Global Indemnity Group Llc Stock Price, News & Analysis

Global Indemnity Group (NYSE:GBLI) reported significant financial metrics for the six months ended June 30, 2022, showing a net loss of $27.2 million, or $1.87 per share, compared to a net income of $11.7 million for the same period in 2021. The company’s adjusted operating income fell to $7.3 million from $11.4 million year-over-year. Gross written premiums increased by 26.1% to $387.8 million, while catastrophe losses declined to $5.4 million. However, investment income dropped significantly, largely due to a negative impact from an alternative investment.

Global Indemnity Group (NYSE:GBLI) announced the sale of American Reliable Insurance Company’s (ARIC) Farm, Ranch, and Equine business to Everett Cash Mutual. The transaction includes $85 million, comprising $30 million for renewal rights. The expected closure is set for Q1 2023, pending regulatory approval. This acquisition aims to enhance service delivery to ARIC policyholders and expand ECM's market position. GBLI plans to concentrate more on its specialty casualty businesses.

Global Indemnity Group (NYSE:GBLI) will announce its Second Quarter 2022 earnings on August 9, 2022, before market open. An earnings call will take place on the same day at 11:00 a.m. Eastern, accessible via their website. GBLI specializes in both admitted and non-admitted specialty property and casualty insurance coverages in the United States and provides reinsurance globally through its subsidiaries. Investors are advised that forward-looking statements may be affected by risks including COVID-19, potentially leading to results that differ from projections.

Global Indemnity Group (NYSE:GBLI) has announced a distribution payment of $0.25 per common share. This payment will be made on June 30, 2022, to shareholders of record as of the close of business on June 20, 2022. The company operates through various subsidiaries, offering specialty property and casualty insurance coverages in the U.S. and worldwide reinsurance. Its four primary segments include Commercial Specialty, Reinsurance, Farm, Ranch & Equine, and Exited Lines.

AM Best has reaffirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issue Credit Rating of “a” (Excellent) for the U.S. subsidiaries of Global Indemnity Group. The outlook for these ratings is stable. Factors influencing the ratings include the company's strong balance sheet, with risk-adjusted capitalization at the strongest level, and stable operating performance despite some volatility in certain segments. The company has no long-term debt following the redemption of $130 million subordinated debt in April 2022.

Global Indemnity Group (GBLI) reported a net loss of $14.9 million for Q1 2022, contrasting with a net income of $5.4 million in Q1 2021. Gross written premiums rose by 27.3% to $191 million. The combined ratio improved to 95.0% from 101.2%, with a reduced loss ratio of 56.9%. Adjusted operating income reached $5.4 million, up from $2.3 million the previous year. However, book value decreased by $36.9 million, falling to $669.7 million. The company also prepaid $130 million in debt.

Global Indemnity Group (NYSE:GBLI) is set to release its First Quarter 2022 earnings on May 9, 2022, before the market opens. An earnings call will follow at 11:00 a.m. Eastern the same day, which will be available via webcast on its website. GBLI operates through its subsidiaries, offering specialty property and casualty insurance in the U.S. and reinsurance worldwide, with segments that include Commercial Specialty, Reinsurance, Farm, Ranch, & Stable, and Exited Lines.

GBLI Holdings, LLC, a subsidiary of Global Indemnity Group, has announced the redemption of all its outstanding 7.875% Subordinated Notes due 2047 on April 15, 2022. As of the announcement date, the aggregate principal amount outstanding was $130,000,000. Registered holders will receive a redemption price equal to 100% of the principal and accrued interest. This announcement serves as information regarding the upcoming redemption and is not a formal notice.

Global Indemnity Group reported a net income of $28.9 million for 2021, a significant recovery from a net loss of ($21.2 million) in 2020. Gross written premiums grew by 12.4% year-over-year, reaching $682.1 million. The company's core business showed an even stronger performance, with net income of $42.3 million compared to a loss of ($7.7 million) in 2020. New business segments in Environmental, Excess Casualty, and Professional were launched, expanding operational capacity. Exited Lines reported a net loss of ($13.4 million).