GBLI

Wilmington, Del., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (Nasdaq: GBLI) (the "Company") today reported financial results for the three and nine months ended September 30, 2026. For the three months ended September 30, 2026, net income was $8.9 million, or $0.61 per share, compared to $12.5 million, or $0.86 per share, in 2025. Current accident year underwriting income was $5.6 million, with a loss ratio of 53.0% and a current accident year combined ratio of 94.8%. Belmont Core gross written premiums of $102.6 million were 5.5% lower than 2025. Pretax Adjusted Operating Contribution was $20.1 million and Adjusted Return on Equity was 12.8%. For the nine months ended September 30, 2026, net income was $24.2 million, or $1.65 per share, compared to $18.9 million, or $1.30 per share, in 2025. Current accident year underwriting income increased to $16.9 million from $5.4 million in 2025, with a loss ratio of 53.8% and a current accident year combined ratio of 94.7%. Belmont Core gross written premiums of $316.4 million were in line with 2025. Pretax Adjusted Operating Contribution was $60.0 million and Adjusted Return on Equity was 12.6%. Jessica E. Buss, CEO of Global Indemnity, commented, "I joined GBLI as CEO this week. I studied this company closely before accepting the role, and I came in knowing exactly where we stand and what we can become. Our results for the first nine months ran well ahead of last year. The third quarter came in softer, as we held to our underwriting standards while competitors cut property rates, and we owe our shareholders a plain account of that. We also owe them a plan. I am confident that, under my leadership, Katalyx will expand its distribution substantially over the next five years; in my first 48 hours, I set that expansion in motion for 2027. We will put Kaleidoscope to work for our wholesalers, agents and underwriters, and Belmont will materially improve its operating efficiency. Yes, the specialty market is softening, but GBLI meets it with 23 years of top-quartile loss ratios, industry-leading capital reserves, no debt, extremely modest operating leverage and long-standing agency relationships. Many leading E&S wholesalers are now eager to work with Katalyx and its Kaleidoscope technology. Going forward, we will hold ourselves to one measure: sustained growth in premiums, earnings and book value per share at rates far beyond anything GBLI achieved since its founding." Highlights of Consolidated Results Operating Performance - Operating income of $26.4 million, or $1.81 per share, for the nine months ended September 30, 2026 compared to $21.8 million, or $1.51 per share, in 2025. - Current accident year underwriting income was $5.6 million for the three months ended September 30, 2026 compared to $10.2 million in 2025. A $1.3 million decline in net earned premiums and a $3.0 million effect of the higher loss ratio drove the decrease. The loss ratio rose to 53.0% from 50.1% in 2025, a quarter with unusually few severe property losses. For the nine months ended September 30, 2026, current accident year underwriting income rose to $16.9 million from $5.4 million in 2025 which included $15.8 million of losses from California Wildfires. - Net investment income of $43.1 million for the nine months ended September 30, 2026, compared to $47.4 million in 2025, resulting from lower limited partnership returns and lower average yields on the fixed income portfolio due to lower U.S. Treasury rates. In September 2026, the Company began lengthening duration by redeploying U.S. Treasuries into higher-yielding securities, lifting the fixed income portfolio book yield to 4.8% and duration of 1.5 years at September 30, 2026, from 4.3% and 1.0 years at December 31, 2025. Average credit quality remains AA-. Belmont Core Gross Written Premiums - Belmont Core gross written premiums of $102.6 million for the third quarter were down 5.5% compared to $108.5 million in 2025. For the nine months ended September 30, 2026, Belmont Core gross written premiums of $316.4 million were flat compared to $316.7 million in 2025. Excluding terminated business, Belmont Core gross written premiums grew 1.5% for the nine months ended September 30, 2026. - Wholesale Commercial: $62.1 million for the third quarter, down 8.6% compared to 2025 and $193.7 million for the nine months ended September 30, 2026, down 4% compared to the same period last year. The Company maintained its pricing and return standards amid competitive market conditions, especially in the property market. Overall rates decreased 3% for the 3rd quarter and 1% for the nine months ended September 30, 2026. - Assumed E&S Reinsurance: $15.5 million for the third quarter, flat compared to 2025 and $48.2 million for the nine months ended September 30, 2026, up 25% compared to the same period last year driven by new treaties incepting during 2025 and 2026. - Vacant Express: $11.5 million for the third quarter, up 1% compared to 2025 and $36.0 million for the nine months ended September 30, 2026, up 4% compared to the same period last year driven by overall rate increase, market opportunities in targeted classes and new agency appointments. - Collectibles: $5.8 million for the third quarter, up 14% compared to 2025 and $15.2 million for the nine months ended September 30, 2026, up 13% compared to the same period last year driven by market opportunities in targeted classes and organic growth. - Specialty Products: $7.7 million for the third quarter, down 9.5% compared to 2025 and $23.3 million for the nine months ended September 30, 2026, down 17.6% compared to the same period last year, reflecting the run-off of terminated products and competitive market conditions. Excluding terminated business, premiums increased 4.5% in the third quarter and 0.5% for the nine months. Capital Position and Book Value - Common shareholders' equity of $700.9 million at September 30, 2026 compared to $702.6 million at December 31, 2025, reflecting unrealized losses in the fixed income portfolio of $12.7 million, net of tax. - Book value per share of $47.87 declined 2.2% from $48.96 at December 31, 2025, after $1.05 per share of common dividends and a $0.89 per share unrealized decline in the fixed income portfolio. Book value per share plus cumulative dividends and excluding AOCI rose 1.4% to $58.86. - Dividends of $15.4 million were paid during the nine months ended September 30, 2026. Since its 2003 initial public offering, the Company has returned $664.9 million to shareholders, including $522.2 million in share repurchases and $142.7 million in dividends and distributions. - AM Best affirmed Global Indemnity Group's "A" (Excellent) rating for its U.S. insurance subsidiaries in August 2026. Selected Consolidated Operating Information | $ in Millions, except per share data | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | | For the Nine Months Ended September 30, | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Gross written premiums | | $ | 102.8 | | | $ | 108.4 | | | $ | 316.3 | | | $ | 313.8 | Gross written premiums - Belmont Core | | $ | 102.6 | | | $ | 108.5 | | | $ | 316.4 | | | $ | 316.7 | Investment income | | $ | 14.5 | | | $ | 17.9 | | | $ | 43.1 | | | $ | 47.4 | Annualized investment return | | | 0.3 | % | | | 4.0 | % | | | 2.3 | % | | | 4.8 | % Underwriting income | | $ | 5.5 | | | $ | 10.0 | | | $ | 16.4 | | | $ | 5.3 | Underwriting income, current accident year | | $ | 5.6 | | | $ | 10.2 | | | $ | 16.9 | | | $ | 5.4 | Underwriting income, current accident year, excluding California Wildfires | | $ | 5.6 | | | $ | 10.2 | | | $ | 16.9 | | | $ | 21.2 | Corporate expenses | | $ | 7.3 | | | $ | 7.8 | | | $ | 23.2 | | | $ | 24.9 | Operating income | | $ | 9.5 | | | $ | 15.7 | | | $ | 26.4 | | | $ | 21.8 | Operating income excluding California Wildfires | | $ | 9.5 | | | $ | 15.7 | | | $ | 26.4 | | | $ | 34.1 | Pretax adjusted operating contribution(1) | | $ | 20.1 | | | $ | 28.1 | | | $ | 60.0 | | | $ | 68.6 | Net income available to common shareholders | | $ | 8.8 | | | $ | 12.4 | | | $ | 23.9 | | | $ | 18.5 | Net income available to common shareholders excluding California Wildfires | | $ | 8.8 | | | $ | 12.4 | | | $ | 23.9 | | | $ | 30.9 | Adjusted return on equity, annualized, excluding California Wildfires(2) | | | 12.8 | % | | | 18.1 | % | | | 12.6 | % | | | 14.5 | % | | | | | | | | | | | | Per Share Data: | | | | | | | | | | | | Net income available to common shareholders per share | | $ | 0.61 | | | $ | 0.86 | | | $ | 1.65 | | | $ | 1.30 | Net income available to common shareholders per share excluding California Wildfires | | $ | 0.61 | | | $ | 0.86 | | | $ | 1.65 | | | $ | 2.17 | Operating income per share | | $ | 0.65 | | | $ | 1.08 | | | $ | 1.81 | | | $ | 1.51 | Operating income per share excluding California Wildfires | | $ | 0.65 | | | $ | 1.08 | | | $ | 1.81 | | | $ | 2.38 | | | | | | | | | | | | | Combined ratio: | | | | | | | | | | | | Loss ratio | | | 53.0 | % | | | 50.1 | % | | | 53.8 | % | | | 58.8 | % Expense ratio | | | 41.9 | % | | | 40.5 | % | | | 41.1 | % | | | 39.9 | % Combined ratio | | | 94.9 | % | | | 90.6 | % | | | 94.9 | % | | | 98.7 | % Combined ratio, current accident year | | | 94.8 | % | | | 90.4 | % | | | 94.7 | % | | | 98.7 | % Combined ratio, current accident year excluding California Wildfires | | | 94.8 | % | | | 90.4 | % | | | 94.7 | % | | | 93.2 | % | | | | | | | | | | | | | | | | (1) Equals investment income plus underwriting income for current accident year excluding net losses and loss adjustment expenses incurred from California Wildfires. (2) Excludes corporate expenses, investment income on excess capital, and prior year underwriting loss. Segment Income for the Three Months Ended September 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 | | $ | — | | | $ | — | | | $ | 98.2 | | | $ | 99.4 | | | $ | 0.2 | | | $ | 0.3 | | | $ | — | | | $ | — | | | $ | 98.4 | | | $ | 99.7 | Commissions and fee income | | | 13.3 | | | | 15.0 | | | | — | | | | — | | | | — | | | | 0.1 | | | | (12.5 | ) | | | (14.5 | ) | | | 0.8 | | | | 0.6 | Total revenues | | $ | 13.3 | | | $ | 15.0 | | | $ | 98.2 | | | $ | 99.4 | | | $ | 0.2 | | | $ | 0.4 | | | $ | (12.5 | ) | | $ | (14.5 | ) | | $ | 99.2 | | | $ | 100.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Losses and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net losses and loss adjustment expenses | | $ | — | | | $ | — | | | $ | 53.6 | | | $ | 52.7 | | | $ | (1.2 | ) | | $ | (2.4 | ) | | $ | (0.2 | ) | | $ | (0.4 | ) | | $ | 52.2 | | | $ | 49.9 | Acquisition costs and other operating expenses | | | 13.3 | | | | 13.8 | | | | 40.7 | | | | 40.2 | | | | 0.1 | | | | 0.5 | | | | (12.3 | ) | | | (14.1 | ) | | | 41.8 | | | | 40.4 | Total losses and expenses | | $ | 13.3 | | | $ | 13.8 | | | $ | 94.3 | | | $ | 92.9 | | | $ | (1.1 | ) | | $ | (1.9 | ) | | $ | (12.5 | ) | | $ | (14.5 | ) | | $ | 94.0 | | | $ | 90.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment income | | $ | — | | | $ | 1.2 | | | $ | 3.9 | | | $ | 6.5 | | | $ | 1.3 | | | $ | 2.3 | | | $ | — | | | $ | — | | | $ | 5.2 | | | $ | 10.0 | Segment Income (Loss) for the Nine Months Ended September 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 | | $ | — | | | $ | — | | | $ | 295.4 | | | $ | 289.1 | | | $ | — | | | $ | (1.0 | ) | | $ | — | | | $ | — | | | $ | 295.4 | | | $ | 288.1 | Commissions and fee income | | | 40.8 | | | | 44.8 | | | | — | | | | — | | | | — | | | | 0.1 | | | | (38.3 | ) | | | (43.3 | ) | | | 2.5 | | | | 1.6 | Total revenues | | $ | 40.8 | | | $ | 44.8 | | | $ | 295.4 | | | $ | 289.1 | | | $ | — | | | $ | (0.9 | ) | | $ | (38.3 | ) | | $ | (43.3 | ) | | $ | 297.9 | | | $ | 289.7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Losses and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net losses and loss adjustment expenses | | $ | — | | | $ | — | | | $ | 161.4 | | | $ | 175.2 | | | $ | (1.3 | ) | | $ | (4.6 | ) | | $ | (1.1 | ) | | $ | (1.0 | ) | | $ | 159.0 | | | $ | 169.6 | Acquisition costs and other operating expenses | | | 39.8 | | | | 39.5 | | | | 121.5 | | | | 116.2 | | | | 0.3 | | | | 1.4 | | | | (37.2 | ) | | | (42.3 | ) | | | 124.4 | | | | 114.8 | Total losses and expenses | | $ | 39.8 | | | $ | 39.5 | | | $ | 282.9 | | | $ | 291.4 | | | $ | (1.0 | ) | | $ | (3.2 | ) | | $ | (38.3 | ) | | $ | (43.3 | ) | | $ | 283.4 | | | $ | 284.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment income (loss) | | $ | 1.0 | | | $ | 5.3 | | | $ | 12.5 | | | $ | (2.3 | ) | | $ | 1.0 | | | $ | 2.3 | | | $ | — | | | $ | — | | | $ | 14.5 | | | $ | 5.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment income excluding California Wildfires | | $ | 1.0 | | | $ | 5.3 | | | $ | 12.5 | | | $ | 13.4 | | | $ | 1.0 | | | $ | 2.3 | | | $ | — | | | $ | — | | | $ | 14.5 | | | $ | 21.1 | Segment Written Premiums for the Three Months Ended September 30, | $ in Millions | | | | | | | | | | | | | | | | | | | | | Belmont Core | | | Belmont Non-Core | | | Total | | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Gross written premiums | | $ | 102.6 | | | $ | 108.5 | | | $ | 0.2 | | | $ | (0.2 | ) | | $ | 102.8 | | | $ | 108.4 | Net written premiums | | $ | 99.8 | | | $ | 105.7 | | | $ | 0.2 | | | $ | (0.2 | ) | | $ | 100.0 | | | $ | 105.5 | Segment Written Premiums for the Nine Months Ended September 30, | $ in Millions | | | | | | | | | | | | | | | | | | | | | Belmont Core | | | Belmont Non-Core | | | Total | | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Gross written premiums | | $ | 316.4 | | | $ | 316.7 | | | $ | (0.1 | ) | | $ | (2.9 | ) | | $ | 316.3 | | | $ | 313.8 | Net written premiums | | $ | 306.6 | | | $ | 308.2 | | | $ | (0.1 | ) | | $ | (2.9 | ) | | $ | 306.5 | | | $ | 305.3 | Belmont Core Gross Written Premiums $ In Millions | | | | | | | | | | | | | For the Three Months Ended September 30, | | | | | For the Nine Months Ended September 30, | | | | 2026 | | | 2025 | | | % Change | | 2026 | | | 2025 | | | % Change Wholesale Commercial | $ | 62.1 | | | $ | 67.9 | | | (8.6 | %) | | $ | 193.7 | | | $ | 201.9 | | | (4.1 | %) Vacant Express | | 11.5 | | | | 11.3 | | | 1.0 | % | | | 36.0 | | | | 34.6 | | | 3.8 | % Collectibles | | 5.8 | | | | 5.1 | | | 13.8 | % | | | 15.2 | | | | 13.4 | | | 13.4 | % Specialty Products | | 7.7 | | | | 8.6 | | | (9.5 | %) | | | 23.3 | | | | 28.2 | | | (17.6 | %) Assumed E&S Reinsurance | | 15.5 | | | | 15.6 | | | (0.8 | %) | | | 48.2 | | | | 38.6 | | | 25.0 | % Gross written premiums | | 102.6 | | | | 108.5 | | | (5.5 | %) | | | 316.4 | | | | 316.7 | | | (0.1 | %) Terminated business | | — | | | | (1.2 | ) | | - | | | | — | | | | (5.2 | ) | | - | Total gross written premiums, excluding terminated business | $ | 102.6 | | | $ | 107.3 | | | (4.4 | %) | | $ | 316.4 | | | $ | 311.5 | | | 1.5 | % Selected Consolidated Balance Sheet Data | $ and Shares in Millions, except per share data | | | | | | | | | September 30, 2026 | | | December 31, 2025 | Cash and invested assets, net | | $ | 1,363.9 | | | $ | 1,420.2 | Total assets | | $ | 1,686.8 | | | $ | 1,720.8 | Shareholders' equity | | $ | 704.9 | | | $ | 706.6 | | | | | | | Book value per share | | $ | 47.87 | | | $ | 48.96 | Book value per share plus cumulative | | | | | | dividends and excluding AOCI | | $ | 58.86 | | | $ | 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 | | | 24.2 | | | | — | | | | 1.65 | Fair value of fixed maturities | | | (12.7 | ) | | | — | | | | (0.89 | ) Stock compensation / share issuance | | | 2.2 | | | | 0.2 | | | | (0.77 | ) Common dividends | | | (15.1 | ) | | | — | | | | (1.05 | ) Preferred dividends | | | (0.3 | ) | | | — | | | | (0.03 | ) Balance at September 30, 2026 | | $ | 700.9 | | | | 14.6 | | | $ | 47.87 | Market Value of Consolidated Investments | | | | | | $ in Millions | | | | | | | | | September 30, 2026 | | | December 31, 2025 | Fixed maturities | | $ | 1,180.6 | | | $ | 1,325.5 | Cash and cash equivalents | | | 173.1 | | | | 65.5 | Total fixed maturities and cash and cash equivalents | | | 1,353.7 | | | | 1,391.0 | Equities and other invested assets | | | 29.9 | | | | 50.8 | Total cash and invested assets, gross | | | 1,383.6 | | | | 1,441.8 | Payable for securities | | | (19.7 | ) | | | (21.6 | ) Total cash and invested assets, net | | $ | 1,363.9 | | | $ | 1,420.2 | Total Pre-Tax Consolidated Investment Return | $ in Millions | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | | For the Nine Months Ended September 30, | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Fixed maturities | | $ | 14.6 | | | $ | 15.2 | | | $ | 41.7 | | | $ | 45.1 | Equities | | | 0.5 | | | | 0.7 | | | | 1.7 | | | | 1.0 | Limited partnerships | | | (0.6 | ) | | | 2.0 | | | | (0.3 | ) | | | 1.3 | Net investment income | | $ | 14.5 | | | $ | 17.9 | | | $ | 43.1 | | | $ | 47.4 | | | | | | | | | | | | | Net realized investment losses | | | (0.8 | ) | | | (4.0 | ) | | | (2.8 | ) | | | (3.7 | ) Net unrealized investment gains (losses) | | | (12.6 | ) | | | 0.6 | | | | (16.1 | ) | | | 7.8 | Net realized and unrealized investment return | | | (13.4 | ) | | | (3.4 | ) | | | (18.9 | ) | | | 4.1 | | | | | | | | | | | | | Total investment return | | $ | 1.1 | | | $ | 14.5 | | | $ | 24.2 | | | $ | 51.5 | | | | | | | | | | | | | Average total cash and invested assets | | $ | 1,367.8 | | | $ | 1,434.1 | | | $ | 1,392.1 | | | $ | 1,437.9 | | | | | | | | | | | | | Total annualized investment return % | | | 0.3 | % | | | 4.0 | % | | | 2.3 | % | | | 4.8 | % Global Indemnity Group, LLC | Consolidated Statements of Operations | $ and Shares in Thousands, except per share data | (Unaudited) | | | | | | | | | | | | For the Three Months Ended September 30, | | | For the Nine Months Ended September 30, | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Gross written premiums | | $ | 102,774 | | | $ | 108,369 | | | $ | 316,320 | | | $ | 313,845 | Net written premiums | | $ | 100,002 | | | $ | 105,543 | | | $ | 306,541 | | | $ | 305,321 | | | | | | | | | | | | | Net earned premiums | | $ | 98,388 | | | $ | 99,670 | | | $ | 295,432 | | | $ | 288,132 | Net investment income | | | 14,492 | | | | 17,911 | | | | 43,071 | | | | 47,400 | Net realized investment losses | | | (775 | ) | | | (3,994 | ) | | | (2,820 | ) | | | (3,731 | ) Other income | | | 832 | | | | 611 | | | | 2,533 | | | | 1,568 | Total revenues | | | 112,937 | | | | 114,198 | | | | 338,216 | | | | 333,369 | | | | | | | | | | | | | Net losses and loss adjustment expenses | | | 52,164 | | | | 49,875 | | | | 159,072 | | | | 169,561 | Acquisition costs and other operating expenses(1) | | | 41,844 | | | | 40,415 | | | | 124,395 | | | | 114,837 | Corporate expenses | | | 7,316 | | | | 7,844 | | | | 23,196 | | | | 24,872 | Income before income taxes | | | 11,613 | | | | 16,064 | | | | 31,553 | | | | 24,099 | Income tax expense | | | 2,740 | | | | 3,541 | | | | 7,352 | | | | 5,221 | Net income | | | 8,873 | | | | 12,523 | | | | 24,201 | | | | 18,878 | Less: preferred stock distributions | | | 110 | | | | 110 | | | | 330 | | | | 330 | Net income available to common shareholders | | $ | 8,763 | | | $ | 12,413 | | | $ | 23,871 | | | $ | 18,548 | | | | | | | | | | | | | Per share data: | | | | | | | | | | | | Net income available to common shareholders | | | | | | | | | | | | Basic | | $ | 0.61 | | | $ | 0.87 | | | $ | 1.66 | | | $ | 1.31 | Diluted | | $ | 0.61 | | | $ | 0.86 | | | $ | 1.65 | | | $ | 1.30 | Weighted-average number of shares outstanding | | | | | | | | | | | | Basic | | | 14,411 | | | | 14,297 | | | | 14,381 | | | | 14,148 | Diluted | | | 14,459 | | | | 14,358 | | | | 14,430 | | | | 14,223 | | | | | | | | | | | | | Cash distributions declared per common share | | $ | 0.35 | | | $ | 0.35 | | | $ | 1.05 | | | $ | 1.05 | | | | | | | | | | | | | Combined ratio analysis: | | | | | | | | | | | | Loss ratio | | | 53.0 | % | | | 50.1 | % | | | 53.8 | % | | | 58.8 | % Expense ratio | | | 41.9 | % | | | 40.5 | % | | | 41.1 | % | | | 39.9 | % Combined ratio | | | 94.9 | % | | | 90.6 | % | | | 94.9 | % | | | 98.7 | % | | | | | | | | | | | | | | | | (1) Includes agency operating expenses on third-party carrier business of $0.6 million and $2.9 million for the three and nine months ended September 30, 2026, respectively, which are excluded from the expense ratio. Global Indemnity Group, LLC | Consolidated Balance Sheets | $ in Thousands | | | | | | | | | (Unaudited) September 30, 2026 | | | December 31, 2025 | ASSETS | | | | | | Fixed maturities: | | | | | | Available for sale, at fair value (amortized cost: $1,201,566 and $1,330,310; net of allowance for expected credit losses of $0 at September 30, 2026 and December 31, 2025) | | $ | 1,180,585 | | | $ | 1,325,502 | Equity securities, at fair value | | | 21,611 | | | | 33,673 | Other invested assets | | | 8,352 | | | | 17,097 | Total investments | | | 1,210,548 | | | | 1,376,272 | | | | | | | Cash and cash equivalents | | | 173,109 | | | | 65,542 | Premium receivables, net of allowance for expected credit losses of | | | | | | $3,843 at September 30, 2026 and $3,640 at December 31, 2025 | | | 81,040 | | | | 66,969 | Reinsurance receivables, net of allowance for expected credit losses of | | | | | | $1,488 at September 30, 2026 and December 31, 2025 | | | 60,900 | | | | 62,595 | Funds held by ceding insurers | | | 21,435 | | | | 22,114 | Deferred income taxes | | | 24,403 | | | | 20,076 | Deferred acquisition costs | | | 45,071 | | | | 41,183 | Intangible assets | | | 16,497 | | | | 16,845 | Goodwill | | | 4,820 | | | | 4,820 | Prepaid reinsurance premiums | | | 3,621 | | | | 3,607 | Income tax receivable | | | 2,364 | | | | 2,617 | Lease right of use assets | | | 7,087 | | | | 8,166 | Other assets | | | 35,888 | | | | 29,956 | Total assets | | $ | 1,686,783 | | | $ | 1,720,762 | | | | | | | LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | Liabilities: | | | | | | Unpaid losses and loss adjustment expenses | | $ | 706,337 | | | $ | 750,191 | Unearned premiums | | | 193,852 | | | | 182,728 | Reinsurance balances payable | | | 10,437 | | | | 1,860 | Payable for securities | | | 19,721 | | | | 21,594 | Contingent commissions | | | 6,293 | | | | 7,159 | Lease liabilities | | | 6,831 | | | | 8,331 | Other liabilities | | | 38,429 | | | | 42,309 | Total liabilities | | $ | 981,900 | | | $ | 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) | | | 467,954 | | | | 465,720 | Accumulated other comprehensive income (loss), net of tax | | | (16,713 | ) | | | (4,000 | ) Retained earnings(1) | | | 282,334 | | | | 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 | | | 704,883 | | | | 706,590 | | | | | | | Total liabilities and shareholders' equity | | $ | 1,686,783 | | | $ | 1,720,762 | | | | | | | | | (1) Since the Company's initial public offering in 2003, the Company has returned $664.9 million to shareholders, including $522.2 million in share repurchases and $142.7 million in dividends/distributions. Reconciliation of Non-GAAP Measures | Summary of Consolidated Operating Income(1) | $ and Shares in Millions, except per share data | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | | For the Nine Months Ended September 30, | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Operating income, net of tax(2) | | $ | 9.5 | | | $ | 15.7 | | | $ | 26.4 | | | $ | 21.8 | Net realized investment losses, net of tax | | | (0.6 | ) | | | (3.2 | ) | | | (2.2 | ) | | | (2.9 | ) Net income | | $ | 8.9 | | | $ | 12.5 | | | $ | 24.2 | | | $ | 18.9 | | | | | | | | | | | | | Weighted average shares outstanding – diluted | | | 14.5 | | | | 14.4 | | | | 14.4 | | | | 14.2 | | | | | | | | | | | | | Operating income per share – diluted(3) | | $ | 0.65 | | | $ | 1.08 | | | $ | 1.81 | | | $ | 1.51 | | | | | | | | | | | | | | | | | (1) Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment 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 September 30, 2026 and 2025 and $0.3 million for each of the nine months ended September 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 September 30, 2026 and 2025 and $0.3 million for each of the nine months ended September 30, 2026 and 2025. Reconciliation of Non-GAAP Measures | Pretax Adjusted Operating Contribution | $ in Millions | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | | For the Nine Months Ended September 30, | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Investment income | | $ | 14.5 | | | $ | 17.9 | | | $ | 43.1 | | | $ | 47.4 | Underwriting income, current accident year | | | 5.6 | | | | 10.2 | | | | 16.9 | | | | 5.4 | Adjustments | | | | | | | | | | | | California Wildfires net losses and loss adjustment expenses | | | — | | | | — | | | | — | | | | 15.8 | Pretax adjusted operating contribution(1) | | $ | 20.1 | | | $ | 28.1 | | | $ | 60.0 | | | $ | 68.6 | | | | | | | | | | | | | | | | | (1) Pretax adjusted operating contribution, a non-GAAP financial measure, is equal to investment income plus underwriting income for current accident year excluding net losses and loss adjustment expenses incurred from California Wildfires. 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. Reconciliation of Non-GAAP Measures | Adjusted Return on Equity (ROE) | $ in Millions | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 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 | | $ | | 9.5 | | | | 5.4 | % | | $ | | 707.9 | | | $ | | 15.7 | | | | 9.0 | % | | $ | | 699.7 | Adjustments, net of tax | | | | | | | | | | | | | | | | | | | | | | Investment income on excess capital | | | | (2.4 | ) | | | 1.6 | % | | | | - | | | | | (2.6 | ) | | | 3.1 | % | | | | - | Corporate expenses | | | | 5.8 | | | | 5.7 | % | | | | - | | | | | 6.3 | | | | 5.9 | % | | | | - | Prior accident year underwriting loss | | | | 0.1 | | | | 0.1 | % | | | | - | | | | | 0.1 | | | | 0.1 | % | | | | - | Total adjustments, net of tax | | | | 3.5 | | | | 7.4 | % | | | | - | | | | | 3.8 | | | | 9.1 | % | | | | - | Adjusted income | | $ | | 13.0 | | | | 12.8 | % | | $ | | 407.0 | | | $ | | 19.5 | | | | 18.1 | % | | $ | | 430.5 | | | | | | | | | | | | | | | | | | | | | | | | | For the Nine Months Ended September 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 | | $ | | 26.4 | | | | 5.0 | % | | $ | | 705.7 | | | $ | | 21.8 | | | | 4.2 | % | | $ | | 696.6 | Adjustments, net of tax | | | | | | | | | | | | | | | | | | | | | | Investment income on excess capital | | | | (6.9 | ) | | | 1.3 | % | | | | - | | | | | (6.7 | ) | | | 0.4 | % | | | | - | Corporate expenses | | | | 19.2 | | | | 6.2 | % | | | | - | | | | | 19.7 | | | | 6.1 | % | | | | - | California Wildfires losses | | | | - | | | | - | % | | | | - | | | | | 12.3 | | | | 3.8 | % | | | | - | Prior accident year underwriting loss | | | | 0.4 | | | | 0.1 | % | | | | - | | | | | 0.1 | | | | - | % | | | | - | Total adjustments, net of tax | | | | 12.7 | | | | 7.6 | % | | | | - | | | | | 25.4 | | | | 10.3 | % | | | | - | Adjusted income | | $ | | 39.1 | | | | 12.6 | % | | $ | | 413.3 | | | $ | | 47.2 | | | | 14.5 | % | | $ | | 432.6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (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 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. Reconciliation of Non-GAAP Financial Measures and Ratios for the Nine Months Ended September 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(1) | | $ | 16,358 | | | $ | 5,302 | Effect of prior accident year | | | 532 | | | | 130 | Current accident year underwriting income(2) | | | 16,890 | | | | 5,432 | California Wildfires net losses and loss adjustment expenses | | | — | | | | 15,757 | Current accident year underwriting income excluding California Wildfires(2) | | $ | 16,890 | | | $ | 21,189 | | | | | | | Belmont Core segment income | | | | | | Belmont Core segment income (loss)(1) | | $ | 12,518 | | | $ | (2,345 | ) California Wildfires net losses and loss adjustment expenses | | | — | | | | 15,757 | Belmont Core segment income excluding California Wildfires(2) | | $ | 12,518 | | | $ | 13,412 | | | | | | | Consolidated segment income | | | | | | Consolidated segment income(1) | | $ | 14,498 | | | $ | 5,302 | California Wildfires net losses and loss adjustment expenses | | | — | | | | 15,757 | Consolidated segment income excluding California Wildfires(2) | | $ | 14,498 | | | $ | 21,059 | | | | | | | Net income available to common shareholders | | | | | | Net income available to common shareholders(1) | | $ | 23,871 | | | $ | 18,548 | California Wildfires net losses and loss adjustment expenses (net of tax)(3) | | | — | | | | 12,338 | Net income available to common shareholders excluding California Wildfires(2) | | $ | 23,871 | | | $ | 30,886 | | | | | | | Operating income | | | | | | Operating income(4) | | $ | 26,432 | | | $ | 21,810 | California Wildfires net losses and loss adjustment expenses (net of tax)(3) | | | — | | | | 12,338 | Operating income excluding California Wildfires(2) | | $ | 26,432 | | | $ | 34,148 | | | | | | | Current accident year combined ratio | | | | | | Combined ratio(1) | | | 94.9 | % | | | 98.7 | % Effect of prior accident year | | | (0.2 | %) | | | — | Current accident year combined ratio(2) | | | 94.7 | % | | | 98.7 | % Impact of California Wildfires | | | — | | | | (5.5 | %) Current accident year combined ratio excluding California Wildfires(2) | | | 94.7 | % | | | 93.2 | % | | | | | | | | (1) Most directly comparable GAAP measure / ratio (2) Non-GAAP financial measure / ratio (3) Represents net losses and loss adjustment expenses of $15.8 million less tax benefit of $3.5 million. (4) See previous table for reconciliation of operating income to net income which is the most directly comparable GAAP measure. 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 operating companies, organized in three groups: Katalyx Holdings LLC - Four agencies that source, underwrite and service 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. - Two specialized insurance service businesses: Sayata, an AI-enabled digital marketplace and agency for small commercial insurance; and Liberty Insurance Adjustment Agency, Inc., which evaluates and adjusts claims and provides related services. Belmont Holdings GX, Inc. 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. Kaleidoscope Insurance Technologies, Inc. Kaleidoscope builds GBLI's proprietary AI-enabled underwriting, policy and data platform, which serves Katalyx's agencies, GBLI's agency partners, the Belmont carriers and the Company's broader digital initiatives. For more information, visit www.gbli.com. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties. Forward-looking statements often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "may," "would," "should," "could," "target," "outlook," "guidance," "project," "estimate," "forecast," "opportunity," "confident," "preliminary," "initial," "continue," and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements, including statements regarding GBLI's future operating results and financial position, GBLI's business strategy and plans, including with respect to GBLI's growth, technology and distribution initiatives, and expectations for GBLI's industry. 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 materially differ from any future results, performance or achievements expressed or implied by these forward-looking statements include, among others, risks related to our CEO transition, the timing and execution of GBLI's strategy, including its growth, technology and distribution initiatives, adverse economic factors, including recessions, inflation, changes in interest rates, periods of high unemployment or lower economic activity, the occurrence of natural or man-made disasters, declines in ratings for any of GBLI's insurance subsidiaries, the performance of GBLI's invested assets, cyclical changes in the insurance industry, and the other risks and uncertainties described in GBLI's most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. GBLI 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]

WILMINGTON, Del., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (NASDAQ:GBLI) ("GBLI") announced today that it will release its third quarter 2026 earnings results before market open on Wednesday, November 4, 2026. GBLI will hold an earnings call to discuss third quarter 2026 results on Wednesday, November 4, 2026 at 11:00 a.m. Eastern. The earnings call will be webcast on GBLI's website at www.gbli.com. Investors and analysts interested in asking representatives of GBLI's management questions regarding third quarter 2026 results may do so by dialing +1 (800) 715-9871 and using Conference ID 9023718 or by submitting written questions through the webcast. About Global Indemnity Group, LLC and its subsidiaries 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 Information 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]

WILMINGTON, Del., Sept. 09, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (Nasdaq: GBLI) ("GBLI") announced that its Board of Directors has approved a distribution payment of $0.35 per common share to be paid on September 30, 2026 to all shareholders of record as of the close of business on September 18, 2026. About Global Indemnity Group, LLC and its subsidiaries 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 Information 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.

Image source: The Motley Fool. Wed., Aug. 5, 2026 at 11 a.m. ET Chief Operating Officer - Evan Kasowitz Chief Executive - Jay Brown Chief Financial Officer - Brian Riley Operator: Good morning ladies and gentlemen and thank you for standing by and welcome to the Global Indemnity Group second quarter 2026 earnings call. My name is Franz, and I will be the conference operator today. [Operator Instructions] I would now like to turn the call over to Evan Kasowitz, Chief Operating Officer of Global Indemnity Group. Please go ahead. Evan Kasowitz: Thank you, operator. Today's conference call is being recorded. GBLI's remarks may contain forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words, including without limitation, beliefs, expectations, or estimates. We caution you that such forward-looking statements should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will, in fact, be achieved. Please refer to our annual report on Form 10-K and our other filings with the SEC for descriptions of the business environment in which we operate and the important factors that may materially affect our results. Global Indemnity Group, LLC is not under any obligation and expressly disclaims any such obligation to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise. It is now my pleasure to turn the call over to Mr. Jay Brown, Chief Executive of Global Indemnity. Joseph Brown: Thank you, Evan. Good morning, and thanks for joining us for GBLI's Second Quarter 2026 results conference call. Joining me today are Evan Kasowitz, our Chief Operating Officer of GBLI and President of Belmont Holdings, and Brian Riley, our Chief Financial Officer. As usual, I'll start with a short overview of the quarter, including what stood out to me in the results and what we're seeing in our longer-term trends. Brian will then walk through the key financial highlights, after which we'll open the call for questions. Let me start with the headline. Our underlying insurance operating trends remain strong and consistent with the results we have delivered over the past several years. Accident Year Combined Ratio was 94.7% for the quarter, producing an underwriting income of $5.8 million. Through June, our Accident Year Combined Ratio was 94.8%, with underwriting income of $11.2 million, modestly ahead of last year. Loss performance remains the strongest part of the story. Catastrophe experience was favorable and non-catastrophe experience and results remained strong and consistent. Expenses remain well above our long-term target levels by approximately 4.5 points, as we continue investing in Catalyx, Kaleidoscope, and related technology platform capabilities. While these investments are elevating current expense levels, operating expense dollars have remained exactly in line with our 2026 plan. We will achieve significantly improved operating leverage as these initiatives drive efficiency, AI-assisted decision-making, and support future growth. Turning to insurance revenue growth, Belmont Core gross written premium was $117 million for the quarter, up 7% year over year. Through the first half, Belmont Core gross written premium was $214 million, up 3% versus last year, still well below our rolling growth targets. Growth was led by Valyn Re, which was up 79%, and Collectibles, which was up 14%. Penn-America also returned to growth, increasing 2% during the quarter after 2 consecutive quarters of declines, an encouraging result against a more competitive E&S market backdrop. The broader E&S market is becoming more competitive as admitted capacity expands and rate momentum moderates. We are extremely focused on not chasing volume at the expense of profitability. Instead, we are staying disciplined and leaning for growth into those areas of the portfolio, including Valyn Re, Collectibles, and our new venture pipeline that are less exposed to cyclical competitive pressures. Excellent future results are dependent on making sure this is an execution reality versus not just words. Within Specialty Products, legacy programs are also pressured by admitted carriers and MGAs, but we continue to see opportunity in the programs we want to retain and new programs expected to launch later this year. Our retail and consumer-focused businesses continue to expand distribution with more than 700 retail agent appointments year-to-date. Collectibles grew 14% while continuing to deliver excellent underwriting results. Vacant Express delivered 5% growth despite challenging property market conditions and are no longer offering a California admitted property product. Our new venture initiatives continue to advance, including Aging Services and Specialty Casualty. We have recruited very talented leaders for our team to establish these new offerings. Both will be important medium-term growth opportunities, with product formation work progressing through the end of this year. Valyn Re remains on track for the year following strong growth in the first half. We continue to expand the portfolio thoughtfully, including the addition of new property quota share relationships, while maintaining underwriting discipline and exiting underperforming treaties where appropriate. Sayata is our digital distribution platform connecting agents and carriers in small commercial insurance and continued to make progress in the first half, with submissions increasing 8.5%, expanded carrier participation, and the launch of excess cyber. Just as importantly, operational efficiency continues to improve with automation initiatives reducing average daily ticket volume by more than 22%. These productivity gains, combined with enhancements to their leadership team, position the platform for improved operating leverage over time. On the technology front, the Penn-America Pro build is nearing launch, with testing substantially complete and deployment still targeted for a September go-live. More broadly, the Kaleidoscope platform continues to be prepared to expand across our portfolio and remains a key driver of future scalability, efficiency, and robust partner connectivity. The next phase of Kaleidoscope work will focus on Vacant Express and Collectibles, with broader application to new ventures and partner API connectivity in 2027. This remains a significant near-term lift for the teams, but it is foundational to our operating model and future scalability. Stepping back, we continue to remain very confident in the underlying quality of our business. Loss ratio performance remains strong, our portfolio continues to diversify, and we are navigating a more competitive E&S market with discipline. We continue to expect Belmont Core gross written premium for the full year to finish approximately 15% above 2025 levels, while investment income should benefit from rising portfolio yields approaching 4.9% by year-end. With that, I'll turn it over to Brian to walk through the key financial details. Brian Riley: Thank you, Jay. Net income was $11.1 million for the second quarter, up 8% compared to $10.3 million in 2025. For the year, net income is at $15.3 million compared to $6.4 million in 2025. Starting with investments, investment income for the second quarter was $16.4 million compared to $14.7 million in '25. For '26, this includes income on a mark-to-market adjustment of $2.3 million on limited partnership interest. Excluding income of limited partnerships, investment income was $14.1 million in the second quarter compared to $15.3 million in '25, driven by higher allocation of the fixed income portfolio to U.S. Treasuries. As for the first six months, net income was $28.6 million compared to $29.5 million in 2025. Excluding the impact of income related to limited partnerships, investment income was $28.3 million compared to $30.2 million, also driven by an increased allocation of U.S. Treasuries. The current book yield on the fixed income portfolio increased to 4.42% with an average duration of 1.08 years as of June 30, 2026, compared to 4.27% book yield and duration of 1.01 years as of December 31, 2025, resulting from reinvestment of $177 million of maturities at 5.45% that had an average yield of 4.26%. As Jay noted, we expect this reinvestment trend to continue, targeting book yield of 4.9% by December 31, 2026. The average credit quality of the fixed income portfolio remains at AA-. Moving to underwriting income. For the second quarter, accident year underwriting income increased by 3% to $5.8 million, driven by 4% growth in earned premiums and a combined ratio of 94.7%. Our loss ratio for the quarter remains strong at 53.8%, a 1.8-point improvement over '25 driven by catastrophe loss ratio performance. As Jay noted, the elevated expense ratio of 40.9% is driven by personnel costs related to build-out of products on the Catalyx platform. As for the year, and similar to the second quarter, accident year underwriting income increased by 3% to $11.2 million, driven by 4% growth in earned premiums and a combined ratio of 94.8%. Note that comparison excludes the impact of California wildfires from the 2025 figures. Turning to premiums, Belmont Core's gross written premiums increased 7% to $117 million for the second quarter and 3% to $214 million for the year. At the divisional level, starting with Wholesale Commercial, Penn-America, which focuses on Main Street small business, was up 2% for the quarter, an improvement over first quarter, which was down 5%. These trends continue to reflect maintaining pricing and return standards amidst the competitive market, as Jay mentioned, demonstrated by an overall flat rate change for the first half of the year, and continued strong loss ratios. We continue to adjust our products to grow the business with the goal of maintaining our loss ratio. Valyn Re, our assumed reinsurance business, is up 79% to $21.5 million for the second quarter and 43% to $32.7 million for the first six months of 2026. As 3 new treaties were added during the quarter, the number of in-force treaties has increased to 22 at June 30, 2026. Vacant Express is up 6% to $13.1 million for the second quarter, and 5% to $24.5 million for the first six months of 2026. Collectibles is up 14% to $4.8 million for the second quarter and 13% to $9.4 million for the year. And last, Specialty Products did experience a decline of 36% to $7.8 million during the second quarter and 21% to $15.5 million for the year, driven primarily by terminated products. Excluding terminated business, gross written premiums on the 11 ongoing programs is only down 1%. In closing, I have 5 takeaways. 1, we are on track to achieve growth of 15% in gross written premiums, 2, although we are seeing increased competition in the marketplace, we are optimistic about our future underwriting performance, given the positioning of our current products and our loss ratio performance for the last 3.5 accident years. 3, our investment portfolio remains positioned to invest in longer duration maturities at higher yields. 4, book reserves remain solidly above our current actual indications. And 5, discretionary capital, which we consider to be the amount of consolidated equity in excess of that required to maintain the strongest levels for the rating agencies, is $302 million at June 30, 2026. Thank you. We will now take your questions. Operator: [Operator Instructions] And your first question comes from the line of Tom Kerr from Zacks SCR. Thomas Kerr: Good morning, guys. Several quick ones. On the expense ratio, I think we all know why it's elevated, all the spending, but what is the timing or has the timing changed and when that gets back to normal? Is that a gradual occurrence in 2027, or does it happen like a clip, or how do we look about when it gets back to what you think is normal? Joseph Brown: It will accelerate rapidly during 2027, and I would expect by the latter half of 2028, we'll be back to more normal levels. Thomas Kerr: Okay, so it's a 2028 issue, the normal levels. Okay. Joseph Brown: At the end of the year, it'll be kind of an 8-quarter rollout change that you'll see very clearly as we go through the year. Thomas Kerr: Got it. And did you guys give a new level of discretionary capital? Sorry if I missed that. Joseph Brown: Yes, $302 million, Tom. Thomas Kerr: Okay. One more big picture question about AI. Are you guys using traditional or new AI in any areas of the business? Is it claims or fraud detection or underwriting? Have you started using AI in some form? Joseph Brown: That's a broad question. We have the entire employee population is being brought up the curve individually and collectively with AI skills. That's a process that we began at the beginning of the year. We're starting to see isolated examples of significant efficiencies that are being gained. The larger programs in terms of AI, assisting our underwriters in making better decisions and our claims officers in establishing more accurate settlement levels are in development, have yet to be fully deployed, though we're testing them in different aspects at this point in time. The underwriting will follow very shortly after the end of the year when Kaleidoscope is fully deployed across our existing direct product capabilities for Collectibles, Collectibles Assumed, and Penn-America Wholesale Business, all of which have AI developments underway that will affect their business fairly significantly as we start to move through '27. It is early to declare any kind of significant victories, but I would say that from our viewpoint of looking forward is we are incredibly optimistic of the wide range of places that will impact the company. And it's just, it's too early. It'll become so integrated with the company, probably in a year or two, we won't be talking about it because it'll have overtaken our entire company during that time period. Operator: And your next question comes from Ross Haberman from RLH Investments. Ross Haberman: Good morning, Jay. How are you? I just wanted to go back to this earlier question. Was he referring to what you call your acquisition costs and other operating expenses at $41 million in the quarter? And if I understand it right, that number is going to ramp up, you said, through 2028. Is that correct? Joseph Brown: No, he was actually trying to get the point that it's risen over the last 24 months as we've increased our expenses in development. And what I view right now is we're kind of at the pivot point where our expenses have started to level off and we'll start coming down. It's a percentage and it affects both acquisition costs and operating expenses. Our acquisition cost is a function of the different lines of business we're in. As we write more Valyn Re business, our commission percentage will be going up as a percentage, as you look at the total, while our expenses, our operating expenses, personnel-related expenses, will be coming down as a percentage of the total. But the goal is to get back roughly into the 36% range within a 2-year period. That hasn't changed. Ross Haberman: You were lost and you recovered it. Could you explain what happened there? Joseph Brown: I'm sorry, Ross, we lost you for a minute. Could you repeat the question? Ross Haberman: You talked about a $2.3 million limited partnership. I think it was a loss or a temporary loss. Could you explain what happened there? Brian Riley: It's a fair value mark-to-market adjustment loss in the first quarter of $2.3 million that reversed in the second quarter fully. So for the year, the fair value change on the limited partnership was zero. Ross Haberman: Can I ask what kind of investments that includes? Brian Riley: It's our limited partnership program funds that we disclosed in our 10-Q, the Global International Fund. It's really down to about $1 million at this point. Ross Haberman: Do you plan to stay in it? Brian Riley: Limited partnership. Ross Haberman: Is that equity or debt or a combination or what? Brian Riley: The underlying security is in equity. Ross Haberman: Okay, and do you plan to stay in it or reduce it or what? Brian Riley: We expect to be out of it by the end of the year. Ross Haberman: Got it. And just one last question. I know it's not your direct lines of business, but any indirect or direct experience to the Middle East risks or general exposure there to the Middle East conflict? Joseph Brown: No, to the best of our knowledge, we're 100% domestic in the United States at this point in time. Ross Haberman: And just one final question I know I ask every quarter. Has your board changed their mind and decided to use some of your excess capital to buy back shares yet? Joseph Brown: Not that I'm aware of. Operator: Your next question comes from Tom Kerr from Zacks. Thomas Kerr: Just a quick follow-up, I think you said it's possible to get 15% gross premium growth on an annual basis in 2026 compared to 2025. Joseph Brown: That is still our belief that we'll have a pretty good shot at getting there by the end of the year. I know it's hard to believe given we only have modest growth in the first half, but because of the composition of the different products growing at very different rates, we still think that's a reasonable target for the year. Thomas Kerr: Okay, I'll just confirm it because that implies super strong double-digit premium growth in the second half of the year. Joseph Brown: Yep, your math tracks with mine. Correct. Operator: We will now move to our web questions. Evan Kasowitz: Thank you, operator. The first web question is from Ashok Mehta. Here are the updated plans and timeline for use of the significant excess capital. What type of ROE can the company as a whole generate when this excess capital is fully deployed? Joseph Brown: If you look at our current book of business, what we've tried to do is produce some supplementary statistics to GAAP, where we remove both the excess capital and the investment earnings on excess capital. Brian, why don't you give the update of where those numbers are currently? Brian Riley: Yes. So the adjusted ROEs, when you take out investment capital and really focus on pre-tax or after-tax operating income, is nearing 13%. Joseph Brown: And the second part of your question really is when does that occur? We have internal plans to utilize that capital through additional products and expansion of the products we're currently offering. I would expect it would be probably a 2, 2.5-year ramp-up to fully utilize all the excess capital with our current plans. Evan Kasowitz: Thank you. The next question is from Joel Straca. For the portion of your investment portfolio funded with shareholders' equity, do you expect one-year duration fixed income to beat actual, not reported, inflation? Would it make sense to own some energy or precious metal companies that would hedge inflation? What's your investment plan if the government represses short-term interest rates? Joseph Brown: That's a pretty complex question. We are ideally positioned to reallocate in almost any direction given the short duration of our portfolio. Our investment committee is driven by 3 of our board members and outside advisors, and they are continuing to be very opportunistic in the short term. I think I would agree with you as we're looking out over the future for the next 18 to 24 months, adding in some hedges against pure inflation and pressures is probably called for, and certainly I will make sure that's related to our investment committee. Operator: There are no further questions at this time. And I will now turn the call back over to Evan Kasowitz for the closing remarks. Please go ahead. Evan Kasowitz: Thank you, operator. This concludes our 2026 second quarter earnings call. We look forward to speaking with you about our third quarter 2026 results. Thank you. Operator: Ladies and gentlemen, this concludes today's call. We thank you for participating, and you may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Global Indemnity (GBLI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Global Indemnity Group, LLC? Here are five stocks we like better. Profitability improved: Second-quarter net income rose 8% to $11.1 million, while first-half net income more than doubled to $15.3 million. Accident-year underwriting income increased 3%, supported by 4% earned-premium growth and a 94.7% combined ratio. Growth was concentrated in reinsurance and collectibles: Valiant Re premiums surged 79% in the quarter, while Collectibles premiums rose 14%; however, Specialty products premiums fell 36%. Management still targets Belmont Core premiums about 15% above 2025 levels, requiring strong second-half growth. Investment and technology initiatives remain central: Investment income increased to $16.4 million, and the fixed-income portfolio’s book yield rose to 4.42%. Elevated technology spending is expected to decline as a percentage of premiums beginning in 2027, while Penn-America Pro remains targeted for a September launch. 5 Undervalued Stocks To Secure Your High Yield Portfolio Global Indemnity Group (NASDAQ:GBLI) reported second-quarter net income of $11.1 million, up 8% from $10.3 million a year earlier, as the insurer cited continued strength in loss performance, higher investment income and growth in several core businesses. For the first six months of 2026, net income totaled $15.3 million, compared with $6.4 million in the prior-year period. Chief Executive Officer Jay Brown said the company’s underlying insurance operating trends remained “strong and consistent” with results delivered over the past several years, while management continues to invest in technology platforms and new product initiatives. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Second-quarter accident-year underwriting income rose 3% to $5.8 million, supported by 4% growth in earned premiums. The company posted an accident-year combined ratio of 94.7%, while its loss ratio improved 1.8 points from the prior year to 53.8%, which Chief Financial Officer Brian Riley attributed to catastrophe loss ratio performance. For the first half, accident-year underwriting income increased 3% to $11.2 million and the accident-year combined ratio was 94.8%. Riley said the year-to-date comparison excludes the impact of California wildfires included in 2025 figures. → 3 Drone Stocks That Should Soar After the Summer Slump Operating expenses remained elevated as Global Indemnity builds products and technology capabilities on its Katalyx and Kaleidoscope platforms. The quarterly expense ratio was 40.9%, with Brown saying expenses were about 4.5 points above the company’s long-term target level. Brown said spending has reached a pivot point and should begin declining as a percentage of premiums. He expects operating expenses to accelerate lower during 2027, with more normal levels expected by the latter half of 2028. The company’s goal remains to return to an expense ratio of roughly 36 within two years, he said. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Belmont Core gross written premiums increased 7% year over year to $117 million in the second quarter. First-half Belmont Core premiums rose 3% to $214 million, although Brown said that pace remains below the company’s rolling growth targets. Growth was led by Valiant Re, the company’s assumed reinsurance operation, where second-quarter premiums rose 79% to $21.5 million. First-half Valiant Re premiums increased 43% to $32.7 million. Three new treaties were added during the quarter, bringing the number of in-force treaties to 22 as of June 30. Penn-America: Premiums rose 2% during the quarter after declining 5% in the first quarter. Management said it continues to maintain pricing and return standards in a more competitive excess-and-surplus market. Vacant Express: Premiums increased 6% to $13.1 million in the quarter and 5% to $24.5 million for the first half. Brown said the business no longer offers a California admitted property product. Collectibles: Premiums rose 14% to $4.8 million in the quarter and 13% to $9.4 million year to date, while continuing to produce what management described as strong underwriting results. Specialty products: Premiums declined 36% to $7.8 million in the quarter, primarily due to terminated products. Excluding terminated business, premiums across 11 ongoing programs were down 1%. Management said it expects full-year Belmont Core gross written premiums to finish about 15% above 2025 levels, despite modest first-half growth. Brown acknowledged that reaching that target would require strong double-digit premium growth in the second half, but said it remains a reasonable objective because of the varying growth rates among the company’s businesses. The company is also advancing new ventures in aging services and specialty casualty, with product-formation work expected to continue through year-end. Brown said both initiatives are intended to become medium-term growth opportunities. Global Indemnity said testing is substantially complete for Penn-America Pro, with a September launch still targeted. The next phase of the Kaleidoscope platform will focus on Vacant Express and Collectibles, while broader applications to new ventures and partner application-programming-interface connectivity are expected in 2027. Brown said Sayata, the company’s digital small-commercial insurance distribution platform, recorded an 8.5% increase in submissions during the first half, expanded carrier participation and launched Excess Cyber. Automation initiatives reduced Sayata’s average daily ticket volume by more than 22%, he said. On artificial intelligence, Brown said the company is training its employee population in AI skills and is seeing isolated efficiency gains. AI tools intended to support underwriting decisions and claims settlement assessments remain in development and testing. He said more significant underwriting applications are expected as Kaleidoscope is fully deployed across the company’s direct product capabilities during 2027. Second-quarter investment income was $16.4 million, compared with $14.7 million a year earlier. The result included a $2.3 million mark-to-market gain on limited partnership interests. Excluding limited partnership income, investment income was $14.1 million, down from $15.3 million in the prior-year quarter because of a higher allocation of the fixed-income portfolio to U.S. Treasuries. The fixed-income portfolio’s book yield rose to 4.42% as of June 30 from 4.27% at year-end 2025. The company reinvested $177 million of maturities at an average yield of 5.45%, compared with a 4.26% average yield on the maturing securities. Its fixed-income portfolio had an average duration of 1.08 years and an average credit quality of AA-. Riley said management is targeting a 4.9% fixed-income book yield by Dec. 31. The company expects to exit its remaining limited partnership investment, which Riley described as a global international equity fund with roughly $1 million remaining, by year-end. Global Indemnity ended the quarter with $302 million in discretionary capital. Brown said the company has internal plans to deploy that capital through additional products and expansion of current offerings, estimating a roughly 2.5-year ramp to fully utilize the excess capital. Management said adjusted return on equity, excluding excess capital and related investment earnings and focusing on after-tax operating income, was nearing 13%. Global Indemnity Group (NASDAQ: GBLI) is a specialty property and casualty insurance holding company headquartered in Princeton, New Jersey. Through its subsidiaries, the company focuses on underwriting commercial niche insurance products designed to meet the needs of small to mid-sized businesses and select specialty markets. Its approach centers on disciplined underwriting, customized policy structures and targeted distribution channels to address coverage gaps often underserved by standard carriers. The company's product portfolio encompasses surety and fidelity bonds, workers' compensation, general liability, commercial auto, professional liability and environmental liability. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Global Indemnity Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 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., Aug. 05, 2026 (GLOBE NEWSWIRE) -- 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: 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. 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]

This article first appeared on GuruFocus. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Global Indemnity Group LLC (NASDAQ:GBLI) reported a strong accident-year combined ratio of 94.7% for Q2 2026, generating $5.8 million in underwriting income, with a 1.8-point improvement in the loss ratio to 53.8%. The company is on track to achieve its full-year 2026 target of approximately 15% growth in Belmont Core gross written premiums, driven by strong performance in Valiant Re (up 79%) and Collectibles (up 14%). Investment income is benefiting from rising portfolio yields, with the book yield increasing to 4.42% and a target of 4.9% by year-end 2026, supported by reinvestment of maturities at higher rates. The company maintains a strong balance sheet with $302 million in discretionary capital and book reserves that remain solidly above current actuarial indications. Strategic investments in technology and AI are progressing, with the Kaleidoscope platform and new ventures (including agents, aging services, and specialty casualty) positioning the company for improved operating leverage and future growth. Global Indemnity Group LLC (NASDAQ:GBLI)'s expense ratio remains elevated at 40.9%, approximately 4.5 points above long-term targets, due to ongoing investments in technology platforms, with normalization not expected until the latter half of 2028. The broader E&S market is becoming increasingly competitive as admitted capacity expands and rate momentum moderates, pressuring growth in the Pan America business, which only returned to modest 2% growth after two quarters of declines. Specialty products experienced a significant decline of 36% in Q2 2026 gross written premiums, driven by terminated products, although ongoing programs were only down 1%. Investment income excluding limited partnerships declined to $14.1 million in Q2 2026 from $15.3 million in the prior year, due to a higher allocation of the fixed income portfolio to US Treasuries. The company has not changed its stance on using excess capital for share buybacks, and the timeline to fully deploy its significant discretionary capital is expected to take approximately 2.5 years, which may frustrate investors seeking near-term capital returns. Warning! GuruFocus has detected 1 Warning Sign with GBLI. Is GBLI fairly valued? Test your thesis with our free DCF calculator. Q: What are the updated plans and timeline for use of the significant excess capital, and what type of ROE can the company generate when this excess capital is fully deployed?A: Jay Brown (CEO) and Brian Riley (CFO) stated that on an adjusted basis, removing excess capital and its investment earnings, the pre-tax, after-tax operating ROE is nearing 13%. The company has internal plans to utilize the capital through additional products and expansion of current offerings, with a projected 2.5-year ramp-up period to fully deploy the excess capital. Q: Regarding the elevated expense ratio, what is the timing for it to return to normal levels? Is it a gradual occurrence in 2027 or a cliff event?A: Jay Brown (CEO) explained that expenses will accelerate rapidly during 2027, and the company expects to return to more normal levels by the latter half of 2028. He described it as an 8-quarter rollout, with changes becoming very clear as they progress through the year. Q: Can you confirm the expectation of 15% gross premium growth for 2026, given the modest growth in the first half?A: Jay Brown (CEO) confirmed that the company still believes it has a good shot at achieving 15% growth by year-end. He noted that despite modest first-half growth, the composition of different products growing at very different rates supports this target, implying strong double-digit premium growth in the second half of the year. Q: Are you using traditional or new AI in any areas of the business, such as claims, fraud detection, or underwriting?A: Jay Brown (CEO) stated that the entire employee population is being trained in AI skills, with isolated examples of significant efficiencies already gained. Larger programs for AI-assisted underwriting and claims settlement are in development and testing. Full deployment is expected after year-end when the Kaleidoscope platform is fully rolled out, with significant impacts anticipated as they move through 2027. Q: Can you explain the $2.3 million limited partnership adjustment mentioned in the quarter?A: Brian Riley (CFO) clarified that it was a fair value mark-to-market adjustment loss in the first quarter of $2.3 million that fully reversed in the second quarter, resulting in a zero net change for the year. The investment is in the Global International Fund, which is down to about $1 million, and the company expects to be completely out of it by the end of the year. Q: Has the board changed its mind about using excess capital to buy back shares?A: Jay Brown (CEO) responded that he is not aware of any change in the board's decision regarding share buybacks, indicating the company has not altered its stance on this matter. Q: Do you have any direct or indirect exposure to Middle East risks or the G3 ex exposure related to the Middle East conflict?A: Jay Brown (CEO) stated that to the best of their knowledge, the company is 100% domestic in the United States and has no exposure to the Middle East conflict. Q: For the investment portfolio funded with shareholders' equity, do you expect one-year duration fixed income to be actual, not reported inflation? Would it make sense to own energy or precious metal companies to hedge inflation, and what's the plan if the government represses short-term interest rates?A: Jay Brown (CEO) acknowledged the complexity of the question, noting the company is ideally positioned to reallocate in almost any direction given the short duration of the portfolio. He agreed that adding inflation hedges over the next 18-24 months is probably called for and will relay this to the investment committee, which is driven by three board members and outside advisers. Q: Regarding the elevated expense ratio, is the $41 million in acquisition costs and other operating expenses going to ramp up through 2027?A: Jay Brown (CEO) clarified that the company is at a pivot point where expenses have started to level off and will begin declining as a percentage. While acquisition costs may rise as a percentage due to more Valiant Re business, operating expenses will come down as a percentage of the total. The goal remains to get back to roughly the 36% range within a two-year period. Q: What is the current level of discretionary capital?A: Brian Riley (CFO) confirmed that discretionary capital, defined as consolidated equity in excess of that required to maintain the strongest rating agency levels, was $302 million as of June 30, 2026. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

WILMINGTON, Del., July 28, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (NASDAQ:GBLI) (“GBLI”) announced today that it will release its second quarter 2026 earnings results before market open on Wednesday, August 5, 2026. GBLI will hold an earnings call to discuss second quarter 2026 results on Wednesday, August 5, 2026 at 11:00 a.m. Eastern. The earnings call will be webcast on GBLI’s website at www.gbli.com. Investors and analysts interested in asking representatives of GBLI’s management questions regarding second quarter 2026 results may do so by dialing +1 (800) 715-9871 and using Conference ID 7112404 or by submitting written questions through the webcast. About Global Indemnity Group, LLC and its subsidiaries 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 Information 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.

WILMINGTON, Del., June 03, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (NASDAQ:GBLI) (“GBLI”) announced that its Board of Directors has approved a distribution payment of $0.35 per common share to be paid on June 29, 2026 to all shareholders of record as of the close of business on June 18, 2026. About Global Indemnity Group, LLC and its subsidiaries 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 Information 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.