Global Indemnity Group, LLC Reports Third Quarter 2025 Financial Results Highlighted by 54% Growth in Current Accident Year Underwriting Income and 19% Increase in Operating Income
WILMINGTON, Del.--( BUSINESS WIRE)--Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported financial results for the three and nine months ended September 30, 2025.
Third Quarter 2025 Consolidated Results and Business Highlights
Selected Consolidated Operating and Balance Sheet Information
(Dollars in millions, except per share data)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2025
2024
2025
2024
Select Operating Data:
Gross written premiums
$
108.4
$
99.8
$
313.8
$
294.0
Investment income
$
17.9
$
16.5
$
47.4
$
46.3
Annualized investment return
4.0
%
7.9
%
4.8
%
6.1
%
Underwriting income
$
10.0
$
5.8
$
5.3
$
14.6
Underwriting income, current accident year
$
10.2
$
6.6
$
5.4
$
15.3
Underwriting income, current accident year, excluding California Wildfires
$
10.2
$
6.6
$
21.2
$
15.3
Corporate expenses
$
7.8
$
5.9
$
24.9
$
18.7
Operating income
$
15.7
$
13.2
$
21.8
$
33.8
Operating income excluding California Wildfires
$
15.7
$
13.2
$
34.1
$
33.8
Net income available to common shareholders
$
12.4
$
12.7
$
18.5
$
33.9
Net income available to common shareholders excluding California Wildfires
$
12.4
$
12.7
$
30.9
$
33.9
Per Share Data:
Net income available to common shareholders per share
$
0.86
$
0.92
$
1.30
$
2.48
Net income available to common shareholders per share excluding California Wildfires
$
0.86
$
0.92
$
2.17
$
2.48
Operating income per share
$
1.08
$
0.95
$
1.51
$
2.45
Operating income per share excluding California Wildfires
$
1.08
$
0.95
$
2.38
$
2.45
Combined ratio analysis:
Loss ratio
50.1
%
54.9
%
58.8
%
56.0
%
Expense ratio
40.5
%
39.4
%
39.9
%
39.2
%
Combined ratio
90.6
%
94.3
%
98.7
%
95.2
%
Combined ratio, current accident year
90.4
%
93.5
%
98.7
%
95.0
%
Combined ratio, current accident year excluding California Wildfires
90.4
%
93.5
%
93.2
%
95.0
%
As of
September 30, 2025
As of
June 30, 2025
As of
March 31, 2025
As of
December 31, 2024
Select Balance Sheet Data:
Cash and invested assets, net
$
1,435.2
$
1,433.0
$
1,431.8
$
1,440.7
Total assets
$
1,734.1
$
1,720.6
$
1,713.6
$
1,731.3
Shareholders’ equity
$
704.1
$
695.3
$
687.1
$
689.1
Book value per share
$
48.88
$
48.35
$
47.85
$
49.98
Book value per share plus cumulative
dividends and excluding AOCI
$
57.62
$
56.78
$
56.08
$
58.14
Shares Outstanding (in millions)
14.3
14.3
14.3
13.7
Changes in Common Shareholders' Equity and Book Value per Share
(Dollars and shares in millions, except per share data)
Common
Shareholders'
Equity
Common
Shares
Book Value Per
Share
Balance at December 31, 2024
$
685.1
13.7
$
49.98
Net income
18.9
—
1.30
Fair value of fixed maturities
6.2
—
0.45
Stock compensation / share issuance (1)
5.2
0.6
(1.80
)
Dividends
(15.3
)
—
(1.05
)
Balance at September 30, 2025
$
700.1
14.3
$
48.88
(1) includes 550,000 class A common shares designated as class A-2 common shares issued on March 6, 2025 for services performed in connection with the Company’s internal corporate reorganization.
Segment Data for the Three and Nine Months Ended September 30, 2025 and 2024
Segment Income for the Three Months Ended September 30,
Agency and
Insurance
Services
Belmont Core
Belmont
Non-Core
Eliminations
Consolidated
(Dollars in millions)
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Revenues:
Net earned premiums
$
—
$
—
$
99.4
$
94.0
$
0.3
$
1.4
$
—
$
—
$
99.7
$
95.4
Commissions and fee income
15.0
—
—
0.3
0.1
0.1
(14.5
)
—
0.6
0.4
Total revenues
$
15.0
$
—
$
99.4
$
94.3
$
0.4
$
1.5
$
(14.5
)
$
—
$
100.3
$
95.8
Losses and expenses
Loss and loss adjustment expenses
$
—
$
—
$
52.7
$
51.4
$
(2.4
)
$
1.0
$
(0.4
)
$
—
$
49.9
$
52.4
Underwriting expenses
13.8
—
40.2
35.6
0.5
2.0
(14.1
)
—
40.4
37.6
Total losses and expenses
$
13.8
$
—
$
92.9
$
87.0
$
(1.9
)
$
3.0
$
(14.5
)
$
—
$
90.3
$
90.0
Underwriting income (loss)
$
1.2
$
—
$
6.5
$
7.3
$
2.3
$
(1.5
)
$
—
$
—
$
10.0
$
5.8
Segment Income for the Nine Months Ended September 30,
Agency and
Insurance
Services
Belmont Core
Belmont
Non-Core
Eliminations
Consolidated
(Dollars in millions)
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Revenues:
Net earned premiums
$
—
$
—
$
289.1
$
272.5
$
(1.0
)
$
12.3
$
—
$
—
$
288.1
$
284.8
Commissions and fee income
44.8
—
—
1.0
0.1
0.1
(43.3
)
—
1.6
1.1
Total revenues
$
44.8
$
—
$
289.1
$
273.5
$
(0.9
)
$
12.4
$
(43.3
)
$
—
$
289.7
$
285.9
Losses and expenses
Loss and loss adjustment expenses
$
—
$
—
$
175.2
$
151.4
$
(4.6
)
$
8.0
$
(1.0
)
$
—
$
169.6
$
159.4
Underwriting expenses
39.5
—
116.2
104.5
1.4
7.4
(42.3
)
—
114.8
111.9
Total losses and expenses
$
39.5
$
—
$
291.4
$
255.9
$
(3.2
)
$
15.4
$
(43.3
)
$
—
$
284.4
$
271.3
Underwriting income (loss)
$
5.3
$
—
$
(2.3
)
$
17.6
$
2.3
$
(3.0
)
$
—
$
—
$
5.3
$
14.6
Underwriting income (loss) excluding California Wildfires
$
5.3
$
—
$
13.4
$
17.6
$
2.3
$
(3.0
)
$
—
$
—
$
21.1
$
14.6
Segment Data for the Three and Nine Months Ended September 30, 2025 and 2024
(Dollars in thousands)
Segment Written Premiums
For the Three Months Ended September 30,
Belmont Core
Belmont Non-Core
Total
2025
2024
2025
2024
2025
2024
Direct written premiums
$
92,916
$
93,338
$
43
$
(40
)
$
92,959
$
93,298
Assumed written premiums
15,625
9,906
(215
)
(3,437
)
15,410
6,469
Gross written premiums
$
108,541
$
103,244
$
(172
)
$
(3,477
)
$
108,369
$
99,767
Net written premiums
$
105,708
$
100,712
$
(165
)
$
(3,535
)
$
105,543
$
97,177
For the Nine Months Ended September 30,
Belmont Core
Belmont Non-Core
Total
2025
2024
2025
2024
2025
2024
Direct written premiums
$
278,156
$
278,527
$
161
$
63
$
278,317
$
278,590
Assumed written premiums
38,593
19,317
(3,065
)
(3,946
)
35,528
15,371
Gross written premiums
$
316,749
$
297,844
$
(2,904
)
$
(3,883
)
$
313,845
$
293,961
Net written premiums
$
308,215
$
290,910
$
(2,894
)
$
(3,897
)
$
305,321
$
287,013
Direct Written Premiums Produced by Agency and Insurance Services Segment
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2025
2024
% Change
2025
2024
% Change
Wholesale Commercial
$
67,931
$
61,938
9.7%
$
201,888
$
186,870
8.0%
Vacant Express
11,341
11,219
1.1%
34,632
29,804
16.2%
Collectibles
5,087
4,471
13.8%
13,372
12,139
10.2%
Direct written premiums excluding Specialty Products
84,359
77,628
8.7%
249,892
228,813
9.2%
Specialty Products
8,557
15,710
(45.5%)
28,264
49,714
(43.1%)
Total direct written premiums
$
92,916
$
93,338
(0.5%)
$
278,156
$
278,527
(0.1%)
Assumed Written Premiums Produced by Belmont Segments
For the Three Months Ended
September 30,
%
For the Nine Months Ended
September 30,
%
2025
2024
Change
2025
2024
Change
Belmont Core
$
15,625
$
9,906
57.7%
$
38,593
$
19,317
99.8%
Belmont Non-Core
(215
)
(3,437
)
(93.7%)
(3,065
)
(3,946
)
(22.3%)
Total assumed written premiums
$
15,410
$
6,469
138.2%
$
35,528
$
15,371
131.1%
GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in thousands, except per share data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2025
2024
2025
2024
Gross written premiums
$
108,369
$
99,767
$
313,845
$
293,961
Net written premiums
$
105,543
$
97,177
$
305,321
$
287,013
Net earned premiums
$
99,670
$
95,413
$
288,132
$
284,806
Net investment income
17,911
16,488
47,400
46,319
Net realized investment gains (losses)
(3,994
)
(512
)
(3,731
)
540
Other income
611
372
1,568
1,074
Total revenues
114,198
111,761
333,369
332,739
Net losses and loss adjustment expenses
49,875
52,400
169,561
159,446
Acquisition costs and other underwriting expenses
40,415
37,553
114,837
111,790
Corporate expenses
7,844
5,923
24,872
18,679
Income before income taxes
16,064
15,885
24,099
42,824
Income tax expense
3,541
3,125
5,221
8,605
Net income
12,523
12,760
18,878
34,219
Less: preferred stock distributions
110
110
330
330
Net income available to common shareholders
$
12,413
$
12,650
$
18,548
$
33,889
Per share data:
Net income available to common shareholders
Basic
$
0.87
$
0.93
$
1.31
$
2.49
Diluted
$
0.86
$
0.92
$
1.30
$
2.48
Weighted-average number of shares outstanding
Basic
14,297
13,665
14,148
13,618
Diluted
14,358
13,801
14,223
13,684
Cash distributions declared per common share
$
0.35
$
0.35
$
1.05
$
1.05
Combined ratio analysis:
Loss ratio
50.1
%
54.9
%
58.8
%
56.0
%
Expense ratio
40.5
%
39.4
%
39.9
%
39.2
%
Combined ratio
90.6
%
94.3
%
98.7
%
95.2
%
GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
September 30, 2025
December 31, 2024
ASSETS
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,314,418 and $1,394,639; net of allowance for expected credit losses of $0 at September 30, 2025 and December 31, 2024)
$
1,309,379
$
1,381,908
Equity securities, at fair value
33,625
12,284
Other invested assets
19,084
29,413
Total investments
1,362,088
1,423,605
Cash and cash equivalents
75,360
17,009
Premium receivables, net of allowance for expected credit losses of
$3,476 at September 30, 2025 and $3,530 at December 31, 2024
75,870
75,088
Reinsurance receivables, net of allowance for expected credit losses
of $8,992 at September 30, 2025 and December 31, 2024
64,262
66,855
Funds held by ceding insurers
23,919
30,026
Deferred income taxes
17,947
22,459
Deferred acquisition costs
45,523
41,136
Intangible assets
17,000
14,103
Goodwill
4,820
4,820
Prepaid reinsurance premiums
3,661
3,320
Receivable for securities
—
52
Income tax receivable
6,071
825
Lease right of use assets
8,424
9,295
Other assets
29,143
22,660
Total assets
$
1,734,088
$
1,731,253
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses
$
761,681
$
800,391
Unearned premiums
200,941
183,411
Reinsurance balances payable
2,700
8,181
Payable for securities
2,227
—
Contingent commissions
5,606
6,826
Lease liabilities
8,922
10,371
Other liabilities
47,876
32,924
Total liabilities
$
1,029,953
$
1,042,104
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: 11,818,110 and 11,202,355, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class A common shares outstanding: 10,530,342 and 9,914,587, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively
—
—
Additional paid-in capital (1)
464,796
459,578
Accumulated other comprehensive income (loss), net of tax
(4,200
)
(10,410
)
Retained earnings (1)
272,231
268,673
Class A common shares in treasury, at cost: 1,287,768 and
1,287,768 shares, respectively
(32,692
)
(32,692
)
Total shareholders’ equity
704,135
689,149
Total liabilities and shareholders’ equity
$
1,734,088
$
1,731,253
(1)
Since the Company’s initial public offering in 2003, the Company has returned $644 million to shareholders, including $522 million in share repurchases and $122 million in dividends/distributions.
GLOBAL INDEMNITY GROUP, LLC
SELECTED INVESTMENT DATA
(Dollars in millions)
Market Value as of
(Unaudited)
September 30, 2025
December 31, 2024
Fixed maturities
$
1,309.4
$
1,381.9
Cash and cash equivalents
75.3
17.0
Total fixed maturities and cash and cash equivalents
1,384.7
1,398.9
Equities and other invested assets
52.7
41.7
Total cash and invested assets, gross
1,437.4
1,440.6
Receivable/(payable) for securities
(2.2
)
0.1
Total cash and invested assets, net
$
1,435.2
$
1,440.7
Total Pre-Tax Investment Return
For the Three Months Ended
September 30,
(Unaudited)
For the Nine Months Ended
September 30,
(Unaudited)
2025
2024
2025
2024
Fixed maturities
$
15.2
$
15.8
$
45.1
$
44.2
Equities
0.7
0.2
1.0
0.6
Limited partnerships
2.0
0.5
1.3
1.5
Net investment income
17.9
16.5
47.4
46.3
Net realized investment gains (losses)
(4.0
)
(0.5
)
(3.7
)
0.5
Net unrealized investment gains
0.6
12.8
7.8
18.8
Net realized and unrealized investment return
(3.4
)
12.3
4.1
19.3
Total investment return
$
14.5
$
28.8
$
51.5
$
65.6
Average total cash and invested assets
$
1,434.1
$
1,451.6
$
1,437.9
$
1,429.3
Total annualized investment return %
4.0
%
7.9
%
4.8
%
6.1
%
SUMMARY OF OPERATING INCOME
(Dollars and shares in thousands, except per share data)
For the Three Months Ended
September 30,
(Unaudited)
For the Nine Months Ended
September 30,
(Unaudited)
2025
2024
2025
2024
Operating income, net of tax (1)
$
15,663
$
13,162
$
21,810
$
33,790
Net realized investment gains (losses), net of tax
(3,140
)
(402
)
(2,932
)
429
Net income
$
12,523
$
12,760
$
18,878
$
34,219
Weighted average shares outstanding – diluted
14,358
13,801
14,223
13,684
Operating income per share – diluted (2)
$
1.08
$
0.95
$
1.51
$
2.45
(1)
Operating income, net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended September 30, 2025 and 2024 and $0.3 million for each of the nine months ended September 30, 2025 and 2024.
(2)
The operating income per share calculation is net of preferred shareholder distributions of $0.1 million for each of the three months ended September 30, 2025 and 2024 and $0.3 million for each of the nine months ended September 30, 2025 and 2024.
Note Regarding Operating Income
Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment gains (losses) and other unique charges not related to operations. Operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.
Reconciliation of non-GAAP financial measures and ratios
The tables below reconcile the non-GAAP financial measures or ratios, which excludes the impact of prior accident year adjustments and the California Wildfires, to its most directly comparable GAAP measure or ratio. The Company believes the non-GAAP financial measures or ratios are useful to investors when evaluating the Company's underwriting performance as trends in the Company's segments may be obscured by prior accident year adjustments and the California Wildfires. These non-GAAP financial measures or ratios should not be considered as a substitute for its most directly comparable GAAP measure or ratio and do not reflect the overall underwriting profitability of the Company.
For the Nine Months Ended
September 30,
(Dollars in thousands)
2025
2024
Consolidated current accident year underwriting income excluding California Wildfires
Underwriting income (1)
$
5,302
$
14,644
Effect of prior accident year
130
703
Current accident year underwriting income (2)
5,432
15,347
California Wildfires net losses and loss adjustment expenses
15,757
—
Current accident year underwriting income excluding California Wildfires (2)
$
21,189
$
15,347
Belmont Core underwriting income excluding California Wildfires
Underwriting income (loss) (1)
$
(2,345
)
$
17,616
California Wildfires net losses and loss adjustment expenses
15,757
—
Underwriting income excluding California Wildfires (2)
$
13,412
$
17,616
Consolidated underwriting income excluding California Wildfires
Underwriting income (1)
$
5,302
$
14,644
California Wildfires net losses and loss adjustment expenses
15,757
—
Underwriting income excluding California Wildfires (2)
$
21,059
$
14,644
Net income available to common shareholders excluding California Wildfires
Net income available to common shareholders (1)
$
18,548
$
33,889
California Wildfires net losses and loss adjustment expenses (net of tax) (3)
12,338
—
Net income available to common shareholders excluding California Wildfires (2)
$
30,886
$
33,889
Operating income excluding California Wildfires
Operating income (4)
$
21,810
$
33,790
California Wildfires net losses and loss adjustment expenses (net of tax) (3)
12,338
—
Operating income excluding California Wildfires (2)
$
34,148
$
33,790
Current accident year combined ratio excluding California Wildfires
Combined ratio (1)
98.7
%
95.2
%
Effect of prior accident year
—
(0.2
%)
Current accident year combined ratio (2)
98.7
%
95.0
%
Impact of California Wildfires
(5.5
%)
—
Current accident year combined ratio excluding California Wildfires (2)
93.2
%
95.0
%
(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 (loss) to net income (loss) which is the most directly comparable GAAP measure.
About Global Indemnity Group, LLC and its subsidiaries
Global Indemnity Group, LLC (NYSE: GBLI) is a publicly traded holding company with a diversified portfolio of property and casualty insurance-related entities.
Katalyx Holdings LLC includes:
Belmont Holdings GX, Inc. includes:
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.