Global Indemnity第二季淨收入增8% 上半年每股盈利1.05美元

EX-99.1
2
gbli-ex99_1.htm
EX-99.1

 
 EX-99.1
 
 
 Exhibit 99.1
 

  
 
 
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: 

oWholesale 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.

oVacant 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.

oAssumed 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.

oSpecialty 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 EndedJune 30,

  

  

 For the Six Months EndedJune 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 EndedJune 30,

  

  

  

  

 For the Six Months EndedJune 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 EndedJune 30,

  

  

 For the Six Months EndedJune 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 EndedJune 30,

  

  

 For the Six Months EndedJune 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 EndedJune 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 EndedJune 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.
 

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 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 | [email protected]
 

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