Global Indemnity Reports 61% Surge in Q2 Underwriting Income, EPS Hits $0.71

Global Indemnity Group, LLC Reports Second Quarter 2025 Results

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08/06/2025 - 08:00 AM

WILMINGTON, Del.--(BUSINESS WIRE)-- Global Indemnity Group, LLC (NYSE:GBLI) (the 鈥淐ompany鈥�) today reported strong 2nd quarter 2025 results with 61% growth in underwriting income and continued premium growth.

Highlights of Consolidated Results for the Three Months Ended June 30, 2025

Net income available to common shareholders was $10.2 million or $0.71 per share for 2025 compared to $10.0 million or $0.73 per share for the same period in 2024.
Book value per share increased to $48.35 at June 30, 2025 from $47.85 at March 31, 2025; an increase of 1.8% including dividends paid of $0.35 per share for the three months ended June 30, 2025.
Current accident year underwriting income increased 61% to $5.6 million for 2025 compared to $3.5 million for the same period in 2024.
Gross written premiums increased 6% to $106.8 million in 2025 compared to $100.7 million for the same period in 2024; Excluding terminated products, gross written premiums increased 18% to $109.9 million in 2025 compared to $93.4 million for the same period in 2024.
- Vacant Express and Collectibles, in aggregate, grew 20% to $16.6 million in 2025 from organic agency growth, new agency appointments, and new products.
- Wholesale Commercial grew 8% to $69.1 million in 2025 from premium rate increases, organic agency growth, new agency appointments, and new products.
- Assumed Reinsurance increased 86% to $12.0 million in 2025 due to new treaties incepting during 2024 and 2025.
Current accident year combined ratio was 94.6% for 2025 compared to 96.7% for same period in 2024.
Net losses and loss adjustment expenses related to prior accident years were less than $0.1 million for 2025.
Annualized investment return was 4.9% for 2025.
Net investment income was $14.7 million in 2025 as compared to $15.3 million.
- Net investment income from the Company's fixed maturities portfolio increased 2% to $15.3 million compared to $15.0 million for the same period in 2024.
- Book yield on the fixed maturities portfolio increased to 4.54% at June 30, 2025 from 4.49% at March 31, 2025.
Shareholders' equity increased to $695.3 million at June 30, 2025 compared to $687.1 million at March 31, 2025.

听

Selected Consolidated Operating and Balance Sheet Information
(Dollars in millions, except per share data)

听

For the Three Months Ended June 30,

听

For the Six Months Ended June 30,

听

2025

听

2024

听

2025

听

2024

听

Select Operating Data:

听

Gross written premiums

听

106.8

听

100.7

听

205.5

听

194.2

听

Investment income

听

14.7

听

15.3

听

29.5

听

29.8

听

Annualized investment return

听

4.9

听

5.0

听

5.1

听

5.2

Underwriting income (loss)

听

5.8

听

3.5

听

(4.7

)

听

8.8

听

Underwriting income (loss), current accident year

听

5.6

听

3.5

听

(4.7

)

听

8.7

听

Underwriting income, current accident year, excluding California Wildfires

听

5.6

听

3.5

听

10.9

听

8.7

听

Corporate expenses

听

7.5

听

6.4

听

17.0

听

12.8

听

Operating income

听

10.2

听

9.9

听

6.1

听

20.6

听

Operating income excluding California Wildfires

听

10.2

听

9.9

听

18.6

听

20.6

听

Net income available to common shareholders

听

10.2

听

10.0

听

6.1

听

21.2

听

Net income available to common shareholders excluding California Wildfires

听

10.2

听

10.0

听

18.5

听

21.2

听

Per Share Data:

听

Net income available to common shareholders per share

听

0.71

听

0.73

听

0.43

听

1.55

听

Net income available to common shareholders per share excluding California Wildfires

听

0.71

听

0.73

听

1.31

听

1.55

听

Operating income per share

听

0.71

听

0.72

听

0.42

听

1.49

听

Operating income per share excluding California Wildfires

听

0.71

听

0.72

听

1.29

听

1.49

听

Combined ratio analysis:

听

Loss ratio

听

55.6

听

57.8

听

63.5

听

56.5

Expense ratio

听

38.8

听

38.8

听

39.5

听

39.2

Combined ratio

听

94.4

听

96.6

听

103.0

听

95.7

Combined ratio, current accident year

听

94.6

听

96.7

听

103.0

听

95.8

Combined ratio, current accident year excluding California Wildfires

听

94.6

听

96.7

听

94.7

听

95.8

听

听	听	As of June 30, 2025		听	As of March 31, 2025		听	As of December 31, 2024
*Select Balance Sheet Data:*	听	听		听	听		听	听
Cash and invested assets, net	听	$	1,433.0	听	$	1,431.8	听	$	1,440.7
Total assets	听	$	1,720.6	听	$	1,713.6	听	$	1,731.3
Shareholders鈥� equity	听	$	695.3	听	$	687.1	听	$	689.1
听	听	听		听	听		听	听
Book value per share	听	$	48.35	听	$	47.85	听	$	49.98
Book value per share plus cumulative dividends and	听	听		听	听		听	听
excluding AOCI	听	$	56.78	听	$	56.08	听	$	58.14
Shares Outstanding (in millions)	听	听	14.3	听	听	14.3	听	听	13.7
									听


Changes in Common Shareholders' Equity and Book Value per Share (Dollars and shares in millions, except per share data)
									听
									听
听	听	Common Shareholders' Equity			听	Common Shares	听	听	Book Value Per Share
Balance at December 31, 2024	听	$	685.1	听	听	13.7	听	听	$	49.98	听
Net income	听	听	6.4	听	听	鈥�	听	听	听	0.43	听
Fair value of fixed maturities	听	听	5.8	听	听	鈥�	听	听	听	0.42	听
Stock compensation / share issuance ₍₁₎	听	听	4.2	听	听	0.6	听	听	听	(1.78	)
Dividends	听	听	(10.2	)	听	鈥�	听	听	听	(0.70	)
Balance at June 30, 2025	听	$	691.3	听	听	14.3	听	听	$	48.35	听
											听
(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鈥檚 internal corporate reorganization.

听

Segment Data for the Three and Six Months Ended June 30, 2025 and 2024

Segment Income for the Three Months Ended June 30,

听

Agency and
Insurance
Services

听

Belmont Core

听

Belmont
Non-Core

听

Eliminations

听

Consolidated

听

(Dollars in millions)

听

2025

听

2024

听

2025

听

2024

听

2025

听

2024

听

2025

听

2024

听

2025

听

2024

听

Revenues:

听

Net earned premiums

听

鈥�

听

鈥�

听

97.5

听

89.3

听

(2.4

)

听

3.5

听

鈥�

听

鈥�

听

95.1

听

92.8

听

Commissions and fee income

听

15.4

听

鈥�

听

鈥�

听

0.4

听

鈥�

听

鈥�

听

(14.9

)

听

鈥�

听

0.5

听

0.4

听

Total revenues

听

15.4

听

鈥�

听

97.5

听

89.7

听

(2.4

)

听

3.5

听

(14.9

)

听

鈥�

听

95.6

听

93.2

听

Losses and expenses

听

Loss and loss adjustment expenses

听

鈥�

听

鈥�

听

56.0

听

51.2

听

(2.8

)

听

2.5

听

(0.3

)

听

鈥�

听

52.9

听

53.7

听

Underwriting expenses

听

13.1

听

鈥�

听

38.8

听

33.9

听

(0.4

)

听

2.1

听

(14.6

)

听

鈥�

听

36.9

听

36.0

听

Total losses and expenses

听

13.1

听

鈥�

听

94.8

听

85.1

听

(3.2

)

听

4.6

听

(14.9

)

听

鈥�

听

89.8

听

89.7

听

Underwriting income (loss)

听

2.3

听

鈥�

听

2.7

听

4.6

听

0.8

听

(1.1

)

听

鈥�

听

鈥�

听

5.8

听

3.5

听

Segment Income for the Six Months Ended June 30,

听

Agency and
Insurance
Services

听

Belmont Core

听

Belmont
Non-Core

听

Eliminations

听

Consolidated

听

(Dollars in millions)

听

2025

听

2024

听

2025

听

2024

听

2025

听

2024

听

2025

听

2024

听

2025

听

2024

听

Revenues:

听

Net earned premiums

听

鈥�

听

鈥�

听

189.8

听

178.5

听

(1.3

)

听

10.9

听

鈥�

听

鈥�

听

188.5

听

189.4

听

Commissions and fee income

听

29.8

听

鈥�

听

鈥�

听

0.7

听

0.1

听

鈥�

听

(28.9

)

听

鈥�

听

1.0

听

0.7

听

Total revenues

听

29.8

听

鈥�

听

189.8

听

179.2

听

(1.2

)

听

10.9

听

(28.9

)

听

鈥�

听

189.5

听

190.1

听

Losses and expenses

听

Loss and loss adjustment expenses

听

鈥�

听

鈥�

听

122.6

听

100.0

听

(2.2

)

听

7.0

听

(0.7

)

听

鈥�

听

119.7

听

107.0

听

Underwriting expenses

听

25.7

听

鈥�

听

76.0

听

68.9

听

1.0

听

5.4

听

(28.2

)

听

鈥�

听

74.5

听

74.3

听

Total losses and expenses

听

25.7

听

鈥�

听

198.6

听

168.9

听

(1.2

)

听

12.4

听

(28.9

)

听

鈥�

听

194.2

听

181.3

听

Underwriting income (loss)

听

4.1

听

鈥�

听

(8.8

)

听

10.3

听

鈥�

听

(1.5

)

听

鈥�

听

鈥�

听

(4.7

)

听

8.8

听

Underwriting income (loss) excluding California Wildfires

听

4.1

听

鈥�

听

6.8

听

10.3

听

鈥�

听

(1.5

)

听

鈥�

听

鈥�

听

11.0

听

8.8

听

Segment Data for the Three and Six Months Ended June 30, 2025 and 2024
(Dollars in thousands)

Segment Written Premiums

听

For the Three Months Ended June 30,

听

Belmont Core

听

Belmont Non-Core

听

Total

听

2025

听

2024

听

2025

听

2024

听

2025

听

2024

听

Direct written premiums

听

97,774

听

94,057

听

97,805

听

94,068

听

Assumed written premiums

听

12,045

听

6,495

听

(3,049

)

听

143

听

8,996

听

6,638

听

Gross written premiums

听

109,819

听

100,552

听

(3,018

)

听

154

听

106,801

听

100,706

听

Net written premiums

听

106,873

听

97,602

听

(2,959

)

听

149

听

103,914

听

97,751

听

For the Six Months Ended June 30,

听

Belmont Core

听

Belmont Non-Core

听

Total

听

2025

听

2024

听

2025

听

2024

听

2025

听

2024

听

Direct written premiums

听

185,240

听

185,189

听

118

听

103

听

185,358

听

185,292

听

Assumed written premiums

听

22,968

听

9,411

听

(2,850

)

听

(509

)

听

20,118

听

8,902

听

Gross written premiums

听

208,208

听

194,600

听

(2,732

)

听

(406

)

听

205,476

听

194,194

听

Net written premiums

听

202,507

听

190,198

听

(2,729

)

听

(362

)

听

199,778

听

189,836

听

Direct Written Premiums Produced by Agency and Insurance Services Segment

听

For the Three Months Ended
June 30,

听

For the Six Months Ended
June 30,

听

2025

听

2024

听

% Change

听

2025

听

2024

听

% Change

Wholesale Commercial

69,075

听

63,877

听

8.1%

听

133,957

听

124,932

听

7.2%

Vacant Express

听

12,370

听

9,731

听

27.1%

听

23,291

听

18,585

听

25.3%

Collectibles

听

4,186

听

4,014

听

4.3%

听

8,285

听

7,668

听

8.0%

Direct written premiums excluding Specialty Products

听

85,631

听

77,622

听

10.3%

听

165,533

听

151,185

听

9.5%

Specialty Products

听

12,143

听

16,435

听

(26.1%)

听

19,707

听

34,004

听

(42.0%)

Total direct written premiums

97,774

听

94,057

听

4.0%

听

185,240

听

185,189

听

0.0%

听

Assumed Written Premiums Produced by Belmont Segments

听

For the Three Months Ended
June 30,

听

For the Six Months Ended
June 30,

听

2025

听

2024

听

Change

听

2025

听

2024

听

Change

Belmont Core

听

12,045

听

6,495

听

85.5%

听

22,968

听

9,411

听

144.1%

Belmont Non-Core

听

(3,049

)

听

143

听

(2,850

)

听

(509

)

听

Total assumed written premiums

听

8,996

听

6,638

听

35.5%

听

20,118

听

8,902

听

126.0%

听

NM - not meaningful

听

GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in thousands, except per share data)

听

For the Three Months Ended
June 30,

听

For the Six Months Ended
June 30,

听

2025

听

2024

听

2025

听

2024

听

Gross written premiums

听

106,801

听

100,706

听

205,476

听

194,194

听

Net written premiums

听

103,914

听

97,751

听

199,778

听

189,836

听

Net earned premiums

听

95,146

听

92,814

听

188,462

听

189,393

听

Net investment income

听

14,707

听

15,311

听

29,489

听

29,831

听

Net realized investment gains

听

127

听

205

听

263

听

1,052

听

Other income

听

540

听

357

听

957

听

702

听

Total revenues

听

110,520

听

108,687

听

219,171

听

220,978

听

Net losses and loss adjustment expenses

听

52,948

听

53,662

听

119,686

听

107,046

听

Acquisition costs and other underwriting expenses

听

36,915

听

35,968

听

74,422

听

74,237

听

Corporate expenses

听

7,528

听

6,383

听

17,028

听

12,756

听

Income before income taxes

听

13,129

听

12,674

听

8,035

听

26,939

听

Income tax expense

听

2,785

听

2,581

听

1,680

听

5,480

听

Net income

听

10,344

听

10,093

听

6,355

听

21,459

听

Less: preferred stock distributions

听

110

听

110

听

220

听

220

听

Net income available to common shareholders

听

10,234

听

9,983

听

6,135

听

21,239

听

Per share data:

听

Net income available to common shareholders

听

Basic

听

0.72

听

0.73

听

0.44

听

1.56

听

Diluted

听

0.71

听

0.73

听

0.43

听

1.55

听

Weighted-average number of shares outstanding

听

Basic

听

14,275

听

13,610

听

14,072

听

13,594

听

Diluted

听

14,341

听

13,678

听

14,161

听

13,659

听

Cash distributions declared per common share

听

0.35

听

0.35

听

0.70

听

0.70

听

Combined ratio analysis:

听

Loss ratio

听

55.6

听

57.8

听

63.5

听

56.5

Expense ratio

听

38.8

听

38.8

听

39.5

听

39.2

Combined ratio

听

94.4

听

96.6

听

103.0

听

95.7

听


GLOBAL INDEMNITY GROUP, LLC CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
						听
						听
听	听	(Unaudited) June 30, 2025			听	December 31, 2024
ASSETS	听	听			听	听
Fixed maturities:	听	听			听	听
Available for sale, at fair value (amortized cost: $1,341,934 and $1,394,639; net of allowance for expected credit losses of $0 at June 30, 2025 and December 31, 2024)	听	$	1,336,344	听	听	$	1,381,908	听
Equity securities, at fair value	听	听	12,569	听	听	听	12,284	听
Other invested assets	听	听	22,072	听	听	听	29,413	听
Total investments	听	听	1,370,985	听	听	听	1,423,605	听
听	听	听			听	听
Cash and cash equivalents	听	听	67,344	听	听	听	17,009	听
Premium receivables, net of allowance for expected credit losses of	听	听			听	听
$3,371 at June 30, 2025 and $3,530 at December 31, 2024	听	听	70,433	听	听	听	75,088	听
Reinsurance receivables, net of allowance for expected credit losses	听	听			听	听
of $8,992 at June 30, 2025 and December 31, 2024	听	听	67,566	听	听	听	66,855	听
Funds held by ceding insurers	听	听	24,416	听	听	听	30,026	听
Deferred income taxes	听	听	20,002	听	听	听	22,459	听
Deferred acquisition costs	听	听	43,915	听	听	听	41,136	听
Intangible assets	听	听	14,000	听	听	听	14,103	听
Goodwill	听	听	4,820	听	听	听	4,820	听
Prepaid reinsurance premiums	听	听	3,605	听	听	听	3,320	听
Receivable for securities	听	听	鈥�	听	听	听	52	听
Income tax receivable	听	听	2,150	听	听	听	825	听
Lease right of use assets	听	听	8,779	听	听	听	9,295	听
Other assets	听	听	22,570	听	听	听	22,660	听
Total assets	听	$	1,720,585	听	听	$	1,731,253	听
听	听	听			听	听
LIABILITIES AND SHAREHOLDERS鈥� EQUITY	听	听			听	听
Liabilities:	听	听			听	听
Unpaid losses and loss adjustment expenses	听	$	776,127	听	听	$	800,391	听
Unearned premiums	听	听	195,013	听	听	听	183,411	听
Reinsurance balances payable	听	听	3,051	听	听	听	8,181	听
Payable for securities	听	听	5,341	听	听	听	鈥�	听
Contingent commissions	听	听	4,116	听	听	听	6,826	听
Lease liabilities	听	听	9,346	听	听	听	10,371	听
Other liabilities	听	听	32,303	听	听	听	32,924	听
Total liabilities	听	$	1,025,297	听	听	$	1,042,104	听
听	听	听			听	听
Shareholders鈥� equity:	听	听			听	听
Series A cumulative fixed rate preferred shares, $1,000 par value;	听	听			听	听
100,000,000 shares authorized, shares issued and outstanding:	听	听			听	听
4,000 and 4,000 shares, respectively, liquidation preference:	听	听			听	听
$1,000 per share and $1,000 per share, respectively	听	听	4,000	听	听	听	4,000	听
Common shares: no par value; 900,000,000 common shares authorized;	听	听			听	听
class A common shares issued: 11,790,484 and 11,202,355, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively);	听	听			听	听
class A common shares outstanding: 10,502,716 and 9,914,587, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively);	听	听			听	听
class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively	听	听	鈥�	听	听	听	鈥�	听
Additional paid-in capital ₍₁₎	听	听	463,816	听	听	听	459,578	听
Accumulated other comprehensive income (loss), net of tax	听	听	(4,657	)	听	听	(10,410	)
Retained earnings ₍₁₎	听	听	264,821	听	听	听	268,673	听
Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively	听	听	(32,692	)	听	听	(32,692	)
Total shareholders鈥� equity	听	听	695,288	听	听	听	689,149	听
听	听	听			听	听
Total liabilities and shareholders鈥� equity	听	$	1,720,585	听	听	$	1,731,253	听

(1)		Since the Company鈥檚 initial public offering in 2003, the Company has returned $639 million to shareholders, including $522 million in share repurchases and $117 million in dividends/distributions
		听


GLOBAL INDEMNITY GROUP, LLC SELECTED INVESTMENT DATA (Dollars in millions)
		听
		听
听	听	Market Value as of
听	听	(Unaudited) June 30, 2025			听	December 31, 2024
听	听	听			听	听
Fixed maturities	听	$	1,336.3	听	听	$	1,381.9
Cash and cash equivalents	听	听	67.3	听	听	听	17.0
Total fixed maturities and cash and cash equivalents	听	听	1,403.6	听	听	听	1,398.9
Equities and other invested assets	听	听	34.7	听	听	听	41.7
Total cash and invested assets, gross	听	听	1,438.3	听	听	听	1,440.6
Receivable/(payable) for securities	听	听	(5.3	)	听	听	0.1
Total cash and invested assets, net	听	$	1,433.0	听	听	$	1,440.7
							听

听

Total Pre-Tax Investment Return

听

For the Three Months Ended
June 30,
(Unaudited)

听

For the Six Months Ended
June 30,
(Unaudited)

听

2025

听

2024

听

2025

听

2024

听

Fixed maturities

听

15.3

听

15.0

听

30.2

听

28.9

听

Limited partnerships

听

(0.6

)

听

0.3

听

(0.7

)

听

0.9

听

Net investment income

听

14.7

听

15.3

听

29.5

听

29.8

听

Net realized investment gains

听

0.1

听

0.2

听

0.3

听

1.1

听

Net unrealized investment gains

听

2.9

听

2.4

听

7.2

听

5.9

听

Net realized and unrealized investment return

听

3.0

听

2.6

听

7.5

听

7.0

听

Total investment return

听

17.7

听

17.9

听

37.0

听

36.8

听

Average total cash and invested assets

听

1,432.4

听

1,426.3

听

1,436.8

听

1,412.8

听

Total annualized investment return %

听

4.9

听

5.0

听

5.1

听

5.2

听


SUMMARY OF OPERATING INCOME (Dollars and shares in thousands, except per share data)
							听
							听
听	For the Three Months Ended June 30, (Unaudited)						For the Six Months Ended June 30, (Unaudited)
听	2025		听	2024		听	2025		听	2024
听	听			听			听			听
Operating income, net of tax ₍₁₎	$	10,242		$	9,935		$	6,147		$	20,628
听	听			听			听			听
Net realized investment gains, net of tax	听	102		听	158		听	208		听	831
Net income	$	10,344		$	10,093		$	6,355		$	21,459
听	听			听			听			听
Weighted average shares outstanding 鈥� diluted	听	14,341		听	13,678		听	14,161		听	13,659
听	听			听			听			听
Operating income per share 鈥� diluted ₍₂₎	$	0.71		$	0.72		$	0.42		$	1.49

(1)		Operating income, net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended June 30, 2025 and 2024 and $0.2 million for each of the six months ended June 30, 2025 and 2024.
(2)		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, 2025 and 2024 and $0.2 million for each of the six months ended June 30, 2025 and 2024.
		听

Note Regarding Operating Income

Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment gains 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.

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.

听	听	For the Six Months Ended June 30,
(Dollars in thousands)	听	听	2025	听	听	听	2024	听
听	听	听			听	听
Consolidated current accident year underwriting income excluding California Wildfires	听	听			听	听
Underwriting income (loss) ₍₁₎	听	$	(4,689	)	听	$	8,812	听
Effect of prior accident year	听	听	(53	)	听	听	(81	)
Current accident year underwriting income (loss) ₍₂₎	听	听	(4,742	)	听	听	8,731	听
California Wildfires net losses and loss adjustment expenses	听	听	15,684	听	听	听	鈥�	听
Current accident year underwriting income excluding California Wildfires ₍₂₎	听	$	10,942	听	听	$	8,731	听
听	听	听			听	听
Belmont Core underwriting income excluding California Wildfires	听	听			听	听
Underwriting income (loss) ₍₁₎	听	$	(8,848	)	听	$	10,308	听
California Wildfires net losses and loss adjustment expenses	听	听	15,684	听	听	听	鈥�	听
Underwriting income excluding California Wildfires ₍₂₎	听	$	6,836	听	听	$	10,308	听
听	听	听			听	听
Consolidated underwriting income excluding California Wildfires	听	听			听	听
Underwriting income (loss) ₍₁₎	听	$	(4,689	)	听	$	8,812	听
California Wildfires net losses and loss adjustment expenses	听	听	15,684	听	听	听	鈥�	听
Underwriting income excluding California Wildfires ₍₂₎	听	$	10,995	听	听	$	8,812	听
听	听	听			听	听
Net income available to common shareholders excluding California Wildfires	听	听			听	听
Net income available to common shareholders ₍₁₎	听	$	6,135	听	听	$	21,239	听
California Wildfires net losses and loss adjustment expenses (net of tax)₍₃₎	听	听	12,406	听	听	听	鈥�	听
Net income available to common shareholders excluding California Wildfires ₍₂₎	听	$	18,541	听	听	$	21,239	听
听	听	听			听	听
Operating income excluding California Wildfires	听	听			听	听
Operating income ₍₄₎	听	$	6,147	听	听	$	20,628	听
California Wildfires net losses and loss adjustment expenses (net of tax)₍₃₎	听	听	12,406	听	听	听	鈥�	听
Operating income excluding California Wildfires ₍₂₎	听	$	18,553	听	听	$	20,628	听
听	听	听			听	听
Current accident year combined ratio excluding California Wildfires	听	听			听	听
Combined ratio ₍₁₎	听	听	103.0	%	听	听	95.7	%
Effect of prior accident year	听	听	鈥�	听	听	听	0.1	%
Current accident year combined ratio ₍₂₎	听	听	103.0	%	听	听	95.8	%
Impact of California Wildfires	听	听	(8.3	%)	听	听	鈥�	听
Current accident year combined ratio excluding California Wildfires ₍₂₎	听	听	94.7	%	听	听	95.8	%

(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 (loss) to net income (loss) which is the most directly comparable GAAP measure.
		听

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 and Associates, 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 Holdings Asset Management 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]

听

Source: Global Indemnity Group, LLC

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