AG真人官方

Global Indemnity Group, LLC Reports First Quarter 2025 Results

WILMINGTON, Del.--(BUSINESS WIRE)-- Global Indemnity Group, LLC (NYSE:GBLI) (the 鈥淐ompany鈥�) 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 (鈥淐alifornia Wildfires鈥�) 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.
  • 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.
  • 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.
  • 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.

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鈥檚 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 鈥淎鈥� (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鈥檚 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 (鈥淏elmont Core鈥�), 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 (鈥淏elmont Non-Core鈥�), 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 Data for the Three Months Ended March 31, 2025 and 2024
(Dollars in thousands)

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.

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 鈥淎鈥� (Excellent) by AM Best.
• Belmont Asset Management (鈥淏AM鈥�), works with property & casualty insurance companies to enhance investment portfolio performance.

For more information, visit the Company鈥檚 website at .

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鈥檚 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鈥檚 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.

View source version on businesswire.com:

Brian J. Riley

Chief Financial Officer

(610) 660-6817

[email protected]

Source: Global Indemnity Group, LLC