GBLI
Global Indemnity GroupCDocument history
Earnings documents stored for GBLI.
Investor releaseQuarter not tagged2026-06-03Global Indemnity Group, LLC Announces Quarterly Distribution
GlobeNewswire
Global Indemnity Group, LLC Announces Quarterly Distribution
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 updat...
Investor releaseQuarter not tagged2026-05-06Global Indemnity Group Q1 Earnings Call Highlights
MarketBeat
Global Indemnity Group Q1 Earnings Call Highlights
Global Indemnity reported a strong underwriting quarter with a 94.9% combined ratio producing $5.5 million of underwriting profit and $8.3 million of operating income versus a $4.1 million loss a year earlier (excluding the prior-year California wildfire, operating income was up ~2%). Premiums were essentially flat as the competitive E&S market pressured growth—gross written premiums were $96.5 million versus $98.7 million—but management expects Belmont core gross premium growth of 15–20% for 2026 and sees wholesale commercial reaching high-single-digit growth by year-end. The investment portfolio remains defensive: a short-duration, high-quality fixed-income book with an average duration of ~one year and a book yield of 4.3%, generating $12.2 million net investment income after a recoverable $2.3 million partnership mark-to-market loss, and the company reported $290 million of discretionary capital. Interested in Global Indemnity Group, LLC? Here are five stocks we like better. 5 Undervalued Stocks To Secure Your High Yield Portfolio Global Indemnity Group (NASDAQ:GBLI) reported what Chief Executive Jay Brown described as a “clean and straightforward” first quarter of 2026, aided by the absence of a major catastrophe loss and supported by continued underwriting profitability and steady investment income from a short-duration fixed income portfolio. Brown said underlying insurance operating trends “stayed very strong and consistent” with results delivered over the past four years. The company posted an accident quarter combined ratio of 94.9%, producing $5.5 million of underwriting profit. Brown noted the performance was consistent with prior quarters, aside from the impact of the California wildfire in the year-ago period. → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook On the call, management also highlighted steady loss performance. The company reported a quarterly loss ratio of 54.8%, compared with 71.5% in the first quarter of 2025, which included the California wildfire. Chief Financial Officer Brian Riley said that excluding the wildfire, the 2026 loss ratio was “in line with 2025” as the company maintained underwriting discipline amid heightened competition. The expense ratio was 40%. The company reported operating income of $8.3 million, which excludes the after-tax impact of market losses on investments. That compared with a $4....
Investor releaseQuarter not tagged2026-05-05Global Indemnity: Q1 Earnings Snapshot
Associated Press
Global Indemnity: Q1 Earnings Snapshot
WILMINGTON, Del. (AP) — WILMINGTON, Del. (AP) — Global Indemnity PLC (GBLI) on Tuesday reported net income of $4.2 million in its first quarter. The Wilmington, Delaware-based company said it had net income of 29 cents per share. Earnings, adjusted for non-recurring costs and investment costs, were 57 cents per share. The insurance and reinsurance holding company posted revenue of $109.2 million in the period. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GBLI at https://www.zacks.com/ap/GBLI
Investor releaseQuarter not tagged2026-05-05Global Indemnity Group, LLC Reports First Quarter 2026 Financial Results
GlobeNewswire
Global Indemnity Group, LLC Reports First Quarter 2026 Financial Results
Operating Income of $8.3 Million and Current Accident Year Combined Ratio of 94.9% Demonstrate Continued Underlying Underwriting Profitability on 5.4% Growth in Net Earned Premiums WILMINGTON, Del., May 05, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (Nasdaq: GBLI) (the "Company") today reported financial results for the three months ended March 31, 2026. Operating income was $8.3 million, or $0.57 per share, compared to an operating loss of $4.1 million, or ($0.30) per share in 2025. Net income available to common shareholders was $4.1 million, or $0.29 per share, compared to a net loss of $4.1 million, or ($0.30) per share in 2025. Current accident year underwriting income increased to $5.5 million in 2026, growth of 4% over 2025 excluding the California Wildfires, with a 54.8% loss ratio and a 94.9% combined ratio. Pretax Adjusted Operating Contribution of $20.0 million and Adjusted Return on Equity of 12.5% were in line with prior year. Highlights of Consolidated Results for the Three Months Ended March 31, 2026 As-Reported Operating Performance Operating income of $8.3 million, or $0.57 per share, compared to an operating loss of $4.1 million, or ($0.30) per share, in 2025. Net income available to common shareholders of $4.1 million, or $0.29 per share, compared to a net loss of $4.1 million, or ($0.30) per share, in 2025. Both measures for 2025 included $12.2 million of after-tax loss from the January 2025 California Wildfires ("California Wildfires"). Calendar year combined ratio improved 16.6 points to 95.1% compared to 111.7% in 2025, driven primarily by the impact of the California Wildfires in 2025. The loss ratio remains strong at 54.8% driving underwriting income. Operating Performance (excluding California Wildfires) Current accident year underwriting income grew 4% to $5.5 million compared to $5.3 million in 2025 supported by 5.4% growth in net earned premiums to $98.4 million. Current accident year combined ratio of 94.9% was in line with 94.8% in 2025 reflecting stable underlying loss experience and a stable expense ratio. Operating income of $8.3 million, or $0.57 per share, compared to $8.1 million, or $0.57 per share, in 2025. Investment Results Net investment income of $12.2 million compared to $14.8 million in 2025 reflecting a $2.3 million market value decline on a single limited partnership position for which the Company expe...
TranscriptFY2026 Q12026-05-05FY2026 Q1 earnings call transcript
Earnings source - 57 paragraphs
FY2026 Q1 earnings call transcript
Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Global Indemnity Group First Quarter 2026 Earnings Call. My name is Angela, and I will be your Conference Operator today. I'd like to remind everyone that this call is being recorded and that all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Evan Kasowitz, Chief Operating Officer of Global Indemnity Group. Please go ahead.
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.
Thank you, Evan. Good morning, and thanks for joining us for GBLI's First Quarter 2026 Results Conference Call. Joining me today are Evan Kasowitz, Chief Operating Officer of GBLI and President of Belmont Holdings, and Brian Riley, GBLI's Chief Financial Officer. As usual, I'll start with a quick overview of the quarter, what stood out in the results, and what we're seeing in our longer-term trends. Brian will walk through the key financial and operating highlights. After that, we'll open it up for your questions. It's always nice to report solid first quarter results in the spring, especially in a year without a major catastrophe loss. I would add it's also nice to have a very clean and straightforward story this quarter. Essentially, what you see is what you get.
This quarter, our underlying insurance operating trends stayed very strong and consistent with what we've delivered over the last four years. Our accident quarter combined ratio was 94.9%, producing an underwriting profit of $5.5 million. That quarterly underwriting result is in line with what you've seen from us over each of the past 12 quarters, with the exception of the California wildfire a year ago. If you exclude the wildfire, the year-over-year comparison is essentially unchanged, 94.9% this year versus 94.8% in the first quarter of last year. On investments, our short-duration bond portfolio generated $14.5 million of net investment income. We also recorded a short-term market value loss of $2.3 million from a small investment partnership.
Altogether, that produced total net investment income of $12.2 million, down from $14.8 million in the prior year quarter. Brian will go into more detail on the portfolio, but I'll just add this. We are still positioned very defensively with an extremely short duration, about one year, comprised of very high-quality fixed income holdings. In today's uncertain global economic environment, I'm comfortable with that posture, and we'll be ready to redeploy into a more attractive long-term portfolio when conditions settle down. The other environmental dynamic emerging this quarter is the drop in available business in the overall E&S market. This presents additional challenge for growth in a market that is flat or shrinking. As we noted in the press release, overall reported premium growth was essentially flat versus the first quarter of last year.
The main driver was wholesale commercial, where premiums declined by $3.4 million, from $64.9 million to $61.5 million, down 5.2%. This decline offset the growth we saw in Vacant Express, Collectibles Insurance Services, assumed reinsurance, now newly branded as Valian Re, and Specialty Products. As I mentioned last quarter, the wholesale commercial results were driven by a clear shift in pricing competition in the E&S wholesale space, both from our E&S peers and from the admitted market reentering the property segments in a significant way.
Given where we play at the very small end of the wholesale commercial market, the crossover competition from the admitted market comes into play very quickly as the market turns. Reflecting on the past several quarters, while underwriting and pricing discipline remain my absolute priority, it's clear we didn't react fast enough to increase competition, particularly in the property segments where our loss results have been outstanding. I am encouraged that our wholesale commercial month-over-month written premium comparisons have improved through the first four months of the year, with April now flat against last year.
A few comments on our Kaleidoscope technology platform. Because our last call was less than two months ago, there isn't a major update on our investment. The good news is that the core cloud-based full cycle policy administration platform development is now virtually complete, and most of the remaining work has shifted to bringing wholesale commercial, Vacant, and Collectibles onto the platform. As we noted last quarter, we remain confident that all three existing direct product groups will be fully integrated and operating by year-end. Just as importantly, we'll be ready to extend this same platform to the new product teams we've begun recruiting.
After three years of significant IT investment and a renewed focus on our long-term core business, it can be easy to lose sight of how far we've come. Our unrelenting commitment to underwriting excellence has produced an exceptionally attractive book of in-force business.
As the year progresses, we expect the business rationale for our organizational realignment last year and the three-year digital transformation to continue to have a clear driving impact on our results. Stepping back, we remain satisfied with the solid underlying profitability of the business, driven by excellent loss results. Although expenses are still running roughly four points above our long-term targets. Optimizing our operational structure to leverage the technology investment of the last few years, combined with the ability to rapidly expand our product offerings, will be the major tactical objective over the next seven quarters.
Looking ahead, based on the work we've done to improve the delivery of our products, coupled with the discipline to shed business that didn't meet our underwriting criteria, we continue to feel strongly that despite how we started the year, Belmont core gross premium should grow in the 15%-20% range for the full year 2026. Let me repeat that. We do expect growth in the 15%-20% level by the time we reach year-end. Finally, in closing, I'll reiterate a point that I've made in the past. I have a high level of conviction in the quality of our core business, and I'm confident we're well-positioned to continue delivering substantial value to our owners. With that, I'll turn it over to Brian.
Thank you, Jay. Operating income, which excludes after-tax impact of market losses on investments, was $8.3 million, compared to a loss of $4.1 million last year. Excluding the 2025 California wildfires, operating income of $8.3 million was up 2% compared to $8.1 million in 2025. As for the investment component, excluding impact to mark-to-market adjustments, investment income was down slightly to $14.5 million in 2026 compared to $14.8 million in 2025. The mark-to-market adjustments include impact from a $2.2 million loss on equities and a $2.3 million market value loss on a limited partnership interest in the first quarter, for which a full recovery will be recorded in the second quarter.
Since we record results of our limited partnerships on a one-quarter lag, we are certain of the recovery. The overall investment portfolio is down about $30 million, driven by market value declines from the portfolio that are expected to recover, and the expected first quarter operating cash flow, which includes a decline in loss reserves driven by runoff of our Belmont non-core reserves. The current book yield on the fixed income portfolio was 4.3%, with an average duration of approximately one year as of March 31st, almost unchanged since year-end, as the majority of the reinvested assets during the quarter were in U.S. Treasuries. The average credit quality of the fixed income portfolio remains at double A-minus. Actually, our underwriting income increased by 4% to $5.5 million, driven by growth in earned premiums and a steady combined ratio of 94.9%.
Our loss ratio for the quarter remained strong at 54.8%, driven by both non-catastrophe and catastrophe performance compared to 71.5% in 2025. Excluding the 2025 California wildfires, the loss ratio of 54.8% is in line with 2025 as we continue to maintain disciplined underwriting amidst the competitive nature of the market that Jay mentioned. The expense ratio remains at 40%. Turning to premiums.
Gross written premiums was $96.5 million compared to $98.7 million in 2025. As Jay mentioned, excluding terminated projects, gross written premiums were basically flat. Let me add a little color at the divisional level. Our wholesale commercial business, Penn-America, which focuses on Main Street small business, was down 5% for the first quarter. This reflects maintaining pricing and return standards amidst the competitive market, property market that Jay mentioned. For the first quarter, our property rate change overall was flat, and the loss ratios remained strong. Further, we continue to adjust our products to grow the business with a goal of maintaining our loss ratio. All the other divisions experienced growth for the quarter. Collectibles was up 13%, and Vacant Express was up 5%, driven by continued agency expansion.
Valian Re's assumed gross written premiums grew 3% to $11.2 million. Specialty Products was up 2% overall and up 21% excluding terminated project products. In closing, I have four key takeaways for you. One, although we're 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 experience for the last three accident years. Two, our investment portfolio remains positioned to invest in longer duration maturities at higher yields. Three, booked reserves remain solidly above our current actuarial indications. Four, discretionary capital, which we consider to be the amount of consolidated equity in excess of that amount required to maintain the strongest levels with our rating agencies, is $290 million at March 31, 2026. Thank you. We will now take your questions.
Your first question comes from the line of Tom Kerr with Zacks SCR. Your line is now open.
Good morning, guys. Just a little more color on the decline in the E&S markets and the increased competition. What is the visibility on that? I might have missed this. You're still expecting strong double-digit growth the last half of the year. Does that mean it's over, or what am I missing?
No, I think you haven't missed anything. It's a little bit about mixing two different attributes. When we look at the E&S market in terms of both what we saw in the fourth quarter and some of the earlier reports in the first quarter, plus what we've seen from the stamping offices, it's clear that the E&S market has stopped expanding at this point in time. That's we're looking at three or four different indicators to draw that conclusion. In terms of where we are, it has to do with our mix and the growth in different divisions and how they're affected by competition. We would expect our, as I said, and I've tried to say it very clearly, I believe that based on our current mix and our plans for the year, that we'll see 15%-20% overall growth.
In terms of the segment that's most affected by that direct competition in wholesale commercial, we were down in the first quarter, we're flat in April, and we expect we'll probably be in the high single digits growth by year-end for that division. The combination of all those things, particularly some extra growth that we expect because of the addition of additional product capabilities in our assumed reinsurance, we think we'll get into that 15%-20% range. Yes, it is contradictory to say the market's getting harder and we're still gonna be growing at a pretty good rate, but those are the reasons that we believe that to be the case.
Got it. That makes sense. One more big picture one on, I don't know if you can talk about this, but is there any concerted effort to reduce overall exposure in California? Just thinking of all the craziness in the insurance market there.
Is it crazy? That's a good word for it. I have lots of...
A little bit.
... Lots of four-letter words. No, I think the issue for us is we try and pick our spaces in California. Mid last year, we flipped out of the admitted market into the non-admitted market for our Vacant product. The reality of that was just simply we could not get the rate increases we had needed for 2.5 years in that case. What's happened, unfortunately, as a result of that, because other players continue to offer a competitive, excuse me, an admitted product in that space, what we're seeing is that our drop in volume in that sector, Vacant Express, is very substantial. Yeah, we're essentially out of the homeowners market. The only remaining exposure we have is really in our wholesale commercial book and to a certain extent, obviously in our collectible book.
Got it. Thanks. I'll get back in line.
Your next question comes from the line of Ross Haberman with RLH Investments. Your line is now open.
Morning, Jay. Jay, how are you today?
I'm good.
I just have a couple of quick numbers questions. Could you address-- You said you had a temporary reduction, I guess, in one of your funds, and you expected it to rebound or get out of it in the fourth quarter. Could you talk a little bit about that? The realized loss, the $2.2 million, was that connected to, I think some of the BDCs you talked about in the last quarter? If not, what did you end up doing with your private private debt exposure? Thank you.
Yes. For starters, on the limited partnership, one of the partnerships has an equity interest that declined $2.3 million during the quarter. You know, we book that on a one-quarter lag, so we know today, based on the results, that that will recover in second quarter. As far as the realized losses, that is related to the equities, that $2.2 million. $1.2 million in that is mark-to-market, which has recovered as of today. $1 million was actually realized.
Okay. Any further exposure to private debt or private debt funds? What are your thoughts about that today?
No, no further exposure.
Okay. Thank you. Sorry, there was just one last question. The stock issuance, I think it was about 20,000 shares, I believe it was. Sorry, I think it was like 200,000 shares. Is that correct?
That is correct. It was 230,000 shares.
Was that option related or?
Yeah
Could you shed some light on that?
Let me give you some color on that. We have been looking at what were the appropriate tools for long-term retention awards, and we've been studying that for the past year or two, trying to come up with a security that worked to create incentives to stay, but also minimize expense until there was value created. We came up with these A-2 shares, some of which were granted to Fox Paine last year. The shares that were granted in the first quarter to a select group of employees, I think there were 10 or 12 people who received the shares, are designed. They are also A-2 shares. They're non-dividend paying, so there's no economic cost, real economic cost immediately. They only have value when a combination of two things occur.
One is when there's a change in control and that the employee is still with us. The reality is it's a very strong option-type tool that only has value when there's a change in control. We felt that that was an important thing to have in place long term. As I said, we spent a better part of a year looking at the right way to construct that, finally got it done and went ahead and granted those awards in the first quarter.
Will there be more granted over the coming year, over fiscal 2026?
I do not expect there to be any material additions. There obviously would be if somebody left and we hired somebody new or promote somebody new into the spot, we would probably grant a replacement grant of a similar magnitude. Other than that, we don't expect any this year.
Okay. Thank you. Thanks, guys. The best of luck.
Your next question comes from the line of Tom Kerr with Zacks SCR. Your line is now open.
Just a quick follow-up on interest rates. When we saw the spike in rates with the Middle East conflict, can you guys move quickly enough to take advantage of that, or do you look for more stability, or how does that work?
No, it wasn't substantial enough to make a fundamental change in our portfolio. I think like most people, you know, those kind of spikes, if you're a trader, you can take advantage of it quickly. If you're a long-term investor, it's hard to market time on a single event like that.
Got it. That's what I was thinking. Okay, thanks. That's all I have.
We will now move to our web questions to be taken by Evan Kasowitz. You may proceed.
Thank you, Angela. We have two webcast questions which I will read. First one from Andrew: Does the slowdown in industry pricing and company premium growth change your share buyback calculus?
The answer to that is no, at least for this year. Our view is that we're going to utilize some of our excess capacity by growth during the course of 2026. Should that not occur, I assume that our board will carefully reevaluate our current stance on investing in the business.
Thank you. The other question came from Joel Straka. There's a few parts to it, but most of that has been addressed previously. The one part which I will read is: Bill Ackman's Howard Hughes is acquiring Vantage for 1.4 times book value with the investment thesis that Ackman can improve the ROE by improving the investment returns, and that P&C insurers that generate a 15%-20% return on equity should be traded near two times book value. You're currently trading your half book value with enormous excess capital invested in short-term fixed income in a softening insurance market. I appreciate conservatism in the current market environment, is the real opportunity here following Berkshire, Fairfax, and others and focusing on investing?
It's a good question. We do believe that long-term, fundamentally, a well-run property casualty insurer should generate at least half of the expected return, and that the float properly invested will cover the other half to get you that 15%-20%. I think for us, at this point in time, in terms of going through, a careful retuning of our existing business to get it back to core principles, it was not a good time to add investment risk at that same time.
Now that we've got an incredibly solid, stable platform of business that we can grow organically and through adding new teams and new products, now is the time that I think over the next 12 to 24 months that the board will have to take a longer look at a more attractive, yielding investment portfolio for the company. Yeah, I concur with the observation that a well-run company with a good investment return can generate pretty good returns and hit a two times book value.
That's it.
There are no further questions at this time. With that, I will turn the call back over to Evan Kasowitz for closing remarks. Please go ahead.
Thank you. This concludes our 2026 First Quarter Earnings Call. We look forward to speaking with you about our Second Quarter 2026 Results.
Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect.
Investor releaseQuarter not tagged2026-04-29Global Indemnity Group Q1 2026 Earnings Release & Conference Call
GlobeNewswire
Global Indemnity Group Q1 2026 Earnings Release & Conference Call
WILMINGTON, Del., April 28, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (NASDAQ:GBLI) (“GBLI”) announced today that it will release its first quarter 2026 earnings results before market open on Tuesday, May 5, 2026. GBLI will hold an earnings call to discuss first quarter 2026 results on Tuesday, May 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 first quarter 2026 results may do so by dialing +1 (800) 715-9871 and using Conference ID 6561961 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 a...
Investor releaseQuarter not tagged2026-03-19Improved Underwriting Results and Strong Core Premium Growth at GBLI Support Price Target of $49.00
Zacks Small Cap Research
Improved Underwriting Results and Strong Core Premium Growth at GBLI Support Price Target of $49.00
By Thomas Kerr, CFA NASDAQ: GBLI READ THE FULL GBLI RESEARCH REPORT Full Year 2025 Financial Results Global Indemnity Group (NASDAQ: GBLI) reported 2025 financial and operating results, which showed solid accident-year underwriting income growth. Current accident year underwriting income increased 73.9% to $32.7 million from $18.8 million in the prior year period (excluding California wildfires). The current accident year underwriting income as reported was $16.9 million. As a reminder, losses from the California wildfires were approximately $15.7 million (pre-tax). For 2025, Belmont Core gross written premiums were$401.4 million compared to $400.0 million in 2024. Excluding terminated products in 2024, Belmont Core gross written premiums grew 9.2%. Operating income (non-GAAP) was $40.2 million in 2025 compared to $42.9 million in 2024 (excluding California wildfires). The decline was primarily due to higher corporate expenses resulting from increased personnel and professional costs for the build-out of Katalyx, as well as merger & acquisition activity. Net income for the year was $24.9 million, or $1.75 per share, compared to $42.8 million, or $3.12 per share in 2024. This decline reflects the $12.0 million, or $0.84 per share, after-tax impact of the California wildfire losses. Net investment income was $62.7 million, which was roughly flat from $62.4 million in 2024. Fixed maturities income was flat at $59.5 million in both years, reflecting a stable portfolio duration and reinvestment activity that offset small yield changes. The income-generating core of the portfolio remains stable with an average 1.0-year duration and average AA- rated bond portfolio. Total investment return was $67.0 million, or 4.7%, compared to $78.3 million, or 5.5%, in 2024. The year-over-year decline is the result of lower net unrealized gains ($8.0 million versus $15.4 million) and net realized losses of $3.7 million versus gains of $0.5 million in 2024, both mark-to-market items that do not affect recurring investment income. Average invested assets were $1.43 billion for the year. Book yield on the investment portfolio was 4.4% at the end of 2025. As a result of the current low duration on fixed income securities (approximately 1.0 year), the company has a large amount of investments maturing throughout the rest of 2026 that can be reinvested in longer duration maturities to...
Investor releaseQuarter not tagged2026-03-11Global Indemnity (GBLI) Earnings Call Transcript
Motley Fool
Global Indemnity (GBLI) Earnings Call Transcript
Image source: The Motley Fool. Tuesday, March 10, 2026 at 11 a.m. ET Chief Executive Officer — Jay Brown Chief Financial Officer — Brian Riley President — Evan Kasowitz Jay Brown: Good morning, and thank you for joining us for the Global Indemnity Group, LLC Year End 2025 Results Conference Call. With me today are Evan Kasowitz and Brian Riley, our Chief Financial Officer. Following our usual format, I will first provide an overview of my assessments of both the fourth quarter and the full year's results. Then our CFO, Brian Riley, will provide the highlights of our financial and operating results. Following Brian's comments, we look forward to your questions. This quarter’s results continued a very strong underlying positive insurance operating trend that we have seen for the last several quarters. Our accident quarter combined ratio of 89.3% produced an underwriting profit of $11 million, a very nice increase over the 96.6% we recorded in the fourth quarter last year. This was our first sub-90% quarterly accident year combined ratio in the past several years, reflecting both exceptional property results for non-cat losses and solid casualty results. Our short-duration investment portfolio delivered acceptable net investment income results at $15.3 million, down a tad from the prior period of $16.1 million. As Brian will provide more details on the investment portfolio, I would just observe that we are sitting at an extremely short duration of one year with very high-quality fixed income investments. Given where we are in a very uncertain world today, I am personally happy that we are playing defense and have the ability to redeploy into a more attractive portfolio once things settle down. As we noted in our press release, excluding the largest-ever California wildfire loss that we experienced in the first quarter, our quarterly year-to-date accident results improved each quarter, with a sequence of 94.8%, 94.7%, 93.2%, and 92.2% for the full year. Even including the wildfire losses that occurred in the first quarter, we still had an okay full-year accident result of 96.2%. I would also note that we did make a modest adjustment to prior-year loss reserves in the fourth quarter of $9 million. That is about 1.2% of year-end carried reserves. The adverse development continues, as it has over the past few years, to be largely attributed to the accident years 20...
Investor releaseQuarter not tagged2026-03-11Global Indemnity Group Q4 Earnings Call Highlights
MarketBeat
Global Indemnity Group Q4 Earnings Call Highlights
Global Indemnity posted strong Q4 underwriting improvement with a 89.3% combined ratio and an underwriting profit of $11 million, though a large California wildfire in Q1 produced a $15.7 million underwriting loss and an adverse prior‑year reserve adjustment of $9 million. Core Belmont premium growth was healthy (about 9%) and assumed reinsurance jumped 77%, but overall premium growth was flat as management trimmed underperforming programs and Penn‑America decelerated to 3% amid heavier E&S competition; the company expects Belmont Core to grow 15–20%+ in 2026 despite headwinds. Investment income stayed steady (~$62.7 million) with a short‑duration, high‑quality portfolio (≈1 year, 4.4% yield), while corporate expenses rose (~$6 million) for a multi‑year tech overhaul and are expected to remain elevated through 2026; discretionary capital was $284 million and management favors deploying it into the business and M&A over buybacks. Interested in Global Indemnity Group, LLC? Here are five stocks we like better. 5 Undervalued Stocks To Secure Your High Yield Portfolio Global Indemnity Group (NASDAQ:GBLI) executives highlighted improving underwriting performance and steady investment income during the company’s year-end 2025 earnings call, while also acknowledging elevated expenses tied to a multi-year technology overhaul and a more competitive pricing environment in parts of the excess and surplus (E&S) market. Chief Executive Joseph W. Brown said fourth-quarter results extended “very strong underlying positive insurance operating trends” seen over recent quarters. The company posted a fourth-quarter combined ratio of 89.3, producing an underwriting profit of $11 million. Brown noted the result compared with a 96.6% combined ratio in the fourth quarter of the prior year and marked the company’s “first sub 90% quarterly accident year combined ratio in the past several years.” → Microsoft Positioned to Win AI Race With Dual-Model Strategy Brown attributed the quarter’s performance to “exceptional property results for non-cat losses and solid casualty results.” Management repeatedly pointed to a large California wildfire loss in the first quarter as a major factor in 2025 results. Chief Financial Officer Brian Riley said the event resulted in $15.7 million of underwriting loss, adding 4 points to the combined ratio and producing a $12 million after-tax loss. → Why T...
Investor releaseQuarter not tagged2026-03-11Global Indemnity Group LLC (GBLI) Q4 2025 Earnings Call Highlights: Strong Underwriting ...
GuruFocus.com
Global Indemnity Group LLC (GBLI) Q4 2025 Earnings Call Highlights: Strong Underwriting ...
This article first appeared on GuruFocus. Accident Quarter Combined Ratio: 89.3%, producing an underwriting profit of $11 million, improved from 96.6% in the previous year. Net Investment Income: $15.3 million, slightly down from $16.1 million in the prior period. Full Year Accident Year Combined Ratio: 96.2%, including California wildfire losses. Operating Income: $40.2 million, compared to $42.9 million in 2024, excluding unrealized losses on equity securities. Investment Income: $62.7 million, up from $62.4 million in 2024, with an average yield of 4.4%. Corporate Expenses: Increased by $6 million due to personnel costs and professional fees. Calendar Year Underwriting Income: Increased by $5 million, with a combined ratio improvement to 94.6% from 95.6% in 2024. Belmont Core Gross Written Premiums: $401 million, up 9% from $367 million in 2024, excluding terminated products. Penn-America Gross Written Premiums: $256 million, up 3% for the year. Collectibles Gross Written Premiums: Increased by 8% for the year. Vacant Express Gross Written Premiums: Increased by 16% for the year. Assumed Reinsurance Gross Written Premiums: Grew 77% to $45 million. Discretionary Capital: $284 million at year end. Warning! GuruFocus has detected 3 Warning Sign with GBLI. Is GBLI fairly valued? Test your thesis with our free DCF calculator. Release Date: March 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Global Indemnity Group LLC (NASDAQ:GBLI) achieved an accident quarter combined ratio of 89.3%, marking their first sub-90% quarterly accident year combined ratio in several years. The company reported an underwriting profit of $11 million, a significant improvement from the previous year's fourth quarter. GBLI's core Belmont business experienced a 9% growth, driven by a 77% increase in their assumed reinsurance book. The company has made significant progress in its digital transformation, with 98% of data center servers moved to a cloud configuration. GBLI's investment portfolio remains high-quality with an average credit quality of AA- and a steady yield of 4.4%. The company's net investment income decreased slightly to $15.3 million from $16.1 million in the prior period. GBLI experienced a major drop in new business submissions in the Penn-America Wholesale segment, resulting in weak fourth-quarter performan...
Investor releaseQuarter not tagged2026-03-10Global Indemnity: Q4 Earnings Snapshot
Associated Press Finance
Global Indemnity: Q4 Earnings Snapshot
WILMINGTON, Del. (AP) — WILMINGTON, Del. (AP) — Global Indemnity PLC (GBLI) on Tuesday reported net income of $6.5 million in its fourth quarter. The Wilmington, Delaware-based company said it had net income of 44 cents per share. The insurance and reinsurance holding company posted revenue of $116.7 million in the period. For the year, the company reported profit of $25.3 million, or $1.75 per share. Revenue was reported as $450.1 million. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GBLI at https://www.zacks.com/ap/GBLI
Investor releaseQuarter not tagged2026-03-10Global Indemnity Group, LLC Reports Full Year 2025 Financial Results
GlobeNewswire
Global Indemnity Group, LLC Reports Full Year 2025 Financial Results
Accident Year 2025 Underwriting Profitability Improves Across Every Quarter; Current Accident Year Combined Ratio Excluding California Wildfires Reaches 92.2% WILMINGTON, Del., March 10, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (Nasdaq: GBLI) (the "Company") today reported financial results for the twelve months ended December 31, 2025. The year was defined by two distinct narratives: a significant California Wildfire loss event in January 2025, and a steady, quarter-by-quarter improvement in underlying underwriting performance that continued through year end. Net losses from the California Wildfires totaled $15.7 million pre-tax ($12.0 million after-tax). Excluding this event, the Company's current accident year combined ratio improved in each successive period throughout 2025, reaching 92.2% for the full year compared to 95.4% in 2024.This improvement drove a 17.5% increase in Pretax Adjusted Operating Contribution to $95.4 million in 2025 from $81.2 million in 2024 and contributed to a higher Adjusted Return on Equity of 14.7% in 2025 compared to 12.7% in 2024. Highlights of Consolidated Results for the Twelve Months Ended December 31, 2025 Operating Performance (Excluding California Wildfires) The current accident year combined ratio excluding California Wildfires improved in each period throughout 2025, reaching 92.2% for the full year compared to 95.4% in 2024 — an improvement of 3.2 points. The progression was: 94.8% for 1st quarter, 94.7% for 1st half, 93.2% for 1st nine months, and 92.2% for the full year. Current accident year underwriting income excluding California Wildfires reached $32.7 million for the full year, compared to $18.8 million in 2024. This measure improved every period throughout 2025: Flat for the 1st quarter, +25% at for 1st half, +38% at nine months and +74% for the full year, reflecting sustained improvement in loss experience. Operating income excluding California Wildfires was $40.2 million, or $2.79 per diluted share, compared to $42.9 million, or $3.10 per share in 2024. Elevated corporate expenses were the primary driver of the year-over-year difference resulting from increased personnel costs and professional fees for the build-out of Katalyx and mergers & acquisition activity. As-Reported Operating Performance Operating income was $28.2 million, or $1.95 per diluted share, compared to $42.9 million, or $3.10...