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Global Indemnity Group (NASDAQ: GBLI) doubles six‑month profit for H1 2026

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Global Indemnity Group, LLC reported higher profitability for the three and six months ended June 30, 2026. For the quarter, net income was $11.1 million, or $0.76 per diluted share, up from $10.3 million, or $0.71, in 2025, supported by a 53.8% loss ratio and 95.0% combined ratio. Six‑month net income rose to $15.3 million, or $1.05 per share, compared with $6.4 million, or $0.43, helped by a full‑period combined ratio of 95.0% versus 103.0% last year.

For the first half, current accident year underwriting income improved to $11.2 million from a loss of $4.7 million, while operating income increased to $16.9 million from $6.2 million. Belmont Core gross written premiums grew 7% in the quarter to $117.3 million and 3% year‑to‑date to $213.7 million, with strong growth in assumed reinsurance and collectibles partially offset by declines in specialty products and non‑core run‑off.

Common shareholders’ equity was $706.9 million and book value per share $48.28 at June 30, 2026. The company paid $10.3 million in dividends, or $0.70 per common share, in the first half and has cumulatively returned $659.8 million to shareholders since its 2003 initial public offering.

Positive

  • Six‑month net income increased to $15.3 million from $6.4 million, while the combined ratio improved to 95.0% from 103.0%, reflecting materially better underwriting performance.
  • Current accident year underwriting income for the first half of 2026 improved to $11.2 million from a loss of $4.7 million, with operating income rising to $16.9 million from $6.2 million.

Negative

  • None.

Filing Explained

By June 30, stock compensation and share issuance had added 0.2 million common shares, reducing existing holders’ percentage ownership absent offsetting changes.

This August 5, 2026 Form 8-K reports the company’s financial results for the periods ended June 30, 2026; its structural consequence is an already-recorded increase of $0.2 million in common shares from stock compensation and share issuance.

The equity rollforward shows common shares increasing, with the increase attributed to stock compensation/share issuance.

Because issuing additional shares increases the total share count, the disclosed issuance reduces existing holders’ percentage ownership absent offsetting changes.

The balance sheet also reports cash and cash equivalents at June 30, 2026, compared with December 31, 2025.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 net income $11.1 million For the three months ended June 30, 2026, compared with $10.3 million in 2025
Six-month 2026 net income $15.3 million For the six months ended June 30, 2026, compared with $6.4 million in 2025
Six-month gross written premiums $213.5 million Companywide gross written premiums for the six months ended June 30, 2026, versus $205.5 million in 2025
Six-month combined ratio 95.0 % For the six months ended June 30, 2026, improved from 103.0% in 2025
Shareholders’ equity $710.9 million As of June 30, 2026, up from $706.6 million at December 31, 2025
Book value per share $48.28 As of June 30, 2026, versus $48.96 at December 31, 2025
Cash and invested assets, net $1,371.6 million As of June 30, 2026, compared with $1,420.2 million at December 31, 2025
Belmont Core gross written premiums Q2 $117.3 million For the three months ended June 30, 2026, up from $109.8 million in 2025
combined ratio financial
"Combined ratio, current accident year excluding California Wildfires 94.8 %"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
current accident year underwriting income financial
"Current accident year underwriting income increased to $11.2 million"
Belmont Core financial
"Belmont Core gross written premiums grew 7% to $117.3 million"
Assumed Reinsurance financial
"Assumed Reinsurance: Up 79% to $21.5 million in the 2 nd quarter"
Assumed reinsurance is when one insurance company agrees to take on part or all of the insurance policies and related risks that another insurer wants to pass along, collecting a share of the premiums and becoming responsible for the claims. Think of it like a neighboring shop agreeing to honor some of another store’s warranties: it spreads potential payouts and changes the assuming company’s exposure, reserve needs, and reported earnings, so investors can see it affect risk profile and capital requirements.
Adjusted Return on Equity financial
"Adjusted Return on Equity was 12.1%."
Adjusted return on equity is a profitability measure that shows how much profit a company generates for common shareholders after removing one-time items, accounting quirks, or other non-recurring effects from the usual return-on-equity calculation. It matters to investors because it gives a cleaner, more comparable view of how efficiently management turns shareholders’ capital into sustainable earnings—like judging a car’s normal fuel economy after excluding an unusual long trip.
Q2 2026 net income $11.1 million increased from $10.3 million in 2025
Six-month 2026 net income $15.3 million increased from $6.4 million in 2025
Six-month combined ratio 95.0 % improved from 103.0% in 2025
Q2 2026 diluted EPS $0.76 up from $0.71 in 2025

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FAQ

How did Global Indemnity Group (GBLI) perform in Q2 2026?
Global Indemnity reported Q2 2026 net income of $11.1 million, or $0.76 per diluted share, versus $10.3 million, or $0.71, in 2025. Results reflected a 53.8% loss ratio and a 95.0% combined ratio, indicating disciplined underwriting.

What were Global Indemnity Group (GBLI) results for the first half of 2026?
For the six months ended June 30, 2026, net income was $15.3 million, or $1.05 per share, compared with $6.4 million, or $0.43, in 2025. The combined ratio improved to 95.0% from 103.0%, and operating income reached $16.9 million.

How did Belmont Core premiums trend for Global Indemnity (GBLI)?
Belmont Core gross written premiums grew 7% to $117.3 million in Q2 2026 and 3% to $213.7 million for the first half. Growth was driven by assumed reinsurance and collectibles, while specialty products declined due to run‑off of terminated business.

What were Global Indemnity Group (GBLI) underwriting and combined ratios?
For the first half of 2026, the combined ratio was 95.0% compared with 103.0% in 2025. The current accident year combined ratio was 94.8%, and current accident year underwriting income improved to $11.2 million from a loss of $4.7 million.

What is Global Indemnity Group’s (GBLI) capital and book value position?
As of June 30, 2026, common shareholders’ equity was $706.9 million, with book value per share of $48.28 versus $48.96 at December 31, 2025. The company paid $10.3 million in dividends, or $0.70 per common share, in the first half.

How much has Global Indemnity Group (GBLI) returned to shareholders since its IPO?
Since its 2003 initial public offering, Global Indemnity has returned $659.8 million to shareholders, including $522.2 million in share repurchases and $137.6 million in dividends and distributions, highlighting a long‑term capital return focus.
0001494904false00014949042026-08-052026-08-05

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 05, 2026

 

 

GLOBAL INDEMNITY GROUP, LLC

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-34809

85-2619578

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

112 S. French Street

Suite 105

 

Wilmington, Delaware

 

19801

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (302) 691-6276

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Class A Common Shares, no par value

 

GBLI

 

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2026, Global Indemnity Group, LLC (the “Company”) issued a press release announcing the Company’s financial results for the three and six months ended June 30, 2026.

 

The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

99.1 Press Release dated August 5, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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 hereunto duly authorized.

 

Global Indemnity Group, LLC

Date: August 5, 2026

By:

/s/ Brian J. Riley

 

Name: Brian J. Riley

Title: Chief Financial Officer

 

 

Exhibit 99.1

 

 

img266282701_0.gif

 

For Immediate Release — August 5, 2026

Global Indemnity Group, LLC Reports Financial Results for the three and six months ended June 30, 2026

 

Net income increased to $11.1 million, or $0.76 per share, growth of 8% for the quarter driven by a 53.8% loss ratio. Belmont Core gross written premiums grew 7% for the quarter.

 

Wilmington, Del., (August 5, 2026) — Global Indemnity Group, LLC (Nasdaq: GBLI) (the "Company") today reported financial results for the three and six months ended June 30, 2026.

For the three months ended June 30, 2026, net income was $11.1 million, or $0.76 per share, compared to $10.3 million, or $0.71 per share, in 2025. Current accident year underwriting income increased 3% to $5.8 million, with a loss ratio of 53.8% and a combined ratio of 94.7%. Belmont Core gross written premiums grew 7% to $117.3 million. Pretax Adjusted Operating Contribution was $19.9 million and Adjusted Return on Equity was 12.1%.

 

For the six months ended June 30, 2026, net income was $15.3 million, or $1.05 per share, compared to $6.4 million, or $0.43 per share, in 2025. Current accident year underwriting income increased to $11.2 million, with a loss ratio of 54.3% and a combined ratio of 94.8%. Belmont Core gross written premiums grew 3% to $213.7 million. Pretax Adjusted Operating Contribution was $39.8 million and Adjusted Return on Equity was 12.6%.

Highlights of Consolidated Results

 

Operating Performance
•
Operating income of $16.9 million, or $1.16 per share, for the six months ended June 30, 2026, compared to $6.2 million, or $0.42 per share, in 2025.
•
Current accident year underwriting income increased to $11.2 million for the six months ended June 30, 2026, compared to a loss of $4.7 million in 2025. Excluding the impact on 2025 results from California wildfires, current accident year underwriting income improved 3% supported by 5% growth in net earned premiums to $197.0 million and a 94.8% current accident year combined ratio.
•
Net investment income of $28.6 million for the six months ended June 30, 2026, compared to $29.5 million in 2025, resulting from increased allocation to U.S. Treasuries. As of June 30, 2026, total investments were $1.4 billion, of which 98% was fixed-income securities and cash. The fixed-income portfolio had a duration of 1.08 years, book yield of 4.42% and overall credit quality of AA-.

 

Belmont Core Gross Written Premium Growth
•
Belmont Core gross written premiums grew 7% to $117.3 million in the 2nd quarter and 3% to $213.7 million for the six months ended June 30, 2026:
o
Wholesale Commercial: Up 2% to $70.1 million in the 2nd quarter, a return to growth; For the six months ended June 30, 2026, gross written premiums of $131.6 million were down 2% from $134.0 million in 2025. The Company continues to maintain pricing and return standards amidst competitive market conditions, particularly as regards to property rate reductions.
o
Vacant Express: $24.5 million, up 5%, and Collectibles: $9.4 million, up 13%, for the six months ended June 30, 2026, driven by new agency appointments, organic growth, and rate increases.
o
Assumed Reinsurance: Up 79% to $21.5 million in the 2nd quarter and 43% to $32.7 million for the six months ended June 30, 2026 driven by new treaties incepting during 2025 and 2026.
o
Specialty Products: $15.5 million for the six months ended June 30, 2026, down 21% from $19.7 million, reflecting the run-off of terminated business.

 

 

 

 

Capital Position and Book Value

•
Common shareholders’ equity increased to $706.9 million at June 30, 2026 from $702.6 million at December 31, 2025, growing 2% before the return of $10.3 million to shareholders despite a temporary decline in the fair value of the fixed income portfolio of $2.8 million, net of tax.
•
Book value per share of $48.28 at June 30, 2026 compared to $48.96 at December 31, 2025.
•
The Company paid dividends of $10.3 million, or $0.70 per common share, during the six months ended June 30, 2026. Since its 2003 initial public offering, the Company has returned $659.8 million to shareholders, including $522.2 million in share repurchases and $137.6 million in dividends and distributions.

 

 

Selected Consolidated Operating Information

 

$ in Millions, except per share data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Gross written premiums

 

$

117.1

 

 

$

106.8

 

 

$

213.5

 

 

$

205.5

 

Gross written premiums - Belmont Core

 

$

117.3

 

 

$

109.8

 

 

$

213.7

 

 

$

208.2

 

Investment income

 

$

16.4

 

 

$

14.7

 

 

$

28.6

 

 

$

29.5

 

Annualized investment return

 

 

4.7

%

 

 

4.9

%

 

 

3.3

%

 

 

5.1

%

Underwriting income (loss)

 

$

5.5

 

 

$

5.8

 

 

$

10.8

 

 

$

(4.7

)

Underwriting income (loss), current accident year

 

$

5.8

 

 

$

5.6

 

 

$

11.2

 

 

$

(4.7

)

Underwriting income, current accident year, excluding California Wildfires

 

$

5.8

 

 

$

5.6

 

 

$

11.2

 

 

$

10.9

 

Corporate expenses

 

$

6.8

 

 

$

7.5

 

 

$

15.9

 

 

$

17.0

 

Operating income

 

$

8.7

 

 

$

10.2

 

 

$

16.9

 

 

$

6.2

 

Operating income excluding California Wildfires

 

$

8.7

 

 

$

10.2

 

 

$

16.9

 

 

$

18.6

 

Pretax adjusted operating contribution (1)

 

$

19.9

 

 

$

20.3

 

 

$

39.8

 

 

$

40.5

 

Net income available to common shareholders

 

$

11.0

 

 

$

10.2

 

 

$

15.1

 

 

$

6.1

 

Net income available to common shareholders excluding California Wildfires

 

$

11.0

 

 

$

10.2

 

 

$

15.1

 

 

$

18.5

 

Adjusted return on equity, annualized, excluding California Wildfires (2)

 

 

12.1

%

 

 

12.7

%

 

 

12.6

%

 

 

12.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders per share

 

$

0.76

 

 

$

0.71

 

 

$

1.05

 

 

$

0.43

 

Net income available to common shareholders per share excluding California Wildfires

 

$

0.76

 

 

$

0.71

 

 

$

1.05

 

 

$

1.31

 

Operating income per share

 

$

0.59

 

 

$

0.71

 

 

$

1.16

 

 

$

0.42

 

Operating income per share excluding California Wildfires

 

$

0.59

 

 

$

0.71

 

 

$

1.16

 

 

$

1.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio:

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

53.8

%

 

 

55.6

%

 

 

54.3

%

 

 

63.5

%

Expense ratio

 

 

41.2

%

 

 

38.8

%

 

 

40.7

%

 

 

39.5

%

Combined ratio

 

 

95.0

%

 

 

94.4

%

 

 

95.0

%

 

 

103.0

%

Combined ratio, current accident year

 

 

94.7

%

 

 

94.6

%

 

 

94.8

%

 

 

103.0

%

Combined ratio, current accident year excluding California Wildfires

 

 

94.7

%

 

 

94.6

%

 

 

94.8

%

 

 

94.7

%

(1)
Equals investment income plus underwriting income (loss) for current accident year excluding net losses and loss adjustment expenses incurred from California Wildfires less the market value recovery on a single limited partnership position.
(2)
Excludes corporate expenses, investment income on excess capital, and prior year underwriting income (loss).

2

 

 

Segment Income (Loss) for the Three Months Ended June 30,

 

$ in Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency and
Insurance
Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Eliminations

 

 

Consolidated

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

—

 

 

$

—

 

 

$

98.8

 

 

$

97.5

 

 

$

(0.1

)

 

$

(2.4

)

 

$

—

 

 

$

—

 

 

$

98.7

 

 

$

95.1

 

Commissions and fee income

 

 

14.3

 

 

 

15.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13.4

)

 

 

(14.9

)

 

 

0.9

 

 

 

0.5

 

Total revenues

 

$

14.3

 

 

$

15.4

 

 

$

98.8

 

 

$

97.5

 

 

$

(0.1

)

 

$

(2.4

)

 

$

(13.4

)

 

$

(14.9

)

 

$

99.6

 

 

$

95.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

$

—

 

 

$

—

 

 

$

53.5

 

 

$

56.0

 

 

$

(0.1

)

 

$

(2.8

)

 

$

(0.3

)

 

$

(0.3

)

 

$

53.1

 

 

$

52.9

 

Acquisition costs and other operating expenses

 

 

12.9

 

 

 

13.1

 

 

 

42.0

 

 

 

38.8

 

 

 

—

 

 

 

(0.4

)

 

 

(13.1

)

 

 

(14.6

)

 

 

41.8

 

 

 

36.9

 

Total losses and expenses

 

$

12.9

 

 

$

13.1

 

 

$

95.5

 

 

$

94.8

 

 

$

(0.1

)

 

$

(3.2

)

 

$

(13.4

)

 

$

(14.9

)

 

$

94.9

 

 

$

89.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss)

 

$

1.4

 

 

$

2.3

 

 

$

3.3

 

 

$

2.7

 

 

$

—

 

 

$

0.8

 

 

$

—

 

 

$

—

 

 

$

4.7

 

 

$

5.8

 

 

 

Segment Income (Loss) for the Six Months Ended June 30,

 

$ in Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency and
Insurance
Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Eliminations

 

 

Consolidated

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

—

 

 

$

—

 

 

$

197.2

 

 

$

189.8

 

 

$

(0.2

)

 

$

(1.3

)

 

$

—

 

 

$

—

 

 

$

197.0

 

 

$

188.5

 

Commissions and fee income

 

 

27.5

 

 

 

29.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

(25.8

)

 

 

(28.9

)

 

 

1.7

 

 

 

1.0

 

Total revenues

 

$

27.5

 

 

$

29.8

 

 

$

197.2

 

 

$

189.8

 

 

$

(0.2

)

 

$

(1.2

)

 

$

(25.8

)

 

$

(28.9

)

 

$

198.7

 

 

$

189.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

$

—

 

 

$

—

 

 

$

107.8

 

 

$

122.6

 

 

$

(0.1

)

 

$

(2.2

)

 

$

(0.8

)

 

$

(0.7

)

 

$

106.9

 

 

$

119.7

 

Acquisition costs and other operating expenses

 

 

26.5

 

 

 

25.7

 

 

 

80.8

 

 

 

76.0

 

 

 

0.2

 

 

 

1.0

 

 

 

(25.0

)

 

 

(28.2

)

 

 

82.5

 

 

 

74.5

 

Total losses and expenses

 

$

26.5

 

 

$

25.7

 

 

$

188.6

 

 

$

198.6

 

 

$

0.1

 

 

$

(1.2

)

 

$

(25.8

)

 

$

(28.9

)

 

$

189.4

 

 

$

194.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss)

 

$

1.0

 

 

$

4.1

 

 

$

8.6

 

 

$

(8.8

)

 

$

(0.3

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

9.3

 

 

$

(4.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss) excluding California Wildfires

 

$

1.0

 

 

$

4.1

 

 

$

8.6

 

 

$

6.8

 

 

$

(0.3

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

9.3

 

 

$

11.0

 

 

 

3

 

Segment Written Premiums for the Three Months Ended June 30,

 

$ in Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Belmont Core

 

 

Belmont Non-Core

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Gross written premiums

 

$

117.3

 

 

$

109.8

 

 

$

(0.2

)

 

$

(3.0

)

 

$

117.1

 

 

$

106.8

 

Net written premiums

 

$

114.1

 

 

$

106.9

 

 

$

(0.2

)

 

$

(3.0

)

 

$

113.9

 

 

$

103.9

 

 

 

Segment Written Premiums for the Six Months Ended June 30,

 

$ in Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Belmont Core

 

 

Belmont Non-Core

 

 

Total

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Gross written premiums

 

$

213.7

 

 

$

208.2

 

 

$

(0.2

)

 

$

(2.7

)

 

$

213.5

 

 

$

205.5

 

Net written premiums

 

$

206.7

 

 

$

202.5

 

 

$

(0.2

)

 

$

(2.7

)

 

$

206.5

 

 

$

199.8

 

 

 

Belmont Core Gross Written Premiums

$ In Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
June 30,

 

 

 

 

For the Six Months Ended
June 30,

 

 

 

 

2026

 

 

2025

 

 

% Change

 

2026

 

 

2025

 

 

% Change

Wholesale Commercial

$

70.1

 

 

$

69.1

 

 

1.5%

 

$

131.6

 

 

$

134.0

 

 

(1.8%)

Vacant Express

 

13.1

 

 

 

12.4

 

 

5.6%

 

 

24.5

 

 

 

23.3

 

 

5.3%

Collectibles

 

4.8

 

 

 

4.2

 

 

13.7%

 

 

9.4

 

 

 

8.2

 

 

13.2%

Specialty Products

 

7.8

 

 

 

12.1

 

 

(35.7%)

 

 

15.5

 

 

 

19.7

 

 

(21.0%)

Assumed Reinsurance

 

21.5

 

 

 

12.0

 

 

78.9%

 

 

32.7

 

 

 

23.0

 

 

42.5%

Gross written premiums

 

117.3

 

 

 

109.8

 

 

6.8%

 

 

213.7

 

 

 

208.2

 

 

2.7%

Terminated business

 

—

 

 

 

(2.8

)

 

-

 

 

—

 

 

 

(4.0

)

 

-

Total gross written premiums, excluding terminated business

$

117.3

 

 

$

107.0

 

 

9.5%

 

$

213.7

 

 

$

204.2

 

 

4.7%

 

 

4

 

Selected Consolidated Balance Sheet Data

 

$ and Shares in Millions, except per share data

 

 

 

 

 

 

 

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Cash and invested assets, net

 

$

1,371.6

 

 

$

1,420.2

 

Total assets

 

$

1,723.5

 

 

$

1,720.8

 

Shareholders’ equity

 

$

710.9

 

 

$

706.6

 

 

 

 

 

 

 

 

Book value per share

 

$

48.28

 

 

$

48.96

 

Book value per share plus cumulative

 

 

 

 

 

 

 dividends and excluding AOCI

 

$

58.25

 

 

$

58.04

 

Shares Outstanding

 

 

14.6

 

 

 

14.4

 

 

Change in Consolidated Common Shareholders’ Equity and Book Value per Share

 

$ and Shares in Millions, except per share data

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shareholders' Equity

 

 

Common Shares

 

 

Book Value Per Share

 

Balance at January 1, 2026

 

$

702.6

 

 

 

14.4

 

 

$

48.96

 

Net income

 

 

15.3

 

 

 

—

 

 

 

1.06

 

Fair value of fixed maturities

 

 

(2.8

)

 

 

—

 

 

 

(0.19

)

Stock compensation / share issuance

 

 

2.1

 

 

 

0.2

 

 

 

(0.83

)

Dividends

 

 

(10.3

)

 

 

—

 

 

 

(0.72

)

Balance at June 30, 2026

 

$

706.9

 

 

 

14.6

 

 

$

48.28

 

 

Market Value of Consolidated Investments

 

 

 

 

 

 

$ in Millions

 

 

 

 

 

 

 

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Fixed maturities

 

$

1,286.7

 

 

$

1,325.5

 

Cash and cash equivalents

 

 

97.5

 

 

 

65.5

 

Total fixed maturities and cash and cash equivalents

 

 

1,384.2

 

 

 

1,391.0

 

Equities and other invested assets

 

 

32.7

 

 

 

50.8

 

Total cash and invested assets, gross

 

 

1,416.9

 

 

 

1,441.8

 

Payable for securities

 

 

(45.3

)

 

 

(21.6

)

Total cash and invested assets, net

 

$

1,371.6

 

 

$

1,420.2

 

 

Total Pre-Tax Consolidated Investment Return

 

$ in Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Fixed maturities

 

$

13.5

 

 

$

15.1

 

 

$

27.1

 

 

$

29.9

 

Equities

 

 

0.6

 

 

 

0.2

 

 

 

1.2

 

 

 

0.3

 

Limited partnerships

 

 

2.3

 

 

 

(0.6

)

 

 

0.3

 

 

 

(0.7

)

Net investment income

 

$

16.4

 

 

$

14.7

 

 

$

28.6

 

 

$

29.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

0.2

 

 

 

0.1

 

 

 

(2.1

)

 

 

0.3

 

Net unrealized investment gains (losses)

 

 

(0.3

)

 

 

2.9

 

 

 

(3.5

)

 

 

7.2

 

Net realized and unrealized investment return

 

 

(0.1

)

 

 

3.0

 

 

 

(5.6

)

 

 

7.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investment return

 

$

16.3

 

 

$

17.7

 

 

$

23.0

 

 

$

37.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total cash and invested assets

 

$

1,381.1

 

 

$

1,432.4

 

 

$

1,395.9

 

 

$

1,436.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total annualized investment return %

 

 

4.7

%

 

 

4.9

%

 

 

3.3

%

 

 

5.1

%

 

5

 

Global Indemnity Group, LLC

 

Consolidated Statements of Operations

 

$ and Shares in Thousands, expect per share data

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Gross written premiums

 

$

117,096

 

 

$

106,801

 

 

$

213,546

 

 

$

205,476

 

Net written premiums

 

$

113,971

 

 

$

103,914

 

 

$

206,539

 

 

$

199,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

98,689

 

 

$

95,146

 

 

$

197,044

 

 

$

188,462

 

Net investment income

 

 

16,361

 

 

 

14,707

 

 

 

28,579

 

 

 

29,489

 

Net realized investment gains (losses)

 

 

198

 

 

 

127

 

 

 

(2,045

)

 

 

263

 

Other income

 

 

854

 

 

 

540

 

 

 

1,701

 

 

 

957

 

Total revenues

 

 

116,102

 

 

 

110,520

 

 

 

225,279

 

 

 

219,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

53,047

 

 

 

52,948

 

 

 

106,908

 

 

 

119,686

 

Acquisition costs and other operating expenses

 

 

41,788

 

 

 

36,915

 

 

 

82,551

 

 

 

74,422

 

Corporate expenses

 

 

6,842

 

 

 

7,528

 

 

 

15,880

 

 

 

17,028

 

Income before income taxes

 

 

14,425

 

 

 

13,129

 

 

 

19,940

 

 

 

8,035

 

Income tax expense

 

 

3,343

 

 

 

2,785

 

 

 

4,612

 

 

 

1,680

 

Net income

 

 

11,082

 

 

 

10,344

 

 

 

15,328

 

 

 

6,355

 

Less: preferred stock distributions

 

 

110

 

 

 

110

 

 

 

220

 

 

 

220

 

Net income available to common shareholders

 

$

10,972

 

 

$

10,234

 

 

$

15,108

 

 

$

6,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.76

 

 

$

0.72

 

 

$

1.05

 

 

$

0.44

 

Diluted

 

$

0.76

 

 

$

0.71

 

 

$

1.05

 

 

$

0.43

 

Weighted-average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,379

 

 

 

14,275

 

 

 

14,365

 

 

 

14,072

 

Diluted

 

 

14,426

 

 

 

14,341

 

 

 

14,416

 

 

 

14,161

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash distributions declared per common share

 

$

0.35

 

 

$

0.35

 

 

$

0.70

 

 

$

0.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

53.8

%

 

 

55.6

%

 

 

54.3

%

 

 

63.5

%

Expense ratio

 

 

41.2

%

 

 

38.8

%

 

 

40.7

%

 

 

39.5

%

Combined ratio

 

 

95.0

%

 

 

94.4

%

 

 

95.0

%

 

 

103.0

%

 

 

 

 

6

 

Global Indemnity Group, LLC

 

Consolidated Balance Sheets

 

$ in Thousands

 

 

 

 

 

 

 

 

 

 

(Unaudited)
June 30, 2026

 

 

December 31, 2025

 

ASSETS

 

 

 

 

 

 

Fixed maturities:

 

 

 

 

 

 

Available for sale, at fair value (amortized cost: $1,295,106 and $1,330,310; net of allowance for expected credit losses of $0 at June 30, 2026 and December 31, 2025)

 

$

1,286,724

 

 

$

1,325,502

 

Equity securities, at fair value

 

 

23,603

 

 

 

33,673

 

Other invested assets

 

 

9,108

 

 

 

17,097

 

Total investments

 

 

1,319,435

 

 

 

1,376,272

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

97,515

 

 

 

65,542

 

Premium receivables, net of allowance for expected credit losses of

 

 

 

 

 

 

$3,861 at June 30, 2026 and $3,640 at December 31, 2025

 

 

84,631

 

 

 

66,969

 

Reinsurance receivables, net of allowance for expected credit losses of

 

 

 

 

 

 

 $1,488 at June 30, 2026 and December 31, 2025

 

 

65,341

 

 

 

62,595

 

Funds held by ceding insurers

 

 

21,400

 

 

 

22,114

 

Deferred income taxes

 

 

21,164

 

 

 

20,076

 

Deferred acquisition costs

 

 

44,588

 

 

 

41,183

 

Intangible assets

 

 

16,613

 

 

 

16,845

 

Goodwill

 

 

4,820

 

 

 

4,820

 

Prepaid reinsurance premiums

 

 

3,886

 

 

 

3,607

 

Income tax receivable

 

 

4,681

 

 

 

2,617

 

Lease right of use assets

 

 

7,546

 

 

 

8,166

 

Other assets

 

 

31,873

 

 

 

29,956

 

Total assets

 

$

1,723,493

 

 

$

1,720,762

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

718,515

 

 

$

750,191

 

Unearned premiums

 

 

192,503

 

 

 

182,728

 

Reinsurance balances payable

 

 

3,368

 

 

 

1,860

 

Payable for securities

 

 

45,300

 

 

 

21,594

 

Contingent commissions

 

 

4,198

 

 

 

7,159

 

Lease liabilities

 

 

7,727

 

 

 

8,331

 

Other liabilities

 

 

40,977

 

 

 

42,309

 

Total liabilities

 

$

1,012,588

 

 

$

1,014,172

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Series A cumulative fixed rate preferred shares, $1,000 par value;

 

 

 

 

 

 

100,000,000 shares authorized, shares issued and outstanding:

 

 

 

 

 

 

4,000 and 4,000 shares, respectively, liquidation preference:

 

 

 

 

 

 

$1,000 per share and $1,000 per share, respectively

 

 

4,000

 

 

 

4,000

 

Common shares: no par value; 900,000,000 common shares

 

 

 

 

 

 

authorized; class A common shares issued: 12,134,770 and 11,844,995, respectively (inclusive of class A common shares designated as class A-2 common shares of 780,000 and 550,000, respectively); class A common shares

 

 

 

 

 

 

outstanding:10,847,002 and 10,557,227, respectively (inclusive of class A common shares designated as class A-2 common shares of 780,000 and

 

 

 

 

 

 

 550,000, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively

 

 

—

 

 

 

—

 

Additional paid-in capital (1)

 

 

467,748

 

 

 

465,720

 

Accumulated other comprehensive income (loss), net of tax

 

 

(6,766

)

 

 

(4,000

)

Retained earnings (1)

 

 

278,615

 

 

 

273,562

 

Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively

 

 

(32,692

)

 

 

(32,692

)

Total shareholders’ equity

 

 

710,905

 

 

 

706,590

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,723,493

 

 

$

1,720,762

 

 

(1)
Since the Company’s initial public offering in 2003, the Company has returned $659.8 million to shareholders, including $522.2 million in share repurchases and $137.6 million in dividends/distributions.

7

 

Reconciliation of Non-GAAP Measures

 

Summary of Consolidated Operating Income(1)

 

$ and Shares in Millions, except per share data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating income, net of tax (2)

 

$

8.7

 

 

$

10.2

 

 

$

16.9

 

 

$

6.2

 

Net realized investment gains (losses), net of tax

 

 

0.1

 

 

 

0.1

 

 

 

(1.6

)

 

 

0.2

 

Market value recovery on limited partnership investment

 

 

2.3

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income

 

$

11.1

 

 

$

10.3

 

 

$

15.3

 

 

$

6.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – diluted

 

 

14.4

 

 

 

14.3

 

 

 

14.4

 

 

 

14.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income per share – diluted (3)

 

$

0.59

 

 

$

0.71

 

 

$

1.16

 

 

$

0.42

 

 

 

(1)
Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment gains (losses) and other unique charges not related to operations. Operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.
(2)
Operating income, net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended June 30, 2026 and 2025 and $0.2 million for each of the six months ended June 30, 2026 and 2025.
(3)
The operating income per share calculation is net of preferred shareholder distributions of $0.1 million for each of the three months ended June 30, 2026 and 2025 and $0.2 million for each of the six months ended June 30, 2026 and 2025.

 

Reconciliation of Non-GAAP Measures

 

Pretax Adjusted Operating Contribution

 

$ in Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Investment income

 

$

16.4

 

 

$

14.7

 

 

$

28.6

 

 

$

29.5

 

Underwriting income (loss), current accident year

 

 

5.8

 

 

 

5.6

 

 

 

11.2

 

 

 

(4.7

)

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

California Wildfires net losses and loss adjustment expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15.7

 

Market value recovery on limited partnership investment

 

 

(2.3

)

 

 

—

 

 

 

—

 

 

 

—

 

Pretax adjusted operating contribution (1)

 

$

19.9

 

 

$

20.3

 

 

$

39.8

 

 

$

40.5

 

 

(1)
Pretax adjusted operating contribution, a non-GAAP financial measure, is equal to investment income plus underwriting income (loss) for current accident year excluding net losses and loss adjustment expenses incurred from California Wildfires less the market value recovery on a single limited partnership position. Pretax adjusted operating contribution is not a substitute for income before income taxes determined in accordance with GAAP, and investors should not place undue reliance on this measure.

 

8

 

Reconciliation of Non-GAAP Measures

 

Adjusted Return on Equity (ROE)

 

$ in Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) after tax (1)

 

 

Average Return on Equity (3)

 

Average Equity (2)

 

 

Income (loss) after tax (1)

 

 

Average Return on Equity (3)

 

Average Equity (2)

 

Operating income

 

$

 

8.7

 

 

 

4.9

 

%

 

$

 

707.5

 

 

$

 

10.2

 

 

 

5.9

 

%

 

$

 

691.2

 

Adjustments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income on excess capital

 

 

 

(2.3

)

 

 

1.3

 

%

 

 

 

-

 

 

 

 

(2.2

)

 

 

1.5

 

%

 

 

 

-

 

Corporate expenses

 

 

 

5.9

 

 

 

5.7

 

%

 

 

 

-

 

 

 

 

5.9

 

 

 

5.5

 

%

 

 

 

-

 

Prior accident year underwriting (income) loss

 

 

 

0.2

 

 

 

0.2

 

%

 

 

 

-

 

 

 

 

(0.1

)

 

 

(0.2

)

%

 

 

 

-

 

  Total adjustments, net of tax

 

 

 

3.8

 

 

 

7.2

 

%

 

 

 

-

 

 

 

 

3.6

 

 

 

6.8

 

%

 

 

 

-

 

Adjusted income

 

$

 

12.5

 

 

 

12.1

 

%

 

$

 

412.0

 

 

$

 

13.8

 

 

 

12.7

 

%

 

$

 

432.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) after tax (1)

 

 

Average Return on Equity (3)

 

Average Equity (2)

 

 

Income (loss) after tax (1)

 

 

Average Return on Equity (3)

 

Average Equity (2)

 

Operating income

 

$

 

16.9

 

 

 

4.8

 

%

 

$

 

708.7

 

 

$

 

6.2

 

 

 

1.8

 

%

 

$

 

692.2

 

Adjustments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income on excess capital

 

 

 

(4.5

)

 

 

1.3

 

%

 

 

 

-

 

 

 

 

(4.4

)

 

 

(0.9

)

%

 

 

 

-

 

Corporate expenses

 

 

 

13.4

 

 

 

6.4

 

%

 

 

 

-

 

 

 

 

13.5

 

 

 

6.2

 

%

 

 

 

-

 

California wildfires losses

 

 

 

-

 

 

 

-

 

%

 

 

 

-

 

 

 

 

12.4

 

 

 

5.7

 

%

 

 

 

-

 

Prior accident year underwriting (income) loss

 

 

 

0.3

 

 

 

0.1

 

%

 

 

 

-

 

 

 

 

(0.1

)

 

 

-

 

%

 

 

 

-

 

  Total adjustments, net of tax

 

 

 

9.2

 

 

 

7.8

 

%

 

 

 

-

 

 

 

 

21.4

 

 

 

11.0

 

%

 

 

 

-

 

Adjusted income

 

$

 

26.1

 

 

 

12.6

 

%

 

$

 

416.0

 

 

$

 

27.6

 

 

 

12.8

 

%

 

$

 

432.0

 

 

(1)
Adjusted income, a non-GAAP financial measure, is equal to operating income excluding after-tax investment income on excess capital plus the after-tax impact of corporate expenses, California wildfires losses and prior accident year underwriting income (loss). Adjusted income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.
(2)
Average equity is the average of the beginning and ending equity for the calendar year, adjusted for average excess capital for the calendar year.
(3)
Adjusted return on equity is equal to adjusted income divided by average equity, annualized.

 

9

 

 

Reconciliation of Non-GAAP Financial Measures and Ratios for the Six Months Ended June 30,

$ in Thousands

 

The following reconciles the non-GAAP financial measures or ratios, which excludes the impact of prior accident year adjustments and the California Wildfires, to its most directly comparable GAAP measure or ratio. The Company believes the non-GAAP financial measures or ratios are useful to investors when evaluating the Company's underwriting performance as trends in the Company's segments may be obscured by prior accident year adjustments and the California Wildfires. These non-GAAP financial measures or ratios should not be considered as a substitute for its most directly comparable GAAP measure or ratio and do not reflect the overall underwriting profitability of the Company.

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Consolidated current accident year underwriting income

 

 

 

 

 

 

Underwriting income (loss) (1)

 

$

10,845

 

 

$

(4,689

)

Effect of prior accident year

 

 

400

 

 

 

(53

)

Current accident year underwriting income (loss) (2)

 

 

11,245

 

 

 

(4,742

)

California Wildfires net losses and loss adjustment expenses

 

 

—

 

 

 

15,684

 

Current accident year underwriting income excluding California Wildfires (2)

 

$

11,245

 

 

$

10,942

 

 

 

 

 

 

 

 

Belmont Core segment income

 

 

 

 

 

 

Belmont Core segment income (loss) (1)

 

$

8,616

 

 

$

(8,848

)

California Wildfires net losses and loss adjustment expenses

 

 

—

 

 

 

15,684

 

Belmont Core segment income excluding California Wildfires (2)

 

$

8,616

 

 

$

6,836

 

 

 

 

 

 

 

 

Consolidated segment income

 

 

 

 

 

 

Consolidated segment income (loss) (1)

 

$

9,286

 

 

$

(4,689

)

California Wildfires net losses and loss adjustment expenses

 

 

—

 

 

 

15,684

 

Consolidated segment income excluding California Wildfires (2)

 

$

9,286

 

 

$

10,995

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

 

 

 

 

 

Net income available to common shareholders (1)

 

$

15,108

 

 

$

6,135

 

California Wildfires net losses and loss adjustment expenses (net of tax) (3)

 

 

—

 

 

 

12,406

 

Net income available to common shareholders excluding California Wildfires (2)

 

$

15,108

 

 

$

18,541

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

Operating income (4)

 

$

16,944

 

 

$

6,147

 

California Wildfires net losses and loss adjustment expenses (net of tax) (3)

 

 

—

 

 

 

12,406

 

Operating income excluding California Wildfires (2)

 

$

16,944

 

 

$

18,553

 

 

 

 

 

 

 

 

Current accident year combined ratio

 

 

 

 

 

 

Combined ratio (1)

 

 

95.0

%

 

 

103.0

%

Effect of prior accident year

 

 

(0.2

%)

 

 

—

 

Current accident year combined ratio (2)

 

 

94.8

%

 

 

103.0

%

Impact of California Wildfires

 

 

—

 

 

 

(8.3

%)

Current accident year combined ratio excluding California Wildfires (2)

 

 

94.8

%

 

 

94.7

%

 

(1) Most directly comparable GAAP measure / ratio

(2) Non-GAAP financial measure / ratio

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

(4) See previous table for reconciliation of operating income to net income which is the most directly comparable GAAP measure.

 

10

 

About Global Indemnity Group, LLC

Global Indemnity Group, LLC (Nasdaq: GBLI) is a publicly traded holding company with a diversified portfolio of property and casualty insurance-related entities.

Katalyx Holdings LLC includes:

•
Four agencies focused on sourcing, underwriting, and servicing primary and assumed reinsurance business: Penn-America Insurance Services, LLC; Valyn Re LLC; J.H. Ferguson & Associates, LLC (including Vacant Express); and Collectibles Insurance Services, LLC.
•
Three specialized insurance service businesses: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx’s agencies and broader digital initiatives; Sayata, an AI-enabled digital marketplace and agency for small commercial insurance; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services.

 

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

For more information, visit the Company’s website at www.gbli.com.

 

Forward-Looking Statements

The forward-looking statements in this press release are made pursuant to the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934 and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements. These statements are based on management’s current expectations and information available as of the date of this release.

 

Factors that could cause actual results to differ include, among others, risks related to the timing and execution of the Company’s strategy, and other operational or strategic risks. Additional details regarding these and other risks and uncertainties can be found in the Company’s filings with the Securities and Exchange Commission. Global Indemnity undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

 

Investor / Media Contact: Scott Eckstein, KCSA Strategic Communications | (212) 896-1210 | GBLI@kcsa.com

 

11

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