Global Indemnity Group (NASDAQ: GBLI) Q2 2026 net income rises

Rhea-AI Filing Summary

Global Indemnity Group, LLC reported Q2 2026 total revenues of $116,102 (in thousands), up from $110,520 a year earlier, with net income of $11,082 and net income available to common shareholders of $10,972. Basic EPS was $0.76 versus $0.72 in Q2 2025.

For the first six months of 2026, total revenues were $225,279 and net income $15,328 (both in thousands), compared with $219,171 and $6,355. Net income available to common shareholders rose to $15,108 (in thousands), with basic EPS of $1.05 versus $0.44. Total assets were $1,723,493 and shareholders’ equity $710,905 (in thousands), while unpaid losses and loss adjustment expenses declined to $718,515. Operating activities used $33,683 of cash (in thousands) versus $9,398 provided in the prior‑year period.

Positive

• Six‑month net income available to common shareholders increased to $15,108 (in thousands) from $6,135, with basic EPS rising to $1.05 from $0.44, indicating materially higher profitability versus the first half of 2025.

Negative

• Net cash from operating activities shifted to a use of $33,683 from a source of $9,398 (in thousands) year over year, a significant deterioration in operating cash flow for the first six months of 2026.

Filing Explained

The issued Class A-2 shares add conditional participation and ownership dilution, while Fox Paine entities retain 83.8% of voting power.

The Form 10-Q is an unaudited quarterly report updating interim financial statements, risks, and liquidity. As of June 30, 2026, the company had issued 230,000 non-vested Class A-2 common shares to officers and a director; the issuance increases the common share count and can reduce existing holders’ percentage ownership absent offsets, while the shares’ vesting and economic participation remain conditional.

The filing shows 780,000 Class A-2 shares issued and outstanding at June 30, 2026, compared with 550,000 at December 31, 2025. The shares participate in company profits above a $391.2 million threshold and vest only upon a change of control, subject to continued service.

The Fox Paine entities beneficially owned 83.8% of voting power at June 30 and, under the company agreement, controlled the appointment or election of all directors. The company also reported an unfunded $11.2 million commitment to a European non-performing-loan investment, but said its investment period had concluded and it did not expect prospective capital calls.

A named resolution point is a change-of-control transaction: that event would determine whether the Class A-2 shares vest and whether the associated $2.4 million grant-date compensation expense is recognized.

Key Figures

Q2 2026 Total Revenues: 116,102 (in thousands) Q2 2026 Net Income: 11,082 (in thousands) Six-month Net Income Available to Common: 15,108 (in thousands) +5 more

8 metrics

Q2 2026 Total Revenues 116,102 (in thousands) Quarter ended June 30, 2026

Q2 2026 Net Income 11,082 (in thousands) Quarter ended June 30, 2026

Six-month Net Income Available to Common 15,108 (in thousands) Six months ended June 30, 2026

Six-month Basic EPS 1.05 Net income available to common shareholders, six months ended June 30, 2026

Total Assets 1,723,493 (in thousands) As of June 30, 2026

Unpaid Losses and LAE 718,515 (in thousands) As of June 30, 2026

Net Cash from Operating Activities -33,683 (in thousands) Six months ended June 30, 2026

Total Investment Return % 1.6% Six months ended June 30, 2026, not annualized

Key Terms

accumulated other comprehensive income (loss), loss adjustment expenses, variable interest entity, available for sale, +1 more

5 terms

accumulated other comprehensive income (loss) financial

"Accumulated other comprehensive income (loss), net of tax, as of June 30, 2026"

A balance-sheet line that tracks certain gains and losses that haven’t flowed through the company’s profit-and-loss statement, such as unrealized changes in the value of investments, foreign-currency adjustments, and some pension-related items. Think of it like a storage closet for value swings the company hasn’t ‘realized’ by selling or settling them yet; it changes shareholders’ equity and helps investors see hidden volatility or potential future impacts on book value.

loss adjustment expenses financial

"Activity in the liability for unpaid losses and loss adjustment expenses is summarized"

Costs an insurance company incurs to investigate, process, defend and settle claims — for example, fees for claims adjusters, legal defense, and settlement negotiations. These expenses act like the labor and admin needed to handle a warranty repair: they don’t pay the claim itself but add to the total cost of claims, so rising loss adjustment expenses reduce insurers’ profits and signal how efficiently future claims are likely to be handled.

variable interest entity financial

"A Variable Interest Entity (“VIE”) refers to an investment in which an investor holds"

A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.

available for sale financial

"The amortized cost and estimated fair value of the Company’s fixed maturities securities"

Available for sale describes investments, usually bonds or stocks, that a company intends to keep but may sell before they mature; they are reported at current market value on the balance sheet while any unrealized profit or loss is kept separate from regular earnings. For investors, this matters because changes in market value affect a company’s reported net worth and can become realized gains or losses when sold, similar to how the changing resale value of a collectible affects your net wealth even before you sell it.

Class A common shares designated as class A-2 common shares financial

"The Company granted 230,000 non-vested class A common shares designated as class A-2"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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10-Q Quarterly Reports: What Changes Quarter to Quarter →

Available on EDGAR 08/06/2026 - 04:32 PM Accepted by SEC EDGAR 08/06/2026 - 04:30 PM Learn about SEC filing dates

FAQ

What were Global Indemnity Group (GBLI)'s key Q2 2026 financial results?

Global Indemnity Group posted Q2 2026 revenues of $116,102 and net income of $11,082 (in thousands). Net income available to common shareholders was $10,972, with basic EPS of $0.76, compared with $0.72 in Q2 2025.

How did GBLI perform for the first six months of 2026 versus 2025?

For the first half of 2026, GBLI generated revenues of $225,279 and net income of $15,328 (in thousands). Net income available to common shareholders was $15,108 versus $6,135, and basic EPS rose to $1.05 from $0.44 a year earlier.

What is GBLI’s balance sheet position as of June 30, 2026?

As of June 30, 2026, GBLI reported total assets of $1,723,493, total liabilities of $1,012,588, and shareholders’ equity of $710,905 (all in thousands). Unpaid losses and loss adjustment expenses were $718,515 (in thousands).

How did GBLI’s cash flow change in the first six months of 2026?

In the first six months of 2026, GBLI’s operating activities used $33,683 (in thousands), compared with $9,398 provided in 2025. Investing activities provided $75,931, while financing activities used $10,275 (both in thousands), lifting cash and equivalents to $97,515.

What are the ownership and share details for GBLI, including Fox Paine’s stake?

As of August 6, 2026, GBLI had 10,847,002 class A and 3,793,612 class B common shares outstanding. The Fox Paine Entities beneficially own shares representing approximately 83.8% of the voting power of Global Indemnity Group, LLC.

What dividends did GBLI pay to common shareholders in early 2026?

GBLI declared quarterly cash distributions of $0.35 per common share during the first six months of 2026. Total distributions to common shareholders were $10,055 (in thousands), with preferred shareholders receiving distributions of $220 (in thousands).

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

001-34809

Commission File Number

GLOBAL INDEMNITY GROUP, LLC

(Exact name of registrant as specified in its charter)

Delaware	85-2619578
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

112 S. French Street, Suite 105

Wilmington, DE 19801

(Address of principal executive office including zip code)

Registrant's telephone number, including area code: (302) 691-6276

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files.). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer	☐;		Accelerated filer	☒;
Non-accelerated filer	☐;		Smaller reporting company	☐;
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Shares	GBLI	Nasdaq Global Select Market

As of August 6, 2026, the registrant had outstanding 10,847,002 class A common shares (including 780,000 class A common shares designated as class A-2 common shares) and 3,793,612 class B common shares.

TABLE OF CONTENTS

				Page
	PART I – FINANCIAL INFORMATION
Item 1.		Financial Statements:		3
		Consolidated Balance Sheets As of June 30, 2026 (Unaudited) and December 31, 2025		3
		Consolidated Statements of Operations Quarters and Six Months Ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)		4
		Consolidated Statements of Comprehensive Income Quarters and Six Months Ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)		5
		Consolidated Statements of Changes in Shareholders’ Equity Quarters and Six Months Ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)		6
		Consolidated Statements of Cash Flows Six Months Ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)		7
		Notes to Consolidated Financial Statements (Unaudited)		8
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		30
Item 3.		Quantitative and Qualitative Disclosures about Market Risk		45
Item 4.		Controls and Procedures		45
	PART II – OTHER INFORMATION
Item 1.		Legal Proceedings		47
Item 1A.		Risk Factors		47
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		47
Item 3.		Defaults Upon Senior Securities		47
Item 4.		Mine Safety Disclosures		47
Item 5.		Other Information		47
Item 6.		Exhibits		48
Signature				49

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

GLOBAL INDEMNITY GROUP, LLC

Consolidated Balance Sheets

(In thousands, except share amounts)

		(Unaudited) June 30, 2026				December 31, 2025
ASSETS
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,295,106 and $1,330,310; net of allowance for expected credit losses of $0 at June 30, 2026 and December 31, 2025)		$	1,286,724			$	1,325,502
Equity securities, at fair value			23,603				33,673
Other invested assets			9,108				17,097
Total investments			1,319,435				1,376,272
Cash and cash equivalents			97,515				65,542
Premium receivables, net of allowance for expected credit losses of $3,861 at June 30, 2026 and $3,640 at December 31, 2025			84,631				66,969
Reinsurance receivables, net of allowance for expected credit losses of $1,488 at June 30, 2026 and December 31, 2025			65,341				62,595
Funds held by ceding insurers			21,400				22,114
Deferred income taxes			21,164				20,076
Deferred acquisition costs			44,588				41,183
Intangible assets			16,613				16,845
Goodwill			4,820				4,820
Prepaid reinsurance premiums			3,886				3,607
Income tax receivable			4,681				2,617
Lease right of use assets			7,546				8,166
Other assets			31,873				29,956
Total assets		$	1,723,493			$	1,720,762
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses		$	718,515			$	750,191
Unearned premiums			192,503				182,728
Reinsurance balances payable			3,368				1,860
Payable for securities			45,300				21,594
Contingent commissions			4,198				7,159
Lease liabilities			7,727				8,331
Other liabilities			40,977				42,309
Total liabilities		$	1,012,588			$	1,014,172
Commitments and contingencies (Note 9)			—				—
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: 12,134,770 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: 10,847,002 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			467,748				465,720
Accumulated other comprehensive income (loss), net of tax			(6,766	)			(4,000	)
Retained earnings			278,615				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			710,905				706,590
Total liabilities and shareholders’ equity		$	1,723,493			$	1,720,762

See accompanying notes to the consolidated financial statements.

3

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Operations

(In thousands, except shares and per share data)

		(Unaudited) Quarters Ended June 30,								(Unaudited) Six Months Ended June 30,
		2026				2025				2026				2025
Revenues:
Gross written premiums		$	117,096			$	106,801			$	213,546			$	205,476
Ceded written premiums			(3,125	)			(2,887	)			(7,007	)			(5,698	)
Net written premiums			113,971				103,914				206,539				199,778
Change in net unearned premiums			(15,282	)			(8,768	)			(9,495	)			(11,316	)
Net earned premiums			98,689				95,146				197,044				188,462
Net investment income			16,361				14,707				28,579				29,489
Net realized investment gains (losses)			198				127				(2,045	)			263
Other income			854				540				1,701				957
Total revenues			116,102				110,520				225,279				219,171
Losses and Expenses:
Net losses and loss adjustment expenses			53,047				52,948				106,908				119,686
Acquisition costs and other operating expenses			41,788				36,915				82,551				74,422
Corporate expenses			6,842				7,528				15,880				17,028
Income before income taxes			14,425				13,129				19,940				8,035
Income tax expense			3,343				2,785				4,612				1,680
Net income		$	11,082			$	10,344			$	15,328			$	6,355
Less: preferred stock distributions			110				110				220				220
Net income available to common shareholders		$	10,972			$	10,234			$	15,108			$	6,135
Per share data:
Net income available to common shareholders
Basic		$	0.76			$	0.72			$	1.05			$	0.44
Diluted		$	0.76			$	0.71			$	1.05			$	0.43
Weighted-average number of shares outstanding
Basic			14,379,473				14,274,926				14,365,391				14,072,225
Diluted			14,425,836				14,341,251				14,415,682				14,160,638
Cash distributions declared per common share		$	0.35			$	0.35			$	0.70			$	0.70

See accompanying notes to the consolidated financial statements.

4

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Comprehensive Income

(In thousands)

		(Unaudited) Quarters Ended June 30,								(Unaudited) Six Months Ended June 30,
		2026				2025				2026				2025
Net income		$	11,082			$	10,344			$	15,328			$	6,355
Other comprehensive income (loss), net of tax:
Unrealized holding gains (losses)			(212	)			2,100				(2,835	)			5,671
Reclassification adjustment for losses included in net income			36				33				22				23
Unrealized foreign currency translation gains			6				123				47				59
Other comprehensive income (loss), net of tax			(170	)			2,256				(2,766	)			5,753
Comprehensive income, net of tax		$	10,912			$	12,600			$	12,562			$	12,108

See accompanying notes to the consolidated financial statements.

5

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Changes in Shareholders’ Equity

(In thousands, except share amounts)

		(Unaudited) Quarters Ended June 30,								(Unaudited) Six Months Ended June 30,
		2026				2025				2026				2025
Number of Series A Cumulative Fixed Rate Preferred Shares
Number at beginning and end of period			4,000				4,000				4,000				4,000
Number of class A common shares issued:
Number at beginning of period			12,103,283				11,768,844				11,844,995				11,202,355
Common shares designated as class A-2 common shares issued under share incentive plans			—				—				230,000				550,000
Common shares issued to directors			31,487				21,640				59,775				38,129
Number at end of period			12,134,770				11,790,484				12,134,770				11,790,484
Number of class B common shares issued:
Number at beginning and end of period			3,793,612				3,793,612				3,793,612				3,793,612
Par value of Series A Cumulative Fixed Rate Preferred Shares
Balance at beginning and end of period		$	4,000			$	4,000			$	4,000			$	4,000
Additional paid-in capital:
Balance at beginning of period		$	466,723			$	463,072			$	465,720			$	459,578
Share compensation plans			1,025				744				2,028				4,238
Balance at end of period		$	467,748			$	463,816			$	467,748			$	463,816
Accumulated other comprehensive income (loss), net of deferred income tax:
Balance at beginning of period		$	(6,596	)		$	(6,913	)		$	(4,000	)		$	(10,410	)
Other comprehensive income (loss):
Change in unrealized holding gains (losses)			(176	)			2,133				(2,813	)			5,694
Unrealized foreign currency translation gains			6				123				47				59
Other comprehensive income (loss)			(170	)			2,256				(2,766	)			5,753
Balance at end of period		$	(6,766	)		$	(4,657	)		$	(6,766	)		$	(4,657	)
Retained earnings:
Balance at beginning of period		$	272,675			$	259,584			$	273,562			$	268,673
Net income			11,082				10,344				15,328				6,355
Preferred share distributions			(110	)			(110	)			(220	)			(220	)
Distributions to shareholders ($0.35 per share per quarter in 2026 and 2025)			(5,032	)			(4,997	)			(10,055	)			(9,987	)
Balance at end of period		$	278,615			$	264,821			$	278,615			$	264,821
Number of treasury shares:
Number at beginning and end of period			1,287,768				1,287,768				1,287,768				1,287,768
Treasury shares, at cost:
Balance at beginning and end of period		$	(32,692	)		$	(32,692	)		$	(32,692	)		$	(32,692	)
Total shareholders’ equity		$	710,905			$	695,288			$	710,905			$	695,288

See accompanying notes to the consolidated financial statements.

6

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Cash Flows

(In thousands)

		(Unaudited) Six Months Ended June 30,
		2026				2025
Cash flows from operating activities:
Net income		$	15,328			$	6,355
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Amortization and depreciation			3,158				2,834
Restricted stock and stock option expense			2,028				4,238
Deferred income taxes			(339	)			993
Amortization of bond premium and discount, net			(1,089	)			13,319
Net realized investment losses (gains)			2,045				(263	)
Loss from equity method investments, net of distributions			82				957
Changes in:
Premium receivables, net			(17,662	)			4,655
Reinsurance receivables, net			(2,746	)			(711	)
Funds held by ceding insurers			774				5,685
Unpaid losses and loss adjustment expenses			(31,676	)			(24,264	)
Unearned premiums			9,775				11,602
Reinsurance balances payable			1,508				(5,130	)
Other assets and liabilities			(6,160	)			(3,773	)
Contingent commissions			(2,961	)			(2,710	)
Income tax receivable / payable			(2,064	)			(1,325	)
Deferred acquisition costs			(3,405	)			(2,779	)
Prepaid reinsurance premiums			(279	)			(285	)
Net cash provided by (used for) operating activities			(33,683	)			9,398
Cash flows from investing activities:
Proceeds from sale of fixed maturities			162,919				87,361
Proceeds from sale of equity securities			3,550				—
Proceeds from maturity of fixed maturities			1,266,821				1,232,908
Proceeds from maturity of preferred stock			4,500				—
Proceeds from other invested assets			7,908				6,385
Purchases of fixed maturities			(1,369,767	)			(1,275,510	)
Net cash provided by investing activities			75,931				51,144
Cash flows from financing activities:
Distributions paid to common shareholders			(10,055	)			(9,987	)
Distributions paid to preferred shareholders			(220	)			(220	)
Net cash used for financing activities			(10,275	)			(10,207	)
Net change in cash and cash equivalents			31,973				50,335
Cash and cash equivalents at beginning of period			65,542				17,009
Cash and cash equivalents at end of period		$	97,515			$	67,344
Supplemental disclosure of cash flow information:
Income tax paid		$	7,015			$	2,012
Interest paid			—				—

See accompanying notes to the consolidated financial statements.

7

1.Principles of Consolidation and Basis of Presentation

Global Indemnity Group, LLC (“Global Indemnity” or “the Company”) is a Delaware limited liability company. As of June 30, 2026, Global Indemnity Group, LLC’s class A common shares (excluding the 780,000 class A common shares designated as class A-2 common shares) are publicly traded on the Nasdaq Global Select Market under the ticker symbol GBLI. Global Indemnity Group, LLC’s predecessors have been publicly traded since 2003.

The interim consolidated financial statements are unaudited, but have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”), which differs in certain respects from those principles followed in reports to insurance regulatory authorities. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The unaudited consolidated financial statements include all adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair statement of results for the interim periods. Results of operations for the quarters and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results of a full year. The accompanying notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s 2025 Annual Report on Form 10-K.

The consolidated financial statements include the accounts of Global Indemnity Group, LLC and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

2. Investments

The amortized cost and estimated fair value of the Company’s fixed maturities securities were as follows as of June 30, 2026 and December 31, 2025:

(Dollars in thousands)		Amortized Cost				Allowance for Expected Credit Losses				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
As of June 30, 2026
Fixed maturities:
U.S. treasuries		$	562,521			$	—			$	8			$	(251	)		$	562,278
Obligations of states and political subdivisions			9,606				—				—				(347	)			9,259
Mortgage-backed securities			219,577				—				1,465				(3,893	)			217,149
Asset-backed securities			204,124				—				687				(4,146	)			200,665
Commercial mortgage-backed securities			80,311				—				398				(1,405	)			79,304
Corporate bonds			158,040				—				288				(752	)			157,576
Foreign corporate bonds			60,927				—				134				(568	)			60,493
Total fixed maturities		$	1,295,106			$	—			$	2,980			$	(11,362	)		$	1,286,724

8

(Dollars in thousands)		Amortized Cost				Allowance for Expected Credit Losses				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
As of December 31, 2025
Fixed maturities:
U.S. treasuries		$	640,533			$	—			$	216			$	(120	)		$	640,629
Obligations of states and political subdivisions			14,515				—				—				(350	)			14,165
Mortgage-backed securities			199,901				—				2,610				(3,451	)			199,060
Asset-backed securities			139,690				—				1,227				(3,649	)			137,268
Commercial mortgage-backed securities			58,202				—				89				(1,463	)			56,828
Corporate bonds			198,970				—				1,090				(867	)			199,193
Foreign corporate bonds			78,499				—				425				(565	)			78,359
Total fixed maturities		$	1,330,310			$	—			$	5,657			$	(10,465	)		$	1,325,502

As of June 30, 2026 and December 31, 2025, the Company’s investments in equity securities consist of the following:

(Dollars in thousands)		June 30, 2026				December 31, 2025
Common stock		$	15,418			$	21,006
Preferred stock			8,185				12,667
Total		$	23,603			$	33,673

Excluding U.S. treasuries and limited partnerships, the Company did not hold any debt securities or equity investments in a single issuer in excess of 2.7% of shareholders' equity at June 30, 2026 and December 31, 2025.

The amortized cost and estimated fair value of the Company’s fixed maturities portfolio classified as available for sale at June 30, 2026, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)		Amortized Cost				Estimated Fair Value
Due in one year or less		$	729,862			$	729,949
Due in one year through five years			50,325				49,429
Due in five years through ten years			1,988				1,852
Due after ten years			8,919				8,376
Mortgage-backed securities			219,577				217,149
Asset-backed securities			204,124				200,665
Commercial mortgage-backed securities			80,311				79,304
Total		$	1,295,106			$	1,286,724

9

The following table contains an analysis of the Company’s fixed income securities with gross unrealized losses that are not deemed to have credit losses, categorized by the period that the securities were in a continuous loss position as of June 30, 2026. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 3.

		Less than 12 months								12 months or longer								Total
(Dollars in thousands)		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
Fixed maturities:
U.S. treasuries		$	315,544			$	(155	)		$	4,363			$	(96	)		$	319,907			$	(251	)
Obligations of states and political subdivisions			—				—				9,259				(347	)			9,259				(347	)
Mortgage-backed securities			69,341				(688	)			22,559				(3,205	)			91,900				(3,893	)
Asset-backed securities			68,837				(499	)			33,575				(3,647	)			102,412				(4,146	)
Commercial mortgage-backed securities			32,349				(185	)			27,993				(1,220	)			60,342				(1,405	)
Corporate bonds			12,540				(3	)			28,995				(749	)			41,535				(752	)
Foreign corporate bonds			3,463				(31	)			15,937				(537	)			19,400				(568	)
Total fixed maturities		$	502,074			$	(1,561	)		$	142,681			$	(9,801	)		$	644,755			$	(11,362	)

The following table contains an analysis of the Company’s fixed income securities with gross unrealized losses that are not deemed to have credit losses, categorized by the period that the securities were in a continuous loss position as of December 31, 2025. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 3.

		Less than 12 months								12 months or longer								Total
(Dollars in thousands)		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
Fixed maturities:
U.S. treasuries		$	21,804			$	(1	)		$	7,643			$	(119	)		$	29,447			$	(120	)
Obligations of states and political subdivisions			—				—				12,714				(350	)			12,714				(350	)
Mortgage-backed securities			15,293				(716	)			24,918				(2,735	)			40,211				(3,451	)
Asset-backed securities			24,080				(1,872	)			31,604				(1,777	)			55,684				(3,649	)
Commercial mortgage-backed securities			13,954				(96	)			32,183				(1,367	)			46,137				(1,463	)
Corporate bonds			2,509				(26	)			48,935				(841	)			51,444				(867	)
Foreign corporate bonds			1,580				(17	)			24,411				(548	)			25,991				(565	)
Total fixed maturities		$	79,220			$	(2,728	)		$	182,408			$	(7,737	)		$	261,628			$	(10,465	)

The Company regularly performs various analytical valuation procedures with respect to its investments, including reviewing each available for sale debt security in an unrealized loss position to assess whether the decline in fair value below amortized cost basis has resulted from a credit loss or other factors. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for expected credit losses is recorded. Subsequent changes in the allowances are recorded in the period of change as either credit loss expense or reversal of credit loss expense. Any declines in value related to factors other than credit losses and the intent to sell are recorded through other comprehensive income, net of taxes.

10

For fixed maturities, the factors considered in reaching the conclusion that a credit loss exists include, among others, whether:

(1)the extent to which the fair value is less than the amortized cost basis;

(2)the issuer is in financial distress;

(3)the investment is secured;

(4)a significant credit rating action occurred;

(5)scheduled interest payments were delayed or missed;

(6)changes in laws or regulations have affected an issuer or industry;

(7)the investment has an unrealized loss and was identified by the Company’s investment manager as an investment to be sold before recovery or maturity;

(8)the investment failed cash flow projection testing to determine if anticipated principal and interest payments will be realized; and

(9)changes in US Treasury rates and/or credit spreads since original purchase to identify whether the unrealized loss is simply due to interest rate movement.

According to accounting guidance for debt securities in an unrealized loss position, the Company is required to assess whether it has the intent to sell the debt security or more likely than not will be required to sell the debt security before the anticipated recovery. If either of these conditions is met, any allowance for expected credit losses is written off and the amortized cost basis is written down to the fair value of the fixed maturity security with any incremental impairment reported in earnings. The new amortized cost basis shall not be adjusted for subsequent recoveries in fair value. Subject to the risks and uncertainties in evaluating the potential impairment of a security's value, the impairment evaluation conducted by the Company as of June 30, 2026 and December 31, 2025 concluded the unrealized losses in the tables above are non-credit losses on securities where management does not intend to sell, and it is more likely than not that the Company will not be required to sell the security before recovery.

The Company elected the practical expedient to exclude accrued interest from both the fair value and the amortized cost basis of the available for sale debt securities for the purposes of identifying and measuring an impairment and to not measure an allowance for expected credit losses for accrued interest receivables. Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. The Company made an accounting policy election to present the accrued interest receivable balance with other assets on the Company’s consolidated statements of financial position. Accrued interest receivable related to fixed maturities was $4.4 million and $4.8 million as of June 30, 2026 and December 31, 2025, respectively.

The following is a description, by asset type, of the methodology and significant inputs that the Company used to measure the amount of credit loss recognized in earnings, if any:

U.S. treasuries – As of June 30, 2026, gross unrealized losses related to U.S. treasuries were $0.251 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, macroeconomic and market analysis is conducted in evaluating these securities. Consideration is given to the interest rate environment, duration and yield curve management of the portfolio, sector allocation and security selection. Based on the analysis performed, the Company did not recognize a credit loss on U.S. treasuries during the period.

Obligations of states and political subdivisions – As of June 30, 2026, gross unrealized losses related to obligations of states and political subdivisions were $0.347 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, elements that may influence the performance of the municipal bond market are considered in evaluating these securities such as investor expectations, supply and demand patterns, and current versus historical yield and spread relationships. The analysis relies on the output of fixed income credit analysts, as well as dedicated municipal bond analysts who perform extensive in-house fundamental analysis on each issuer, regardless of their rating by the major agencies. Based on the analysis performed, the Company did not recognize a credit loss on obligations of states and political subdivisions during the period.

11

Mortgage-backed securities (“MBS”) – As of June 30, 2026, gross unrealized losses related to mortgage-backed securities were $3.893 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, mortgage-backed securities are modeled to project principal losses under downside, base, and upside scenarios for the economy and home prices. The primary assumption that drives the security and loan level modeling is the Home Price Index (“HPI”) projection. These forecasts incorporate not just national macro-economic trends, but also regional impacts to arrive at the most granular and detailed and comprehensive projections. These assumptions are incorporated into the model as a basis to generate delinquency probabilities, default curves, loss severity curves, and voluntary prepayment curves at the loan level within each deal. The model utilizes HPI-adjusted current loan to value, payment history, loan terms, loan modification history, and borrower characteristics as inputs to generate expected cash flows and principal loss for each bond under various scenarios. Based on the analysis performed, the Company did not recognize a credit loss on mortgage-backed securities during the period.

Asset backed securities (“ABS”) - As of June 30, 2026, gross unrealized losses related to asset backed securities were $4.146 million. The weighted average credit enhancement for the Company’s asset backed portfolio is 31.5. This represents the percentage of pool losses that can occur before an asset backed security will incur its first dollar of principal losses. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, every ABS transaction is analyzed on a stand-alone basis. This analysis involves a thorough review of the collateral, prepayment, and structural risk in each transaction. Additionally, the analysis includes an in-depth credit analysis of the originator and servicer of the collateral. The analysis projects an expected loss for a deal given a set of assumptions specific to the asset type. These assumptions are used to calculate at what level of losses the deal will incur its first dollar of principal loss. The major assumptions used to calculate this ratio are loss severities, recovery lags, and no advances on principal and interest. Based on the analysis performed, the Company did not recognize a credit loss on asset backed securities during the period.

Commercial mortgage-backed securities (“CMBS”) - As of June 30, 2026, gross unrealized losses related to the CMBS portfolio were $1.405 million. The weighted average credit enhancement for the Company’s CMBS portfolio is 31.7. This represents the percentage of pool losses that can occur before a commercial mortgage-backed security will incur its first dollar of principal loss. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, a loan level analysis is utilized where every underlying CMBS loan is re-underwritten based on a set of assumptions reflecting expectations for the future path of the economy. Each loan is analyzed over time using a series of tests to determine if a credit event will occur during the life of the loan. Inherent in this process are several economic scenarios and their corresponding rent/vacancy and capital market states. The five primary credit events that frame the analysis include loan modifications, term default, balloon default, extension, and ability to pay off the balloon. The resulting output is the expected loss adjusted cash flows for each bond under base case and distressed scenarios. Based on the analysis performed, the Company did not recognize a credit loss on commercial mortgage-backed securities during the period.

Corporate bonds - As of June 30, 2026, gross unrealized losses related to corporate bonds were $0.752 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, analysis for this asset class includes maintaining detailed financial models that include a projection of each issuer’s future financial performance, including prospective debt servicing capabilities, capital structure composition, and the value of the collateral. The analysis incorporates the macroeconomic environment, industry conditions in which the issuer operates, the issuer’s current competitive position, its vulnerability to changes in the competitive and regulatory environment, issuer liquidity, issuer commitment to bondholders, issuer creditworthiness, and asset protection. Part of the process also includes running downside scenarios to evaluate the expected likelihood of default as well as potential losses in the event of default. Based on the analysis performed, the Company did not recognize a credit loss on corporate bonds during the period.

Foreign bonds – As of June 30, 2026, gross unrealized losses related to foreign bonds were $0.568 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, detailed financial models are maintained that include a projection of each issuer’s future financial performance, including prospective debt servicing capabilities, capital structure composition, and the value of the collateral. The analysis incorporates the macroeconomic environment, industry conditions in which the issuer operates, the issuer’s current competitive position, its vulnerability to changes in the competitive and regulatory environment, issuer liquidity, issuer commitment to bondholders, issuer creditworthiness, and asset protection. Part of the process also includes running downside scenarios to evaluate the expected likelihood of default as well as potential losses in the event of default. Based on the analysis performed, the Company did not recognize a credit loss on foreign bonds during the period.

12

The Company has evaluated its investment portfolio and has determined that an allowance for expected credit losses on its investments is not required.

Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated other comprehensive income (loss), net of tax, as of June 30, 2026 and December 31, 2025 were as follows:

(Dollars in thousands)		June 30, 2026				December 31, 2025
Net unrealized gains (losses) from:
Fixed maturities		$	(8,382	)		$	(4,808	)
Foreign currency fluctuations			(81	)			(140	)
Deferred taxes			1,697				948
Accumulated other comprehensive income (loss), net of tax		$	(6,766	)		$	(4,000	)

The following tables present the changes in accumulated other comprehensive income (loss), by components, for the quarters and six months ended June 30, 2026 and 2025:

Quarter Ended June 30, 2026 (Dollars in thousands)		Unrealized Gains and Losses on Available for Sale Securities				Foreign Currency Items				Accumulated Other Comprehensive Income (Loss)
Beginning balance, net of tax		$	(6,526	)		$	(70	)		$	(6,596	)
Other comprehensive income (loss) before reclassification, before tax			(275	)			7				(268	)
Amounts reclassified from accumulated other comprehensive income (loss), before tax			46				—				46
Other comprehensive income (loss), before tax			(229	)			7				(222	)
Income tax benefit (expense)			53				(1	)			52
Ending balance, net of tax		$	(6,702	)		$	(64	)		$	(6,766	)

Quarter Ended June 30, 2025 (Dollars in thousands)		Unrealized Gains and Losses on Available for Sale Securities				Foreign Currency Items				Accumulated Other Comprehensive Income (Loss)
Beginning balance, net of tax		$	(6,644	)		$	(269	)		$	(6,913	)
Other comprehensive income before reclassification, before tax			2,643				156				2,799
Amounts reclassified from accumulated other comprehensive income (loss), before tax			34				—				34
Other comprehensive income, before tax			2,677				156				2,833
Income tax expense			(545	)			(32	)			(577	)
Ending balance, net of tax		$	(4,512	)		$	(145	)		$	(4,657	)

Six Months Ended June 30, 2026 (Dollars in thousands)		Unrealized Gains and Losses on Available for Sale Securities				Foreign Currency Items				Accumulated Other Comprehensive Income (Loss)
Beginning balance, net of tax		$	(3,889	)		$	(111	)		$	(4,000	)
Other comprehensive income (loss) before reclassification, before tax			(3,599	)			59				(3,540	)
Amounts reclassified from accumulated other comprehensive income (loss), before tax			25				—				25
Other comprehensive income (loss), before tax			(3,574	)			59				(3,515	)
Income tax benefit (expense)			761				(12	)			749
Ending balance, net of tax		$	(6,702	)		$	(64	)		$	(6,766	)

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Six Months Ended June 30, 2025 (Dollars in thousands)		Unrealized Gains and Losses on Available for Sale Securities				Foreign Currency Items				Accumulated Other Comprehensive Income (Loss)
Beginning balance, net of tax		$	(10,205	)		$	(205	)		$	(10,410	)
Other comprehensive income before reclassification, before tax			7,120				75				7,195
Amounts reclassified from accumulated other comprehensive income (loss), before tax			21				—				21
Other comprehensive income, before tax			7,141				75				7,216
Income tax expense			(1,448	)			(15	)			(1,463	)
Ending balance, net of tax		$	(4,512	)		$	(145	)		$	(4,657	)

The reclassifications out of accumulated other comprehensive income (loss) for the quarters and six months ended June 30, 2026 and 2025 were as follows:

				Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
(Dollars in thousands)				Quarters Ended June 30,
Details about Accumulated Other Comprehensive Income (Loss) Components		Affected Line Item in the Consolidated Statements of Operations		2026				2025
Unrealized gains and losses on available for sale securities		Other net realized investment losses		$	46			$	34
		Income tax benefit			(10	)			(1	)
		Total reclassifications, net of tax		$	36			$	33

				Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
(Dollars in thousands)				Six Months Ended June 30,
Details about Accumulated Other Comprehensive Income (Loss) Components		Affected Line Item in the Consolidated Statements of Operations		2026				2025
Unrealized gains and losses on available for sale securities		Other net realized investment losses		$	25			$	21
		Income tax expense (benefit)			(3	)			2
		Total reclassifications, net of tax		$	22			$	23

Net Realized Investment Gains (Losses)

The components of net realized investment gains (losses) for the quarters and six months ended June 30, 2026 and 2025 were as follows:

		Quarters Ended June 30,								Six Months Ended June 30,
(Dollars in thousands)		2026				2025				2026				2025
Fixed maturities:
Gross realized gains		$	40			$	47			$	64			$	61
Gross realized losses			(86	)			(81	)			(89	)			(82	)
Net realized gains (losses)			(46	)			(34	)			(25	)			(21	)
Equity securities:
Gross realized gains			323				161				328				284
Gross realized losses			(79	)			—				(2,348	)			—
Net realized gains (losses)			244				161				(2,020	)			284
Total net realized investment gains (losses)		$	198			$	127			$	(2,045	)		$	263

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The following table shows the calculation of the portion of realized gains and losses related to equity securities held as of June 30, 2026 and 2025:

		Quarters Ended June 30,								Six Months Ended June 30,
(Dollars in thousands)		2026				2025				2026				2025
Net gains (losses) recognized during the period on equity securities		$	244			$	161			$	(2,020	)		$	284
Less: net gains (losses) recognized during the period on equity securities sold during the period			—				—				(1,075	)			—
Unrealized gains (losses) recognized during the reporting period on equity securities still held		$	244			$	161			$	(945	)		$	284

The proceeds from sales and redemptions of available for sale and equity securities resulting in net realized investment gains (losses) for the six months ended June 30, 2026 and 2025 were as follows:

		Six Months Ended June 30,
(Dollars in thousands)		2026				2025
Fixed maturities		$	162,919			$	87,361
Equity securities			3,550				—

Net Investment Income

The sources of net investment income for the quarters and six months ended June 30, 2026 and 2025 were as follows:

		Quarters Ended June 30,								Six Months Ended June 30,
(Dollars in thousands)		2026				2025				2026				2025
Fixed maturities		$	13,620			$	14,909			$	27,386			$	29,296
Equity securities			602				169				1,189				285
Cash and cash equivalents			445				750				821				1,606
Other invested assets			2,244				(608	)			282				(694	)
Total investment income			16,911				15,220				29,678				30,493
Investment expense			(550	)			(513	)			(1,099	)			(1,004	)
Net investment income		$	16,361			$	14,707			$	28,579			$	29,489

The Company’s total investment return on a pre-tax basis for the quarters and six months ended June 30, 2026 and 2025 were as follows:

		Quarters Ended June 30,								Six Months Ended June 30,
(Dollars in thousands)		2026				2025				2026				2025
Net investment income		$	16,361			$	14,707			$	28,579			$	29,489
Net realized investment gains (losses)			198				127				(2,045	)			263
Change in unrealized holding gains (losses)			(222	)			2,833				(3,515	)			7,216
Net realized and unrealized investment returns			(24	)			2,960				(5,560	)			7,479
Total investment return		$	16,337			$	17,667			$	23,019			$	36,968
Total investment return % (1)			1.2	%			1.2	%			1.6	%			2.6	%
Average investment portfolio (2)		$	1,381,084			$	1,432,379			$	1,395,935			$	1,436,827

(1)Not annualized.

(2)Average of total cash and invested assets, net of receivable/payable for securities, as of the beginning and end of the period.

As of June 30, 2026 and December 31, 2025, the Company did not own any fixed maturity securities that were non-income producing for the preceding twelve months.

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Bonds Held on Deposit

Certain cash and cash equivalents and bonds available for sale were deposited with various governmental authorities in accordance with statutory requirements, were held as collateral, or were held in trust. The fair values were as follows as of June 30, 2026 and December 31, 2025:

		Estimated Fair Value
(Dollars in thousands)		June 30, 2026				December 31, 2025
On deposit with governmental authorities		$	19,595			$	19,919
Held in trust pursuant to assumed reinsurance contracts			107,820				105,756
Total (1)		$	127,415			$	125,675

(1)Includes cash and cash equivalents of $5.6 million and $5.8 million at June 30, 2026 and December 31, 2025, respectively, with the remainder related to bonds available for sale.

Variable Interest Entities

A Variable Interest Entity (“VIE”) refers to an investment in which an investor holds a controlling interest that is not based on the majority of voting rights. Under the VIE model, the party that has the power to exercise significant management influence and maintain a controlling financial interest in the entity’s economics is said to be the primary beneficiary, and is required to consolidate the entity within their results. Other entities that participate in a VIE, for which their financial interests fluctuate with changes in the fair value of the investment entity’s net assets but do not have significant management influence and the ability to direct the VIE’s significant economic activities are said to have a variable interest in the VIE but do not consolidate the VIE in their financial results.

The Company has interests in three limited partnership investments with an aggregate carrying value approximating fair value of $9.1 million and $17.1 million as of June 30, 2026 and December 31, 2025. These investments are accounted for under the equity method. The Company has a variable interest in two of these limited partnership investments (each with an ownership interest exceeding 3%), for which it is not the primary beneficiary.

The carrying value of one of the Company’s VIEs, the European Non-Performing Loan Fund, LP, which invests in distressed securities and assets, was $1.2 million and $1.7 million as of June 30, 2026 and December 31, 2025, respectively. The Company’s maximum loss exposure from this VIE, which factors in future funding commitments of $11.2 million, was $12.4 million and $12.9 million as of June 30, 2026 and December 31, 2025, respectively. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively. The carrying value and maximum loss exposure of a second VIE, the Mortgage Debt Fund, LP, which invests in Real Estate Investment Trust (“REIT”) qualifying assets was $5.0 million and $6.0 million as of June 30, 2026 and December 31, 2025, respectively. The Company’s investment in VIEs is included in other invested assets on the consolidated balance sheets with changes in carrying value recorded in the consolidated statements of operations.

3.Fair Value Measurements

The accounting standards related to fair value measurements define fair value, establish a framework for measuring fair value, outline a fair value hierarchy based on inputs used to measure fair value, and enhance disclosure requirements for fair value measurements. These standards do not change existing guidance as to whether or not an instrument is carried at fair value. The Company has determined that its fair value measurements are in accordance with the requirements of these accounting standards.

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The Company’s invested assets are carried at their fair value and are categorized based upon a fair value hierarchy:

•Level 1 – inputs utilize quoted prices (unadjusted) in active markets for identical assets that the Company has the ability to access at the measurement date.

•Level 2 – inputs utilize other than quoted prices included in Level 1 that are observable for similar assets, either directly or indirectly.

•Level 3 – inputs are unobservable for the asset, and include situations where there is little, if any, market activity for the asset.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset.

The following table presents information about the Company’s invested assets measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.

		Fair Value Measurements
As of June 30, 2026 (Dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Fixed maturities:
U.S. treasuries		$	562,278			$	—			$	—			$	562,278
Obligations of states and political subdivisions			—				9,259				—				9,259
Mortgage-backed securities			—				217,149				—				217,149
Commercial mortgage-backed securities			—				79,304				—				79,304
Asset-backed securities			—				200,665				—				200,665
Corporate bonds			—				157,576				—				157,576
Foreign corporate bonds			—				60,493				—				60,493
Total fixed maturities			562,278				724,446				—				1,286,724
Equity securities			15,418				8,185				—				23,603
Total assets measured at fair value		$	577,696			$	732,631			$	—			$	1,310,327

		Fair Value Measurements
As of December 31, 2025 (Dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Fixed maturities:
U.S. treasuries		$	640,629			$	—			$	—			$	640,629
Obligations of states and political subdivisions			—				14,165				—				14,165
Mortgage-backed securities			—				199,060				—				199,060
Commercial mortgage-backed securities			—				56,828				—				56,828
Asset-backed securities			—				137,268				—				137,268
Corporate bonds			—				199,193				—				199,193
Foreign corporate bonds			—				78,359				—				78,359
Total fixed maturities			640,629				684,873				—				1,325,502
Equity securities			21,006				12,667				—				33,673
Total assets measured at fair value		$	661,635			$	697,540			$	—			$	1,359,175

The securities classified as Level 1 in the above tables consist of U.S. treasuries and equity securities actively traded on an exchange.

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The securities classified as Level 2 in the above tables consist primarily of fixed maturities and preferred stocks. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities and preferred stocks, security prices are derived through recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information. If there are no recent reported trades, matrix or model processes are used to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Included in the pricing of asset-backed securities, collateralized mortgage obligations, and mortgage-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment speeds previously experienced at the interest rate levels projected for the underlying collateral.

Financial Instruments not Carried at Fair Value

Other invested assets consist of limited partnerships whose carrying value approximates fair value. The Company uses the equity method to account for investments in limited partnerships, which requires that its cost basis be updated to account for the income or loss earned on the investment. These investments are booked on a one quarter lag due to non-availability of data at the time the financial statements are prepared. The investment income (loss) associated with the limited partnerships is reflected in the consolidated statements of operations in the amounts of $2.2 million and ($0.6) million for the quarters ended June 30, 2026 and 2025, respectively, and $0.3 million and ($0.7) million for the six months ended June 30, 2026 and 2025, respectively.

The following table provides the carrying value and future funding commitments related to these investments at June 30, 2026 and December 31, 2025.

		June 30, 2026								December 31, 2025
(Dollars in thousands)		Carrying Value				Future Funding Commitment				Carrying Value				Future Funding Commitment
European Non-Performing Loan Fund, LP (1)		$	1,202			$	11,214			$	1,728			$	11,214
Mortgage Debt Fund, LP (2)			5,022				—				6,036				—
Global Debt Fund, LP (3)			2,884				—				9,333				—
Total		$	9,108			$	11,214			$	17,097			$	11,214

(1)This limited partnership invests in distressed securities and assets through senior and subordinated, secured and unsecured debt and equity, in both public and private large-cap and middle-market companies. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. As of June 30, 2026, the Company has an unfunded commitment of $11.2 million. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively.

(2)This limited partnership invests in REIT qualifying assets such as mortgage loans, investor property loans, and commercial mortgage loans. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets.

(3)This limited partnership invests in performing, stressed or distressed securities and loans across the global fixed income markets as well as other securities that offer attractive investment opportunities. The Company does have the contractual option to withdraw all or a portion of its limited partnership interest by providing notice to the fund. On July 31, 2023, the Company provided the Global Debt Fund, LP with a formal withdrawal request to fully redeem the partnership interest. Partial redemption proceeds of $6.5 million and $4.4 million were received during the six months ended June 30, 2026 and 2025, respectively.

Pricing

The Company’s pricing vendors provide prices for all investment categories except for investments in limited partnerships. Two primary vendors are utilized to provide prices for equity and fixed maturity securities.

The following is a description of the valuation methodologies used by the Company’s pricing vendors for investment securities carried at fair value:

•Equity security prices are received from primary and secondary exchanges.

•Corporate and agency bonds, as well as preferred stock, are evaluated by utilizing a spread to a benchmark curve. Bonds with similar characteristics are grouped into specific sectors. Inputs for both asset classes consist of trade prices, broker quotes, the new issue market, and prices on comparable securities.

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•Data from commercial vendors is aggregated with market information, then converted into an option adjusted spread (“OAS”) matrix and prepayment model used for collateralized mortgage obligations (“CMO”). CMOs are categorized with mortgage-backed securities in the tables listed above. For asset-backed securities, spread data is derived from trade prices, dealer quotations, and research reports. For both asset classes, evaluations utilize standard inputs plus new issue data, and collateral performance. The evaluated pricing models incorporate cash flows, broker quotes, market trades, historical prepayment speeds, and dealer projected speeds.

•For obligations of state and political subdivisions, an attribute-based modeling system is used. The pricing model incorporates trades, market clearing yields, market color, and fundamental credit research.

•U.S. treasuries are evaluated by obtaining feeds from a number of live data sources including primary and secondary dealers as well as inter-dealer brokers.

•For mortgage-backed securities, various external analytical products are utilized and purchased from commercial vendors.

The Company performs certain procedures to validate whether the pricing information received from the pricing vendors is reasonable, to ensure that the fair value determination is consistent with accounting guidance, and to ensure that its assets are properly classified in the fair value hierarchy. The Company’s procedures include, but are not limited to:

•Reviewing periodic reports provided by the Investment Manager that provides information regarding rating changes and securities placed on watch. This procedure allows the Company to understand why a particular security’s market value may have changed or may potentially change.

•Understanding and periodically evaluating the various pricing methods and procedures used by the Company’s pricing vendors to ensure that investments are properly classified within the fair value hierarchy.

•On a quarterly basis, the Company corroborates investment security prices received from its pricing vendors by obtaining pricing from a second pricing vendor for a sample of securities.

During the quarters and six months ended June 30, 2026 and 2025, the Company has not adjusted quotes or prices obtained from the pricing vendors.

4. Allowance for Expected Credit Losses - Premium Receivables and Reinsurance Receivables

For premium receivables, the allowance is based upon the Company’s ongoing review of key aspects of amounts outstanding, including but not limited to, length of collection periods, direct placement with collection agencies, solvency of insured, agents, or reinsurers on assumed reinsurance, terminated agents, and other relevant factors.

The following table is an analysis of the allowance for expected credit losses related to the Company's premium receivables for the quarters and six months ended June 30, 2026 and 2025:

		Quarters Ended June 30,								Six Months Ended June 30,
(Dollars in thousands)		2026				2025				2026				2025
Beginning balance		$	3,687			$	3,475			$	3,640			$	3,530
Current period provision for expected credit losses			178				(66	)			271				(79	)
Write-offs			(4	)			(38	)			(50	)			(80	)
Ending balance		$	3,861			$	3,371			$	3,861			$	3,371

For reinsurance receivables, the allowance is based upon the Company’s ongoing review of key aspects of amounts outstanding, including but not limited to, length of collection periods, disputes, applicable coverage defenses, insolvent reinsurers, financial strength of solvent reinsurers based on AM Best Ratings and other relevant factors.

The allowance for expected credit losses related to the Company's reinsurance receivables was $1.5 million at June 30, 2026 and December 31, 2025.

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5. Income Taxes

Global Indemnity Group, LLC is a publicly traded partnership for U.S. federal income tax purposes and meets the qualifying income exception to maintain partnership status. As a publicly traded partnership, Global Indemnity Group, LLC is generally not subject to federal income tax and most state income taxes. However, income earned by the subsidiaries of Global Indemnity Group, LLC is subject to corporate tax in the United States and certain foreign jurisdictions.

The Company conducts business in the United States where the statutory income tax rate is 21% and performs certain functions in Ireland where the statutory income tax rate is 12.5% on trading income, and in Israel, where the statutory income tax rate is 23%. The statutory income tax rate of each country is applied against the expected annual taxable income of the Company in each country to estimate the annual income tax expense.

The Company uses the estimated annual effective tax rate method for calculating its interim tax provision. These rates are revised, if necessary, at the end of each successive interim period to reflect current estimates of the annual effective tax rates.

The effective tax rate was 23.2% and 23.1% for the quarter and six months ended June 30, 2026, respectively. The effective tax rate is higher than the statutory tax rate of 21% primarily due to state income taxes and non-deductible executive compensation offset partially by Global Indemnity Group, LLC’s income being treated as a partnership for tax.

The effective tax rate of 21.2% for the quarter ended June 30, 2025 was higher than the statutory tax rate of 21% primarily due to non-deductible executive compensation offset partially by Global Indemnity Group, LLC’s income being treated as a partnership for tax.

The effective tax rate of 20.9% for the six months ended June 30, 2025 was lower than the statutory tax rate of 21% primarily due to Global Indemnity Group, LLC’s income being treated as a partnership for tax offset partially by non-deductible executive compensation.

6. Liability for Unpaid Losses and Loss Adjustment Expenses

Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows:

		Quarters Ended June 30,								Six Months Ended June 30,
(Dollars in thousands)		2026				2025				2026				2025
Balance at beginning of period		$	747,143			$	794,848			$	750,191			$	800,391
Less: ceded reinsurance receivables			62,789				62,731				60,898				60,754
Net balance at beginning of period			684,354				732,117				689,293				739,637
Net losses and loss adjustment expenses related to:
Current year			53,047				52,946				106,908				119,681
Prior years			—				2				—				5
Total net losses and loss adjustment expenses			53,047				52,948				106,908				119,686
Paid net losses and loss adjustment expenses related to:
Current year			8,971				15,785				19,462				33,776
Prior years			71,490				52,631				119,799				108,898
Total paid net losses and loss adjustment expenses			80,461				68,416				139,261				142,674
Net balance at end of period			656,940				716,649				656,940				716,649
Plus: ceded reinsurance receivables			61,575				59,478				61,575				59,478
Balance at end of period		$	718,515			$	776,127			$	718,515			$	776,127

When analyzing unpaid losses and loss adjustment expenses ("loss reserves") and prior year development, the Company considers many factors, including the frequency and severity of claims, loss trends, case reserve settlements that may have resulted in significant development, and any other additional or pertinent factors that may impact reserve estimates.

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During the second quarter of 2026, the Company's adjustments to prior accident year loss reserves netted to zero for both Belmont Insurance Companies - Core (“Belmont Core”) and Belmont Insurance Companies - Non-Core ("Belmont Non-Core").

•Belmont Core's adjustments to prior accident year loss reserves consist of (i) $21.5 million decrease for property lines primarily related to the 2023 through 2025 accident years and (ii) $21.5 million increase for casualty lines primarily related to the 2020 through 2022 COVID period accident years resulting from terminated products.

•Belmont Non-Core's adjustments to prior accident year loss reserves consist of (i) $3.1 million decrease for property lines primarily related to 2017 through 2023 accident years and (ii) $3.1 million increase for casualty lines primarily related to 2019 through 2023 accidents years.

During the second quarter of 2025, the Company's adjustments to prior accident year loss reserves netted to an increase of less than $0.1 million.

•Belmont Core had an increase of $1.4 million consisting of (i) $4.2 million decrease for property lines primarily related to the 2022 through 2024 accident years and (ii) $5.6 million increase for casualty lines primarily related to the 2020 through 2022 COVID period accident years resulting from terminated products.

•Belmont Non-Core had a decrease of $1.4 million mainly driven by its property lines for the 2020 through 2022 accident years.

During the first six months of 2026, the Company's adjustments to prior accident year loss reserves netted to zero for both Belmont Core and Belmont Non-Core.

•Belmont Core's adjustments to prior accident year loss reserves consist of (i) $21.5 million decrease for property lines primarily related to the 2023 through 2025 accident years and (ii) $21.5 million increase for casualty lines primarily related to the 2020 through 2022 COVID period accident years resulting from terminated products.

•Belmont Non-Core's adjustments to prior accident year loss reserves consist of (i) $3.2 million decrease for property lines primarily related to 2017 through 2023 accident years and (ii) $3.2 million increase for casualty lines primarily related to 2019 through 2023 accidents years.

During the first six months of 2025, the Company's adjustments to prior accident year loss reserves netted to an increase of less than $0.1 million.

•Belmont Core had an increase of $1.4 million consisting of (i) $4.6 million decrease for property lines primarily related to the 2022 through 2024 accident years and (ii) $6.0 million increase for casualty lines primarily related to the 2020 through 2022 COVID period accident years resulting from terminated products.

•Belmont Non-Core had a decrease of $1.4 million mainly driven by its property lines for the 2020 through 2022 accident years.

7. Share-Based Compensation Plans

Options

The Company granted 50,000 time-based stock options during each of the six months ended June 30, 2026 and 2025 at an exercise price of $28.74 and $36.25 per share, respectively, and both stock option grants will vest on December 31, 2028. No stock options were granted during the quarters ended June 30, 2026 or 2025. No unvested stock options were forfeited during the quarters and six months ended June 30, 2026 or 2025.

Restricted Shares

During the quarters ended June 30, 2026 and 2025, the Company granted 31,487 and 21,640 class A common shares, respectively, at a weighted average grant date value of $26.01 and $29.73 per share, respectively, to non-employee directors of the Company under the Global Indemnity Group, LLC 2023 Share Incentive Plan. During the six months ended June 30, 2026 and 2025, the Company granted 59,775 and 38,129 class A common shares, respectively, at a weighted average grant

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date value of $27.04 and $32.05 per share, respectively, to non-employee directors of the Company under the Plan. All shares granted to non-employee directors of the Company are fully vested but are subject to certain restrictions.

Class A Common Shares Designated as Class A-2 Common Shares

The Company granted 230,000 non-vested class A common shares designated as class A-2 common shares to officers and a director of the Company in the first quarter of 2026. These shares represent an interest in the profits of the Company in excess of a threshold amount of $391.2 million. These shares vest solely upon the occurrence of a change of control subject to continued service and have an aggregate grant date fair value of $2.4 million. Compensation expense of $2.4 million will be recognized only upon the occurrence of a change of control. No compensation cost was recognized during the quarter and six months ended June 30, 2026.

The Company granted 550,000 class A common shares designated as class A-2 common shares with a threshold amount of $475.3 million to Fox Paine & Company, LLC in the first quarter of 2025. These shares have a grant date fair value of $11.0 million and additional consideration of $0.2 million in cash. Of the grant date fair value, $2.7 million was recorded in the first quarter of 2025. The remaining $8.3 million will be recognized, if at all, upon the occurrence of a change of control transaction. See Note 8 for additional information regarding the 550,000 class A common shares designated as class A-2 common shares issued to Fox Paine & Company, LLC.

Please see Note 13 of the notes to the consolidated financial statements in Item 8 of Part II of the Company’s 2025 Annual Report on Form 10-K for additional information on class A common shares designated as class A-2 common shares.

8. Related Party Transactions

Fox Paine Entities

Pursuant to Global Indemnity Group, LLC’s Third Amended and Restated Limited Liability Company Agreement (“LLCA”), as amended, Fox Paine Capital Fund II International, L.P. (the “Fox Paine Fund”), together with Fox Mercury Investments, L.P. and certain of its affiliates (the “FM Entities”), and Fox Paine & Company LLC (collectively, the “Fox Paine Entities”) currently constitute a Class B Majority Shareholder (as defined in the LLCA) and, as such, have the right to appoint a number of Global Indemnity Group, LLC’s directors equal in aggregate to the pro rata percentage of the voting power in Global Indemnity Group, LLC beneficially held by the Fox Paine Entities, rounded up to the nearest whole number of directors. The Fox Paine Entities beneficially own shares representing approximately 83.8% of the voting power of Global Indemnity Group, LLC as of June 30, 2026. The Fox Paine Entities control the appointment or election of all of Global Indemnity Group, LLC’s Directors due to the LLCA and their controlling share ownership. Global Indemnity Group, LLC’s Chairman is the Chief Executive and founder of Fox Paine & Company, LLC.

Management fee expense of $0.8 million was incurred during each of the quarters ended June 30, 2026 and 2025 and management fee expense of $1.7 million and $1.6 million were incurred during the six months ended June 30, 2026 and 2025, respectively. Prepaid management fees, which were included in other assets on the consolidated balance sheets, were $0.6 million and $2.3 million as of June 30, 2026 and December 31, 2025, respectively.

In addition, Fox Paine & Company, LLC may also propose and negotiate transaction fees with the Company subject to the provisions of the Company’s related party transaction and conflict matter policies, including approval of Global Indemnity Group, LLC’s Conflicts Committee of the Board of Directors, for those services from time to time. Each of the Company’s transactions with Fox Paine & Company, LLC are reviewed and approved by Global Indemnity Group, LLC’s Conflicts Committee, which is composed of Disinterested Directors (as defined in the LLCA), and upon the recommendation of the Conflicts Committee, the Board of Directors (Saul A. Fox, Chairman of the Board of Directors of Global Indemnity Group, LLC and Chief Executive of Fox Paine & Company, LLC, is not a member of the Conflicts Committee and recused himself from deliberations related to fees paid to Fox Paine & Company, LLC or its affiliates).

Advisory Fee related to Internal Reorganization

Fox Paine & Company, LLC conceived, designed, and directed the Company's successful completion of an extensive reorganization of its business in December 2024. The reorganization was designed to:

22

•Establish separate, distinctly branded agency businesses for each business division (Wholesale Commercial, Vacant Express, Collectibles and Specialty Products) to strengthen branding, attract talent and deepen distribution relationships.

•Create stand-alone business for technology (Kaleidoscope Insurance Technologies, Inc.), and claims services (Liberty Insurance Adjustment Agency, Inc.) that support Belmont Holdings and are positioned to offer services to other insurance industry participants.

•De-stack the insurance companies within Belmont Holdings, resulting in an increased consolidated surplus and more efficient management of capital and liquidity.

On March 6, 2025, upon the recommendation of the Conflicts Committee of the Board of Directors, Global Indemnity Group, LLC’s Board of Directors (other than Joseph Brown, Chief Executive Officer of Global Indemnity Group, LLC, who recused himself due to his inherent conflict of interest in approving a compensation matter for Fox Paine) approved the issuance of 550,000 class A common shares designated as class A-2 common shares with a grant date fair value of $11.0 million and additional consideration of $0.2 million in cash for services performed in connection with the Company’s internal corporate reorganization. Of the grant date fair value of the class A common shares designated as class A-2 common shares, $2.7 million was recorded in the first quarter of 2025. The remaining $8.3 million will be recognized, if at all, upon a Change of Control Transaction. See Note 7 for additional information regarding the 550,000 class A common shares designated as class A-2 common shares.

9. Commitments and Contingencies

Legal Proceedings

The Company is, from time to time, involved in various legal proceedings in the ordinary course of business. The Company maintains insurance and reinsurance coverage for such risks in amounts that it considers adequate. However, there can be no assurance that the insurance and reinsurance coverage that the Company maintains is sufficient or will be available in adequate amounts or at a reasonable cost. The Company does not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material adverse effect on its business, results of operations, cash flows, or financial condition.

There is a greater potential for disputes with reinsurers who are in runoff. Some of the Company’s reinsurers have operations that are in runoff, and therefore, the Company closely monitors those relationships. The Company anticipates that, similar to the rest of the insurance and reinsurance industry, it will continue to be subject to litigation and arbitration proceedings in the ordinary course of business.

Commitments

In 2014, the Company entered into a $50 million commitment to purchase an alternative investment vehicle which is comprised of European non-performing loans. As of June 30, 2026, the Company has an unfunded commitment of $11.2 million. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively.

Other Commitments

The Company is party to a Management Agreement, as amended, with Fox Paine & Company, LLC, whereby in connection with certain management services provided to it by Fox Paine & Company, LLC, the Company agreed to pay an annual management fee to Fox Paine & Company, LLC. See Note 8 above for additional information pertaining to this management agreement.

23

10. Shareholders' Equity

Repurchases of the Company's class A common shares

No class A common shares were surrendered, repurchased, or redeemed during the quarters and six months ended June 30, 2026 and 2025. As of June 30, 2026, the Company’s remaining authorization to repurchase shares is $101.0 million.

Please see Note 13 of the notes to the consolidated financial statements in Item 8 of Part II of the Company’s 2025 Annual Report on Form 10-K for more information on the Company’s repurchase program.

Distributions

Quarterly distribution payments of $0.35 per common share were declared during the six months ended June 30, 2026 as follows:

Approval Date		Record Date		Payment Date		Total Distributions Declared (Dollars in thousands)
March 5, 2026		March 20, 2026		March 30, 2026		$	5,023
June 3, 2026		June 18, 2026		June 29, 2026			5,032
Total						$	10,055

Quarterly distribution payments of $0.35 per common share were declared during the six months ended June 30, 2025 as follows:

Approval Date		Record Date		Payment Date		Total Distributions Declared (Dollars in thousands)
March 6, 2025		March 21, 2025		March 28, 2025		$	4,990
June 5, 2025		June 20, 2025		June 27, 2025			4,997
Total						$	9,987

In addition, distributions paid to Global Indemnity Group, LLC's preferred shareholder were $0.1 million in each of the quarters ended June 30, 2026 and 2025 and $0.2 million in each of the six months ended June 30, 2026 and 2025.

There were no accrued distributions related to common shares as of June 30, 2026 and December 31, 2025. Accrued preferred distributions were less than $0.1 million as of both June 30, 2026 and December 31, 2025 and were included in other liabilities on the consolidated balance sheets.

Please see Note 13 of the notes to the consolidated financial statements in Item 8 of Part II of the Company’s 2025 Annual Report on Form 10-K for more information on the Company’s distribution program.

24

11. Earnings Per Share

Earnings per share was computed using the weighted average number of common shares and common share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share attributable to class A common shares, class A common shares designated as class A-2 common shares, and class B common shares:

		Quarters Ended June 30,								Six Months Ended June 30,
(Dollars in thousands, except share and per share data)		2026				2025				2026				2025
Numerator:
Net income		$	11,082			$	10,344			$	15,328			$	6,355
Less: preferred stock distributions			110				110				220				220
Net income available to common shareholders		$	10,972			$	10,234			$	15,108			$	6,135
Denominator:
Weighted average shares for basic earnings per share			14,379,473				14,274,926				14,365,391				14,072,225
Options			46,363				66,325				50,291				88,413
Weighted average shares for diluted earnings per share			14,425,836				14,341,251				14,415,682				14,160,638
Net income per share available to common shareholders
Basic		$	0.76			$	0.72			$	1.05			$	0.44
Diluted		$	0.76			$	0.71			$	1.05			$	0.43

The weighted average shares used to compute basic and diluted earnings per share for the quarter and six months ended June 30, 2026 do not include 230,000 non-vested class A common shares designated as class A-2 common shares. Holders of these shares are not entitled to distributions or participation in earnings prior to vesting and therefore are excluded from basic earnings per share. In addition, these shares vest only upon the occurrence of a change of control transaction subject to continued service. Because no change of control occurred during the six months ended June 30, 2026, the vesting contingency was not satisfied and the shares were excluded from diluted earnings per share. Additionally, the weighted average shares outstanding used to determine dilutive earnings per share does not include options of 650,000 for both the quarter and six months ended June 30, 2026, and 483,338 options and 283,338 options for the quarter and six months ended June 30, 2025, respectively, which were deemed to be anti-dilutive.

12. Segment Information

The Company manages its operations through three reportable segments:

•Agency and Insurance Services includes (i) four agencies focused on sourcing, underwriting, and servicing primary and assumed reinsurance business; and (ii) three specialized insurance service businesses providing technology, AI-enabled marketplace and claims services.

•Belmont Core - insurance company operations for ongoing direct insurance and assumed reinsurance products written in the excess and surplus lines marketplace.

•Belmont Non-Core - insurance company operations for lines of business that have been de-emphasized or are no longer being written.

Certain entities within the Agency and Insurance Services segment executed new affiliated service agreements with Belmont Holdings GX, Inc. and its insurance company subsidiaries effective January 1, 2025.

25

The Company's segments are reported on a stand-alone basis. Intercompany transactions are eliminated in consolidation.

The Company analyzes the operating performance of each segment using the segment’s income (loss). Segment income (loss) does not equate to “net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company's Chief Operating Decision Maker ("CODM"), the Chief Executive Officer of Global Indemnity Group, LLC, to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below.

The following are tabulations of business segment information for the quarters and six months ended June 30, 2026 and 2025. Corporate information is included to reconcile segment data to the consolidated financial statements.

Quarter Ended June 30, 2026 (Dollars in thousands)		Agency and Insurance Services				Belmont Core				Belmont Non-Core				Elimination				Total
Revenues:
Gross written premiums		$	—			$	117,257			$	(161	)		$	—			$	117,096
Net written premiums		$	—			$	114,134			$	(163	)		$	—			$	113,971
Net earned premiums		$	—			$	98,834			$	(145	)		$	—			$	98,689
Commission and service fee income (1)			13,752				—				—				(13,412	)			340
Policy and installment fee income			523				—				(9	)			—				514
Total segment revenues			14,275				98,834				(154	)			(13,412	)			99,543
Reconciliation of revenue
Net investment income																			16,361
Net realized investment gains																			198
Total consolidated revenues																		$	116,102
Less: (2)
Net losses and loss adjustment expenses			—				53,480				(105	)			(328	)			53,047
Net commission expenses			—				34,615				(84	)			(10,482	)			24,049
Other operating expenses (3)			12,916				7,365				60				(2,602	)			17,739
Income (loss) from segments		$	1,359			$	3,374			$	(25	)		$	—			$	4,708
Reconciliation of segment profit (loss)
Unallocated items:
Net investment income																			16,361
Net realized investment gains																			198
Corporate expenses																			(6,842	)
Income before income taxes																			14,425
Income tax expense																			3,343
Net income																		$	11,082
Segment assets		$	46,112			$	170,355			$	75,026			$	(15,704	)			275,789
Corporate assets																			1,447,704
Total assets																		$	1,723,493

(1)Consists of intersegment revenues of $13.4 million, which are eliminated in consolidation, and third party commission and service fee income of $0.3 million in 2026.

(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3)Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting and distribution activities.

26

Quarter Ended June 30, 2025 (Dollars in thousands)		Agency and Insurance Services				Belmont Core				Belmont Non-Core				Elimination				Total
Revenues:
Gross written premiums		$	—			$	109,819			$	(3,018	)		$	—			$	106,801
Net written premiums		$	—			$	106,873			$	(2,959	)		$	—			$	103,914
Net earned premiums		$	—			$	97,513			$	(2,367	)		$	—			$	95,146
Commission and service fee income (1)			14,851				—				—				(14,851	)			—
Policy and installment fee income			499				—				41				—				540
Total segment revenues			15,350				97,513				(2,326	)			(14,851	)			95,686
Reconciliation of revenue
Net investment income																			14,707
Net realized investment gains																			127
Total consolidated revenues																		$	110,520
Less: (2)
Net losses and loss adjustment expenses			—				56,109				(2,829	)			(332	)			52,948
Net commission expenses			—				34,079				(780	)			(11,456	)			21,843
Other operating expenses (3)			13,042				4,591				502				(3,063	)			15,072
Income from segments		$	2,308			$	2,734			$	781			$	—			$	5,823
Reconciliation of segment profit (loss)
Unallocated items:
Net investment income																			14,707
Net realized investment gains																			127
Corporate expenses																			(7,528	)
Income before income taxes																			13,129
Income tax expense																			2,785
Net income																		$	10,344
Segment assets		$	33,730			$	154,811			$	85,360			$	(19,644	)			254,257
Corporate assets																			1,466,328
Total assets																		$	1,720,585

(1)Consists of intersegment revenues of $14.9 million, which are eliminated in consolidation.

(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3)Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.

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Six Months Ended June 30, 2026 (Dollars in thousands)		Agency and Insurance Services				Belmont Core				Belmont Non-Core				Elimination				Total
Revenues:
Gross written premiums		$	—			$	213,764			$	(218	)		$	—			$	213,546
Net written premiums		$	—			$	206,759			$	(220	)		$	—			$	206,539
Net earned premiums		$	—			$	197,205			$	(161	)		$	—			$	197,044
Commission and service fee income (1)			26,530				—				—				(25,802	)			728
Policy and installment fee income			984				—				(11	)			—				973
Total segment revenues			27,514				197,205				(172	)			(25,802	)			198,745
Reconciliation of revenue
Net investment income																			28,579
Net realized investment losses																			(2,045	)
Total consolidated revenues																		$	225,279
Less: (2)
Net losses and loss adjustment expenses			—				107,784				(107	)			(769	)			106,908
Net commission expenses			—				67,310				83				(20,006	)			47,387
Other operating expenses (3)			26,549				13,495				147				(5,027	)			35,164
Income (loss) from segments		$	965			$	8,616			$	(295	)		$	—			$	9,286
Reconciliation of segment profit (loss)
Unallocated items:
Net investment income																			28,579
Net realized investment losses																			(2,045	)
Corporate expenses																			(15,880	)
Income before income taxes																			19,940
Income tax expense																			4,612
Net income																		$	15,328
Segment assets		$	46,112			$	170,355			$	75,026			$	(15,704	)			275,789
Corporate assets																			1,447,704
Total assets																		$	1,723,493

(1)Consists of intersegment revenues of $25.8 million, which are eliminated in consolidation, and third party commission and service fee income of $0.7 million in 2026.

(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3)Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting and distribution activities.

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Six months ended June 30, 2025 (Dollars in thousands)		Agency and Insurance Services				Belmont Core				Belmont Non-Core				Elimination				Total
Revenues:
Gross written premiums		$	—			$	208,208			$	(2,732	)		$	—			$	205,476
Net written premiums		$	—			$	202,507			$	(2,729	)		$	—			$	199,778
Net earned premiums		$	—			$	189,773			$	(1,311	)		$	—			$	188,462
Commission and service fee income (1)			28,900				—				—				(28,900	)			—
Policy and installment fee income			886				—				71				—				957
Total segment revenues			29,786				189,773				(1,240	)			(28,900	)			189,419
Reconciliation of revenue
Net investment income																			29,489
Net realized investment gains																			263
Total consolidated revenues																		$	219,171
Less: (2)
Net losses and loss adjustment expenses			—				122,561				(2,210	)			(665	)			119,686
Net commission expenses			—				66,483				(279	)			(22,027	)			44,177
Other operating expenses (3)			25,674				9,577				1,202				(6,208	)			30,245
Income (loss) from segments		$	4,112			$	(8,848	)		$	47			$	—			$	(4,689	)
Reconciliation of segment profit (loss)
Unallocated items:
Net investment income																			29,489
Net realized investment gains																			263
Corporate expenses																			(17,028	)
Income before income taxes																			8,035
Income tax expense																			1,680
Net income																		$	6,355
Segment assets		$	33,730			$	154,811			$	85,360			$	(19,644	)			254,257
Corporate assets																			1,466,328
Total assets																		$	1,720,585

(1)Consists of intersegment revenues of $28.9 million, which are eliminated in consolidation.

(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3)Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.

13. New Accounting Pronouncements

Accounting Standards Adopted in 2026

In July 2025, the Financial Accounting Standards Board issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which permits a practical expedient for estimating expected credit losses on certain current receivables and current contract assets arising from ASC 606 revenue transactions by assuming that current conditions as of the balance sheet date do not change over the remaining life of the asset. The Company adopted ASU 2025-05 effective January 1, 2026 and elected this practical expedient. The adoption of this new accounting guidance did not have an impact on the consolidated financial statements for the six months ended June 30, 2026.

Please see Note 21 of the notes to the consolidated financial statements in Item 8 of Part II of the Company’s 2025 Annual Report on Form 10-K for more information on accounting pronouncements issued but not yet adopted.

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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes of the Company included elsewhere in this report. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to the Company’s plans and strategy, constitutes forward-looking statements that involve risks and uncertainties. Please see "Cautionary Note Regarding Forward-Looking Statements" at the end of this Item 2 for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained herein. For more information regarding the Company’s business and operations, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Financial Highlights

2026 Second Quarter Consolidated Results of Operations

•Current accident year underwriting income increased 3.2% to $5.8 million for 2026 from $5.6 million of underwriting income for the same period in 2025.

•Current accident year combined ratio was 94.7% in 2026 compared to 94.6% for the same period in 2025.

•Gross written premiums increased 9.6% to $117.1 million in 2026 compared to $106.8 million in 2025.

•Net earned premiums grew 3.7% to $98.7 million in 2026 from $95.1 million in 2025.

•Net investment income increased 11.2% to $16.4 million in 2026.

•Net income of $11.1 million, or $0.76 per share diluted, in 2026 compared to $10.3 million, or $0.71 per share diluted, for the same period in 2025.

2026 Year to Date Consolidated Results of Operations

•Current accident year underwriting income improved to $11.2 million for 2026 compared to an underwriting loss of $4.7 million in same period in 2025. Current accident year combined ratio was 94.8% compared to 103.0% for the same period in 2025.

•Gross written premiums increased 3.9% to $213.5 million in 2026 compared to $205.5 million in 2025.

•Net earned premiums grew 4.6% to $197.0 million in 2026 from $188.5 million in 2025.

•Net investment income was $28.6 million in 2026 compared to $29.5 million in 2025 resulting from increased allocation to U.S. Treasuries

•Net income of $15.3 million, or $1.05 per share diluted, in 2026 compared to $6.4 million, or $0.43 per share diluted, for the same period in 2025.

2026 Consolidated Financial Condition

•Total cash and investments of $1.4 billion at June 30, 2026 and December 31, 2025; fixed maturities comprise 98% of total investments at June 30, 2026.

•Total assets of $1.7 billion at June 30, 2026 and December 31, 2025.

•No debt at June 30, 2026 and December 31, 2025.

•Since the Company's initial public offering in 2003, the total capital returned to shareholders was $659.8 million, comprising $522.2 million of share repurchases and $137.6 million of distributions / dividends. This includes $10.3 million of distributions during 2026.

•Shareholders' equity was $710.9 million at June 30, 2026 compared to $706.6 million at December 31, 2025.

•Book value per common share was $48.28 at June 30, 2026 compared to $48.96 at December 31, 2025.

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Results of Operations

The following table summarizes the Company’s results for the quarters and six months ended June 30, 2026 and 2025:

		Quarters Ended June 30,								%				Six Months Ended June 30,								%
(Dollars in thousands)		2026				2025				Change				2026				2025				Change
Gross written premiums		$	117,096			$	106,801				9.6	%		$	213,546			$	205,476				3.9	%
Net written premiums		$	113,971			$	103,914				9.7	%		$	206,539			$	199,778				3.4	%
Net earned premiums		$	98,689			$	95,146				3.7	%		$	197,044			$	188,462				4.6	%
Other income			854				540				58.1	%			1,701				957				77.7	%
Segment revenues			99,543				95,686				4.0	%			198,745				189,419				4.9	%
Losses and expenses:
Net losses and loss adjustment expenses			53,047				52,948				0.2	%			106,908				119,686				(10.7	%)
Acquisition costs and other operating expenses (1)			41,788				36,915				13.2	%			82,551				74,422				10.9	%
Segment income (loss)			4,708				5,823				(19.1	%)			9,286				(4,689	)			298.0	%
Net investment income			16,361				14,707				11.2	%			28,579				29,489				(3.1	%)
Net realized investment gains (losses)			198				127				55.9	%			(2,045	)			263			NM
Corporate expenses			(6,842	)			(7,528	)			(9.1	%)			(15,880	)			(17,028	)			(6.7	%)
Income before income taxes			14,425				13,129				9.9	%			19,940				8,035				148.2	%
Income tax expense			(3,343	)			(2,785	)			20.0	%			(4,612	)			(1,680	)			174.5	%
Net income		$	11,082			$	10,344				7.1	%		$	15,328			$	6,355				141.2	%
Underwriting Ratios:
Loss ratio (2):			53.8	%			55.6	%							54.3	%			63.5	%
Expense ratio (3)			41.2	%			38.8	%							40.7	%			39.5	%
Combined ratio (4)			95.0	%			94.4	%							95.0	%			103.0	%

NM - not meaningful

(1)Includes third-party distribution expenses of $1.2 million and $2.3 million for the quarter and six months ended June 30, 2026, respectively. There were no third-party distribution expenses in 2025.

(2)The loss ratio is a GAAP financial measure that is generally viewed in the insurance industry as an indicator of underwriting profitability and is calculated by dividing net losses and loss adjustment expenses by net earned premiums.

(3)The expense ratio is a GAAP financial measure that is calculated by dividing the sum of acquisition costs and other operating expenses excluding distribution expenses by net earned premiums.

(4)The combined ratio is a GAAP financial measure and is the sum of the Company’s loss and expense ratios.

Premiums

The following table summarizes the change in premium volume by reportable segment:

		Quarters Ended June 30,
		Belmont Core								Belmont Non-Core								Total
(Dollars in thousands)		2026				2025				2026				2025				2026				2025
Gross written premiums (1)		$	117,257			$	109,819			$	(161	)		$	(3,018	)		$	117,096			$	106,801
Net written premiums (2)		$	114,134			$	106,873			$	(163	)		$	(2,959	)		$	113,971			$	103,914

		Six Months Ended June 30,
		Belmont Core								Belmont Non-Core								Total
(Dollars in thousands)		2026				2025				2026				2025				2026				2025
Gross written premiums (1)		$	213,764			$	208,208			$	(218	)		$	(2,732	)		$	213,546			$	205,476
Net written premiums (2)		$	206,759			$	202,507			$	(220	)		$	(2,729	)		$	206,539			$	199,778

(1)Gross written premiums equal the sum of direct and assumed written premiums.

(2)Net written premiums equal gross written premiums less ceded written premiums.

31

Belmont Core's gross written premiums increased by 6.8% to $117.3 million for the quarter ended June 30, 2026 compared to $109.8 million for the same period in 2025 and increased 2.7% to $213.8 million for the six months ended June 30, 2026 compared to $208.2 million for the same period in 2025.

		Quarters Ended June 30,												Six Months Ended June 30,
(Dollars in thousands)		2026				2025				% Change				2026				2025				% Change
Wholesale Commercial		$	70,078			$	69,075				1.5	%		$	131,573			$	133,957				(1.8	%)
Vacant Express			13,062				12,370				5.6	%			24,514				23,291				5.3	%
Collectibles			4,760				4,186				13.7	%			9,376				8,285				13.2	%
Specialty Products			7,814				12,143				(35.7	%)			15,561				19,707				(21.0	%)
Assumed Reinsurance			21,543				12,045				78.9	%			32,740				22,968				42.5	%
Total gross written premiums		$	117,257			$	109,819				6.8	%		$	213,764			$	208,208				2.7	%

•Wholesale Commercial's gross written premiums grew by 1.5% for the quarter ended June 30, 2026, and lower by 1.8% for the six months ended June 30, 2026. The Company maintained its pricing and return standards amidst competitive market conditions, particularly as regards property rate reductions. Wholesale Commercial’s rate change was flat for the quarter and six months ended June 30, 2026.

•Vacant Express and Collectibles' gross written premiums grew by 5.6% and 13.7% for the quarter ended June 30, 2026, respectively, and grew by 5.3% and 13.2% for the six months ended June 30, 2026, respectively, as compared to the same periods in 2025. This growth was driven by new agency appointments, organic growth of existing agents, and premium rate increases.

•Gross written premiums for Specialty Products declined 35.7% and 21.0% for the quarter and six months ended June 30, 2026, respectively, as compared to the same periods in 2025 due to terminating products not meeting profitability expectations as well as being impacted by competitive market conditions.

•Assumed Reinsurance grew by 78.9% to $21.5 million and 42.5% to $32.7 million for the quarter and six months ended June 30, 2026, respectively, from $12.0 million and $23.0 million for the same periods in 2025 due to new treaties incepting during 2025 and 2026 and organic growth from existing treaties.

Belmont Non-Core's business represents run-off premium from non-renewed treaties.

32

Segment Income (Loss)

The components of income (loss) from the Company’s reportable segments and corresponding underwriting ratios for the quarters ended June 30, 2026 and 2025 are as follows:

	Quarters Ended June 30,
	Agency and Insurance Services							Belmont Core							Belmont Non-Core							Eliminations							Total
(Dollars in thousands)	2026				2025			2026				2025			2026				2025			2026				2025			2026				2025
Revenues:
Net earned premiums	$	—			$	—		$	98,834			$	97,513		$	(145	)		$	(2,367	)	$	—			$	—		$	98,689			$	95,146
Commission and service fee income		13,752				14,851			—				—			—				—			(13,412	)			(14,851	)		340				—
Policy and installment fee income		523				499			—				—			(9	)			41			—				—			514				540
Total revenues		14,275				15,350			98,834				97,513			(154	)			(2,326	)		(13,412	)			(14,851	)		99,543				95,686
Losses and expenses:
Net losses and loss adjustment expenses		—				—			53,480				56,109			(105	)			(2,829	)		(328	)			(332	)		53,047				52,948
Net commission expenses		—				—			34,615				34,079			(84	)			(780	)		(10,482	)			(11,456	)		24,049				21,843
Other operating expenses (1)		12,916				13,042			7,365				4,591			60				502			(2,602	)			(3,063	)		17,739				15,072
Total losses and expenses		12,916				13,042			95,460				94,779			(129	)			(3,107	)		(13,412	)			(14,851	)		94,835				89,863
Segment income (loss)	$	1,359			$	2,308		$	3,374			$	2,734		$	(25	)		$	781		$	—			$	—		$	4,708			$	5,823
Underwriting Ratios:
Loss ratio:
Current accident year									54.1	%			56.1	%		72.4	%			62.3	%									53.8	%			55.6	%
Prior accident year									—				1.4	%		—				57.2	%									—				—
Calendar year loss ratio									54.1	%			57.5	%		72.4	%			119.5	%									53.8	%			55.6	%
Expense ratio									42.5	%			39.7	%		16.6	%			11.8	%									41.2	%			38.8	%
Combined ratio									96.6	%			97.2	%		89.0	%			131.3	%									95.0	%			94.4	%
Accident year combined ratio									96.3	%			95.7	%		85.5	%			63.6	%									94.7	%			94.6	%

(1) Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting and distribution activities.

Agency and Insurance Services segment

Agency and Insurance Services' segment income was $1.4 million for the quarter ended June 30, 2026 compared to segment income of $2.3 million for the same period in 2025.

•Gross written premiums produced for Belmont Core was $87.9 million and $97.8 million for the quarters ended June 30, 2026 and 2025, respectively. Commission income on premiums produced for Belmont Core was $10.5 million and $11.5 million for the quarters ended June 30, 2026 and 2025, respectively, and service fee income for technology and claims services provided to Belmont Core and Non-Core segments was $2.9 million and $3.4 million for the quarters ended June 30, 2026 and 2025, respectively. These amounts are eliminated in the Company's Consolidated Financial Statements.

•Third-party commission and service fee income was $0.3 million for the quarter ended June 30, 2026. There was no third-party commission and service fee income for the quarter ended June 30, 2025.

•Policy and installment fee income was $0.5 million for each of the quarters ended June 30, 2026 and 2025.

•Other operating expenses of $12.9 million for the quarter ended June 30, 2026 were in line with 2025.

33

Belmont Core segment

Belmont Core's segment income increased 23.4% to $3.4 million for the quarter ended June 30, 2026 compared to $2.7 million for the same period in 2025. The current accident year combined ratio increased 0.6 points to 96.3% for quarter ended June 30, 2026 from 95.7% for the same period in 2025.

•Net earned premiums within the Belmont Core segment increased by 1.4% to $98.8 million for the quarter ended June 30, 2026 compared to $97.5 million for the same period in 2025. Property net earned premiums were $39.3 million and $40.4 million for the quarters ended June 30, 2026 and 2025, respectively. Casualty net earned premiums were $59.5 million and $57.1 million for the quarters ended June 30, 2026 and 2025, respectively.

•The current accident year loss ratio improved by 2.0 points to 54.1% for the quarter ended June 30, 2026 compared to 56.1% for the same period in 2025 primarily driven by an improvement in the catastrophe loss ratio.

•Net losses and loss adjustment expenses related to prior accident years were zero and $1.4 million for the quarters ended June 30, 2026 and 2025, respectively. See Note 6 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.

The components of income (loss) from the Company’s reportable segments and corresponding underwriting ratios for the six months ended June 30, 2026 and 2025 are as follows:

	Six Months Ended June 30,
	Agency and Insurance Services							Belmont Core							Belmont Non-Core							Eliminations							Total
(Dollars in thousands)	2026				2025			2026				2025			2026				2025			2026				2025			2026				2025
Revenues:
Net earned premiums	$	—			$	—		$	197,205			$	189,773		$	(161	)		$	(1,311	)	$	—			$	—		$	197,044			$	188,462
Commission and service fee income		26,530				28,900			—				—			—				—			(25,802	)			(28,900	)		728				—
Policy and installment fee income		984				886			—				—			(11	)			71			—				—			973				957
Total revenues		27,514				29,786			197,205				189,773			(172	)			(1,240	)		(25,802	)			(28,900	)		198,745				189,419
Losses and expenses:
Net losses and loss adjustment expenses		—				—			107,784				122,561			(107	)			(2,210	)		(769	)			(665	)		106,908				119,686
Net commission expenses		—				—			67,310				66,483			83				(279	)		(20,006	)			(22,027	)		47,387				44,177
Other operating expenses (1)		26,549				25,674			13,495				9,577			147				1,202			(5,027	)			(6,208	)		35,164				30,245
Total losses and expenses		26,549				25,674			188,589				198,621			123				(1,287	)		(25,802	)			(28,900	)		189,459				194,108
Segment income (loss)	$	965			$	4,112		$	8,616			$	(8,848	)	$	(295	)		$	47		$	—			$	—		$	9,286			$	(4,689	)
Underwriting Ratios:
Loss ratio:
Current accident year									54.7	%			63.9	%		66.5	%			63.0	%									54.3	%			63.5	%
Prior accident year									—				0.7	%		—				105.6	%									—				—
Calendar year loss ratio									54.7	%			64.6	%		66.5	%			168.6	%									54.3	%			63.5	%
Expense ratio									41.0	%			40.1	%		(142.9	%)			(70.4	%)									40.7	%			39.5	%
Combined ratio									95.7	%			104.7	%		(76.4	%)			98.2	%									95.0	%			103.0	%
Accident year combined ratio									95.6	%			104.0	%		39.2	%			(15.8	%)									94.8	%			103.0	%

(1) Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting and distribution activities.

34

Agency and Insurance Services segment

Agency and Insurance Services' segment income was $1.0 million for the six months ended June 30, 2026 compared to segment income of $4.1 million for the same period in 2025.

•Gross written premiums produced for Belmont Core was $168.0 million and $185.2 million for the six months ended June 30, 2026 and 2025, respectively. Commission income on premiums produced for Belmont Core was $20.0 million and $22.0 million for the six months ended June 30, 2026 and 2025, respectively, and service fee income for technology and claims services provided to Belmont Core and Non-Core segments was $5.8 million and $6.9 million for the six months ended June 30, 2026 and 2025, respectively. These amounts are eliminated in the Company's Consolidated Financial Statements.

•Third-party commission and service fee income was $0.7 million for the six months ended June 30, 2026. There was no third-party commission and service fee income for the six months ended June 30, 2025.

•Policy and installment fee income was $1.0 million and $0.9 million during the six months ended June 30, 2026 and 2025, respectively.

•Other operating expenses increased $0.8 million to $26.5 million for the six months ended June 30, 2026 compared to $25.7 million for the same period in 2025 primarily due to $2.3 million in third-party distribution expenses. There were no third-party distribution expenses in 2025.

Belmont Core segment

Belmont Core's segment income increased to $8.6 million for the six months ended June 30, 2026 compared to a segment loss of $8.8 million for the same period in 2025. Belmont Core's segment loss for the six months ended June 30, 2025 includes net losses and loss adjustment expenses related to California Wildfire events in January 2025 ("California Wildfires") totaling $15.7 million. Excluding California Wildfires in 2025, Belmont Core's segment income increased from $6.8 million for the six months ended June 30, 2025 to $8.6 million for the six months ended June 30, 2026. The current accident year combined ratio improved 8.4 points to 95.6% for six months ended June 30, 2026 from 104.0% for the same period in 2025 mainly due to the California Wildfires which impacted the combined ratio by 8.3 points in 2025.

•Net earned premiums within the Belmont Core segment increased by 3.9% to $197.2 million for the six months ended June 30, 2026 compared to $189.8 million for the same period in 2025. Property net earned premiums were $78.6 million and $78.1 million for the six months ended June 30, 2026 and 2025, respectively. Casualty net earned premiums were $118.6 million and $111.7 million for the six months ended June 30, 2026 and 2025, respectively.

•The current accident year loss ratio improved by 9.2 points to 54.7% for the six months ended June 30, 2026 compared to 63.9% for the same period in 2025 primarily driven by an improvement in the catastrophe loss ratio. The California Wildfires impacted the 2025 current accident year loss ratio by 8.3 points.

•Net losses and loss adjustment expenses related to prior accident years were zero and $1.4 million for the six months ended June 30, 2026 and 2025, respectively. See Note 6 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.

35

The current accident year net losses and loss adjustment expenses and loss ratio are summarized as follows:

		Quarters Ended June 30,												Quarters Ended June 30,
(Dollars in thousands)		2026				2025				% Change				2026				2025				Point Change
Property losses
Non-catastrophe		$	15,704			$	16,355				(4.0	%)			39.8	%			40.5	%			(0.7	)
Catastrophe			2,890				5,202				(44.4	%)			7.3	%			12.9	%			(5.6	)
Property losses			18,594				21,557				(13.7	%)			47.1	%			53.4	%			(6.3	)
Casualty losses			34,886				33,196				5.1	%			58.7	%			58.1	%			0.6
Total accident year losses		$	53,480			$	54,753				(2.3	%)			54.1	%			56.1	%			(2.0	)

•The current accident year non-catastrophe property loss ratio was 39.8% for the quarter ended June 30, 2026 compared to 40.5% for the same period in 2025, an improvement of 0.7 points, driven by lower claims frequency.

•The current accident year catastrophe net losses and loss adjustment expenses decreased to $2.9 million for the quarter ended June 30, 2026 compared to $5.2 million for the same period in 2025 driven by lower claims frequency.

•The current accident year casualty loss ratio increased by 0.6 points during the quarter ended June 30, 2026 as compared to the same period in 2025 mainly driven by a change in mix of business.

		Six Months Ended June 30,												Six Months Ended June 30,
(Dollars in thousands)		2026				2025				% Change				2026				2025				Point Change
Property losses
Non-catastrophe		$	32,716			$	33,440				(2.2	%)			41.6	%			42.8	%			(1.2	)
Catastrophe			5,090				23,069				(77.9	%)			6.5	%			29.6	%			(23.1	)
Property losses			37,806				56,509				(33.1	%)			48.1	%			72.4	%			(24.3	)
Casualty losses			69,978				64,663				8.2	%			59.0	%			57.8	%			1.2
Total accident year losses		$	107,784			$	121,172				(11.0	%)			54.7	%			63.9	%			(9.2	)

•The current accident year non-catastrophe property loss ratio was 41.6% for the six months ended June 30, 2026 compared to 42.8% for the same period in 2025, an improvement of 1.2 points, driven by lower claims frequency.

•The current accident year catastrophe net losses and loss adjustment expenses decreased to $5.1 million for the six months ended June 30, 2026 compared to $23.1 million for the same period in 2025 which included $15.7 million of catastrophe losses related to the California Wildfires. Excluding California Wildfires in 2025, the current accident year catastrophe loss ratio improved from 9.5% for the six months ended June 30, 2025 to 6.5% for the six months ended June 30, 2026 driven by lower claims frequency.

•The current accident year casualty loss ratio increased by 1.2 points during the six months ended June 30, 2026 mainly driven by a change in mix of business.

36

The following table summarizes the components of the expense ratio:

		Quarters Ended June 30,								Point				Six Months Ended June 30,								Point
		2026				2025				Change				2026				2025				Change
Net commission expenses			35.0	%			34.9	%			0.1				34.1	%			35.0	%			(0.9	)
Other underwriting expenses			7.5	%			4.8	%			2.7				6.9	%			5.1	%			1.8
Expense Ratio			42.5	%			39.7	%			2.8				41.0	%			40.1	%			0.9

Belmont Non-Core segment

Belmont Non-Core segment comprises lines of business that have been de-emphasized or are no longer being written. Belmont Non-Core recognized a segment loss of less than $0.1 million and segment income of $0.8 million during the quarters ended June 30, 2026 and 2025, respectively, and a segment loss of $0.3 million and segment income of less than $0.1 million during the six months ended June 30, 2026 and 2025, respectively.

Net investment income

Net investment income increased 11.2% to $16.4 million for the quarter ended June 30, 2026 from $14.7 million for the same period in 2025 and decreased 3.1% to $28.6 million for the six months ended June 30, 2026 from $29.5 million for the same period in 2025.

		Quarters Ended June 30,												Six Months Ended June 30,
(Dollars in thousands)		2026				2025				Change				2026				2025				Change
Fixed maturities		$	13,515			$	15,146			$	(1,631	)		$	27,108			$	29,898			$	(2,790	)
Equities			602				169				433				1,189				285				904
Limited partnerships			2,244				(608	)			2,852				282				(694	)			976
Net investment income		$	16,361			$	14,707			$	1,654			$	28,579			$	29,489			$	(910	)

•Net investment income from the Company’s fixed maturities portfolio decreased by 10.8% and 9.3% for the quarter and six months ended June 30, 2026, respectively, as compared to the same periods in 2025 primarily due to a lower average yield in 2026 as compared to 2025 due to an increase in allocation to U.S. Treasuries.

•Net investment income from equities increased by $0.4 million to $0.6 million for the quarter ended June 30, 2026 and increased by $0.9 million to $1.2 million for the six months ended June 30, 2026, respectively, as compared to the same periods in 2025 primarily driven by the Company's investment in common equities during the third quarter of 2025.

•Income from limited partnerships increased by $2.9 million and $1.0 million for the quarter and six months ended June 30, 2026, respectively, which was attributable to the increase in market value in one of the Company's limited partnership investments during the second quarter of 2026.

37

The Company's fixed maturities portfolio continues to maintain high quality with an AA- average rating, duration of 1.1 years, and consists of the following:

(Dollars in thousands)		June 30, 2026				December 31, 2025
Structured bonds (1)		$	497,118			$	393,156
Other fixed maturities			227,328				291,717
U.S. treasuries			562,278				640,629
Total fixed maturities		$	1,286,724			$	1,325,502

(1) Structured bonds include asset-backed, mortgage-backed, commercial mortgage-backed and collateralized mortgage obligations.

Excluding the structured bonds, the average duration of the Company’s fixed maturities portfolio was 0.4 years as of June 30, 2026 compared with 0.5 years as of December 31, 2025. Structured bonds are subject to conditional prepayment rates whereas the remaining bonds have a set maturity date. Changes in interest rates can cause principal payments on structured bonds to extend or shorten which can impact duration.

Net Realized Investment Gains (Losses)

The components of net realized investment gains (losses) for the quarters and six months ended June 30, 2026 and 2025 were as follows:

		Quarters Ended June 30,								Six Months Ended June 30,
(Dollars in thousands)		2026				2025				2026				2025
Equity securities		$	244			$	161			$	(2,020	)		$	284
Fixed maturities			(46	)			(34	)			(25	)			(21	)
Net realized investment gains (losses)		$	198			$	127			$	(2,045	)		$	263

See Note 2 of the notes to the consolidated financial statements in Item 1 of Part I of this report for an analysis of total investment return on a pre-tax basis for the quarters and six months ended June 30, 2026 and 2025.

Corporate Expenses

Corporate expenses consist of outside legal fees, other professional fees, directors’ fees, management fees & advisory fees, salaries and benefits for holding company personnel, development costs for new products, impairment losses, and taxes incurred which are not directly related to operations.

Corporate expenses decreased $0.7 million to $6.8 million for the quarter ended June 30, 2026 from $7.5 million for the same period in 2025 primarily due to a reduction in professional and advisory fees.

Corporate expenses decreased $1.1 million to $15.9 million for the six months ended June 30, 2026 from $17.0 million for the same period in 2025 primarily due to a reduction in professional and advisory fees partially offset by an increase in severance related compensation.

Income Tax Expense

Income tax expense was $3.3 million on net income before tax of $14.4 million for the quarter ended June 30, 2026. This compares to income tax expense of $2.8 million on net income before tax of $13.1 million for the same period in 2025.

Income tax expense was $4.6 million on net income before tax of $19.9 million for the six months ended June 30, 2026. This compares to income tax expense of $1.7 million on net income before tax of $8.0 million for the same period in 2025.

See Note 5 of the notes to the consolidated financial statements in Item 1 of Part I of this report for a comparison of income tax between periods.

38

Net Income

The Company had net income of $11.1 million during the quarter ended June 30, 2026 compared to net income of $10.3 million for the same period in 2025 and net income of $15.3 million during the six months ended June 30, 2026 compared to net income of $6.4 million for the same period in 2025. Excluding California Wildfires, net income would have been $18.8 million for the six months ended June 30, 2025.

Reserves

Amounts recorded for unpaid losses and loss adjustment expenses represent management’s best estimate at June 30, 2026. Management’s best estimate is as of a particular point in time and is based upon known facts, the Company’s actuarial analyses, current law, and the Company’s judgment. This resulted in carried gross reserves of $718.5 million and $750.2 million as of June 30, 2026 and December 31, 2025, respectively, and net reserves of $656.9 million and $689.3 million as of June 30, 2026 and December 31, 2025, respectively. A breakout of the Company’s gross and net reserves is as follows:

		June 30, 2026
		Gross Reserves												Net Reserves (2)
(Dollars in thousands)		Case				IBNR (1)				Total				Case				IBNR (1)				Total
Belmont Core		$	150,735			$	311,798			$	462,533			$	150,005			$	303,902			$	453,907
Belmont Non-Core			98,606				157,376				255,982				66,235				136,798				203,033
Total		$	249,341			$	469,174			$	718,515			$	216,240			$	440,700			$	656,940

		December 31, 2025
		Gross Reserves												Net Reserves (2)
(Dollars in thousands)		Case				IBNR (1)				Total				Case				IBNR (1)				Total
Belmont Core		$	153,062			$	308,084			$	461,146			$	152,468			$	300,278			$	452,746
Belmont Non-Core			102,432				186,613				289,045				71,673				164,874				236,547
Total		$	255,494			$	494,697			$	750,191			$	224,141			$	465,152			$	689,293

(1)Net losses and loss adjustment expenses incurred but not reported, including the expected future emergence of case reserves.

(2)Does not include reinsurance receivables on paid net losses and loss adjustment expenses.

Gross and net reserves related to Belmont Non-Core are declining as it services the run-off of policies/treaties on de-emphasized and terminated business.

Each reserve category has an implicit frequency and severity for each accident year as a result of the various assumptions made. If the actual levels of frequency and severity are higher or lower than expected, the ultimate net losses and loss adjustment expenses will be different than management’s best estimate. For most of its reserve categories, the Company believes that frequency can be predicted with greater accuracy than severity. Therefore, the Company believes management’s best estimate is more likely influenced by changes in severity than frequency. The following table, which the Company believes reflects a reasonable range of variability around its best estimate based on historical loss experience and management’s judgment, reflects the impact of changes (which could be favorable or unfavorable) in frequency and severity

39

on the Company’s current accident year net losses and loss adjustment expenses estimate of $106.9 million for claims occurring during the six months ended June 30, 2026:

				Severity Change
(Dollars in thousands)				-10%				-5%				0%				5%				10%
Frequency Change		-5%			(15,502	)			(10,424	)			(5,345	)			(267	)			4,811
		-3%			(13,577	)			(8,392	)			(3,207	)			1,978				7,163
		-2%			(12,615	)			(7,377	)			(2,138	)			3,100				8,339
		-1%			(11,653	)			(6,361	)			(1,069	)			4,223				9,515
		0%			(10,691	)			(5,345	)			—				5,345				10,691
		1%			(9,729	)			(4,330	)			1,069				6,468				11,867
		2%			(8,766	)			(3,314	)			2,138				7,590				13,043
		3%			(7,804	)			(2,299	)			3,207				8,713				14,219
		5%			(5,880	)			(267	)			5,345				10,958				16,571

The Company’s net reserves for losses and loss adjustment expenses of $656.9 million as of June 30, 2026 relate to multiple accident years. Therefore, the impact of changes in loss frequency and severity for more than one accident year could be higher or lower than the amounts reflected above.

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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 in the first table and excludes the impact of prior accident year adjustments and the California Wildfires in the second table, 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 the most directly comparable GAAP measures or ratios and do not reflect the overall underwriting profitability of the Company.

		Quarters Ended June 30,																Six Months Ended June 30,
		2026								2025								2026								2025
(Dollars in thousands)		Net losses and loss adjustment expenses				Loss Ratio				Net losses and loss adjustment expenses				Loss Ratio				Net losses and loss adjustment expenses				Loss Ratio				Net losses and loss adjustment expenses				Loss Ratio
Property - Belmont Core
Non catastrophe property (1)		$	(2,584	)			(6.6	%)		$	12,320				30.5	%		$	14,400				18.3	%		$	28,969				37.1	%
Effect of prior accident year			18,288				46.4	%			4,035				10.0	%			18,316				23.3	%			4,471				5.7	%
Non catastrophe property excluding the effect of prior accident year (2)		$	15,704				39.8	%		$	16,355				40.5	%		$	32,716				41.6	%		$	33,440				42.8	%
Catastrophe (1)		$	(276	)			(0.7	%)		$	4,960				12.3	%		$	1,931				2.5	%		$	22,950				29.4	%
Effect of prior accident year			3,166				8.0	%			242				0.6	%			3,159				4.0	%			119				0.2	%
Catastrophe excluding the effect of prior accident year (2)		$	2,890				7.3	%		$	5,202				12.9	%		$	5,090				6.5	%		$	23,069				29.6	%
Total property (1)		$	(2,860	)			(7.3	%)		$	17,280				42.8	%		$	16,331				20.8	%		$	51,919				66.5	%
Effect of prior accident year			21,454				54.4	%			4,277				10.6	%			21,475				27.3	%			4,590				5.9	%
Total property excluding the effect of prior accident year (2)		$	18,594				47.1	%		$	21,557				53.4	%		$	37,806				48.1	%		$	56,509				72.4	%
Casualty - Belmont Core
Total casualty (1)		$	56,340				94.8	%		$	38,829				68.0	%		$	91,453				77.1	%		$	70,642				63.2	%
Effect of prior accident year			(21,454	)			(36.1	%)			(5,633	)			(9.9	%)			(21,475	)			(18.1	%)			(5,979	)			(5.4	%)
Total casualty excluding the effect of prior accident year (2)		$	34,886				58.7	%		$	33,196				58.1	%		$	69,978				59.0	%		$	64,663				57.8	%
Total - Belmont Core
Total property and casualty (1)		$	53,480				54.1	%		$	56,109				57.5	%		$	107,784				54.7	%		$	122,561				64.6	%
Effect of prior accident year			—				—				(1,356	)			(1.4	%)			—				—				(1,389	)			(0.7	%)
Total property and casualty excluding the effect of prior accident year (2)		$	53,480				54.1	%		$	54,753				56.1	%		$	107,784				54.7	%		$	121,172				63.9	%

(1)Most directly comparable GAAP measure / ratio.

(2)Non-GAAP financial measure / ratio.

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Reconciliation of non-GAAP financial measures and ratios continued

		Six Months Ended June 30,
(Dollars in thousands)		2026				2025
Belmont Core segment income excluding California Wildfires
Belmont Core segment income (loss) (1)		$	8,616			$	(8,848	)
California Wildfires net losses and loss adjustment expenses			—				15,684
Belmont Core segment income excluding California Wildfires (2)		$	8,616			$	6,836
Net income excluding California Wildfires
Net income (1)		$	15,328			$	6,355
California Wildfires net losses and loss adjustment expenses (net of tax) (3)			—				12,406
Net income excluding California Wildfires (2)		$	15,328			$	18,761
Belmont Core current accident year catastrophe loss ratio excluding California Wildfires
Belmont Core current accident year catastrophe loss ratio (4)			6.5	%			29.6	%
Impact of California Wildfires			—				(20.1	%)
Belmont Core current accident year catastrophe loss ratio excluding California Wildfires (2)			6.5	%			9.5	%

(1) Most directly comparable GAAP measure / ratio.

(2) Non-GAAP financial measure / ratio.

(3) Represents net losses and loss adjustment expenses of $15.7 million less tax benefit of $3.3 million.

(4) See previous table for reconciliation of non-GAAP financial measures or ratios to its most directly comparable GAAP measure or ratio for current accident year catastrophe loss ratio.

(5) Includes prior accident year adjustments for net losses and loss adjustment expenses and net commission expenses.

Critical Accounting Estimates and Policies

The Company’s consolidated financial statements are prepared in conformity with GAAP, which require it to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions.

The most critical accounting policies involve significant estimates and include those used in determining the liability for unpaid losses and loss adjustment expenses, recoverability of reinsurance receivables, investments, fair value measurements, goodwill and intangible assets, deferred acquisition costs, and taxation. For a detailed discussion on each of these policies, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to any of these policies or underlying methodologies during the current year.

Liquidity and Capital Resources

Sources and Uses of Funds

Global Indemnity Group, LLC is a holding company. Its principal assets are its ownership in the shares of (i) Belmont Holdings GX, Inc., an insurance holding company that owns the following insurance companies: United National Insurance Company, Diamond State Insurance Company, Penn-America Insurance Company, Penn-Star Insurance Company, and Penn-Patriot Insurance Company, and (ii) Katalyx Holdings LLC, an agency and specialized service holding company.

Global Indemnity Group, LLC’s current short-term and long-term liquidity needs include but are not limited to the payment of corporate expenses, distributions to shareholders, capital contributions to subsidiaries, and share repurchases. In order to meet its current short-term and long-term needs, its principal sources of cash include investment income, interest and principal payments on intercompany debt with Belmont Holdings GX, Inc., and reimbursement for equity awards granted to employees of Belmont Holdings GX, Inc. and Katalyx Holdings LLC.

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Katalyx Holdings LLC includes four agencies, three specialized insurance service businesses, and one service company. Collectively, current short-term and long-term liquidity needs include but are not limited to the payment of corporate expenses, operating expenses, capital expenditures in developing and integrating information technology platforms and operations, federal and state taxes, and payment for equity awards granted to its employees by Global Indemnity Group, LLC. In order to meet its current short-term and long-term needs, its principal sources of cash include commissions and fees from third parties, commissions / service fees from Belmont Holdings GX, Inc., and capital contributions from Global Indemnity Group, LLC.

Belmont Holdings GX, Inc.’s current short-term and long-term liquidity needs include but are not limited to the payment of corporate expenses, payment of interest and principal on intercompany debt, federal and state taxes, and payment for equity awards granted to its employees by Global Indemnity Group, LLC. In order to meet its current short-term and long-term needs, its principal sources of cash include dividends from insurance company subsidiaries and investment income.

The insurance companies’ current short-term and long-term liquidity needs include but are not limited to the payment of claims, commissions, operating expenses, federal and state taxes, and dividends. Their principal sources of funds include cash from direct and assumed business written, investment income, and proceeds from sales and maturities of investments.

The Company continuously reviews and assesses the short-term and long-term needs of each of its holding companies, service companies, and insurance companies. In addition, the Company periodically reviews opportunities related to business acquisitions and the incubation and launch of new products and services. As a result, liquidity needs may arise in the future.

Belmont Holdings GX, Inc. is dependent on dividends from its insurance subsidiaries which are restricted by statute as to the amount of dividends that they may pay without the prior approval of regulatory authorities. The dividend limitations imposed by state laws are based on the statutory financial results of each insurance company that are determined by using statutory accounting practices that differ in various respects from accounting principles used in financial statements prepared in conformity with GAAP. See “Regulation - Statutory Accounting Principles” in Item 1 of Part I of the Company’s 2025 Annual Report on Form 10-K. Key differences relate to, among other items, deferred acquisition costs, limitations on deferred income taxes, reserve calculation assumptions and surplus notes. See Note 19 of the notes to the consolidated financial statements in Item 8 of Part II of the Company’s 2025 Annual Report on Form 10-K for further information on dividend limitations related to the insurance companies. There were no dividends declared by the Company's insurance subsidiaries during the quarter and six months ended June 30, 2026.

Cash Flows

Sources of operating cash consist primarily of net written premiums and investment income which are used to pay claims, operating expenses, and corporate expenses. Operating cash flows are generally used for investing and financing activities. Funds may be used to pay distributions to the Company’s shareholders.

Net cash provided by (used for) operating activities was $33.7 million and $9.4 million for the six months ended June 30, 2026 and 2025, respectively, consisting of the following:

		Six Months Ended June 30,
(Dollars in thousands)		2026				2025				Change
Net premiums collected		$	191,160			$	210,884			$	(19,724	)
Net losses and loss adjustment expenses paid			(136,182	)			(150,544	)			14,362
Operating and corporate expenses			(109,754	)			(90,537	)			(19,217	)
Net investment income			28,108				41,607				(13,499	)
Income taxes paid			(7,015	)			(2,012	)			(5,003	)
Net cash provided by (used for) operating activities		$	(33,683	)		$	9,398			$	(43,081	)

The decrease in cash flows of $43.1 million in 2026 compared to the same period in 2025 consists of:

•$25 million from non-investment cashflows driven by (i) decline in cash from premiums on discontinued assumed reinsurance and discontinued specialty product business and (ii) operating expenses due to higher

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severance and bonus related compensation, higher contingent commissions, and capital outlays for the Company’s multi-year investment to develop a proprietary cloud-hosted, multi-tenant platform for its property and casualty insurance products offset partially by a decline in net losses and loss adjustment expenses mainly driven by California Wildfires in 2025.

•$13 million from investment income mainly due to the timing of maturities on its U.S. Treasury bills.

•$5 million increase in income taxes paid in 2026 reflects the decline in net operating loss carryforwards available to offset federal taxes.

The reconciliation of net income to net cash provided by (used for) operating activities is generally influenced by the following:

•the timing of the Company’s collection of premiums and payment of commissions;

•the timing of the Company’s settlements with its reinsurers; and

•the timing of the Company’s payments of net losses and loss adjustment expenses.

See the consolidated statements of cash flows in the consolidated financial statements in Item 1 of Part I of this report for details concerning the Company’s investing and financing activities.

Liquidity

The Board of Directors approved a quarterly distribution payment of $0.35 per common share to all shareholders of record on the close of business on March 20, 2026 and June 18, 2026. Distributions paid to common shareholders were $10.1 million during the six months ended June 30, 2026. In addition, distributions of $0.2 million were paid to Global Indemnity Group, LLC’s preferred shareholder during the six months ended June 30, 2026.

Investment Portfolio

On July 31, 2023, the Company provided the Global Debt Fund, LP with a formal withdrawal request to fully redeem the partnership interest. Partial redemption proceeds of $1.6 million and $6.5 million were received during the quarter and six months ended June 30, 2026, respectively. The Global Debt Fund, LP had a fair market value of $2.9 million at June 30, 2026.

Other than the items discussed in the preceding paragraphs, there have been no material changes to the Company’s liquidity during the quarter and six months ended June 30, 2026. Please see Item 7 of Part II in the Company’s 2025 Annual Report on Form 10-K for information regarding the Company’s liquidity.

Capital Resources

There have been no material changes to the Company’s capital resources during the quarter and six months ended June 30, 2026. Please see Item 7 of Part II in the Company’s 2025 Annual Report on Form 10-K for information regarding the Company’s capital resources.

Off Balance Sheet Arrangements

The Company has no off balance sheet arrangements.

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Cautionary Note Regarding Forward-Looking Statements

Some of the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report are forward-looking statements within the meaning of Section 21E of the Security Exchange Act of 1934, as amended. These forward-looking statements reflect the Company’s current views as of the date of this report. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology, and include discussions of strategy, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives, expectations or consequences of identified transactions or natural disasters, and statements about the future, including future performance, operations, products and services of the companies.

The forward-looking statements contained in this report are primarily based on the Company’s current expectations and projections about future events and trends that it believes may affect the Company’s business, financial condition, results of operations, prospects, business strategy and financial needs. The outcome of the events described in these forward-looking statements, such as the Company’s ability to execute on its strategy following its corporate reorganization, is subject to risks, uncertainties, assumptions, including, but not limited to, the impact of legislative or regulatory actions, the impact of natural or man-made disasters, the sufficiency of the Company’s reserves, the impact of emerging claims issues, adverse capital market developments impacting investment performance, ability to effectively start-up or integrate new product opportunities, such as the ability to successfully integrate and develop acquired businesses and to establish a reinsurance agency, adverse effect of cyber-attacks, and other factors described in the section captioned “Risk Factors” in Item 1A of Part I in the Company’s 2025 Annual Report on Form 10-K. These risks are not exhaustive, and new risks and uncertainties emerge from time to time. It is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this report. The Company cannot provide assurance that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. Forward-looking statements are inherently uncertain and investors are cautioned not to unduly rely upon such statements.

The Company’s forward-looking statements speak only as of the date of this report or as of the date they were made. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in interest rates, equity prices, credit risk, illiquidity, foreign exchange rates and commodity prices. The Company’s consolidated balance sheets include the estimated fair values of assets that are subject to market risk. The Company’s primary market risks are interest rate risk and credit risks associated with investments in fixed maturities, equity price risk associated with investments in equity securities, and foreign exchange risk associated with premium received that is denominated in foreign currencies. The Company has no commodity risk.

There have been no material changes to the Company’s market risk since December 31, 2025. The Company’s fixed income portfolio continues to maintain high quality with an AA- average rating and a duration of 1.1 years.

Please see Item 7A of Part II in the Company’s 2025 Annual Report on Form 10-K for information regarding the Company’s market risk.

Item 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how

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well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of June 30, 2026. Based upon that evaluation, and subject to the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2026, the design and operation of the Company’s disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting that occurred during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

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PART II-OTHER INFORMATION

Item 1. Legal Proceedings

The Company is, from time to time, involved in various legal proceedings in the ordinary course of business. The Company maintains insurance and reinsurance coverage for risks in amounts that it considers adequate. However, there can be no assurance that the insurance and reinsurance coverage that the Company maintains is sufficient or will be available in adequate amounts or at a reasonable cost. The Company does not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material adverse effect on its business, results of operations, cash flows, or financial condition.

There is a greater potential for disputes with reinsurers who are in runoff. Some of the Company’s reinsurers have operations that are in runoff, and therefore, the Company closely monitors those relationships. The Company anticipates that, similar to the rest of the insurance and reinsurance industry, it will continue to be subject to litigation and arbitration proceedings in the ordinary course of business.

Item 1A. Risk Factors

The Company’s results of operations and financial condition are subject to numerous risks and uncertainties described in Item 1A of Part I in the Company’s 2025 Annual Report on Form 10-K, filed with the SEC on March 10, 2026. The risk factors identified therein have not materially changed.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no sales of unregistered equity securities during the quarter ended June 30, 2026.

Global Indemnity Group, LLC did not repurchase any shares from third parties under its repurchase program during the quarter and six months ended June 30, 2026.

There were no shares surrendered by the Company's employees during the quarter and six months ended June 30, 2026.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

None of the Company's directors or Section 16 officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement, as each term is defined by Item 408 of Regulation S-K, during the quarter ended June 30, 2026.

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Item 6. Exhibits

31.1+		Certification of Chief Executive Officer pursuant to Rule 13a-14 (a) / 15d-14 (a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2+		Certification of Chief Financial Officer pursuant to Rule 13a-14 (a) / 15d-14 (a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1+		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbases Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

+ Filed or furnished herewith, as applicable.

* Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Form 10-Q.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		GLOBAL INDEMNITY GROUP, LLC
		Registrant
Dated: August 6, 2026		By:		/s/ Brian J. Riley
				Brian J. Riley
				Chief Financial Officer
				(Authorized Signatory and Principal Financial and Accounting Officer)

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