[10-Q] Global Indemnity Group, LLC Quarterly Earnings Report

Rhea-AI Filing Summary

Global Indemnity Group (GBLI) filed its Q3 2025 10‑Q. Net earned premiums were $99.7M, up from $95.4M, as gross written premiums rose to $108.4M from $99.8M. Net investment income increased to $17.9M from $16.5M, while net realized investment losses widened to $4.0M. Quarterly net income was $12.5M versus $12.8M a year ago.

For the first nine months, net income was $18.9M compared with $34.2M, reflecting higher corporate expenses and realized equity losses. Shareholders’ equity improved to $704.1M, helped by a smaller accumulated other comprehensive loss of $4.2M versus $10.4M at year‑end. Total assets were $1.73B, with fixed maturities at fair value of $1.31B and equity securities of $33.6M. Cash and cash equivalents rose to $75.4M, supported by $15.1M in operating cash flow. The company completed an all‑cash acquisition of Sayata on August 31, 2025, aligning with its agency and insurance services strategy. Cash distributions were $0.35 per share for the quarter ($1.05 year‑to‑date).

Insights

Insurance financials analyst

Premiums and NII rose; YTD net income lower on realized losses.

GBLI posted higher Q3 net earned premiums at $99.7M and stronger net investment income at $17.9M. Losses and LAE eased to $49.9M, but acquisition and corporate expenses rose, keeping quarterly net income roughly flat at $12.5M.

Year‑to‑date net income fell to $18.9M from $34.2M, with the filing showing net realized losses on equities and higher corporate costs. Balance sheet quality remained stable: fixed maturities at fair value $1.31B, cash $75.4M, and AOCI improved to $4.2M (loss) from $10.4M (loss) at year‑end.

The all‑cash acquisition of Sayata on Aug 31, 2025 adds an AI‑enabled distribution platform; financial terms weren’t stated in the excerpt. Subsequent filings may detail integration progress and contribution to premiums and fee income.

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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 September 30, 2025

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	New York Stock Exchange

As of October 31, 2025, the registrant had outstanding 10,530,342 class A common shares (including 550,000 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 September 30, 2025 (Unaudited) and December 31, 2024		3
		Consolidated Statements of Operations Quarters and Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)		4
		Consolidated Statements of Comprehensive Income Quarters and Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)		5
		Consolidated Statements of Changes in Shareholders’ Equity Quarters and Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)		6
		Consolidated Statements of Cash Flows Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)		7
		Notes to Consolidated Financial Statements (Unaudited)		8
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		32
Item 3.		Quantitative and Qualitative Disclosures about Market Risk		47
Item 4.		Controls and Procedures		48
	PART II – OTHER INFORMATION
Item 1.		Legal Proceedings		49
Item 1A.		Risk Factors		49
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		49
Item 3.		Defaults Upon Senior Securities		49
Item 4.		Mine Safety Disclosures		49
Item 5.		Other Information		49
Item 6.		Exhibits		50
Signature				51

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

GLOBAL INDEMNITY GROUP, LLC

Consolidated Balance Sheets

(In thousands, except share amounts)

		(Unaudited) September 30, 2025				December 31, 2024
ASSETS
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,314,418 and $1,394,639; net of allowance for expected credit losses of $0 at September 30, 2025 and December 31, 2024)		$	1,309,379			$	1,381,908
Equity securities, at fair value			33,625				12,284
Other invested assets			19,084				29,413
Total investments			1,362,088				1,423,605
Cash and cash equivalents			75,360				17,009
Premium receivables, net of allowance for expected credit losses of $3,476 at September 30, 2025 and $3,530 at December 31, 2024			75,870				75,088
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at September 30, 2025 and December 31, 2024			64,262				66,855
Funds held by ceding insurers			23,919				30,026
Deferred income taxes			17,947				22,459
Deferred acquisition costs			45,523				41,136
Intangible assets			17,000				14,103
Goodwill			4,820				4,820
Prepaid reinsurance premiums			3,661				3,320
Receivable for securities			—				52
Income tax receivable			6,071				825
Lease right of use assets			8,424				9,295
Other assets			29,143				22,660
Total assets		$	1,734,088			$	1,731,253
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses		$	761,681			$	800,391
Unearned premiums			200,941				183,411
Reinsurance balances payable			2,700				8,181
Payable for securities			2,227				—
Contingent commissions			5,606				6,826
Lease liabilities			8,922				10,371
Other liabilities			47,876				32,924
Total liabilities		$	1,029,953			$	1,042,104
Commitments and contingencies (Note 10)			—				—
Shareholders’ equity:
Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 4,000 shares, respectively, liquidation preference: $1,000 per share and $1,000 per share, respectively			4,000				4,000
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,818,110 and 11,202,355, respectively, (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class A common shares outstanding: 10,530,342 and 9,914,587, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively			—				—
Additional paid-in capital			464,796				459,578
Accumulated other comprehensive income (loss), net of tax			(4,200	)			(10,410	)
Retained earnings			272,231				268,673
Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively			(32,692	)			(32,692	)
Total shareholders’ equity			704,135				689,149
Total liabilities and shareholders’ equity		$	1,734,088			$	1,731,253

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 September 30,								(Unaudited) Nine Months Ended September 30,
		2025				2024				2025				2024
Revenues:
Gross written premiums		$	108,369			$	99,767			$	313,845			$	293,961
Ceded written premiums			(2,826	)			(2,590	)			(8,524	)			(6,948	)
Net written premiums			105,543				97,177				305,321				287,013
Change in net unearned premiums			(5,873	)			(1,764	)			(17,189	)			(2,207	)
Net earned premiums			99,670				95,413				288,132				284,806
Net investment income			17,911				16,488				47,400				46,319
Net realized investment gains (losses)			(3,994	)			(512	)			(3,731	)			540
Other income			611				372				1,568				1,074
Total revenues			114,198				111,761				333,369				332,739
Losses and Expenses:
Net losses and loss adjustment expenses			49,875				52,400				169,561				159,446
Acquisition costs and other underwriting expenses			40,415				37,553				114,837				111,790
Corporate expenses			7,844				5,923				24,872				18,679
Income before income taxes			16,064				15,885				24,099				42,824
Income tax expense			3,541				3,125				5,221				8,605
Net income		$	12,523			$	12,760			$	18,878			$	34,219
Less: preferred stock distributions			110				110				330				330
Net income available to common shareholders		$	12,413			$	12,650			$	18,548			$	33,889
Per share data:
Net income available to common shareholders
Basic		$	0.87			$	0.93			$	1.31			$	2.49
Diluted		$	0.86			$	0.92			$	1.30			$	2.48
Weighted-average number of shares outstanding
Basic			14,296,628				13,664,542				14,147,848				13,617,960
Diluted			14,357,909				13,800,877				14,222,845				13,684,018
Cash distributions declared per common share		$	0.35			$	0.35			$	1.05			$	1.05

See accompanying notes to the consolidated financial statements.

4

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Comprehensive Income

(In thousands)

		(Unaudited) Quarters Ended September 30,								(Unaudited) Nine Months Ended September 30,
		2025				2024				2025				2024
Net income		$	12,523			$	12,760			$	18,878			$	34,219
Other comprehensive income, net of tax:
Unrealized holding gains			413				9,513				6,084				14,314
Reclassification adjustment for losses included in net income			28				633				51				665
Unrealized foreign currency translation gains			16				58				75				37
Other comprehensive income, net of tax			457				10,204				6,210				15,016
Comprehensive income, net of tax		$	12,980			$	22,964			$	25,088			$	49,235

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 September 30,								(Unaudited) Nine Months Ended September 30,
		2025				2024				2025				2024
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			11,790,484				11,158,442				11,202,355				11,042,670
Common shares issued to Fox Paine & Company, LLC, designated as class A-2 common shares			—				—				550,000				—
Common shares issued under share incentive plans, net of forfeitures			—				—				—				65,182
Common shares issued to directors			27,626				23,556				65,755				74,146
Number at end of period			11,818,110				11,181,998				11,818,110				11,181,998
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		$	463,816			$	457,550			$	459,578			$	454,791
Share compensation plans			980				1,164				5,218				3,923
Balance at end of period		$	464,796			$	458,714			$	464,796			$	458,714
Accumulated other comprehensive income (loss), net of deferred income tax:
Balance at beginning of period		$	(4,657	)		$	(18,051	)		$	(10,410	)		$	(22,863	)
Other comprehensive income:
Change in unrealized holding gains			441				10,146				6,135				14,979
Unrealized foreign currency translation gains (losses)			16				58				75				37
Other comprehensive income			457				10,204				6,210				15,016
Balance at end of period		$	(4,200	)		$	(7,847	)		$	(4,200	)		$	(7,847	)
Retained earnings:
Balance at beginning of period		$	264,821			$	256,683			$	268,673			$	244,988
Net income			12,523				12,760				18,878				34,219
Preferred share distributions			(110	)			(110	)			(330	)			(330	)
Distributions to shareholders ($0.35 per share per quarter in 2025 and 2024)			(5,003	)			(4,782	)			(14,990	)			(14,326	)
Balance at end of period		$	272,231			$	264,551			$	272,231			$	264,551
Number of treasury shares:
Number at beginning of period			1,287,768				1,287,768				1,287,768				1,271,241
Class A common shares purchased			—				—				—				16,527
Number at end of period			1,287,768				1,287,768				1,287,768				1,287,768
Treasury shares, at cost:
Balance at beginning of period		$	(32,692	)		$	(32,692	)		$	(32,692	)		$	(32,163	)
Class A common shares purchased, at cost			—				—				—				(529	)
Balance at end of period		$	(32,692	)		$	(32,692	)		$	(32,692	)		$	(32,692	)
Total shareholders’ equity		$	704,135			$	686,726			$	704,135			$	686,726

See accompanying notes to the consolidated financial statements.

6

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Cash Flows

(In thousands)

		(Unaudited) Nine Months Ended September 30,
		2025				2024
Cash flows from operating activities:
Net income		$	18,878			$	34,219
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation			4,136				3,993
Restricted stock and stock option expense			5,218				3,923
Deferred federal income taxes			2,935				8,605
Amortization of bond premium and discount, net			12,536				(16,989	)
Net realized investment losses (gains)			3,731				(540	)
Loss (income) from equity method investments, net of distributions			342				136
Changes in:
Premium receivables, net			3,552				28,733
Reinsurance receivables, net			2,593				4,046
Funds held by ceding insurers			6,201				(10,158	)
Unpaid losses and loss adjustment expenses			(38,710	)			(10,423	)
Unearned premiums			17,530				510
Reinsurance balances payable			(5,481	)			(1,679	)
Other assets and liabilities			(7,174	)			7,672
Contingent commissions			(1,220	)			(429	)
Income tax receivable / payable			(5,246	)			(2,657	)
Deferred acquisition costs			(4,387	)			1,590
Prepaid reinsurance premiums			(341	)			1,698
Net cash provided by operating activities			15,093				52,250
Cash flows from investing activities:
Proceeds from sale of fixed maturities			201,033				80,236
Proceeds from maturity of fixed maturities			1,749,775				539,542
Proceeds from maturity of preferred stock			—				5,534
Proceeds from other invested assets			9,988				8,641
Purchases of fixed maturities			(1,880,892	)			(682,546	)
Purchases of equity securities			(25,024	)			—
Acquisition of business, net of cash acquired			(1,305	)			—
Net cash provided by (used for) investing activities			53,575				(48,593	)
Cash flows from financing activities:
Distributions paid to common shareholders			(9,987	)			(9,816	)
Distributions paid to preferred shareholders			(330	)			(330	)
Purchases of class A common shares			—				(529	)
Net cash used for financing activities			(10,317	)			(10,675	)
Net change in cash and cash equivalents			58,351				(7,018	)
Cash and cash equivalents at beginning of period			17,009				38,037
Cash and cash equivalents at end of period		$	75,360			$	31,019

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 September 30, 2025, Global Indemnity Group, LLC’s class A common shares (excluding the 550,000 class A common shares designated as class A-2 common shares) are publicly traded on the New York Stock Exchange under the ticker symbol GBLI. Global Indemnity Group, LLC’s predecessors have been publicly traded since 2003. See Note 15 for additional information regarding the transfer of the listing of Global Indemnity Group, LLC's class A common shares from the New York Stock Exchange to the Nasdaq Global Select Market effective after the market closes on November 3, 2025.

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 nine months ended September 30, 2025 and 2024 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 2024 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.Acquisition

On August 31, 2025, the Company's subsidiary, Katalyx Holdings LLC ("Katalyx"), formerly Penn-America Underwriters, LLC, acquired Sayata, an artificial intelligence-enabled digital distribution marketplace and agency operations for commercial insurance. Sayata was acquired in an all-cash transaction. The acquisition complements the Company’s recent strategic reorganization of its Katalyx business to focus on agency and insurance services.

The results of Sayata’s operations have been included in the Company’s consolidated financial statements since the date of the acquisition on August 31, 2025.

3.Investments

The amortized cost and estimated fair value of the Company’s fixed maturities securities were as follows as of September 30, 2025 and December 31, 2024:

(Dollars in thousands)		Amortized Cost				Allowance for Expected Credit Losses				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
As of September 30, 2025
Fixed maturities:
U.S. treasuries		$	577,064			$	—			$	111			$	(174	)		$	577,001
Obligations of states and political subdivisions			14,540				—				—				(390	)			14,150
Mortgage-backed securities			224,318				—				2,301				(3,412	)			223,207
Asset-backed securities			153,311				—				1,291				(3,616	)			150,986
Commercial mortgage-backed securities			58,250				—				414				(1,343	)			57,321
Corporate bonds			205,176				—				1,191				(1,099	)			205,268
Foreign corporate bonds			81,759				—				405				(718	)			81,446
Total fixed maturities		$	1,314,418			$	—			$	5,713			$	(10,752	)		$	1,309,379

8

(Dollars in thousands)		Amortized Cost				Allowance for Expected Credit Losses				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
As of December 31, 2024
Fixed maturities:
U.S. treasuries		$	875,273			$	—			$	757			$	(784	)		$	875,246
Obligations of states and political subdivisions			17,125				—				—				(790	)			16,335
Mortgage-backed securities			61,905				—				299				(3,284	)			58,920
Asset-backed securities			137,445				—				864				(2,882	)			135,427
Commercial mortgage-backed securities			68,041				—				15				(2,488	)			65,568
Corporate bonds			158,798				—				189				(2,891	)			156,096
Foreign corporate bonds			76,052				—				81				(1,817	)			74,316
Total fixed maturities		$	1,394,639			$	—			$	2,205			$	(14,936	)		$	1,381,908

As of September 30, 2025 and December 31, 2024, the Company’s investments in equity securities consist of the following:

(Dollars in thousands)		September 30, 2025				December 31, 2024
Common stock		$	21,019			$	—
Preferred stock			12,606				12,284
Total		$	33,625			$	12,284

Excluding U.S. treasuries and limited partnerships, the Company did not hold any debt or equity investments in a single issuer in excess of 2.7% and 1.7% of shareholders' equity at September 30, 2025 and December 31, 2024, respectively.

The amortized cost and estimated fair value of the Company’s fixed maturities portfolio classified as available for sale at September 30, 2025, 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		$	605,240			$	605,055
Due in one year through five years			259,054				259,264
Due in five years through ten years			5,193				5,012
Due after ten years			9,052				8,534
Mortgage-backed securities			224,318				223,207
Asset-backed securities			153,311				150,986
Commercial mortgage-backed securities			58,250				57,321
Total		$	1,314,418			$	1,309,379

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 September 30, 2025. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 4.

		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		$	8,513			$	(8	)		$	7,595			$	(166	)		$	16,108			$	(174	)
Obligations of states and political subdivisions			—				—				14,150				(390	)			14,150				(390	)
Mortgage-backed securities			19,003				(1,236	)			21,389				(2,176	)			40,392				(3,412	)
Asset-backed securities			20,309				(1,599	)			35,472				(2,017	)			55,781				(3,616	)
Commercial mortgage-backed securities			3,162				(42	)			37,607				(1,301	)			40,769				(1,343	)
Corporate bonds			443				(2	)			56,893				(1,097	)			57,336				(1,099	)
Foreign corporate bonds			795				(4	)			28,586				(714	)			29,381				(718	)
Total fixed maturities		$	52,225			$	(2,891	)		$	201,692			$	(7,861	)		$	253,917			$	(10,752	)

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, 2024. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 4.

		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		$	12,909			$	(180	)		$	67,662			$	(604	)		$	80,571			$	(784	)
Obligations of states and political subdivisions			—				—				16,335				(790	)			16,335				(790	)
Mortgage-backed securities			20,832				(336	)			26,802				(2,948	)			47,634				(3,284	)
Asset-backed securities			7,239				(49	)			46,792				(2,833	)			54,031				(2,882	)
Commercial mortgage-backed securities			7,551				(242	)			55,750				(2,246	)			63,301				(2,488	)
Corporate bonds			14,325				(54	)			95,266				(2,837	)			109,591				(2,891	)
Foreign corporate bonds			17,635				(62	)			46,696				(1,755	)			64,331				(1,817	)
Total fixed maturities		$	80,491			$	(923	)		$	355,303			$	(14,013	)		$	435,794			$	(14,936	)

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 September 30, 2025 and December 31, 2024 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 $4.5 million and $3.5 million as of September 30, 2025 and December 31, 2024, 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 September 30, 2025, gross unrealized losses related to U.S. treasuries were $0.174 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 September 30, 2025, gross unrealized losses related to obligations of states and political subdivisions were $0.390 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 September 30, 2025, gross unrealized losses related to mortgage-backed securities were $3.412 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 September 30, 2025, gross unrealized losses related to asset backed securities were $3.616 million. The weighted average credit enhancement for the Company’s asset backed portfolio is 36.5. 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 September 30, 2025, gross unrealized losses related to the CMBS portfolio were $1.343 million. The weighted average credit enhancement for the Company’s CMBS portfolio is 41.7. 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 September 30, 2025, gross unrealized losses related to corporate bonds were $1.099 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 September 30, 2025, gross unrealized losses related to foreign bonds were $0.718 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 September 30, 2025 and December 31, 2024 was as follows:

(Dollars in thousands)		September 30, 2025				December 31, 2024
Net unrealized gains (losses) from:
Fixed maturities		$	(5,039	)		$	(12,731	)
Foreign currency fluctuations			(164	)			(259	)
Deferred taxes			1,003				2,580
Accumulated other comprehensive income (loss), net of tax		$	(4,200	)		$	(10,410	)

The following tables present the changes in accumulated other comprehensive income (loss), by components, for the quarters and nine months ended September 30, 2025 and 2024:

Quarter Ended September 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		$	(4,512	)		$	(145	)		$	(4,657	)
Other comprehensive income before reclassification, before tax			524				20				544
Amounts reclassified from accumulated other comprehensive income (loss), before tax			27				—				27
Other comprehensive income, before tax			551				20				571
Income tax expense			(109	)			(5	)			(114	)
Ending balance, net of tax		$	(4,070	)		$	(130	)		$	(4,200	)

Quarter Ended September 30, 2024 (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		$	(17,882	)		$	(169	)		$	(18,051	)
Other comprehensive income before reclassification, before tax			11,912				74				11,986
Amounts reclassified from accumulated other comprehensive income, before tax			801				—				801
Other comprehensive income, before tax			12,713				74				12,787
Income tax expense			(2,568	)			(15	)			(2,583	)
Ending balance, net of tax		$	(7,737	)		$	(110	)		$	(7,847	)

Nine Months Ended September 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			7,644				95				7,739
Amounts reclassified from accumulated other comprehensive income (loss), before tax			48				—				48
Other comprehensive income, before tax			7,692				95				7,787
Income tax expense			(1,557	)			(20	)			(1,577	)
Ending balance, net of tax		$	(4,070	)		$	(130	)		$	(4,200	)

13

Nine Months Ended September 30, 2024 (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		$	(22,715	)		$	(148	)		$	(22,863	)
Other comprehensive income before reclassification, before tax			17,841				47				17,888
Amounts reclassified from accumulated other comprehensive income, before tax			833				—				833
Other comprehensive income, before tax			18,674				47				18,721
Income tax expense			(3,696	)			(9	)			(3,705	)
Ending balance, net of tax		$	(7,737	)		$	(110	)		$	(7,847	)

The reclassifications out of accumulated other comprehensive income (loss) for the quarters and nine months ended September 30, 2025 and 2024 were as follows:

				Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
(Dollars in thousands)				Quarters Ended September 30,
Details about Accumulated Other Comprehensive Income (Loss) Components		Affected Line Item in the Consolidated Statements of Operations		2025				2024
Unrealized gains and losses on available for sale securities		Other net realized investment losses		$	27			$	801
		Income tax expense (benefit)			1				(168	)
		Total reclassifications, net of tax		$	28			$	633

				Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
(Dollars in thousands)				Nine Months Ended September 30,
Details about Accumulated Other Comprehensive Income (Loss) Components		Affected Line Item in the Consolidated Statements of Operations		2025				2024
Unrealized gains and losses on available for sale securities		Other net realized investment losses		$	48			$	833
		Income tax expense (benefit)			3				(168	)
		Total reclassifications, net of tax		$	51			$	665

Net Realized Investment Gains (Losses)

The components of net realized investment gains (losses) for the quarters and nine months ended September 30, 2025 and 2024 were as follows:

		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				2025				2024
Fixed maturities:
Gross realized gains		$	8			$	5			$	69			$	54
Gross realized losses			(35	)			(806	)			(117	)			(887	)
Net realized gains (losses)			(27	)			(801	)			(48	)			(833	)
Equity securities:
Gross realized gains			38				295				322				1,384
Gross realized losses			(4,005	)			(6	)			(4,005	)			(11	)
Net realized gains (losses)			(3,967	)			289				(3,683	)			1,373
Total net realized investment gains (losses)		$	(3,994	)		$	(512	)		$	(3,731	)		$	540

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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 September 30, 2025 and 2024:

		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				2025				2024
Net gains (losses) recognized during the period on equity securities		$	(3,967	)		$	289			$	(3,683	)		$	1,373
Less: net gains (losses) recognized during the period on equity securities sold during the period			—				(157	)			—				(423	)
Unrealized gains (losses) recognized during the reporting period on equity securities still held		$	(3,967	)		$	446			$	(3,683	)		$	1,796

The proceeds from sales and redemptions of available for sale and equity securities resulting in net realized investment gains (losses) for the nine months ended September 30, 2025 and 2024 were as follows:

		Nine Months Ended September 30,
(Dollars in thousands)		2025				2024
Fixed maturities		$	201,033			$	80,236
Equity securities			—				—

Net Investment Income

The sources of net investment income for the quarters and nine months ended September 30, 2025 and 2024 were as follows:

		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				2025				2024
Fixed maturities		$	14,972			$	15,457			$	44,268			$	43,617
Equity securities			716				181				1,001				615
Cash and cash equivalents			715				800				2,321				2,121
Other invested assets			2,012				555				1,318				1,486
Total investment income			18,415				16,993				48,908				47,839
Investment expense			(504	)			(505	)			(1,508	)			(1,520	)
Net investment income		$	17,911			$	16,488			$	47,400			$	46,319

The Company’s total investment return on a pre-tax basis for the quarters and nine months ended September 30, 2025 and 2024 were as follows:

		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				2025				2024
Net investment income		$	17,911			$	16,488			$	47,400			$	46,319
Net realized investment gains (losses)			(3,994	)			(512	)			(3,731	)			540
Change in unrealized holding gains (losses)			571				12,787				7,787				18,721
Net realized and unrealized investment returns			(3,423	)			12,275				4,056				19,261
Total investment return		$	14,488			$	28,763			$	51,456			$	65,580
Total investment return % (1)			1.0	%			2.0	%			3.6	%			4.6	%
Average investment portfolio (2)		$	1,434,105			$	1,451,641			$	1,437,944			$	1,429,253

(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 September 30, 2025 and December 31, 2024, the Company did not own any fixed maturity securities that were non-income producing for the preceding twelve months.

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Insurance Enhanced Municipal Bonds

As of September 30, 2025, the Company held insurance enhanced municipal bonds with a market value of approximately $1.3 million which represented 0.1% of the Company’s total cash and invested assets, net of payable for securities. The financial guarantors of the Company’s $1.3 million municipal bonds include Assured Guaranty Corporation ($0.4 million) and Ambac Financial Group ($0.9 million).

The Company had no direct investments in the entities that have provided financial guarantees or other credit support to any security held by the Company at September 30, 2025.

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 September 30, 2025 and December 31, 2024:

		Estimated Fair Value
(Dollars in thousands)		September 30, 2025				December 31, 2024
On deposit with governmental authorities		$	19,861			$	19,378
Held in trust pursuant to third-party requirements			164,490				158,964
Total (1)		$	184,351			$	178,342

(1)Includes cash and cash equivalents of $25.3 million and $5.2 million at September 30, 2025 and December 31, 2024, 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 $19.1 million and $29.4 million as of September 30, 2025 and December 31, 2024. The Company has a variable interest in two of these limited partnership investments, for which it is not the primary beneficiary. These investments are accounted for under the equity method since its ownership interest exceeds 3%.

The carrying value of one of the Company’s VIEs, which invests in distressed securities and assets, was $2.1 million and $2.6 million as of September 30, 2025 and December 31, 2024, respectively. The Company’s maximum exposure to loss from this VIE, which factors in future funding commitments of $14.2 million, was $16.4 million and $16.8 million at September 30, 2025 and December 31, 2024, respectively. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively. The carrying value and maximum exposure to loss of a second VIE that invests in Real Estate Investment Trust (“REIT”) qualifying assets was $7.4 million and $8.9 million as of September 30, 2025 and December 31, 2024, 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.

4.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 September 30, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.

		Fair Value Measurements
As of September 30, 2025 (Dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Fixed maturities:
U.S. treasuries		$	577,001			$	—			$	—			$	577,001
Obligations of states and political subdivisions			—				14,150				—				14,150
Mortgage-backed securities			—				223,207				—				223,207
Commercial mortgage-backed securities			—				57,321				—				57,321
Asset-backed securities			—				150,986				—				150,986
Corporate bonds			—				205,268				—				205,268
Foreign corporate bonds			—				81,446				—				81,446
Total fixed maturities			577,001				732,378				—				1,309,379
Equity securities			21,019				12,606				—				33,625
Total assets measured at fair value		$	598,020			$	744,984			$	—			$	1,343,004

		Fair Value Measurements
As of December 31, 2024 (Dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Fixed maturities:
U.S. treasuries		$	875,246			$	—			$	—			$	875,246
Obligations of states and political subdivisions			—				16,335				—				16,335
Mortgage-backed securities			—				58,920				—				58,920
Commercial mortgage-backed securities			—				65,568				—				65,568
Asset-backed securities			—				135,427				—				135,427
Corporate bonds			—				156,096				—				156,096
Foreign corporate bonds			—				74,316				—				74,316
Total fixed maturities			875,246				506,662				—				1,381,908
Equity securities			—				12,284				—				12,284
Total assets measured at fair value		$	875,246			$	518,946			$	—			$	1,394,192

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.

Fair Value of Alternative Investments

Other invested assets consist of limited partnerships whose carrying value approximates fair value. The following table provides the fair value and future funding commitments related to these investments at September 30, 2025 and December 31, 2024.

		September 30, 2025								December 31, 2024
(Dollars in thousands)		Fair Value				Future Funding Commitment				Fair Value				Future Funding Commitment
European Non-Performing Loan Fund, LP (1)		$	2,146			$	14,214			$	2,628			$	14,214
Mortgage Debt Fund, LP (2)			7,368				—				8,882				—
Global Debt Fund, LP (3)			9,570				—				17,903				—
Total		$	19,084			$	14,214			$	29,413			$	14,214

(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 September 30, 2025, the Company has funded $35.8 million of this commitment leaving $14.2 million as unfunded. 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 $9.2 million were received during the nine months ended September 30, 2025.

Limited Partnerships with ownership interest exceeding 3%

The Company uses the equity method to account for investments in limited partnerships where its ownership interest exceeds 3%. The equity method of accounting for an investment in limited partnerships requires that its cost basis be updated to account for the income or loss earned on the investment. In the Fair Value of Alternative Investments table above, all of the 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 whose ownership interest exceeds 3% is reflected in the consolidated statements of operations in the amounts of $0.0 million and ($0.2) million for the quarters ended September 30, 2025 and 2024, respectively, and $0.1 million and $0.4 million for the nine months ended September 30, 2025 and 2024, 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.

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•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.

•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 nine months ended September 30, 2025 and 2024, the Company has not adjusted quotes or prices obtained from the pricing vendors.

5. 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 nine months ended September 30, 2025 and 2024:

		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				2025				2024
Beginning balance		$	3,371			$	4,043			$	3,530			$	4,796
Current period provision for expected credit losses			197				(522	)			118				(695	)
Write-offs			(92	)			(35	)			(172	)			(615	)
Ending balance		$	3,476			$	3,486			$	3,476			$	3,486

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.

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The allowance for expected credit losses related to the Company's reinsurance receivables was $9.0 million at September 30, 2025 and December 31, 2024.

6. 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 conducts certain functions in Ireland where the statutory income tax rate is 12.5% on trading income. 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’s income before income taxes is derived from its U.S. subsidiaries for the quarters and nine months ended September 30, 2025 and 2024.

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 22.0% and 21.7% for the quarter and nine months ended September 30, 2025, respectively. The effective tax rate is 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 was 19.7% and 20.1% for the quarter and nine months ended September 30, 2024, respectively. The effective tax rate is 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.

On July 4, 2025, the U.S enacted the One Big Beautiful Bill Act (the “Act”). The Act includes provisions to expense previously deferred domestic research and development costs, increase bonus depreciation and modify the international tax framework. The Company has evaluated the impact of the Act on its consolidated financial statements and does not anticipate a material effect.

7. 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 September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				2025				2024
Balance at beginning of period		$	776,127			$	844,206			$	800,391			$	850,599
Less: ceded reinsurance receivables			59,478				70,392				60,754				72,829
Net balance at beginning of period			716,649				773,814				739,637				777,770
Net losses and loss adjustment expenses related to:
Current year			49,919				52,434				169,600				159,561
Prior years			(44	)			(34	)			(39	)			(115	)
Total net losses and loss adjustment expenses			49,875				52,400				169,561				159,446
Paid net losses and loss adjustment expenses related to:
Current year			13,208				8,415				46,984				32,501
Prior years			50,425				48,520				159,323				135,436
Total paid net losses and loss adjustment expenses			63,633				56,935				206,307				167,937
Net balance at end of period			702,891				769,279				702,891				769,279
Plus: ceded reinsurance receivables			58,790				70,897				58,790				70,897
Balance at end of period		$	761,681			$	840,176			$	761,681			$	840,176

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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.

During the third quarter of 2025, the Company's adjustments to prior accident year loss reserves netted to a decrease of less than $0.1 million.

•Belmont Insurance Companies - Core (“Belmont Core”) had an increase of $2.6 million consisting of (i) $1.6 million decrease for property lines primarily related to the 2023 and 2024 accident years and (ii) $4.2 million increase for casualty lines primarily related to the 2019 through 2022 accident years mainly due to increased severity on claims.

•Belmont Insurance Companies - Non-Core ("Belmont Non-Core") had a decrease of $2.7 million consisting of: (i) $1.2 million decrease for property lines primarily related to the 2019 through 2022 accident years and (ii) $1.5 million decrease for casualty lines across various accident years prior to 2012.

During the third quarter of 2024, the Company's adjustments to prior accident year loss reserves netted to a decrease of less than $0.1 million.

•Belmont Core had an increase of less than $0.1 million consisting of a $3.7 million decrease for property lines offset by a $3.7 million increase for casualty lines across various accident years.

•Belmont Non-Core had a decrease of less than $0.1 million across various accident years.

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

•Belmont Core had an increase of $4.0 million consisting of (i) $6.1 million decrease for property lines primarily related to the 2019 through 2024 accident years and (ii) $10.1 million increase for casualty lines primarily related to the 2017 through 2022 accident years mainly due to increased severity on claims.

•Belmont Non-Core had a decrease of $4.0 million consisting of: (i) $3.4 million decrease for property lines primarily related to the 2019 through 2022 accident years and (ii) $0.6 million decrease for casualty lines across various accident years for 2022 and prior.

During the first nine months of 2024, the Company's adjustments to prior accident year loss reserves netted to a decrease of $0.1 million.

•Belmont Core had a decrease of $0.4 million consisting of $4.0 million decrease for property lines offset by a $3.6 million increase for casualty lines across various accident years.

•Belmont Non-Core had an increase of $0.3 million across various accident years.

8. Shareholders’ Equity

Amendment of the Limited Liability Company Agreement

Effective January 16, 2025, the Company amended and restated its Second Amended and Restated Limited Liability Company Agreement (such amended and restated agreement, the Third Amended and Restated Limited Liability Company Agreement (“LLCA”)). The LLCA incorporates certain amendments, including, the authorization of 5,000,000 class A common shares that the Board may designate as class A-2 common shares pursuant to a grant agreement, as well as establishing the rights of the class A common shares designated as class A-2 common shares.

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

On March 6, 2025, Global Indemnity Group, LLC issued 550,000 class A common shares designated as class A-2 common shares to Fox Paine & Company, LLC. These shares represent an interest in the profits of the Company in excess of a

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threshold amount of $475.3 million which is equal to the product of (i) the volume weighted average closing sale price of a class A common share on the New York Stock Exchange for the 30 consecutive calendar days ending on and including the grant date of March 6, 2025, which is equal to $34.67 per share, multiplied by (ii) the total number of outstanding class A and class B common shares of 13,708,199, subject to adjustment as set forth in the class A common shares designated as class A-2 common shares grant agreement. These shares are fully vested and non-forfeitable. The class A common shares designated as class A-2 common shares have the same voting rights as the class A common shares and are entitled to ordinary cash dividends or other regular distributions in the same manner as both the class A and class B common shares. Other than distributions made in connection with a Change of Control Transaction, the class A common shares designated as class A-2 common shares are also entitled to receive any special dividends or distributions that may be declared by the Board in the same manner as the class A and class B common shares provided the distribution relates solely to Company profits accrued since the grant date and does not result in the reduction of the threshold amount. Unless otherwise determined by the Board and the Conflicts Committee of the Board of Directors, the class A common shares designated as class A-2 common shares may not be assigned, sold, pledged, hypothecated, transferred, or disposed of in any manner until the occurrence of a Change of Control Transaction. Upon a Change of Control Transaction, the holders of shares, including the class A common shares designated as class A-2 common shares shall be entitled to receive distributions, if any, from the proceeds of the sale of the Company or the Company’s assets in the following order:

1)first, holders of Series A Cumulative Fixed Rate Perpetual Preferred Shares receive the sum of the Unpaid Priority Return and the Unreturned Liquidation Preference (each as defined in the Series A Preferred Shares Designation) with respect to their Series A Cumulative Fixed Rate Perpetual Preferred Shares;

2)second, holders of class A and class B common shares (other than the class A common shares designated as class A-2 common shares) receive distributions equal to the Threshold Amount less the total amount of any special distributions or special dividends paid by the Company to holders of class A and class B common shares (other than the class A common shares designated as class A-2 common shares) following the grant date that relate solely to the capital (not profits) of the Company (which amount shall be determined by the Board);

3)third, the holders of class A common shares designated as class A-2 common shares receive 100% of distributions until the amount received per class A common shares designated as a class A-2 common shares is “caught up” to the amount received under step (2) by each class A common share; and

4)fourth, the class A common shares designated as class A-2 common shares participate in distributions of profits, pro-rata with other common shareholders (otherwise in accordance with the LLCA).

Repurchases of the Company's class A common shares

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

The following table provides information with respect to the class A common shares that were surrendered or repurchased during the nine months ended September 30, 2024:

(Dollars in thousands, except share and per share data) Period (1)		Total Number of Shares Purchased				Average Price Paid Per Share				Total Number of Shares  Purchased as Part of Publicly Announced Plan or Program				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
June 1-30, 2024			16,527		(3)	$	32.00				—			$	101,004
Total			16,527			$	32.00

(1)Based on settlement date.

(2)Based on the $135 million share repurchase authorization.

(3)Surrendered by employees as payment of taxes withheld on the vesting of restricted stock and/or restricted stock units.

Please see Note 15 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2024 Annual Report on Form 10-K for more information on the Company’s repurchase program.

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Distributions

Quarterly distribution payments of $0.35 per common share were declared during the nine months ended September 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
September 11, 2025		September 29, 2025		October 6, 2025			5,003
Total						$	14,990

Quarterly distribution payments of $0.35 per common share were declared during the nine months ended September 30, 2024 as follows:

Approval Date		Record Date		Payment Date		Total Distributions Declared (Dollars in thousands)
March 6, 2024		March 21, 2024		March 28, 2024		$	4,752
June 6, 2024		June 21, 2024		June 28, 2024			4,774
September 19, 2024		September 30, 2024		October 7, 2024			4,782
Various (1)		Various		Various			18
Total						$	14,326

(1)Represents distributions declared on unvested shares, net of forfeitures.

In addition, distributions paid to Global Indemnity Group, LLC's preferred shareholder were $0.1 million in each of the quarters ended September 30, 2025 and 2024 and $0.3 million in each of the nine months ended September 30, 2025 and 2024.

Distributions of $5.0 million, which were declared on September 11, 2025 but not paid until October 6, 2025, were included in other liabilities on the consolidated balance sheets as of September 30, 2025. There were no accrued distributions related to common shares as of December 31, 2024. Accrued preferred distributions were less than $0.1 million as of both September 30, 2025 and December 31, 2024 and were included in other liabilities on the consolidated balance sheets.

Please see Note 15 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2024 Annual Report on Form 10-K for more information on the Company’s distribution program.

9. Related Party Transactions

Fox Paine Entities

Pursuant to Global Indemnity Group, LLC’s Third Amended and Restated Limited Liability Company Agreement (“LLCA”), 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 83.9% of the voting power of Global Indemnity Group, LLC as of September 30, 2025. 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 September 30, 2025 and 2024 and management fee expense of $2.4 million was incurred during each of the nine months ended September 30, 2025 and 2024, respectively. Prepaid management fees, which were included in other assets on the consolidated balance sheets, were $3.1 million and $2.2 million as of September 30, 2025 and December 31, 2024, respectively.

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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. This reorganization was a significant milestone, positioning the Company for enhanced operational efficiency and growth by:

•Enhancing Katalyx Holdings LLC's business divisions: Wholesale Commercial, Vacant Express, Collectibles and Specialty Products by creating separate and distinct businesses for each division to improve branding, attract talent and expand relationships with its distribution partners.

•Establishing separate businesses for technology, Kaleidoscope Insurance Technologies, Inc., and claims services, Liberty Insurance Adjustment Agency, Inc, that will continue to support the insurance company operations of Belmont Holdings GX, Inc. and create the foundation to offer products and services to other insurance industry participants.

•De-stacking the insurance companies resulting in an increased consolidated surplus of the insurance companies and allowing for 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 8 for additional information regarding the 550,000 class A common shares designated as class A-2 common shares.

Greenberg Traurig, LLP

Fred Karlinsky, Shareholder and Co-Chair of Greenberg Traurig, LLP, has been a member of Global Indemnity Group, LLC's Board of Directors since December 5, 2023. Effective January 17, 2025, Fred Karlinsky was appointed to the Audit Committee, and as a result, the Company is precluded from obtaining legal services from Greenberg Traurig, LLP. The Company did not incur any costs for legal services rendered by Greenberg Traurig, LLP during the quarter and nine months ended September 30, 2025. The Company incurred less than $0.1 million and $0.2 million for legal service rendered by Greenberg Traurig, LLP during the quarter and nine months ended September 30, 2024, respectively.

10. 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

24

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 September 30, 2025, the Company has funded $35.8 million of this commitment leaving $14.2 million as unfunded. 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 9 above for additional information pertaining to this management agreement.

11. Share-Based Compensation Plans

Options

During the nine months ended September 30, 2025, the Company granted 50,000 Time-Based Stock Options at a strike price of $36.25. These Time-Based Stock Options will vest on December 31, 2028. During the nine months ended September 30, 2024, the Company granted 550,000 Time-Based Stock Options at an average strike price of $30.73. Of this amount, 200,000 Time-Based Stock Options vested in four equal tranches of 25% on the first business day of each quarter in 2024. Of the remaining 350,000 Time-Based Stock Options, one-third vested on March 6, 2025, one-third will vest on March 6, 2026, and one-third will vest on March 6, 2027. No stock options were granted during the quarters ended September 30, 2025 or 2024. No unvested stock options were forfeited during the quarters and nine months ended September 30, 2025 or 2024.

Advisory Fee related to Internal Reorganization

See Note 8 and 9 for additional information regarding the 550,000 class A common shares designated as class A-2 common shares issued to Fox Paine & Company, LLC.

Restricted Shares / Restricted Stock Units

There were no restricted class A common shares or restricted stock units granted to key employees during the quarters and nine months ended September 30, 2025 and 2024. There were no restricted class A common shares or restricted stock units forfeited during the quarters and nine months ended September 30, 2025 and 2024.

There were no restricted stock units that vested during the quarter and nine months ended September 30, 2025 or the quarter ended September 30, 2024. There were 65,182 restricted stock units that vested during the nine months ended September 30, 2024. Upon vesting, the restricted stock units converted to restricted class A common shares.

During the quarters ended September 30, 2025 and 2024, the Company granted 27,626 and 23,556 class A common shares, respectively, at a weighted average grant date value of $28.87 and $31.16 per share, respectively, to non-employee directors of the Company under the Global Indemnity Group, LLC 2023 Share Incentive Plan ("the Plan"). During the nine months ended September 30, 2025 and 2024, the Company granted 65,755 and 74,146 class A common shares, respectively, at a weighted average grant date value of $30.71 and $30.74 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.

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12. 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 September 30,								Nine Months Ended September 30,
(Dollars in thousands, except share and per share data)		2025				2024				2025				2024
Numerator:
Net income		$	12,523			$	12,760			$	18,878			$	34,219
Less: preferred stock distributions			110				110				330				330
Net income available to common shareholders		$	12,413			$	12,650			$	18,548			$	33,889
Denominator:
Weighted average shares for basic earnings per share			14,296,628				13,664,542				14,147,848				13,617,960
Options			61,281				136,335				74,997				66,058
Weighted average shares for diluted earnings per share			14,357,909				13,800,877				14,222,845				13,684,018
Net income per share available to common shareholders
Basic		$	0.87			$	0.93			$	1.31			$	2.49
Diluted		$	0.86			$	0.92			$	1.30			$	2.48

The weighted average shares outstanding used to determine dilutive earnings per share does not include 600,000 options and 483,338 options for the quarter and nine months ended September 30, 2025, respectively, and 550,000 options for both the quarter and nine months ended September 30, 2024 which were deemed to be anti-dilutive.

13. Segment Information

On December 31, 2024, the Company executed an extensive internal business reorganization that marked a significant milestone, positioning the Company for growth and enhanced operational efficiency, increased statutory capital, and more efficient capital management resulting from de-stacking of the insurance companies.

As a result of this reorganization, the Company’s reportable segments are now structured under two holding companies:

•Katalyx Holdings LLC includes (i) four agencies focused on sourcing, underwriting, and servicing primary and reinsurance business: Penn-America Insurance Services, LLC, Valyn Re LLC, J.H. Ferguson & Associates, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC and (ii) three specialized insurance product and service businesses: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx Holdings agencies and broader digital initiatives; Sayata, an artificial intelligence-enabled insurance marketplace; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services.

•Belmont Holdings GX, Inc. includes five statutory insurance carriers: Penn-Patriot Insurance Company, Diamond State Insurance Company, Penn-Star Insurance Company, Penn-America Insurance Company, and United National Insurance Company, each of which are rated “A” (Excellent) by AM Best.

In the first quarter of 2025, the Company realigned the composition of its reportable segments to reflect changes in how the Company now manages its operations. The Company changed the level at which its chief operating decision maker (“CODM”), the Chief Executive Officer of Global Indemnity Group, LLC, regularly reviews operating results and allocate resources to now include Agency and Insurance Services. As a result of these changes, the Company has three reportable segments:

•Agency and Insurance Services includes (i) four agencies focused on sourcing, underwriting, and servicing primary and reinsurance business: Penn-America Insurance Services, LLC, Valyn Re LLC (formed in October

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2025 to provide proportional treaty coverage for both commercial and personal lines), J.H. Ferguson & Associates, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC and (ii) three specialized insurance product and service businesses: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx Holdings agencies and broader digital initiatives; Sayata, an artificial intelligence-enabled insurance marketplace; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services.

•Belmont Insurance Companies - Core (“Belmont Core”), previously known as the Penn-America segment, consists of insurance company operations for ongoing direct insurance products and assumed reinsurance products, which are offered in the excess and surplus lines marketplace.

•Belmont Insurance Companies - Non-Core (“Belmont Non-Core”), previously known as the Non-Core Operations segment, consists of insurance company operations for lines of business that have been de-emphasized or are no longer being written. The primary activities of Belmont Non-Core are servicing the run-off of polices/treaties, adjusting claims and estimating loss reserves on de-emphasized and terminated business.

The entities within the Agency and Insurance Services segment other than Sayata executed new affiliated service agreements with Belmont Holdings GX, Inc. and its insurance company subsidiaries effective January 1, 2025. As a result, there are no revenues and expenses for Agency and Insurance Services in the comparable period in 2024.

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 CODM to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below.

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The following are tabulations of business segment information for the quarters and nine months ended September 30, 2025 and 2024. Corporate information is included to reconcile segment data to the consolidated financial statements. Segment results for the quarter and nine months ended September 30, 2024 have been recast to conform to the new reportable segments.

Quarter Ended September 30, 2025 (Dollars in thousands)		Agency and Insurance Services				Belmont Core				Belmont Non-Core				Elimination				Total
Revenues:
Gross written premiums		$	—			$	108,541			$	(172	)		$	—			$	108,369
Net written premiums		$	—			$	105,708			$	(165	)		$	—			$	105,543
Net earned premiums		$	—			$	99,388			$	282			$	—			$	99,670
Commission and service fee income (1)			14,408				—				—				(14,408	)			—
Policy and installment fee income			570				—				41				—				611
Total segment revenues			14,978				99,388				323				(14,408	)			100,281
Reconciliation of revenue
Net investment income																			17,911
Net realized investment gains (losses)																			(3,994	)
Total consolidated revenues																		$	114,198
Less: (2)
Net losses and loss adjustment expenses			—				52,665				(2,446	)			(344	)			49,875
Net commission expenses			—				34,859				259				(11,031	)			24,087
Other underwriting expenses (3)			13,800				5,361				200				(3,033	)			16,328
Income (loss) from segments		$	1,178			$	6,503			$	2,310			$	—			$	9,991
Reconciliation of segment profit (loss)
Unallocated items:
Net investment income																			17,911
Net realized investment gains (losses)																			(3,994	)
Corporate expenses																			(7,844	)
Income before income taxes																			16,064
Income tax expense																			3,541
Net income																		$	12,523
Segment assets		$	43,083			$	162,084			$	79,162			$	(16,911	)			267,418
Corporate assets																			1,466,670
Total assets																		$	1,734,088

(1)Consists of intersegment revenues, 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 underwriting expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.

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Quarter Ended September 30, 2024 (Dollars in thousands)		Agency and Insurance Services				Belmont Core				Belmont Non-Core				Elimination				Total
Revenues:
Gross written premiums		$	—			$	103,244			$	(3,477	)		$	—			$	99,767
Net written premiums		$	—			$	100,712			$	(3,535	)		$	—			$	97,177
Net earned premiums		$	—			$	93,982			$	1,431			$	—			$	95,413
Commission and service fee income			—				—				—				—				—
Policy and installment fee income			—				337				35				—				372
Total segment revenues			—				94,319				1,466				—				95,785
Reconciliation of revenue
Net investment income																			16,488
Net realized investment gains (losses)																			(512	)
Total consolidated revenues																		$	111,761
Less: (1)
Net losses and loss adjustment expenses			—				51,382				1,018				—				52,400
Net commission expenses			—				21,926				973				—				22,899
Other underwriting expenses (2)			—				13,703				951				—				14,654
Income (loss) from segments		$	—			$	7,308			$	(1,476	)		$	—			$	5,832
Reconciliation of segment profit (loss)
Unallocated items:
Net investment income																			16,488
Net realized investment gains (losses)																			(512	)
Corporate expenses																			(5,923	)
Income before income taxes																			15,885
Income tax expense																			3,125
Net income																		$	12,760
Segment assets		$	—			$	165,820			$	97,058			$	—				262,878
Corporate assets																			1,498,239
Total assets																		$	1,761,117

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

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

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Nine Months Ended September 30, 2025 (Dollars in thousands)		Agency and Insurance Services				Belmont Core				Belmont Non-Core				Elimination				Total
Revenues:
Gross written premiums		$	—			$	316,749			$	(2,904	)		$	—			$	313,845
Net written premiums		$	—			$	308,215			$	(2,894	)		$	—			$	305,321
Net earned premiums		$	—			$	289,161			$	(1,029	)		$	—			$	288,132
Commission and service fee income (1)			43,308				—				—				(43,308	)			—
Policy and installment fee income			1,456				—				112				—				1,568
Total segment revenues			44,764				289,161				(917	)			(43,308	)			289,700
Reconciliation of revenue
Net investment income																			47,400
Net realized investment gains (losses)																			(3,731	)
Total consolidated revenues																		$	333,369
Less: (2)
Net losses and loss adjustment expenses			—				175,226				(4,656	)			(1,009	)			169,561
Net commission expenses			—				101,342				(20	)			(33,058	)			68,264
Other underwriting expenses (3)			39,474				14,938				1,402				(9,241	)			46,573
Income (loss) from segments		$	5,290			$	(2,345	)		$	2,357			$	—			$	5,302
Reconciliation of segment profit (loss)
Unallocated items:
Net investment income																			47,400
Net realized investment gains (losses)																			(3,731	)
Corporate expenses																			(24,872	)
Income before income taxes																			24,099
Income tax expense																			5,221
Net income																		$	18,878
Segment assets		$	43,083			$	162,084			$	79,162			$	(16,911	)			267,418
Corporate assets																			1,466,670
Total assets																		$	1,734,088

(1)Consists of intersegment revenues, 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 underwriting expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities

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Nine months ended September 30, 2024 (Dollars in thousands)		Agency and Insurance Services				Belmont Core				Belmont Non-Core				Elimination				Total
Revenues:
Gross written premiums		$	—			$	297,844			$	(3,883	)		$	—			$	293,961
Net written premiums		$	—			$	290,910			$	(3,897	)		$	—			$	287,013
Net earned premiums		$	—			$	272,467			$	12,339			$	—			$	284,806
Commission and service fee income			—				—				—				—				—
Policy and installment fee income			—				1,020				54				—				1,074
Total segment revenues			—				273,487				12,393				—				285,880
Reconciliation of revenue
Net investment income																			46,319
Net realized investment gains (losses)																			540
Total consolidated revenues																		$	332,739
Less: (1)
Net losses and loss adjustment expenses			—				151,417				8,029				—				159,446
Net commission expenses			—				63,406				4,599				—				68,005
Other underwriting expenses (2)			—				41,048				2,737				—				43,785
Income (loss) from segments		$	—			$	17,616			$	(2,972	)		$	—			$	14,644
Reconciliation of segment profit (loss)
Unallocated items:
Net investment income																			46,319
Net realized investment gains (losses)																			540
Corporate expenses																			(18,679	)
Income before income taxes																			42,824
Income tax expense																			8,605
Net income																		$	34,219
Segment assets		$	—			$	165,820			$	97,058			$	—				262,878
Corporate assets																			1,498,239
Total assets																		$	1,761,117

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

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

14. New Accounting Pronouncements

The Company did not adopt any new accounting pronouncements during the nine months ended September 30, 2025.

Please see Note 25 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2024 Annual Report on Form 10-K for more information on accounting pronouncements issued but not yet adopted.

15. Subsequent Events

Effective after the market closes on November 3, 2025, Global Indemnity Group, LLC will transfer the listing of its class A common shares from the New York Stock Exchange to the Nasdaq Global Select Market (“Nasdaq”). The Company’s shares are expected to begin trading on Nasdaq under the existing ticker symbol “GBLI” on November 4, 2025.

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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, 2024.

In the first quarter of 2025, the Company realigned the composition of its reportable segments to reflect changes in how the Company now manages its operations. The Company changed the level at which its chief operating decision maker (“CODM”), the Chief Executive Officer of Global Indemnity Group, LLC, regularly reviews operating results and allocate resources to now include Agency and Insurance Services. As a result of these changes, the Company has three reportable segments:

•Agency and Insurance Services includes (i) four agencies focused on sourcing, underwriting, and servicing primary and reinsurance business: Penn-America Insurance Services, LLC, Valyn Re LLC (formed in October 2025 to provide proportional treaty coverage for both commercial and personal lines), J.H. Ferguson & Associates, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC and (ii) three specialized insurance product and service businesses: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx Holdings agencies and broader digital initiatives; Sayata, an artificial intelligence-enabled insurance marketplace; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services.

•Belmont Insurance Companies - Core (“Belmont Core”), previously known as the Penn-America segment, consists of insurance company operations for ongoing direct insurance products and assumed reinsurance products, which are offered in the excess and surplus lines marketplace.

•Belmont Insurance Companies - Non-Core (“Belmont Non-Core”), previously known as the Non-Core Operations segment, consists of insurance company operations for lines of business that have been de-emphasized or are no longer being written. The primary activities of Belmont Non-Core are servicing the run-off of polices/treaties, adjusting claims and estimating loss reserves on de-emphasized and terminated business.

Segment results for the quarter and nine months ended September 30, 2024 have been recast to conform to the new reportable segments.

Financial Highlights

2025 Third Quarter Results of Operations

•Gross written premiums increased 8.6% to $108.4 million as compared to the same period in 2024.

•Current accident year underwriting income increased 54% to $10.2 million for 2025 compared to $6.6 million of underwriting income for the same period in 2024.

•Net investment income of $17.9 million in 2025 was 8.6% higher than the same period in 2024 due to increase in income from investment in limited partnerships of $1.5 million.

•Current accident year combined ratio was 90.4% in 2025 compared to 93.5% for the same period in 2024.

•Net income of $12.5 million, or $0.86 per share diluted, in 2025 compared to $12.8 million, or $0.92 per share diluted, for the same period in 2024.

•On August 8, 2025, AM Best affirmed the Financial Strength Rating of A (Excellent) for the U.S. operating subsidiaries of Global Indemnity Group, LLC.

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2025 Third Quarter Consolidated Financial Condition

•Total cash and investments of $1.4 billion at September 30, 2025 and December 31, 2024; fixed maturities and cash comprise 96% of total investments.

•Total assets of $1.7 billion at September 30, 2025 and December 31, 2024.

•No debt at September 30, 2025 and December 31, 2024.

•Since the Company's initial public offering in 2003, the total capital returned to shareholders was $644.4 million, comprising $522.2 million of share repurchases and $122.2 million of distributions / dividends. This includes $15.3 million of distributions during 2025.

•Shareholders' equity increased by $8.8 million to $704.1 million at September 30, 2025 from $695.3 million at June 30, 2025.

•Book value per common share increased to $48.88 at September 30, 2025 from $48.35 at June 30, 2025.

The Company continued executing its post-reorganization strategy through the acquisition of Sayata and initiating the launch of Valyn Re LLC, a reinsurance managing general agency. The Company is focused on building significant scale in its Agency and Insurance Services segment under Katalyx Holdings LLC and across wholesale, retail and direct-to-consumer channels. This is intended to be accomplished through continued organic business growth, increasing operational efficiency, incubation and new products and services launches, including attracting third-party carrier capacity, and strategic acquisitions. In addition, the Company expects to make continued investments in technology and the Company’s Belmont Core segment.

Results of Operations

The following table summarizes the Company’s results for the quarters and nine months ended September 30, 2025 and 2024:

		Quarters Ended September 30,								%				Nine Months Ended September 30,								%
(Dollars in thousands)		2025				2024				Change				2025				2024				Change
Gross written premiums		$	108,369			$	99,767				8.6	%		$	313,845			$	293,961				6.8	%
Net written premiums		$	105,543			$	97,177				8.6	%		$	305,321			$	287,013				6.4	%
Net earned premiums		$	99,670			$	95,413				4.5	%		$	288,132			$	284,806				1.2	%
Other income			611				372				64.2	%			1,568				1,074				46.0	%
Total revenues			100,281				95,785				4.7	%			289,700				285,880				1.3	%
Losses and expenses:
Net losses and loss adjustment expenses			49,875				52,400				(4.8	%)			169,561				159,446				6.3	%
Acquisition costs and other underwriting expenses			40,415				37,553				7.6	%			114,837				111,790				2.7	%
Underwriting income (loss)			9,991				5,832				71.3	%			5,302				14,644				(63.8	%)
Net investment income			17,911				16,488				8.6	%			47,400				46,319				2.3	%
Net realized investment gains (losses)			(3,994	)			(512	)		NM					(3,731	)			540			NM
Corporate expenses			(7,844	)			(5,923	)			32.4	%			(24,872	)			(18,679	)			33.2	%
Income before income taxes			16,064				15,885				1.1	%			24,099				42,824				(43.7	%)
Income tax expense			(3,541	)			(3,125	)			13.3	%			(5,221	)			(8,605	)			(39.3	%)
Net income		$	12,523			$	12,760				(1.9	%)		$	18,878			$	34,219				(44.8	%)
Underwriting Ratios:
Loss ratio (1):			50.1	%			54.9	%							58.8	%			56.0	%
Expense ratio (2)			40.5	%			39.4	%							39.9	%			39.2	%
Combined ratio (3)			90.6	%			94.3	%							98.7	%			95.2	%

NM - not meaningful

33

(1)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.

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

(3)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 September 30,
		Belmont Core								Belmont Non-Core								Total
(Dollars in thousands)		2025				2024				2025				2024				2025				2024
Direct written premiums (1)		$	92,916			$	93,338			$	43			$	(40	)		$	92,959			$	93,298
Assumed written premiums (2)			15,625				9,906				(215	)			(3,437	)			15,410				6,469
Gross written premiums (3)		$	108,541			$	103,244			$	(172	)		$	(3,477	)		$	108,369			$	99,767
Net written premiums (4)		$	105,708			$	100,712			$	(165	)		$	(3,535	)		$	105,543			$	97,177

		Nine Months Ended September 30,
		Belmont Core								Belmont Non-Core								Total
(Dollars in thousands)		2025				2024				2025				2024				2025				2024
Direct written premiums (1)		$	278,156			$	278,527			$	161			$	63			$	278,317			$	278,590
Assumed written premiums (2)			38,593				19,317				(3,065	)			(3,946	)			35,528				15,371
Gross written premiums (3)		$	316,749			$	297,844			$	(2,904	)		$	(3,883	)		$	313,845			$	293,961
Net written premiums (4)		$	308,215			$	290,910			$	(2,894	)		$	(3,897	)		$	305,321			$	287,013

(1)Direct written premiums represent the amount received or to be received for insurance policies written, without reduction for reinsurance costs, ceded premiums or other deductions.

(2)Assumed written premiums represent the amount received or to be received for assumed reinsurance treaties, without reduction for reinsurance costs, ceded premiums or other deductions.

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

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

Gross written premiums increased by 8.6% to $108.4 million for the quarter ended September 30, 2025 compared to $99.8 million for the same period in 2024 and increased 6.8% to $313.8 million for the nine months ended September 30, 2025 compared to $294.0 million for the same period in 2024.

Direct written premium produced by the Agency and Insurance Services segment for Belmont Core:

		Quarters Ended September 30,												Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				% Change				2025				2024				% Change
Wholesale Commercial		$	67,931			$	61,938				9.7	%		$	201,888			$	186,870				8.0	%
Vacant Express			11,341				11,219				1.1	%			34,632				29,804				16.2	%
Collectibles			5,087				4,471				13.8	%			13,372				12,139				10.2	%
Direct written premiums excluding specialty products			84,359				77,628				8.7	%			249,892				228,813				9.2	%
Specialty Products			8,557				15,710				(45.5	%)			28,264				49,714				(43.1	%)
Total direct written premiums		$	92,916			$	93,338				(0.5	%)		$	278,156			$	278,527				(0.1	%)

•In the aggregate, direct written premiums for Wholesale Commercial, Vacant Express, and Collectibles grew by 8.7% and 9.2% for the quarter and nine months ended September 30, 2025, respectively, as compared to same periods in 2024. This growth was driven by premium rate increases, new agency appointments, organic growth of existing agents, and new products.

34

•Direct written premiums for Specialty Products declined by 45.5% and 43.1% for the quarter and nine months ended September 30, 2025, respectively, as compared to same periods in 2024 due to terminating products not meeting profitability expectations. Excluding terminated business, Specialty Product's direct written premiums declined 3.9% for the quarter ended September 30, 2025 and grew by 12.3% for the nine months ended September 30, 2025.

Assumed written premium produced by the Belmont segments:

		Quarters Ended September 30,												Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				% Change				2025				2024				% Change
Belmont Core		$	15,625			$	9,906				57.7	%		$	38,593			$	19,317				99.8	%
Belmont Non-Core			(215	)			(3,437	)			(93.7	%)			(3,065	)			(3,946	)			(22.3	%)
Total assumed written premiums		$	15,410			$	6,469				138.2	%		$	35,528			$	15,371				131.1	%

•Belmont Core's assumed business grew to $15.6 million and $38.6 million for the quarter and nine months ended September 30, 2025, respectively, from $9.9 million and $19.3 million for the same period in 2024 due to new treaties incepting during 2024 and 2025 and organic growth from existing treaties.

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

35

Underwriting Income (Loss)

The components of income (loss) from the Company’s reportable segments and corresponding underwriting ratios are as follows:

		Quarters Ended September 30,
		Agency and Insurance Services								Belmont Core								Belmont Non-Core								Eliminations								Total
(Dollars in thousands)		2025				2024				2025				2024				2025				2024				2025				2024				2025				2024
Revenues:
Net earned premiums		$	—			$	—			$	99,388			$	93,982			$	282			$	1,431			$	—			$	—			$	99,670			$	95,413
Commission and service fee income (1)			14,408				—				—				—				—				—				(14,408	)			—				—				—
Policy and installment fee income			570				—				—				337				41				35				—				—				611				372
Total revenues			14,978				—				99,388				94,319				323				1,466				(14,408	)			—				100,281				95,785
Losses and expenses:
Net losses and loss adjustment expenses			—				—				52,665				51,382				(2,446	)			1,018				(344	)			—				49,875				52,400
Net commission expenses			—				—				34,859				21,926				259				973				(11,031	)			—				24,087				22,899
Other underwriting expenses			13,800				—				5,361				13,703				200				951				(3,033	)			—				16,328				14,654
Total losses and expenses			13,800				—				92,885				87,011				(1,987	)			2,942				(14,408	)			—				90,290				89,953
Underwriting income (loss)		$	1,178			$	—			$	6,503			$	7,308			$	2,310			$	(1,476	)		$	—			$	—			$	9,991			$	5,832
Underwriting Ratios:
Loss ratio:
Current accident year											50.3	%			54.7	%			84.0	%			74.1	%											50.1	%			55.0	%
Prior accident year											2.7	%			—				(951.4	%)			(3.0	%)											—				(0.1	%)
Calendar year loss ratio											53.0	%			54.7	%			(867.4	%)			71.1	%											50.1	%			54.9	%
Expense ratio											40.5	%			37.9	%			162.8	%			134.5	%											40.5	%			39.4	%
Combined ratio											93.5	%			92.6	%			(704.6	%)			205.6	%											90.6	%			94.3	%
Accident year combined ratio											90.7	%			92.1	%			177.6	%			181.3	%											90.4	%			93.5	%

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

The Company generated underwriting income of $10.0 million for the quarter ended September 30, 2025 compared to $5.8 million of underwriting income for the same period in 2024. The current accident year combined ratio improved 3.5 points to 90.4% for the quarter ended September 30, 2025 from 93.5% for the same period in 2024.

•Net earned premiums within the Belmont Core segment increased by 5.8% to $99.4 million for the quarter ended September 30, 2025 compared to $94.0 million for the same period in 2024 due to growth in its gross written premiums. Property net earned premiums were $40.6 million and $43.0 million for the quarters ended September 30, 2025 and 2024, respectively. Casualty net earned premiums were $58.7 million and $50.9 million for the quarters ended September 30, 2025 and 2024, respectively.

•Agency and Insurance Services segment recorded $11.0 million of commission income on direct premiums produced for Belmont Core and $3.4 million of service fee income for technology and claims services provided to Belmont Core and Non-Core segments during the quarter ended September 30, 2025. There were no revenues

36

for 2024 since these affiliated agreements incepted effective on January 1, 2025. The commission and service fee income for the Agency and Insurance Services segment are eliminated in the Company's Consolidated Financial Statements.

•Policy and installment fee income was $0.6 million and $0.4 million for the quarters ended September 30, 2025 and 2024, respectively.

•The current accident year loss ratio improved by 4.9 points to 50.1% for the quarter ended September 30, 2025 compared to 55.0% for the same period in 2024 primarily driven by an improvement in both the non-catastrophe and catastrophe property loss ratio.

•Net losses and loss adjustment expenses related to prior accident years were a decrease of less than $0.1 million for the quarters ended September 30, 2025 and 2024. Please see Note 7 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.

		Nine Months Ended September 30,
		Agency and Insurance Services								Belmont Core								Belmont Non-Core								Eliminations								Total
(Dollars in thousands)		2025				2024				2025				2024				2025				2024				2025				2024				2025				2024
Revenues:
Net earned premiums		$	—			$	—			$	289,161			$	272,467			$	(1,029	)		$	12,339			$	—			$	—			$	288,132			$	284,806
Commission and service fee income (1)			43,308				—				—				—				—				—				(43,308	)			—				—				—
Policy and installment fee income			1,456				—				—				1,020				112				54				—				—				1,568				1,074
Total revenues			44,764				—				289,161				273,487				(917	)			12,393				(43,308	)			—				289,700				285,880
Losses and expenses:
Net losses and loss adjustment expenses			—				—				175,226				151,417				(4,656	)			8,029				(1,009	)			—				169,561				159,446
Net commission expenses			—				—				101,342				63,406				(20	)			4,599				(33,058	)			—				68,264				68,005
Other underwriting expenses			39,474				—				14,938				41,048				1,402				2,737				(9,241	)			—				46,573				43,785
Total losses and expenses			39,474				—				291,506				255,871				(3,274	)			15,365				(43,308	)			—				284,398				271,236
Underwriting income (loss)		$	5,290			$	—			$	(2,345	)		$	17,616			$	2,357			$	(2,972	)		$	—			$	—			$	5,302			$	14,644
Underwriting Ratios:
Loss ratio:
Current accident year											59.2	%			55.7	%			57.2	%			62.6	%											58.9	%			56.0	%
Prior accident year											1.4	%			(0.1	%)			395.3	%			2.5	%											(0.1	%)			—
Calendar year loss ratio											60.6	%			55.6	%			452.5	%			65.1	%											58.8	%			56.0	%
Expense ratio											40.2	%			38.3	%			(134.3	%)			59.4	%											39.9	%			39.2	%
Combined ratio											100.8	%			93.9	%			318.2	%			124.5	%											98.7	%			95.2	%
Accident year combined ratio											99.4	%			93.9	%			(68.8	%)			118.9	%											98.7	%			95.0	%

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

.

Underwriting income of $5.3 million for the nine months ended September 30, 2025 includes net losses and loss adjustment expenses related to California Wildfires in January 2025 ("California Wildfires"), totaling $15.8 million, compared to $14.6

37

million of underwriting income for the same period in 2024. Excluding California Wildfires, the underwriting income was $21.1 million for the nine months ended September 30, 2025. The current accident year combined ratio, excluding the impact of the California Wildfires of 5.5 points, was 93.2% for the nine months ended September 30, 2025 compared to 95.0% for the same period in 2024.

•Net earned premiums within the Belmont Core segment increased by 6.1% to $289.2 million for the nine months ended September 30, 2025 compared to $272.5 million for the same period in 2024 due to growth in its gross written premiums. Property net earned premiums were $118.7 million and $122.1 million for the nine months ended September 30, 2025 and 2024, respectively. Casualty net earned premiums were $170.4 million and $150.4 million for the nine months ended September 30, 2025 and 2024, respectively.

•Agency and Insurance Services segment recorded $33.1 million of commission income on direct premiums produced for Belmont Core and $10.3 million of service fee income for technology and claims services provided to Belmont Core and Non-Core segments for the nine months ended September 30, 2025. There were no revenues for 2024 since these affiliated agreements incepted effective on January 1, 2025. The commission and service fee income for the Agency and Insurance Services segment are eliminated in the Company's Consolidated Financial Statements.

•Policy and installment fee income was $1.6 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively.

•The current accident year loss ratio increased by 2.9 points to 58.9% for the nine months ended September 30, 2025 compared to 56.0% for the same period in 2024 driven by the California Wildfires which impacted the current accident year loss ratio by 5.5 points.

•Net losses and loss adjustment expenses related to prior accident years were a decrease of less than $0.1 million and ($0.1) million for the nine months ended September 30, 2025 and 2024, respectively. Please see Note 7 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 current accident year net losses and loss adjustment expenses and loss ratio are summarized as follows:

		Quarters Ended September 30,												Quarters Ended September 30,
(Dollars in thousands)		2025				2024				% Change				2025				2024				Point Change
Property
Non-catastrophe		$	14,480			$	18,199				(20.4	%)			35.6	%			42.3	%			(6.7	)
Catastrophe			1,281				3,478				(63.2	%)			3.1	%			8.1	%			(5.0	)
Total property			15,761				21,677				(27.3	%)			38.7	%			50.4	%			(11.7	)
Casualty			34,158				30,757				11.1	%			57.9	%			58.7	%			(0.8	)
Total accident year		$	49,919			$	52,434				(4.8	%)			50.1	%			55.0	%			(4.9	)

•The current accident year non-catastrophe property loss ratio improved by 6.7 points during the quarter ended September 30, 2025 as compared to the same period in 2024 driven by lower claims frequency.

•The current accident year catastrophe loss ratio improved by 5.0 points during the quarter ended September 30, 2025 as compared to the same period in 2024 recognizing lower claims frequency.

•The current accident year casualty loss ratio improved by 0.8 points during the quarter ended September 30, 2025 mainly driven by improved pricing from rate increases in 2024 and 2025.

38

		Nine Months Ended September 30,												Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				% Change				2025				2024				Point Change
Property losses
Non-catastrophe		$	47,654			$	53,446				(10.8	%)			40.1	%			43.8	%			(3.7	)
Catastrophe			24,350				10,274				137.0	%			20.5	%			8.4	%			12.1
Property losses			72,004				63,720				13.0	%			60.6	%			52.2	%			8.4
Casualty losses			97,596				95,841				1.8	%			57.7	%			58.9	%			(1.2	)
Total accident year losses		$	169,600			$	159,561				6.3	%			58.9	%			56.0	%			2.9

•The current accident year non-catastrophe property loss ratio was 40.1% for the nine months ended September 30, 2025 compared to 43.8% for the same period in 2024, an improvement of 3.7 points driven by lower claims frequency.

•The current accident year catastrophe net losses and loss adjustment expenses increased to $24.4 million for the nine months ended September 30, 2025 compared to $10.3 million for the same period in 2024. Excluding the California Wildfires, catastrophe net losses and loss adjustment expenses would have been $8.6 million or a loss ratio of 7.2% for the nine months ended September 30, 2025 compared to $10.3 million of catastrophe net losses and loss adjustment expenses or an 8.4% catastrophe loss ratio for the same period in 2024.

•The current accident year casualty loss ratio improved by 1.2 points for the nine months ended September 30, 2025 mainly driven by improved pricing from rate increases in 2024 and 2025.

The following table summarizes the components of the expense ratio for the quarters and nine months ended September 30, 2025 and 2024:

		Quarters Ended September 30,								Point				Nine Months Ended September 30,								Point
		2025				2024				Change				2025				2024				Change
Net commission expenses			24.1	%			24.0	%			0.1				23.7	%			23.9	%			(0.2	)
Other underwriting expenses			16.4	%			15.4	%			1.0				16.2	%			15.3	%			0.9
Expense Ratio			40.5	%			39.4	%			1.1				39.9	%			39.2	%			0.7

•The increase in the expense ratio for the nine months ended September 30, 2025 is primarily due to the investment in underwriting personnel at Katalyx Holdings LLC.

Net investment income

Net investment income increased 8.6% to $17.9 million for the quarter ended September 30, 2025 from $16.5 million for the same period in 2024 and increased 2.3% to $47.4 million for the nine months ended September 30, 2025 from $46.3 million for the same period in 2024 mainly driven by performance in limited partnerships for the quarter and improved yield on fixed maturities for the nine months.

		Quarters Ended September 30,												Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				Change				2025				2024				Change
Fixed maturities		$	15,183			$	15,752			$	(569	)		$	45,081			$	44,218			$	863
Equities			716				181				535				1,001				615				386
Limited partnerships			2,012				555				1,457				1,318				1,486				(168	)
Net investment income		$	17,911			$	16,488			$	1,423			$	47,400			$	46,319			$	1,081

39

•Net investment income from the Company’s fixed maturities portfolio decreased by 3.6% for the quarter ended September 30, 2025 as compared to the same period in 2024 primarily due to a lower average yield in 2025 as compared to 2024. Net investment income from the Company’s fixed maturities portfolio grew by 2.0% for the nine months ended September 30, 2025 as compared to the same period in 2024 due to a higher average yield in 2025 as compared to 2024.

•Net investment income from equities increased by $0.5 million to $0.7 million for the quarter ended September 30, 2025 and increased by $0.4 million to $1.0 million for the nine months ended September 30, 2025 as compared to the same periods in 2024 primarily driven by the Company's $25 million investment in common equities during the third quarter of 2025.

•Income from limited partnerships increased by $1.5 million for the quarter ended September 30, 2025 and decreased by $0.2 million for the nine months ended September 30, 2025. These fluctuations were primarily attributable to changes in the fair value of one of the Company's limited partnership investments.

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

(Dollars in thousands)		September 30, 2025				December 31, 2024
Structured bonds (1)		$	431,514			$	259,915
Other fixed maturities			300,864				246,747
U.S. treasuries			577,001				875,246
Total fixed maturities		$	1,309,379			$	1,381,908

(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 0.6 years as of September 30, 2025, compared with 0.5 years as of December 31, 2024. 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 nine months ended September 30, 2025 and 2024 were as follows:

		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				2025				2024
Equity securities		$	(3,967	)		$	289			$	(3,683	)		$	1,373
Fixed maturities			(27	)			(801	)			(48	)			(833	)
Net realized investment gains (losses)		$	(3,994	)		$	(512	)		$	(3,731	)		$	540

Net realized investment losses for the quarter and nine months ended September 30, 2025 were primarily due to changes in fair value on the Company's $25 million investment in common equities held during the quarter.

See Note 3 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 nine months ended September 30, 2025 and 2024.

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.

40

Corporate expenses increased $1.9 million to $7.8 million for the quarter ended September 30, 2025 from $5.9 million for the same period in 2024 primarily due to an increase in professional fees related to the acquisition of Sayata and an increase in employee and recruiting costs related to investment in the Company’s newly formed Agency and Insurance Services segment.

Corporate expenses increased $6.2 million to $24.9 million for the nine months ended September 30, 2025 compared to $18.7 million for the same period in 2024 primarily driven by $2.9 million of advisory fees consisting mainly of stock compensation approved and granted by the Board of Directors to Fox Paine & Company, LLC in the first quarter of 2025 related to the Company’s internal reorganization, an increase in professional fees related to the acquisition of Sayata, and an increase in employee and recruiting costs related to investment in the Company’s newly formed Agency and Insurance Services segment.

See Note 9 of the notes to the consolidated financial statements in Item 1 of Part I of this report for additional information on the advisory fee.

Income Tax Expense

Income tax expense was $3.5 million on net income before tax of $16.1 million for the quarter ended September 30, 2025. This compares to income tax expense of $3.1 million on net income before tax of $15.9 million for the same period in 2024.

Income tax expense was $5.2 million on net income before tax of $24.1 million for the nine months ended September 30, 2025. This compares to income tax expense of $8.6 million on net income before tax of $42.8 million for the same period in 2024.

See Note 6 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.

Net Income

The Company had net income of $12.5 million during the quarter ended September 30, 2025 compared to net income of $12.8 million for the same period in 2024. The Company had net income of $18.9 million during the nine months ended September 30, 2025. Excluding the California Wildfires net losses and loss adjustment expenses of $12.3 million after tax, net income would have been $31.2 million for the nine months ended September 30, 2025 compared to net income of $34.2 million for the same period in 2024.

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Reserves

Amounts recorded for unpaid losses and loss adjustment expenses represent management’s best estimate at September 30, 2025. 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 $761.7 million and $800.4 million as of September 30, 2025 and December 31, 2024, respectively, and net reserves of $702.9 million and $739.6 million as of September 30, 2025 and December 31, 2024, respectively. A breakout of the Company’s gross and net reserves is as follows:

		September 30, 2025
		Gross Reserves												Net Reserves (2)
(Dollars in thousands)		Case				IBNR (1)				Total				Case				IBNR (1)				Total
Belmont Core		$	149,515			$	305,055			$	454,570			$	148,390			$	297,194			$	445,584
Belmont Non-Core			107,843				199,268				307,111				72,875				184,432				257,307
Total		$	257,358			$	504,323			$	761,681			$	221,265			$	481,626			$	702,891

		December 31, 2024
		Gross Reserves												Net Reserves (2)
(Dollars in thousands)		Case				IBNR (1)				Total				Case				IBNR (1)				Total
Belmont Core		$	146,261			$	298,925			$	445,186			$	146,197			$	289,955			$	436,152
Belmont Non-Core			104,145				251,060				355,205				67,055				236,430				303,485
Total		$	250,406			$	549,985			$	800,391			$	213,252			$	526,385			$	739,637

(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 experience and management’s judgment, reflects the impact of changes (which could be favorable or unfavorable) in frequency and severity on the Company’s current accident year net losses and loss adjustment expenses estimate of $169.6 million for claims occurring during the nine months ended September 30, 2025:

				Severity Change
(Dollars in thousands)				-10%				-5%				0%				5%				10%
Frequency Change		-5%			(24,592	)			(16,536	)			(8,480	)			(424	)			7,632
		-3%			(21,539	)			(13,314	)			(5,088	)			3,138				11,363
		-2%			(20,013	)			(11,702	)			(3,392	)			4,918				13,229
		-1%			(18,486	)			(10,091	)			(1,696	)			6,699				15,094
		0%			(16,960	)			(8,480	)			—				8,480				16,960
		1%			(15,434	)			(6,869	)			1,696				10,261				18,826
		2%			(13,907	)			(5,258	)			3,392				12,042				20,691
		3%			(12,381	)			(3,646	)			5,088				13,822				22,557
		5%			(9,328	)			(424	)			8,480				17,384				26,288

The Company’s net reserves for losses and loss adjustment expenses of $702.9 million as of September 30, 2025 relate to multiple accident years. Therefore, the impact of changes in 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 September 30,																Nine Months Ended September 30,
		2025								2024								2025								2024
(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
Non catastrophe property excluding the effect of prior accident year (1)		$	14,480				35.6	%		$	18,199				42.3	%		$	47,654				40.1	%		$	53,446				43.8	%
Effect of prior accident year			(2,787	)			(6.8	%)			(2,862	)			(6.7	%)			(8,966	)			(7.6	%)			(3,849	)			(3.1	%)
Non catastrophe property (2)		$	11,693				28.8	%		$	15,337				35.6	%		$	38,688				32.5	%		$	49,597				40.7	%
Catastrophe excluding the effect of prior accident year (1)		$	1,281				3.1	%		$	3,478				8.1	%		$	24,350				20.5	%		$	10,274				8.4	%
Effect of prior accident year			1				—				143				0.3	%			(632	)			(0.5	%)			511				0.4	%
Catastrophe (2)		$	1,282				3.1	%		$	3,621				8.4	%		$	23,718				20.0	%		$	10,785				8.8	%
Total property excluding the effect of prior accident year (1)		$	15,761				38.7	%		$	21,677				50.4	%		$	72,004				60.6	%		$	63,720				52.2	%
Effect of prior accident year			(2,786	)			(6.8	%)			(2,719	)			(6.4	%)			(9,598	)			(8.1	%)			(3,338	)			(2.7	%)
Total property (2)		$	12,975				31.9	%		$	18,958				44.0	%		$	62,406				52.5	%		$	60,382				49.5	%
Casualty
Total casualty excluding the effect of prior accident year (1)		$	34,158				57.9	%		$	30,757				58.7	%		$	97,596				57.7	%		$	95,841				58.9	%
Effect of prior accident year			2,742				4.7	%			2,685				5.1	%			9,559				5.6	%			3,223				2.0	%
Total casualty (2)		$	36,900				62.6	%		$	33,442				63.8	%		$	107,155				63.3	%		$	99,064				60.9	%
Total
Total property and casualty excluding the effect of prior accident year (1)		$	49,919				50.1	%		$	52,434				55.0	%		$	169,600				58.9	%		$	159,561				56.0	%
Effect of prior accident year			(44	)			—				(34	)			(0.1	%)			(39	)			(0.1	%)			(115	)			—
Total property and casualty (2)		$	49,875				50.1	%		$	52,400				54.9	%		$	169,561				58.8	%		$	159,446				56.0	%

(1)Non-GAAP financial measure / ratio.

(2)Most directly comparable GAAP measure / ratio.

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Reconciliation of non-GAAP financial measures and ratios continued

		Nine Months Ended September 30,
(Dollars in thousands)		2025				2024
Current accident year underwriting income excluding California Wildfires
Underwriting income (1)		$	5,302			$	14,644
Effect of prior accident year			130				703
Current accident year underwriting income (2)			5,432				15,347
California Wildfires net losses and loss adjustment expenses			15,757				—
Current accident year underwriting income excluding California Wildfires (2)		$	21,189			$	15,347
Net income excluding California Wildfires
Net income (1)		$	18,878			$	34,219
California Wildfires net losses and loss adjustment expenses (net of tax) (3)			12,338				—
Net income excluding California Wildfires (2)		$	31,216			$	34,219
Underwriting income excluding California Wildfires net losses and loss adjustment expenses
Underwriting income (1)		$	5,302			$	14,644
California Wildfires net losses and loss adjustment expenses			15,757				—
Underwriting income excluding California Wildfires (2)		$	21,059			$	14,644
Current accident year catastrophe net losses and loss adjustment expenses excluding California Wildfires
Current accident year catastrophe net losses and loss adjustment expenses (4)		$	24,350			$	10,274
California Wildfires net losses and loss adjustment expenses			(15,757	)			—
Current accident year catastrophe net losses and loss adjustment expenses excluding California Wildfires (2)		$	8,593			$	10,274
Current accident year combined ratio excluding California Wildfires
Combined ratio (1)			98.7	%			95.2	%
Effect of prior accident year			—				(0.2	%)
Current accident year combined ratio (2)			98.7	%			95.0	%
Impact of California Wildfires			(5.5	%)			—
Current accident year combined ratio excluding California Wildfires (2)			93.2	%			95.0	%
Current accident year catastrophe loss ratio excluding California Wildfires (2)
Current accident year catastrophe loss ratio (4)			20.5	%			8.4	%
Impact of California Wildfires			(13.3	%)			—
Current accident year catastrophe loss ratio excluding California Wildfires (2)			7.2	%			8.4	%

(1) Most directly comparable GAAP measure / ratio.

(2) Non-GAAP financial measure / ratio.

(3) Represents net losses and loss adjustment expenses of $15.8 million less tax benefit of $3.5 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 net losses and loss adjustment expenses.

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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, 2024. 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, 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.

Katalyx Holdings LLC includes four insurance agencies, three insurance service companies, and one service company whose 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, 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 fees from third parties, commissions / service fees from Belmont Holdings GX, Inc., commissions from third parties, 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, 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 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 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 2024 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 21 of the notes to the consolidated financial statements in Item 8 of Part II of the Company’s 2024 Annual Report on Form 10-K for further information on dividend limitations related to the insurance companies. Extraordinary dividends of $100.0 million, in aggregate, were

45

declared by the Company's insurance subsidiaries for distribution to Belmont Holdings GX, Inc. in June 2025. The dividends by the Company’s insurance subsidiaries were approved by the respective departments of insurance in Pennsylvania, Indiana and Virginia in July 2025. These dividends were paid in the third quarter of 2025.

Cash Flows

Sources of operating cash consist primarily of net written premiums and investment income which are used to pay claims, underwriting 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 operating activities was $15.1 million and $52.3 million for the nine months ended September 30, 2025 and 2024, respectively, consisting of the following:

		Nine Months Ended September 30,
(Dollars in thousands)		2025				2024				Change
Net premiums collected		$	315,488			$	304,001			$	11,487
Net losses and loss adjustment expenses paid			(211,561	)			(165,823	)			(45,738	)
Underwriting and corporate expenses			(140,038	)			(116,682	)			(23,356	)
Net investment income			58,736				33,428				25,308
Net income taxes paid			(7,532	)			(2,657	)			(4,875	)
Interest paid			—				(17	)			17
Net cash provided by operating activities		$	15,093			$	52,250			$	(37,157	)

•The decline in cash flows of $37.2 million in 2025 compared to the same period in 2024 is primarily driven by an increase in current accident year catastrophe property net losses and loss adjustment expenses paid and increase in prior accident year casualty net losses and loss adjustment expenses paid from the Belmont Non-Core Casualty lines of business.

The reconciliation of net income to net cash provided by 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 quarterly distribution payments of $0.35 per common share to all shareholders of record on the close of business on March 21, 2025, June 20, 2025 and September 29, 2025. Distributions paid to common shareholders were $10.0 million during the nine months ended September 30, 2025. The distribution declared on September 29, 2025 for $5.0 million was paid on October 6, 2025. In addition, distributions of $0.3 million were paid to Global Indemnity Group, LLC’s preferred shareholder during the nine months ended September 30, 2025.

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 $4.7 million and $9.2 million were received during the quarter and nine months ended September 30, 2025, respectively. The Global Debt Fund, LP had a fair market value of $9.6 million at September 30, 2025.

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Other than the items discussed in the preceding paragraphs, there have been no material changes to the Company’s liquidity during the quarter and nine months ended September 30, 2025. Please see Item 7 of Part II in the Company’s 2024 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 nine months ended September 30, 2025. Please see Item 7 of Part II in the Company’s 2024 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.

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 managing general 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 2024 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.

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There have been no material changes to the Company’s market risk since December 31, 2024. The Company’s investment grade 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 2024 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 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 September 30, 2025. Based upon that evaluation, and subject to the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2025, 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 September 30, 2025 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 2024 Annual Report on Form 10-K, filed with the SEC on March 11, 2025. 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 September 30, 2025.

Global Indemnity Group, LLC did not repurchase any shares from third parties under its repurchase program during the quarter and nine months ended September 30, 2025.

There were no shares surrendered by the Company's employees during the quarter and nine months ended September 30, 2025.

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 September 30, 2025.

Limited Liability Company Agreement Amendment

Effective October 29, 2025, the Company approved Amendment No. 1 (the “Amendment”) to the Third Amended and Restated Limited Liability Company Agreement (the “Third Amended and Restated LLC Agreement”) of the Company to provide that the existing arbitration provisions under Section 12.10 of the Third Amended and Restated LLC Agreement apply to all claims. The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 3.1 to this Quarterly Report on Form 10-Q and incorporated into this Item 5 by reference.

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Item 6. Exhibits

3.1+		Amendment No. 1 to Third Amended and Restated Limited Liability Company Agreement of Global Indemnity Group, LLC.
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.

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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: October 31, 2025		By:		/s/ Brian J. Riley
				Brian J. Riley
				Chief Financial Officer
				(Authorized Signatory and Principal Financial and Accounting Officer)

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FAQ

What were GBLI’s Q3 2025 net earned premiums?

Net earned premiums were $99.7 million, up from $95.4 million a year ago.

How much net income did GBLI report for Q3 2025 and year-to-date?

Q3 net income was $12.5 million. For the first nine months, net income was $18.9 million.

What drove the year-to-date decline in net income for GBLI?

The filing shows higher corporate expenses and net realized losses on equities impacting results.

How did GBLI’s investment portfolio and AOCI change?

Fixed maturities at fair value were $1.31B; AOCI improved to a $4.2M loss from a $10.4M loss at year-end.

Did GBLI complete any acquisitions in Q3 2025?

Yes. On August 31, 2025, GBLI acquired Sayata in an all-cash transaction to support agency and insurance services.

What were GBLI’s cash distributions to common shareholders?

Cash distributions were $0.35 per share for the quarter and $1.05 year-to-date.

What is GBLI’s total asset base and cash position?

Total assets were $1.73 billion, and cash and cash equivalents were $75.4 million.