Global Indemnity Group Llc Stock Price, News & Analysis

Global Indemnity Group (NASDAQ:GBLI) announced the retirement of CEO Cynthia Valko effective January 31, 2021, after leading the company since 2011. Valko noted significant achievements, including doubling premiums and generating $250 million in net income for shareholders. Jonathan Oltman has been promoted to president of Penn-Patriot, overseeing all insurance operations, previously leading a 55% growth in commercial lines gross written premiums since 2015. Forward-looking statements highlight potential risks, including those from COVID-19.

Global Indemnity Group (NASDAQ:GBLI) announced a $0.25 per share distribution payment approved by its Board of Directors. This payment will be made on December 31, 2020, to shareholders of record as of December 24, 2020. The company operates in specialty property and casualty insurance, with segments including Commercial Specialty, Specialty Property, Farm, Ranch, & Stable, and Reinsurance. Investors should consider the potential risks and uncertainties mentioned in the press release regarding forward-looking statements.

Global Indemnity Group (NASDAQ:GBLI) reported a net loss of $22.2 million for the nine months ending September 30, 2020, compared to a net income of $41.0 million in the same period of 2019. Adjusted operating income fell to $16.8 million from $31.7 million. During Q3 2020, gross written premiums decreased to $143.7 million from $157.2 million. The loss ratio increased to 69.2%, contributing to a combined ratio of 107.2%. Shareholders’ equity stood at $720.7 million as of September 30, 2020, down from $726.8 million in the prior year.

Global Indemnity Group (NASDAQ: GBLI) has completed its redomestication from the Cayman Islands to the United States, effective August 28, 2020. This transition involved merging its subsidiary GI Bermuda with Penn-Patriot Insurance Company, enhancing organizational efficiency. Notably, the company eliminated approximately $1 billion in inter-company debt and reduced external debt by 57%, lowering its debt-to-capitalization ratio to 15%. The redomestication simplifies compliance and taxation, with the U.S. as the sole governing nation, resulting in operational cost savings.

Global Indemnity Limited (NASDAQ:GBLI) reported a significant increase in net income for Q2 2020, reaching $37.6 million, up from $14.7 million in Q2 2019. Underwriting income also rose to $21.7 million compared to $8.1 million a year earlier. The company achieved a Combined Ratio of 85.2%, indicating improved operational efficiency. Notably, the investment portfolio grew by 5.3%, adding $82.8 million in value. Book value per share increased 8.7% to $51.24.

GBLI Holdings, a subsidiary of Global Indemnity Limited (Nasdaq: GBLI), will redeem all outstanding 7.75% Subordinated Notes due 2045 on August 15, 2020. The redemption will pay registered holders 100% of the principal amount plus accrued interest. As of July 15, 2020, $100 million of these Notes were outstanding. The announcement does not serve as a notice of redemption; registered holders should refer to the official notice from the trustee, Wells Fargo Bank.

Global Indemnity Limited (NASDAQ:GBLI) announced a proposed redomestication plan to move its corporate headquarters from the Cayman Islands to the United States, including its subsidiary Global Indemnity Reinsurance, Ltd. The Board of Directors has approved this plan and intends to file a preliminary proxy statement for shareholder approval at a special meeting. Upon approval, Global Indemnity Group, LLC, a Delaware entity, will replace the Cayman company as the parent entity, with shares converting on a one-for-one basis. The closing is anticipated in Q3 2020.

Global Indemnity Limited (NASDAQ:GBLI) has announced a dividend payment of $0.25 per ordinary share. This dividend is scheduled for payment on June 30, 2020, to shareholders recorded as of the close of business on June 23, 2020. The company operates through various subsidiaries offering specialty property and casualty insurance and reinsurance globally, with four primary business segments.

Global Indemnity (NASDAQ: GBLI) announced a shift to a virtual format for its 2020 Annual General Meeting due to COVID-19 concerns. The meeting will now occur on June 17, 2020, at 11 a.m. EDT, rather than Cayman Islands Time. Shareholders recorded as of April 2, 2020, are encouraged to register by June 15 to participate and vote. The proxy materials remain unchanged, and shareholders can submit questions during registration. Further details are available in the proxy supplement filed with the SEC on May 29, 2020.