ) | 0.8 | 0.4 | ||||||||||||||||||||||||||||
| Total revenues | $ | 13.2 | $ | 14.4 | $ | 98.4 | $ | 92.3 | $ | — | $ | 1.0 | $ | (12.4 | ) | $ | (14.0 | ) | $ | 99.2 | $ | 93.7 | ||||||||||||||||||
| Losses and expenses | ||||||||||||||||||||||||||||||||||||||||
| Net loss and loss adjustment expenses | $ | — | $ | — | $ | 54.3 | $ | 66.5 | $ | — | $ | 0.5 | $ | (0.4 | ) | $ | (0.3 | ) | $ | 53.9 | $ | 66.7 | ||||||||||||||||||
| Acquisition costs and other operating expenses | 13.6 | 12.6 | 38.9 | 37.4 | 0.3 | 1.2 | (12.0 | ) | (13.7 | ) | 40.8 | 37.5 | ||||||||||||||||||||||||||||
| Total losses and expenses | $ | 13.6 | $ | 12.6 | $ | 93.2 | $ | 103.9 | $ | 0.3 | $ | 1.7 | $ | (12.4 | ) | $ | (14.0 | ) | $ | 94.7 | $ | 104.2 | ||||||||||||||||||
| Segment income (loss) | $ | (0.4 | ) | $ | 1.8 | $ | 5.2 | $ | (11.6 | ) | $ | (0.3 | ) | $ | (0.7 | ) | $ | — | $ | — | $ | 4.5 | $ | (10.5 | ) | |||||||||||||||
| Segment income (loss) excluding California Wildfires | $ | (0.4 | ) | $ | 1.8 | $ | 5.2 | $ | 4.0 | $ | (0.3 | ) | $ | (0.7 | ) | $ | — | $ | — | $ | 4.5 | $ | 5.1 | |||||||||||||||||
| Segment Written Premiums for the Three Months Ended March 31, | ||||||||||||||||||||||||
| $ in Millions | ||||||||||||||||||||||||
| Belmont Core | Belmont Non-Core | Total | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Gross written premiums | $ | 96.5 | $ | 98.4 | $ | (0.1 | ) | $ | 0.3 | $ | 96.5 | $ | 98.7 | |||||||||||
| Net written premiums | $ | 92.6 | $ | 95.6 | $ | (0.1 | ) | $ | 0.2 | $ | 92.6 | $ | 95.9 | |||||||||||
| Belmont Core Gross Written Premiums for the Three Months Ended March 31, | ||||||||||
| $ In Millions | ||||||||||
| 2026 | 2025 | % Change | ||||||||
| Wholesale Commercial | $ | 61.5 | $ | 64.9 | ( | |||||
| Vacant Express | 11.5 | 10.9 | ||||||||
| Collectibles | 4.6 | 4.1 | ||||||||
| Specialty Products | 7.7 | 7.6 | ||||||||
| Assumed Reinsurance | 11.2 | 10.9 | ||||||||
| Gross written premiums | 96.5 | 98.4 | ( | |||||||
| Terminated business | — | (1.2 | ) | - | ||||||
| Total gross written premiums, excluding terminated business | $ | 96.5 | $ | 97.2 | ( | |||||
| Selected Consolidated Balance Sheet Data | |||||||
| $ and Shares in Millions, except per share data | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Cash and invested assets, net | $ | 1,390.5 | $ | 1,420.2 | |||
| Total assets | $ | 1,680.1 | $ | 1,720.8 | |||
| Shareholders’ equity | $ | 704.1 | $ | 706.6 | |||
| Book value per share | $ | 47.92 | $ | 48.96 | |||
| Book value per share plus cumulative | |||||||
| dividends and excluding AOCI | $ | 57.52 | $ | 58.04 | |||
| Shares Outstanding | 14.6 | 14.4 | |||||
| Change in Consolidated Common Shareholders’ Equity and Book Value per Share | ||||||||||||
| $ and Shares in Millions, except per share data | ||||||||||||
| Common Shareholders' Equity | Common Shares | Book Value Per Share | ||||||||||
| Balance at January 1, 2026 | $ | 702.6 | 14.4 | $ | 48.96 | |||||||
| Net income | 4.2 | — | 0.29 | |||||||||
| Fair value of fixed maturities | (2.6 | ) | — | (0.18 | ) | |||||||
| Stock compensation / share issuance | 1.0 | 0.2 | (0.80 | ) | ||||||||
| Dividends | (5.1 | ) | — | (0.35 | ) | |||||||
| Balance at March 31, 2026 | $ | 700.1 | 14.6 | $ | 47.92 | |||||||
| Market Value of Consolidated Investments | ||||||||
| $ in Millions | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Fixed maturities | $ | 1,323.6 | $ | 1,325.5 | ||||
| Cash and cash equivalents | 34.8 | 65.5 | ||||||
| Total fixed maturities and cash and cash equivalents | 1,358.4 | 1,391.0 | ||||||
| Equities and other invested assets | 36.6 | 50.8 | ||||||
| Total cash and invested assets, gross | 1,395.0 | 1,441.8 | ||||||
| Payable for securities | (4.5 | ) | (21.6 | ) | ||||
| Total cash and invested assets, net | $ | 1,390.5 | $ | 1,420.2 | ||||
| Total Pre-Tax Consolidated Investment Return | |||||||
| Three Months Ended March 31, | |||||||
| $ in Millions | |||||||
| 2026 | 2025 | ||||||
| Fixed maturities | $ | 13.6 | $ | 14.8 | |||
| Equities | 0.6 | 0.1 | |||||
| Limited partnerships | (2.0 | ) | (0.1 | ) | |||
| Net investment income | $ | 12.2 | $ | 14.8 | |||
| Net realized investment gains (losses) | (2.2 | ) | 0.1 | ||||
| Net unrealized investment gains (losses) | (3.3 | ) | 4.4 | ||||
| Net realized and unrealized investment return | (5.5 | ) | 4.5 | ||||
| Total investment return | $ | 6.7 | $ | 19.3 | |||
| Average total cash and invested assets | $ | 1,405.4 | $ | 1,436.2 | |||
| Total annualized investment return % | 1.9 | % | 5.4 | % | |||
| Global Indemnity Group, LLC | |||||||
| Consolidated Statements of Operations for the Three Months Ended March 31, | |||||||
| $ and Shares in Thousands, expect per share data | |||||||
| (Unaudited) | |||||||
| 2026 | 2025 | ||||||
| Gross written premiums | $ | 96,450 | $ | 98,675 | |||
| Net written premiums | $ | 92,568 | $ | 95,864 | |||
| Net earned premiums | $ | 98,355 | $ | 93,316 | |||
| Net investment income | 12,218 | 14,782 | |||||
| Net realized investment gains (losses) | (2,243 | ) | 136 | ||||
| Other income | 847 | 417 | |||||
| Total revenues | 109,177 | 108,651 | |||||
| Net losses and loss adjustment expenses | 53,861 | 66,738 | |||||
| Acquisition costs and other operating expenses | 40,763 | 37,507 | |||||
| Corporate expenses | 9,038 | 9,500 | |||||
| Income (loss) before income taxes | 5,515 | (5,094 | ) | ||||
| Income tax expense (benefit) | 1,269 | (1,105 | ) | ||||
| Net income (loss) | 4,246 | (3,989 | ) | ||||
| Less: preferred stock distributions | 110 | 110 | |||||
| Net income (loss) available to common shareholders | $ | 4,136 | $ | (4,099 | ) | ||
| Per share data: | |||||||
| Net income (loss) available to common shareholders (1) | |||||||
| Basic | $ | 0.29 | $ | (0.30 | ) | ||
| Diluted | $ | 0.29 | $ | (0.30 | ) | ||
| Weighted-average number of shares outstanding | |||||||
| Basic | 14,351 | 13,867 | |||||
| Diluted | 14,405 | 13,867 | |||||
| Cash distributions declared per common share | $ | 0.35 | $ | 0.35 | |||
| Combined ratio analysis: | |||||||
| Loss ratio | 54.8 | % | 71.5 | % | |||
| Expense ratio | 40.3 | % | 40.2 | % | |||
| Combined ratio | 95.1 | % | 111.7 | % | |||
| (1) | For the quarter ended March 31, 2025, “weighted average shares outstanding - basic” was used to calculate “diluted earnings per share” due to a net loss for the period. |
| Global Indemnity Group, LLC | ||||||||
| Consolidated Balance Sheets | ||||||||
| $ in Thousands | ||||||||
| (Unaudited) March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Fixed maturities: | ||||||||
| Available for sale, at fair value (amortized cost: of allowance for expected credit losses of | $ | 1,323,562 | $ | 1,325,502 | ||||
| Equity securities, at fair value | 26,409 | 33,673 | ||||||
| Other invested assets | 10,183 | 17,097 | ||||||
| Total investments | 1,360,154 | 1,376,272 | ||||||
| Cash and cash equivalents | 34,830 | 65,542 | ||||||
| Premium receivables, net of allowance for expected credit losses of | ||||||||
| 71,411 | 66,969 | |||||||
| Reinsurance receivables, net of allowance for expected credit losses of | ||||||||
| 64,416 | 62,595 | |||||||
| Funds held by ceding insurers | 21,979 | 22,114 | ||||||
| Deferred income taxes | 21,818 | 20,076 | ||||||
| Deferred acquisition costs | 40,226 | 41,183 | ||||||
| Intangible assets | 16,729 | 16,845 | ||||||
| Goodwill | 4,820 | 4,820 | ||||||
| Prepaid reinsurance premiums | 4,196 | 3,607 | ||||||
| Income tax receivable | — | 2,617 | ||||||
| Lease right of use assets | 7,806 | 8,166 | ||||||
| Other assets | 31,731 | 29,956 | ||||||
| Total assets | $ | 1,680,116 | $ | 1,720,762 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Unpaid losses and loss adjustment expenses | $ | 747,143 | $ | 750,191 | ||||
| Unearned premiums | 177,530 | 182,728 | ||||||
| Reinsurance balances payable | 3,098 | 1,860 | ||||||
| Payable for securities | 4,467 | 21,594 | ||||||
| Contingent commissions | 2,828 | 7,159 | ||||||
| Income tax payable | 196 | — | ||||||
| Lease liabilities | 7,902 | 8,331 | ||||||
| Other liabilities | 32,842 | 42,309 | ||||||
| Total liabilities | $ | 976,006 | $ | 1,014,172 | ||||
| Shareholders’ equity: | ||||||||
| Series A cumulative fixed rate preferred shares, | ||||||||
| 100,000,000 shares authorized, shares issued and outstanding: | ||||||||
| 4,000 and 4,000 shares, respectively, liquidation preference: | ||||||||
| 4,000 | 4,000 | |||||||
| Common shares: no par value; 900,000,000 common shares | ||||||||
| authorized; class A common shares issued: 12,103,283 and 11,844,995, | ||||||||
| respectively (inclusive of class A common shares designated as class A-2 | ||||||||
| common shares of 780,000 and 550,000, respectively); class A common shares | ||||||||
| outstanding:10,815,515 and 10,557,227, respectively (inclusive of class A common shares designated as class A-2 common shares of 780,000 and | ||||||||
| 550,000, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively | — | — | ||||||
| Additional paid-in capital (1) | 466,723 | 465,720 | ||||||
| Accumulated other comprehensive income (loss), net of tax | (6,596 | ) | (4,000 | ) | ||||
| Retained earnings (1) | 272,675 | 273,562 | ||||||
| Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively | (32,692 | ) | (32,692 | ) | ||||
| Total shareholders’ equity | 704,110 | 706,590 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,680,116 | $ | 1,720,762 | ||||
| (1) | Since the Company’s initial public offering in 2003, the Company has returned |
| Reconciliation of Non-GAAP Measures | ||||||||
| Summary of Consolidated Operating Income (Loss) for the Three Months Ended March 31, (1) | ||||||||
| $ and Shares in Millions, except per share data | ||||||||
| 2026 | 2025 | |||||||
| Operating income (loss), net of tax (2) | $ | 8.3 | $ | (4.1 | ) | |||
| Net realized investment gains (losses), net of tax | (1.8 | ) | 0.1 | |||||
| Market value decline on limited partnership investment | (2.3 | ) | - | |||||
| Net income (loss) | $ | 4.2 | $ | (4.0 | ) | |||
| Weighted average shares outstanding – diluted | 14.4 | 13.9 | ||||||
| Operating income (loss) per share – diluted (3) | $ | 0.57 | $ | (0.30 | ) | |||
| (1) | Operating income (loss), a non-GAAP financial measure, is equal to net income (loss) excluding after-tax net realized investment gains (losses) and other unique charges not related to operations. Operating income (loss) is not a substitute for net income (loss) determined in accordance with GAAP, and investors should not place undue reliance on this measure. |
| (2) | Operating income (loss), net of tax, excludes preferred shareholder distributions of |
| (3) | The operating income (loss) per share calculation is net of preferred shareholder distributions of |
| Reconciliation of Non-GAAP Measures | ||||||||
| Pretax Adjusted Operating Contribution for the Three Months Ended March 31, | ||||||||
| $ in Millions | ||||||||
| 2026 | 2025 | |||||||
| Investment income | $ | 12.2 | $ | 14.8 | ||||
| Underwriting income (loss), current accident year | 5.5 | (10.3 | ) | |||||
| Adjustments | ||||||||
| California Wildfires net losses and loss adjustment expenses | — | 15.6 | ||||||
| Market value decline on limited partnership investment | 2.3 | — | ||||||
| Pretax adjusted operating contribution (1) | $ | 20.0 | $ | 20.1 | ||||
| (1) | Pretax adjusted operating contribution, a non-GAAP financial measure, is equal to investment income plus underwriting income for current accident year excluding losses and loss adjustment expenses incurred from California Wildfires and market value decline on a single limited partnership position that the Company expects to record a full recovery in the second quarter of 2026. Pretax adjusted operating contribution is not a substitute for income (loss) before income taxes determined in accordance with GAAP, and investors should not place undue reliance on this measure. |
| Reconciliation of Non-GAAP Measures | ||||||||||||||||||||||||||||||
| Adjusted Return on Equity (ROE) for the Three Months Ended March 31, | ||||||||||||||||||||||||||||||
| $ in Millions | ||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||
| Income (loss) after tax (1) | Average Return on Equity (3) | Average Equity (2) | Income (loss) after tax (1) | Average Return on Equity (3) | Average Equity (2) | |||||||||||||||||||||||||
| Operating income (loss) | $ | 8.3 | 4.7 | % | $ | 705.4 | $ | (4.1 | ) | (2.4 | ) | % | $ | 688.1 | ||||||||||||||||
| Adjustments, net of tax | ||||||||||||||||||||||||||||||
| Investment income on excess capital | (2.2 | ) | 1.1 | % | - | (2.1 | ) | (3.2 | ) | % | - | |||||||||||||||||||
| Corporate expenses | 6.9 | 6.6 | % | - | 7.5 | 6.8 | % | - | ||||||||||||||||||||||
| California wildfires losses | - | - | % | - | 12.2 | 11.2 | % | - | ||||||||||||||||||||||
| Prior accident year underwriting loss | 0.1 | 0.1 | % | - | 0.1 | 0.1 | % | - | ||||||||||||||||||||||
| Total adjustments, net of tax | 4.8 | 7.8 | % | - | 17.7 | 14.9 | % | - | ||||||||||||||||||||||
| Adjusted income | $ | 13.1 | 12.5 | % | $ | 418.3 | $ | 13.6 | 12.5 | % | $ | 435.1 | ||||||||||||||||||
| (1) | Adjusted income, a non-GAAP financial measure, is equal to operating income (loss) excluding after-tax investment income on excess capital plus the after-tax impact of corporate expenses, California wildfires losses and prior accident year underwriting income (loss). Adjusted income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure. |
| (2) | Average equity is the average of the beginning and ending equity for the calendar year, adjusted for average excess capital for the calendar year. |
| (3) | Adjusted return on equity is equal to adjusted income divided by average equity, annualized. |
| Reconciliation of Non-GAAP Financial Measures and Ratios for the Three Months Ended March 31, |
| $ in Thousands |
The following reconciles 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. |
| 2026 | 2025 | |||||||
| Consolidated current accident year underwriting income | ||||||||
| Underwriting income (loss) (1) | $ | 5,323 | $ | (10,512 | ) | |||
| Effect of prior accident year | 159 | 184 | ||||||
| Current accident year underwriting income (loss) (2) | 5,482 | (10,328 | ) | |||||
| California Wildfires net losses and loss adjustment expenses | — | 15,600 | ||||||
| Current accident year underwriting income excluding California Wildfires (2) | $ | 5,482 | $ | 5,272 | ||||
| Consolidated underwriting income | ||||||||
| Underwriting income (loss) (1) | $ | 5,323 | $ | (10,512 | ) | |||
| California Wildfires net losses and loss adjustment expenses | — | 15,600 | ||||||
| Underwriting income excluding California Wildfires (2) | $ | 5,323 | $ | 5,088 | ||||
| Belmont Core segment income | ||||||||
| Belmont Core segment income (loss) (1) | $ | 5,242 | $ | (11,582 | ) | |||
| California Wildfires net losses and loss adjustment expenses | — | 15,600 | ||||||
| Belmont Core segment income excluding California Wildfires (2) | $ | 5,242 | $ | 4,018 | ||||
| Consolidated segment income | ||||||||
| Consolidated segment income (loss) (1) | $ | 4,578 | $ | (10,512 | ) | |||
| California Wildfires net losses and loss adjustment expenses | — | 15,600 | ||||||
| Consolidated segment income excluding California Wildfires (2) | $ | 4,578 | $ | 5,088 | ||||
| Net income available to common shareholders | ||||||||
| Net income (loss) available to common shareholders (1) | $ | 4,136 | $ | (4,099 | ) | |||
| California Wildfires net losses and loss adjustment expenses (net of tax) (3) | — | 12,216 | ||||||
| Net income available to common shareholders excluding California Wildfires (2) | $ | 4,136 | $ | 8,117 | ||||
| Operating income | ||||||||
| Operating income (loss) (4) | $ | 8,271 | $ | (4,105 | ) | |||
| California Wildfires net losses and loss adjustment expenses (net of tax) (3) | — | 12,216 | ||||||
| Operating income excluding California Wildfires (2) | $ | 8,271 | $ | 8,111 | ||||
| Current accident year combined ratio | ||||||||
| Combined ratio (1) | 95.1 | % | 111.7 | % | ||||
| Effect of prior accident year | (0.2 | %) | (0.2 | %) | ||||
| Current accident year combined ratio (2) | 94.9 | % | 111.5 | % | ||||
| Impact of California Wildfires | — | (16.7 | %) | |||||
| Current accident year combined ratio excluding California Wildfires (2) | 94.9 | % | 94.8 | % | ||||
| (1) | Most directly comparable GAAP measure / ratio |
| (2) | Non-GAAP financial measure / ratio |
| (3) | Represents net losses and loss adjustment expenses of |
| (4) | See previous table for reconciliation of operating income to net income which is the most directly comparable GAAP measure. |
About Global Indemnity Group, LLC
Global Indemnity Group, LLC (Nasdaq: GBLI) is a publicly traded holding company with a diversified portfolio of property and casualty insurance-related entities.
Katalyx Holdings LLC includes:
- Four agencies focused on sourcing, underwriting, and servicing primary and assumed 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 service businesses: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx’s agencies and broader digital initiatives; Sayata, an AI-enabled digital marketplace and agency for small commercial insurance; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services.
Belmont Holdings GX, Inc. consists of 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 Statements
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.
Investor / Media Contact: Scott Eckstein / Patrick Federle KCSA Strategic Communications | (212) 896-1210 | GBLI@kcsa.com
FAQ
How did Global Indemnity (GBLI) insurance underwriting perform in Q1 2026?
Underwriting produced a current accident year combined ratio of 94.9% with a 54.8% loss ratio. According to the company, current accident year underwriting income was $5.5 million and reflects stable underlying loss experience.
How did Global Indemnity (GBLI) investments affect Q1 2026 results?
Total investment return was $6.7 million, or 1.9% annualized, partly due to mark-to-market losses. According to the company, a limited partnership position had a $2.3 million decline expected to fully recover in Q2 2026.