Global Indemnity第二季純利增至1108萬美元 上半年每股盈利1.05美元

10-Q
 
 
 
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 

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
001-34809
Commission File Number
 
GLOBAL INDEMNITY GROUP, LLC
(Exact name of registrant as specified in its charter)
 
 

 
 
 
 
 

 
 Delaware

 85-2619578

 

 
 (State or other jurisdiction 
of incorporation or organization)

 (I.R.S. Employer Identification No.)

 

 112 S. French Street, Suite 105
Wilmington, DE 19801
(Address of principal executive office including zip code)
 
Registrant's telephone number, including area code: (302) 691-6276
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files.). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.: 
 

 
 
 
 
 
 
 
 

 
 Large accelerated filer 

 ☐;

  

 Accelerated filer 

 ☒;

 

 
  

  

  

  

  

 

 
 Non-accelerated filer 

 ☐;

  

 Smaller reporting company 

 ☐;

 

 
  

  

  

  

  

 

 
 Emerging growth company 

 ☐

  

  

  

 

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 
Securities registered pursuant to Section 12(b) of the Act:

 
 
 
 
 
 

 
 Title of each class

 Trading Symbol

 Name of each exchange on which registered

 

 
 Class A Common Shares

 GBLI

 Nasdaq Global Select Market

 

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

  

 
  

 TABLE OF CONTENTS
 

 
 
 
 
 
 
 
 

 
  

  

  

  

 Page

 

 
  

 PART I – FINANCIAL INFORMATION

  

  

 

 
  

  

  

  

  

 

 
 Item 1.

  

 Financial Statements: 

  

 3

 

 
  

  

  

  

  

 

 
  

  

 Consolidated Balance Sheets 
As of June 30, 2026 (Unaudited) and December 31, 2025

  

 3

 

 
  

  

  

  

  

 

 
  

  

 Consolidated Statements of Operations 
Quarters and Six Months Ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)

  

 4

 

 
  

  

  

  

  

 

 
  

  

 Consolidated Statements of Comprehensive Income 
Quarters and Six Months Ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)

  

 5

 

 
  

  

  

  

  

 

 
  

  

 Consolidated Statements of Changes in Shareholders’ Equity 
Quarters and Six Months Ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)

  

 6

 

 
  

  

  

  

  

 

 
  

  

 Consolidated Statements of Cash Flows 
Six Months Ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)

  

 7

 

 
  

  

  

  

  

 

 
  

  

 Notes to Consolidated Financial Statements (Unaudited)

  

 8

 

 
  

  

  

  

  

 

 
 Item 2.

  

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 30

 

 
  

  

  

  

  

 

 
 Item 3.

  

 Quantitative and Qualitative Disclosures about Market Risk

  

 45

 

 
  

  

  

  

  

 

 
 Item 4.

  

 Controls and Procedures

  

 45

 

 
  

  

  

  

 

 
  

 PART II – OTHER INFORMATION

  

  

 

 
  

  

  

  

  

 

 
 Item 1.

  

 Legal Proceedings

  

 47

 

 
  

  

  

  

  

 

 
 Item 1A.

  

 Risk Factors

  

 47

 

 
  

  

  

  

  

 

 
 Item 2.

  

 Unregistered Sales of Equity Securities and Use of Proceeds

  

 47

 

 
  

  

  

  

  

 

 
 Item 3.

  

 Defaults Upon Senior Securities

  

 47

 

 
  

  

  

  

  

 

 
 Item 4. 

  

 Mine Safety Disclosures

  

 47

 

 
  

  

  

  

  

 

 
 Item 5.

  

 Other Information

  

 47

 

 
  

  

  

  

  

 

 
 Item 6.

  

 Exhibits

  

 48

 

 
  

  

  

  

  

 

 
 Signature

  

 49

 

  
 

  
 

 
  

 PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
GLOBAL INDEMNITY GROUP, LLC
Consolidated Balance Sheets
(In thousands, except share amounts)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 (Unaudited)
June 30, 2026

  

  

 December 31, 2025

  

 

 
 ASSETS

  

  

  

  

  

  

 

 
 Fixed maturities:

  

  

  

  

  

  

 

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

  

 $

 1,286,724

  

  

 $

 1,325,502

  

 

 
 Equity securities, at fair value

  

  

 23,603

  

  

  

 33,673

  

 

 
 Other invested assets

  

  

 9,108

  

  

  

 17,097

  

 

 
 Total investments

  

  

 1,319,435

  

  

  

 1,376,272

  

 

 
 Cash and cash equivalents

  

  

 97,515

  

  

  

 65,542

  

 

 
 Premium receivables, net of allowance for expected credit losses of $3,861 at June 30, 2026 and $3,640 at December 31, 2025

  

  

 84,631

  

  

  

 66,969

  

 

 
 Reinsurance receivables, net of allowance for expected credit losses of $1,488 at June 30, 2026 and December 31, 2025

  

  

 65,341

  

  

  

 62,595

  

 

 
 Funds held by ceding insurers

  

  

 21,400

  

  

  

 22,114

  

 

 
 Deferred income taxes

  

  

 21,164

  

  

  

 20,076

  

 

 
 Deferred acquisition costs

  

  

 44,588

  

  

  

 41,183

  

 

 
 Intangible assets

  

  

 16,613

  

  

  

 16,845

  

 

 
 Goodwill

  

  

 4,820

  

  

  

 4,820

  

 

 
 Prepaid reinsurance premiums

  

  

 3,886

  

  

  

 3,607

  

 

 
 Income tax receivable

  

  

 4,681

  

  

  

 2,617

  

 

 
 Lease right of use assets

  

  

 7,546

  

  

  

 8,166

  

 

 
 Other assets

  

  

 31,873

  

  

  

 29,956

  

 

 
 Total assets

  

 $

 1,723,493

  

  

 $

 1,720,762

  

 

 
 LIABILITIES AND SHAREHOLDERS’ EQUITY

  

  

  

  

  

  

 

 
 Liabilities:

  

  

  

  

  

  

 

 
 Unpaid losses and loss adjustment expenses

  

 $

 718,515

  

  

 $

 750,191

  

 

 
 Unearned premiums

  

  

 192,503

  

  

  

 182,728

  

 

 
 Reinsurance balances payable

  

  

 3,368

  

  

  

 1,860

  

 

 
 Payable for securities

  

  

 45,300

  

  

  

 21,594

  

 

 
 Contingent commissions

  

  

 4,198

  

  

  

 7,159

  

 

 
 Lease liabilities

  

  

 7,727

  

  

  

 8,331

  

 

 
 Other liabilities

  

  

 40,977

  

  

  

 42,309

  

 

 
 Total liabilities

  

 $

 1,012,588

  

  

 $

 1,014,172

  

 

 
 Commitments and contingencies (Note 9)

  

  

 —

  

  

  

 —

  

 

 
 Shareholders’ equity:

  

  

  

  

  

  

 

 
 Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 4,000 shares, respectively, liquidation preference: $1,000 per share and $1,000 per share, respectively

  

  

 4,000

  

  

  

 4,000

  

 

 
 Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 12,134,770 and 11,844,995, respectively, (inclusive of class A common shares designated as class A-2 common shares of 780,000 and 550,000, respectively); class A common shares outstanding: 10,847,002 and 10,557,227, respectively (inclusive of class A common shares designated as class A-2 common shares of 780,000 and 550,000, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively

  

  

 —

  

  

  

 —

  

 

 
 Additional paid-in capital

  

  

 467,748

  

  

  

 465,720

  

 

 
 Accumulated other comprehensive income (loss), net of tax

  

  

 (6,766

 )

  

  

 (4,000

 )

 

 
 Retained earnings

  

  

 278,615

  

  

  

 273,562

  

 

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

  

  

 (32,692

 )

  

  

 (32,692

 )

 

 
 Total shareholders’ equity

  

  

 710,905

  

  

  

 706,590

  

 

 
 Total liabilities and shareholders’ equity

  

 $

 1,723,493

  

  

 $

 1,720,762

  

 

  
See accompanying notes to the consolidated financial statements.

  
3

 
  

 GLOBAL INDEMNITY GROUP, LLC
Consolidated Statements of Operations
(In thousands, except shares and per share data) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 (Unaudited)
Quarters Ended June 30,

  

  

 (Unaudited)
Six Months Ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Revenues:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Gross written premiums

  

 $

 117,096

  

  

 $

 106,801

  

  

 $

 213,546

  

  

 $

 205,476

  

 

 
 Ceded written premiums

  

  

 (3,125

 )

  

  

 (2,887

 )

  

  

 (7,007

 )

  

  

 (5,698

 )

 

 
 Net written premiums

  

  

 113,971

  

  

  

 103,914

  

  

  

 206,539

  

  

  

 199,778

  

 

 
 Change in net unearned premiums

  

  

 (15,282

 )

  

  

 (8,768

 )

  

  

 (9,495

 )

  

  

 (11,316

 )

 

 
 Net earned premiums

  

  

 98,689

  

  

  

 95,146

  

  

  

 197,044

  

  

  

 188,462

  

 

 
 Net investment income

  

  

 16,361

  

  

  

 14,707

  

  

  

 28,579

  

  

  

 29,489

  

 

 
 Net realized investment gains (losses)

  

  

 198

  

  

  

 127

  

  

  

 (2,045

 )

  

  

 263

  

 

 
 Other income

  

  

 854

  

  

  

 540

  

  

  

 1,701

  

  

  

 957

  

 

 
 Total revenues

  

  

 116,102

  

  

  

 110,520

  

  

  

 225,279

  

  

  

 219,171

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Losses and Expenses:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net losses and loss adjustment expenses

  

  

 53,047

  

  

  

 52,948

  

  

  

 106,908

  

  

  

 119,686

  

 

 
 Acquisition costs and other operating expenses

  

  

 41,788

  

  

  

 36,915

  

  

  

 82,551

  

  

  

 74,422

  

 

 
 Corporate expenses

  

  

 6,842

  

  

  

 7,528

  

  

  

 15,880

  

  

  

 17,028

  

 

 
 Income before income taxes

  

  

 14,425

  

  

  

 13,129

  

  

  

 19,940

  

  

  

 8,035

  

 

 
 Income tax expense

  

  

 3,343

  

  

  

 2,785

  

  

  

 4,612

  

  

  

 1,680

  

 

 
 Net income

  

 $

 11,082

  

  

 $

 10,344

  

  

 $

 15,328

  

  

 $

 6,355

  

 

 
 Less: preferred stock distributions

  

  

 110

  

  

  

 110

  

  

  

 220

  

  

  

 220

  

 

 
 Net income available to common shareholders

  

 $

 10,972

  

  

 $

 10,234

  

  

 $

 15,108

  

  

 $

 6,135

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Per share data:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income available to common shareholders

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

 $

 0.76

  

  

 $

 0.72

  

  

 $

 1.05

  

  

 $

 0.44

  

 

 
 Diluted

  

 $

 0.76

  

  

 $

 0.71

  

  

 $

 1.05

  

  

 $

 0.43

  

 

 
 Weighted-average number of shares outstanding

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

  

 14,379,473

  

  

  

 14,274,926

  

  

  

 14,365,391

  

  

  

 14,072,225

  

 

 
 Diluted

  

  

 14,425,836

  

  

  

 14,341,251

  

  

  

 14,415,682

  

  

  

 14,160,638

  

 

 
 Cash distributions declared per common share

  

 $

 0.35

  

  

 $

 0.35

  

  

 $

 0.70

  

  

 $

 0.70

  

 

  
 
 
 
See accompanying notes to the consolidated financial statements.
 

  
4

 
  

 GLOBAL INDEMNITY GROUP, LLC
Consolidated Statements of Comprehensive Income
(In thousands) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 (Unaudited)
Quarters Ended June 30,

  

  

 (Unaudited)
Six Months Ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Net income

  

 $

 11,082

  

  

 $

 10,344

  

  

 $

 15,328

  

  

 $

 6,355

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Other comprehensive income (loss), net of tax:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Unrealized holding gains (losses)

  

  

 (212

 )

  

  

 2,100

  

  

  

 (2,835

 )

  

  

 5,671

  

 

 
 Reclassification adjustment for losses included in net income

  

  

 36

  

  

  

 33

  

  

  

 22

  

  

  

 23

  

 

 
 Unrealized foreign currency translation gains

  

  

 6

  

  

  

 123

  

  

  

 47

  

  

  

 59

  

 

 
 Other comprehensive income (loss), net of tax

  

  

 (170

 )

  

  

 2,256

  

  

  

 (2,766

 )

  

  

 5,753

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Comprehensive income, net of tax

  

 $

 10,912

  

  

 $

 12,600

  

  

 $

 12,562

  

  

 $

 12,108

  

 

  
See accompanying notes to the consolidated financial statements.
 

  
5

 
  

 GLOBAL INDEMNITY GROUP, LLC
 
Consolidated Statements of Changes in Shareholders’ Equity
(In thousands, except share amounts) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 (Unaudited)
Quarters Ended June 30,

  

  

 (Unaudited)
Six Months Ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Number of Series A Cumulative Fixed Rate Preferred Shares

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Number at beginning and end of period

  

  

 4,000

  

  

  

 4,000

  

  

  

 4,000

  

  

  

 4,000

  

 

 
 Number of class A common shares issued:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Number at beginning of period

  

  

 12,103,283

  

  

  

 11,768,844

  

  

  

 11,844,995

  

  

  

 11,202,355

  

 

 
 Common shares designated as class A-2 common shares issued under share incentive plans

  

  

 —

  

  

  

 —

  

  

  

 230,000

  

  

  

 550,000

  

 

 
 Common shares issued to directors

  

  

 31,487

  

  

  

 21,640

  

  

  

 59,775

  

  

  

 38,129

  

 

 
 Number at end of period

  

  

 12,134,770

  

  

  

 11,790,484

  

  

  

 12,134,770

  

  

  

 11,790,484

  

 

 
 Number of class B common shares issued:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Number at beginning and end of period

  

  

 3,793,612

  

  

  

 3,793,612

  

  

  

 3,793,612

  

  

  

 3,793,612

  

 

 
 Par value of Series A Cumulative Fixed Rate Preferred Shares

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at beginning and end of period

  

 $

 4,000

  

  

 $

 4,000

  

  

 $

 4,000

  

  

 $

 4,000

  

 

 
 Additional paid-in capital:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at beginning of period

  

 $

 466,723

  

  

 $

 463,072

  

  

 $

 465,720

  

  

 $

 459,578

  

 

 
 Share compensation plans

  

  

 1,025

  

  

  

 744

  

  

  

 2,028

  

  

  

 4,238

  

 

 
 Balance at end of period

  

 $

 467,748

  

  

 $

 463,816

  

  

 $

 467,748

  

  

 $

 463,816

  

 

 
 Accumulated other comprehensive income (loss), net of deferred income tax:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at beginning of period

  

 $

 (6,596

 )

  

 $

 (6,913

 )

  

 $

 (4,000

 )

  

 $

 (10,410

 )

 

 
 Other comprehensive income (loss):

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Change in unrealized holding gains (losses)

  

  

 (176

 )

  

  

 2,133

  

  

  

 (2,813

 )

  

  

 5,694

  

 

 
 Unrealized foreign currency translation gains

  

  

 6

  

  

  

 123

  

  

  

 47

  

  

  

 59

  

 

 
 Other comprehensive income (loss)

  

  

 (170

 )

  

  

 2,256

  

  

  

 (2,766

 )

  

  

 5,753

  

 

 
 Balance at end of period

  

 $

 (6,766

 )

  

 $

 (4,657

 )

  

 $

 (6,766

 )

  

 $

 (4,657

 )

 

 
 Retained earnings:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at beginning of period

  

 $

 272,675

  

  

 $

 259,584

  

  

 $

 273,562

  

  

 $

 268,673

  

 

 
 Net income

  

  

 11,082

  

  

  

 10,344

  

  

  

 15,328

  

  

  

 6,355

  

 

 
 Preferred share distributions

  

  

 (110

 )

  

  

 (110

 )

  

  

 (220

 )

  

  

 (220

 )

 

 
 Distributions to shareholders ($0.35 per share per quarter in 2026 and 2025)

  

  

 (5,032

 )

  

  

 (4,997

 )

  

  

 (10,055

 )

  

  

 (9,987

 )

 

 
 Balance at end of period

  

 $

 278,615

  

  

 $

 264,821

  

  

 $

 278,615

  

  

 $

 264,821

  

 

 
 Number of treasury shares:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Number at beginning and end of period

  

  

 1,287,768

  

  

  

 1,287,768

  

  

  

 1,287,768

  

  

  

 1,287,768

  

 

 
 Treasury shares, at cost:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at beginning and end of period

  

 $

 (32,692

 )

  

 $

 (32,692

 )

  

 $

 (32,692

 )

  

 $

 (32,692

 )

 

 
 Total shareholders’ equity

  

 $

 710,905

  

  

 $

 695,288

  

  

 $

 710,905

  

  

 $

 695,288

  

 

  
See accompanying notes to the consolidated financial statements.

  
6

 
  

 GLOBAL INDEMNITY GROUP, LLC
Consolidated Statements of Cash Flows
(In thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 (Unaudited)
Six Months Ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Cash flows from operating activities:

  

  

  

  

  

  

 

 
 Net income

  

 $

 15,328

  

  

 $

 6,355

  

 

 
 Adjustments to reconcile net income to net cash provided by (used for) operating activities:

  

  

  

  

  

  

 

 
 Amortization and depreciation

  

  

 3,158

  

  

  

 2,834

  

 

 
 Restricted stock and stock option expense

  

  

 2,028

  

  

  

 4,238

  

 

 
 Deferred income taxes

  

  

 (339

 )

  

  

 993

  

 

 
 Amortization of bond premium and discount, net

  

  

 (1,089

 )

  

  

 13,319

  

 

 
 Net realized investment losses (gains)

  

  

 2,045

  

  

  

 (263

 )

 

 
 Loss from equity method investments, net of distributions

  

  

 82

  

  

  

 957

  

 

 
 Changes in:

  

  

  

  

  

  

 

 
 Premium receivables, net

  

  

 (17,662

 )

  

  

 4,655

  

 

 
 Reinsurance receivables, net

  

  

 (2,746

 )

  

  

 (711

 )

 

 
 Funds held by ceding insurers

  

  

 774

  

  

  

 5,685

  

 

 
 Unpaid losses and loss adjustment expenses

  

  

 (31,676

 )

  

  

 (24,264

 )

 

 
 Unearned premiums

  

  

 9,775

  

  

  

 11,602

  

 

 
 Reinsurance balances payable

  

  

 1,508

  

  

  

 (5,130

 )

 

 
 Other assets and liabilities

  

  

 (6,160

 )

  

  

 (3,773

 )

 

 
 Contingent commissions

  

  

 (2,961

 )

  

  

 (2,710

 )

 

 
 Income tax receivable