Exhibit 99.1

 

img266282701_0.jpg

 

For release: May 7, 2025

 

Global Indemnity Group, LLC Reports First Quarter 2025 Results

 

Wilmington, Del., (May 7, 2025) – Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported a net loss available to common shareholders of $4.1 million or ($0.30) per share for the three months ended March 31, 2025 which includes net loss attributed to California Wildfire events in January 2025 (“California Wildfires”) of $12.2 million after tax.

 

Highlights of Consolidated Results for the Three Months Ended March 31, 2025

 

•
Excluding California Wildfires, net income available to common shareholders was $8.1 million or $0.58 per share in 2025.

 

•
Net investment income increased 2% to $14.8 million in 2025 as compared to the same period in 2024. Book yield on the fixed maturities portfolio increased to 4.5% at March 31, 2025 from 4.3% at March 31, 2024.

 

•
Annualized investment return was 5.4% for 2025.
•
Gross written premiums, increased 6% to $98.7 million in 2025; Excluding terminated products, gross written premiums increased 16% to $98.4 million in 2025 compared to $85.0 million in 2024.
o
InsurTech grew 20% to $15.0 million in 2025 compared with $12.5 million in 2024 from organic agency growth, new agency appointments and new products.
o
Wholesale Commercial grew 6% to $64.9 million compared to $61.1 million in 2024; excluding audit premiums, policy year premiums are higher by 14% in 2025.
o
Assumed Reinsurance increased 275% to $10.9 million in 2025 compared to $2.9 million in 2024 due to new treaties incepting during 2024 and 2025.
•
Current accident year underwriting loss of $10.3 million for 2025 compared to $5.3 million of underwriting income for the same period in 2024. Excluding California Wildfires, the current accident year underwriting income would have been in line with 2024 at $5.3 million in 2025.
•
Current accident year combined ratio was 111.5% in 2025 compared to 94.9% in 2024. Excluding California Wildfires, the current accident year combined ratio would have been 94.8% in 2025 compared to 94.9% for the same period in 2024.
•
Net losses and loss adjustment expenses related to prior accident years were less than $0.1 million in 2025 and 2024.
•
Shareholders' equity was $687.1 million at March 31, 2025 compared to $689.1 million at December 31, 2024.
•
Book value per common share is $47.85 at March 31, 2025 compared to $49.98 at December 31, 2024.

 

 

 

 

 

 

 

 

 

Selected Consolidated Operating and Balance Sheet Information

(Dollars in millions, except per share data)

 

 

 

 

For the Three Months Ended
March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Select Operating Data:

 

 

 

 

 

 

Gross written premiums

 

$

98.7

 

 

$

93.5

 

Investment income

 

$

14.8

 

 

$

14.5

 

Annualized investment return

 

 

5.4

%

 

 

5.4

%

Underwriting income (loss)

 

$

(10.5

)

 

$

5.3

 

Underwriting income (loss), current accident year

 

$

(10.3

)

 

$

5.3

 

Underwriting income (loss), current accident year, excluding California Wildfires

 

$

5.3

 

 

$

5.3

 

Corporate expenses

 

$

9.5

 

 

$

6.4

 

Operating income (loss)

 

$

(4.1

)

 

$

10.7

 

Operating income (loss) excluding California Wildfires

 

$

8.1

 

 

$

10.7

 

Net income (loss) available to common shareholders

 

$

(4.1

)

 

$

11.3

 

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

 

$

8.1

 

 

$

11.3

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

Net income (loss) available to common shareholders per share

 

$

(0.30

)

 

$

0.82

 

Net income (loss) available to common shareholders per share excluding California Wildfires

 

$

0.58

 

 

$

0.82

 

Operating income (loss) per share

 

$

(0.30

)

 

$

0.77

 

Operating income (loss) per share excluding California Wildfires

 

$

0.57

 

 

$

0.77

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

Loss ratio

 

 

71.5

%

 

 

55.3

%

Expense ratio

 

 

40.2

%

 

 

39.6

%

Combined ratio

 

 

111.7

%

 

 

94.9

%

Combined ratio, current accident year

 

 

111.5

%

 

 

94.9

%

Combined ratio, current accident year excluding California Wildfires

 

 

94.8

%

 

 

94.9

%

 

 

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Select Balance Sheet Data:

 

 

 

 

 

 

Cash and invested assets, net

 

$

1,431.8

 

 

$

1,440.7

 

Total assets

 

$

1,713.6

 

 

$

1,731.3

 

Shareholders’ equity

 

$

687.1

 

 

$

689.1

 

 

 

 

 

 

 

 

Book value per share

 

$

47.85

 

 

$

49.98

 

Book value per share plus cumulative dividends and

 

 

 

 

 

 

excluding AOCI

 

$

56.08

 

 

$

58.14

 

Shares Outstanding (in millions)

 

 

14.3

 

 

 

13.7

 

 

 

 

 

Changes in Common Shareholders' Equity and Book Value per Share

(Dollars and shares in millions, except per share data)

 

 

 

 

 

Common Shareholders' Equity

 

 

Common Shares

 

 

Book Value Per Share

 

Balance at December 31, 2024

 

$

685.1

 

 

 

13.7

 

 

$

49.98

 

Net loss

 

 

(4.0

)

 

 

—

 

 

 

(0.30

)

Fair value of fixed maturities

 

 

3.6

 

 

 

—

 

 

 

0.26

 

Stock compensation / share issuance (1)

 

 

3.5

 

 

 

0.6

 

 

 

(1.74

)

Dividends

 

 

(5.1

)

 

 

—

 

 

 

(0.35

)

Balance at March 31, 2025

 

$

683.1

 

 

 

14.3

 

 

$

47.85

 

 

(1) includes 550,000 class A common shares designated as class A-2 common shares issued on March 6, 2025 for services performed in connection with the Company’s internal corporate reorganization.

 

Segment Data for the Three Months Ended March 31, 2025 and 2024

As previously reported, 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:

•
Penn-America Underwriters, LLC consists of (i) three agencies: Penn-America Insurance Services, LLC, J.H. Ferguson, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC that source, underwrite, and service policies and (ii) two strategic insurance product and service businesses: Liberty Insurance Adjustment Agency, Inc. a claims adjustment and claims service business and Kaleidoscope Insurance Technologies, Inc., a proprietary insurance software and services provider.
•
Belmont Holdings GX, Inc. includes five state-regulated 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.

The appointment of Praveen Reddy as President and Chief Executive Officer of Penn-America Underwriters, LLC, marks the beginning of the Company’s investment in Penn-America Underwriters to further develop the capabilities of its current agencies and service companies.

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. As a result of these changes, the Company has three reportable segments:

•
Agency and Insurance Services consists of (i) three agencies: Penn-America Insurance Services, LLC, J.H. Ferguson, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC that source, underwrite, and service policies and (ii) two strategic insurance product and service businesses: Liberty Insurance Adjustment Agency, Inc. a claims adjustment and claims service business and Kaleidoscope Insurance Technologies, Inc., a proprietary insurance software and services provider.
•
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 Income for the Three Months Ended March 31,

 

 

Agency and Insurance Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Eliminations

 

 

Consolidated

 

(Dollars in millions)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

—

 

 

$

—

 

 

$

92.3

 

 

$

89.1

 

 

$

1.0

 

 

$

7.5

 

 

$

—

 

 

$

—

 

 

$

93.3

 

 

$

96.6

 

Commissions and fee income

 

 

14.4

 

 

 

—

 

 

 

—

 

 

 

0.3

 

 

 

—

 

 

 

0.1

 

 

 

(14.0

)

 

 

—

 

 

 

0.4

 

 

 

0.4

 

Total revenues

 

$

14.4

 

 

$

—

 

 

$

92.3

 

 

$

89.4

 

 

$

1.0

 

 

$

7.6

 

 

$

(14.0

)

 

$

—

 

 

$

93.7

 

 

$

97.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

—

 

 

$

—

 

 

$

66.5

 

 

$

48.9

 

 

$

0.5

 

 

$

4.5

 

 

$

(0.3

)

 

$

—

 

 

$

66.7

 

 

$

53.4

 

Underwriting expenses

 

 

12.6

 

 

 

—

 

 

 

37.4

 

 

 

34.9

 

 

 

1.2

 

 

 

3.4

 

 

 

(13.7

)

 

 

—

 

 

 

37.5

 

 

 

38.3

 

Total losses and expenses

 

$

12.6

 

 

$

—

 

 

$

103.9

 

 

$

83.8

 

 

$

1.7

 

 

$

7.9

 

 

$

(14.0

)

 

$

—

 

 

$

104.2

 

 

$

91.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting income (loss)

 

$

1.8

 

 

$

—

 

 

$

(11.6

)

 

$

5.6

 

 

$

(0.7

)

 

$

(0.3

)

 

$

—

 

 

$

—

 

 

$

(10.5

)

 

$

5.3

 

Underwriting income (loss) excluding California Wildfires

 

$

1.8

 

 

$

—

 

 

$

4.0

 

 

$

5.6

 

 

$

(0.7

)

 

$

(0.3

)

 

$

—

 

 

$

—

 

 

$

5.1

 

 

$

5.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Data for the Three Months Ended March 31, 2025 and 2024

(Dollars in thousands)

 

Segment Written Premiums

 

 

 

For the Three Months Ended March 31,

 

 

 

Belmont Core

 

 

Belmont Non-Core

 

 

Total

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Direct written premiums

 

$

87,467

 

 

$

91,132

 

 

$

87

 

 

$

92

 

 

$

87,554

 

 

$

91,224

 

Assumed written premiums

 

 

10,922

 

 

 

2,916

 

 

 

199

 

 

 

(652

)

 

 

11,121

 

 

 

2,264

 

Gross written premiums

 

$

98,389

 

 

$

94,048

 

 

$

286

 

 

$

(560

)

 

$

98,675

 

 

$

93,488

 

Net written premiums

 

$

95,634

 

 

$

92,596

 

 

$

230

 

 

$

(511

)

 

$

95,864

 

 

$

92,085

 

 

 

 

 

Direct Written Premium Produced by Agency and Insurance Services Segment

 

 

For the Three Months Ended March 31,

 

 

 

 

2025

 

 

2024

 

 

% Change

Wholesale Commercial

$

64,884

 

 

 

61,056

 

 

6.3%

InsurTech

 

15,020

 

 

 

12,508

 

 

20.1%

Direct written premiums excluding specialty products

 

79,904

 

 

 

73,564

 

 

8.6%

Specialty Products

 

7,563

 

 

 

17,568

 

 

(57.0%)

Total direct written premiums

$

87,467

 

 

$

91,132

 

 

(4.0%)

 

 

 

 

Assumed Written Premium Produced by Belmont Segments

 

 

 

For the Three Months Ended March 31,

 

 

 

 

 

2025

 

 

2024

 

 

% Change

Belmont Core

 

$

10,922

 

 

$

2,916

 

 

274.6%

Belmont Non-Core

 

 

199

 

 

 

(652

)

 

130.5%

Total assumed written premiums

 

$

11,121

 

 

$

2,264

 

 

391.2%

 

 

 

Global Indemnity Group, LLC

Consolidated Statements of Operations

(Unaudited)

(Dollars and shares in thousands, except per share data)

 

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Gross written premiums

 

$

98,675

 

 

$

93,488

 

Net written premiums

 

$

95,864

 

 

$

92,085

 

 

 

 

 

 

 

 

Net earned premiums

 

$

93,316

 

 

$

96,579

 

Net investment income

 

 

14,782

 

 

 

14,520

 

Net realized investment gains

 

 

136

 

 

 

847

 

Other income

 

 

417

 

 

 

345

 

Total revenues

 

 

108,651

 

 

 

112,291

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

66,738

 

 

 

53,384

 

Acquisition costs and other underwriting expenses

 

 

37,507

 

 

 

38,269

 

Corporate expenses

 

 

9,500

 

 

 

6,373

 

Income (loss) before income taxes

 

 

(5,094

)

 

 

14,265

 

Income tax expense (benefit)

 

 

(1,105

)

 

 

2,899

 

Net income (loss)

 

 

(3,989

)

 

 

11,366

 

Less: preferred stock distributions

 

 

110

 

 

 

110

 

Net income (loss) available to common shareholders

 

$

(4,099

)

 

$

11,256

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

Net income (loss) available to common shareholders (1)

 

 

 

 

 

 

Basic

 

$

(0.30

)

 

$

0.83

 

Diluted

 

$

(0.30

)

 

$

0.82

 

Weighted-average number of shares outstanding

 

 

 

 

 

 

Basic

 

 

13,867

 

 

 

13,579

 

Diluted

 

 

13,867

 

 

 

13,687

 

 

 

 

 

 

 

 

Cash distributions declared per common share

 

$

0.35

 

 

$

0.35

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

Loss ratio

 

 

71.5

%

 

 

55.3

%

Expense ratio

 

 

40.2

%

 

 

39.6

%

Combined ratio

 

 

111.7

%

 

 

94.9

%

 

(1)
For the quarter ended March 31, 2025, “weighted average shares outstanding - basic” was used to calculate “diluted earnings per share” due to a net loss for the period.

 

 

 

 

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

(Unaudited)
March 31, 2025

 

 

December 31, 2024

 

ASSETS

 

 

 

 

 

 

Fixed maturities:

 

 

 

 

 

 

Available for sale, at fair value (amortized cost: $1,323,666 and $1,394,639; net of allowance for expected credit losses of $0 at March 31, 2025 and December 31, 2024)

 

$

1,315,399

 

 

$

1,381,908

 

Equity securities, at fair value

 

 

12,408

 

 

 

12,284

 

Other invested assets

 

 

23,915

 

 

 

29,413

 

Total investments

 

 

1,351,722

 

 

 

1,423,605

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

81,146

 

 

 

17,009

 

Premium receivables, net of allowance for expected credit losses of

 

 

 

 

 

 

$3,475 at March 31, 2025 and $3,530 at December 31, 2024

 

 

67,844

 

 

 

75,088

 

Reinsurance receivables, net of allowance for expected credit losses

 

 

 

 

 

 

of $8,992 at March 31, 2025 and December 31, 2024

 

 

69,542

 

 

 

66,855

 

Funds held by ceding insurers

 

 

24,920

 

 

 

30,026

 

Deferred income taxes

 

 

22,899

 

 

 

22,459

 

Deferred acquisition costs

 

 

41,689

 

 

 

41,136

 

Intangible assets

 

 

14,015

 

 

 

14,103

 

Goodwill

 

 

4,820

 

 

 

4,820

 

Prepaid reinsurance premiums

 

 

3,436

 

 

 

3,320

 

Receivable for securities

 

 

—

 

 

 

52

 

Income tax receivable

 

 

605

 

 

 

825

 

Lease right of use assets

 

 

9,102

 

 

 

9,295

 

Other assets

 

 

21,866

 

 

 

22,660

 

Total assets

 

$

1,713,606

 

 

$

1,731,253

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

794,848

 

 

$

800,391

 

Unearned premiums

 

 

186,076

 

 

 

183,411

 

Reinsurance balances payable

 

 

2,786

 

 

 

8,181

 

Payable for securities purchased

 

 

1,098

 

 

 

—

 

Contingent commissions

 

 

3,386

 

 

 

6,826

 

Lease liabilities

 

 

9,860

 

 

 

10,371

 

Other liabilities

 

 

28,501

 

 

 

32,924

 

Total liabilities

 

$

1,026,555

 

 

$

1,042,104

 

 

 

 

 

 

 

 

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: 11,768,844 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: 10,481,076 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 (1)

 

 

463,072

 

 

 

459,578

 

Accumulated other comprehensive income (loss), net of tax

 

 

(6,913

)

 

 

(10,410

)

Retained earnings (1)

 

 

259,584

 

 

 

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

 

 

687,051

 

 

 

689,149

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,713,606

 

 

$

1,731,253

 

 

(1)
Since the Company’s initial public offering in 2003, the Company has returned $634 million to shareholders, including $522 million in share repurchases and $112 million in dividends/distributions.

 

 

GLOBAL INDEMNITY GROUP, LLC

SELECTED INVESTMENT DATA

(Dollars in millions)

 

 

Market Value as of

 

 

 

(Unaudited)
March 31, 2025

 

 

December 31, 2024

 

 

 

 

 

 

 

 

Fixed maturities

 

$

1,315.4

 

 

$

1,381.9

 

Cash and cash equivalents

 

 

81.1

 

 

 

17.0

 

Total fixed maturities and cash and cash equivalents

 

 

1,396.5

 

 

 

1,398.9

 

Equities and other invested assets

 

 

36.4

 

 

 

41.7

 

Total cash and invested assets, gross

 

 

1,432.9

 

 

 

1,440.6

 

Receivable/(payable) for securities sold/(purchased)

 

 

(1.1

)

 

 

0.1

 

Total cash and invested assets, net

 

$

1,431.8

 

 

$

1,440.7

 

 

 

 

Total Pre-Tax Investment Return

 

 

 

For the Three Months Ended
March 31,
(Unaudited)

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Net investment income

 

$

14.8

 

 

$

14.5

 

 

 

 

 

 

 

 

Net realized investment gains

 

 

0.1

 

 

 

0.8

 

Net unrealized investment gains

 

 

4.4

 

 

 

3.6

 

Net realized and unrealized investment return

 

 

4.5

 

 

 

4.4

 

 

 

 

 

 

 

 

Total investment return

 

$

19.3

 

 

$

18.9

 

 

 

 

 

 

 

 

Average total cash and invested assets

 

$

1,436.2

 

 

$

1,403.9

 

 

 

 

 

 

 

 

Total annualized investment return %

 

 

5.4

%

 

 

5.4

%

 

SUMMARY OF OPERATING INCOME (LOSS)

(Dollars and shares in thousands, except per share data)

 

 

 

For the Three Months Ended
March 31,
(Unaudited)

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Operating income (loss), net of tax (1)

 

$

(4,095

)

 

$

10,692

 

 

 

 

 

 

 

 

Net realized investment gains, net of tax

 

 

106

 

 

 

674

 

Net income (loss)

 

$

(3,989

)

 

$

11,366

 

 

 

 

 

 

 

 

Weighted average shares outstanding – diluted

 

 

13,867

 

 

 

13,687

 

 

 

 

 

 

 

 

Operating income (loss) per share – diluted (2)

 

$

(0.30

)

 

$

0.77

 

 

(1)
Operating income (loss), net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended March 31, 2025 and 2024.
(2)
The operating income (loss) per share calculation is net of preferred shareholder distributions of $0.1 million for each of the three months ended March 31, 2025 and 2024.

 

Note Regarding Operating Income (Loss)

 

Operating income (loss), a non-GAAP financial measure, is equal to net income (loss) excluding after-tax net realized investment gains and other unique charges not related to operations. Operating income (loss) is not a substitute for net income (loss) determined in accordance with GAAP, and investors should not place undue reliance on this measure.

 

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 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.

 

 

 

For the Three Months Ended March 31,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Consolidated current accident year underwriting income excluding California Wildfires

 

 

 

 

 

 

Underwriting income (loss) (1)

 

$

(10,512

)

 

$

5,271

 

Effect of prior accident year

 

 

184

 

 

 

1

 

Current accident year underwriting income (loss)

 

 

(10,328

)

 

 

5,272

 

California Wildfires net losses and loss adjustment expenses

 

 

15,600

 

 

 

—

 

Current accident year underwriting income excluding California Wildfires (2)

 

$

5,272

 

 

$

5,272

 

 

 

 

 

 

 

 

Belmont Core underwriting income excluding California Wildfires

 

 

 

 

 

 

Underwriting income (loss) (1)

 

$

(11,582

)

 

$

5,635

 

California Wildfires net losses and loss adjustment expenses

 

 

15,600

 

 

 

—

 

Underwriting income excluding California Wildfires (2)

 

$

4,018

 

 

$

5,635

 

 

 

 

 

 

 

 

Consolidated underwriting income excluding California Wildfires

 

 

 

 

 

 

Underwriting income (loss) (1)

 

$

(10,512

)

 

$

5,271

 

California Wildfires net losses and loss adjustment expenses

 

 

15,600

 

 

 

—

 

Underwriting income excluding California Wildfires (2)

 

$

5,088

 

 

$

5,271

 

 

 

 

 

 

 

 

Net income available to common shareholders excluding California Wildfires

 

 

 

 

 

 

Net income (loss) available to common shareholders (1)

 

$

(4,099

)

 

$

11,256

 

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

 

 

12,216

 

 

 

—

 

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

 

$

8,117

 

 

$

11,256

 

 

 

 

 

 

 

 

Operating income excluding California Wildfires

 

 

 

 

 

 

Operating income (loss) (4)

 

$

(4,095

)

 

$

10,692

 

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

 

 

12,216

 

 

 

—

 

Operating income (loss) excluding California Wildfires (2)

 

$

8,121

 

 

$

10,692

 

 

 

 

 

 

 

 

Current accident year combined ratio excluding California Wildfires

 

 

 

 

 

 

Combined ratio (1)

 

 

111.7

%

 

 

94.9

%

Effect of prior accident year

 

 

(0.2

%)

 

 

—

 

Current accident year combined ratio

 

 

111.5

%

 

 

94.9

%

Impact of California Wildfires

 

 

(16.7

%)

 

 

—

 

Current accident year combined ratio excluding California Wildfires (2)

 

 

94.8

%

 

 

94.9

%

 

(1) Most directly comparable GAAP measure / ratio

(2) Non-GAAP financial measure / ratio

(3) Represents net losses and loss adjustment expenses of $15.6 million less tax benefit of $3.4 million which was calculated using the estimated annual effective tax rate of 21.7%.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

About Global Indemnity Group, LLC and its subsidiaries

 

Global Indemnity Group, LLC (NYSE:GBLI) is a publicly listed holding company for property and casualty insurance-related businesses.

 

Global Indemnity holds controlling interests in:

•
Penn-America Underwriters, LLC consists of (i) three agencies: Penn-America Insurance Services, LLC, J.H. Ferguson, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC that source, underwrite, and service policies and (ii) two strategic insurance product and service businesses: Liberty Insurance Adjustment Agency, Inc. a claims adjustment and claims service business and Kaleidoscope Insurance Technologies, Inc., a proprietary insurance software and services provider.
•
Belmont Holdings GX, Inc. includes five state-regulated 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.
•
Belmont Asset Management (“BAM”), works with property & casualty insurance companies to enhance investment portfolio performance.

 

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

 

 

Forward-Looking Information

 

The forward-looking statements contained in this press release1 do not address a number of risks and uncertainties. Investors are cautioned that Global Indemnity’s actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnity’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the Company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

 

[1] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934.

 

 

 

Contact:

Brian J. Riley

 

Chief Financial Officer

(610) 660-6817

briley@gbli.com