We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Global Indemnity Group LLC | NYSE:GBLI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.599 | -1.93% | 30.38 | 31.415 | 30.38 | 30.80 | 2,684 | 15:58:06 |
Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net income available to shareholders of $11.3 million for the three months ended March 31, 2024 compared to $2.4 million for the same period in 2023.
Highlights for the 1st quarter of 2024
Consolidated Selected Operating and Balance Sheet Information
(Dollars in millions, except per share data)
For the Three Months Ended
March 31,
2024
2023
Net income available to shareholders
$
11.3
$
2.4
Net income available to shareholders per share
$
0.82
$
0.17
Adjusted operating income
$
10.7
$
3.7
Adjusted operating income per share
$
0.77
$
0.26
Underwriting income (loss)
$
5.3
$
(1.1
)
Investment income
$
14.5
$
12.0
Gross written premiums
$
93.5
$
123.0
Combined ratio analysis:
Loss ratio
55.3
%
62.8
%
Expense ratio
39.6
%
38.2
%
Combined ratio (1)
94.9
%
101.0
%
As of March 31,
As of December 31,
2024
2023
Book value per share (2)
$
48.18
$
47.53
Book value per share plus cumulative dividends and excluding AOCI
$
56.00
$
55.22
Shareholders’ equity (3)
$
659.5
$
648.8
Cash and invested assets (4)
$
1,417.3
$
1,390.4
Shares Outstanding (in millions)
13.6
13.6
(1) The loss ratio, expense ratio and combined ratio are GAAP financial measures that are generally viewed in the insurance industry as indicators of underwriting profitability. The loss ratio is the ratio of net losses and loss adjustment expenses to net earned premiums. The expense ratio is the ratio of acquisition costs and other underwriting expenses to net earned premiums. The combined ratio is the sum of the loss and expense ratios.
(2) Net of cumulative Company distributions to common shareholders totaling $6.35 per share and $6.00 per share as of March 31, 2024 and December 31, 2023, respectively.
(3) Shareholders’ equity includes $4 million of series A cumulative fixed rate preferred shares.
(4) Including receivable for securities matured.
Business Highlights for the Three Months Ended March 31, 2024 and 2023
(Dollars in millions)
Select Underwriting Income Results
For the Three Months Ended March 31,
Penn-America
Non-Core Operations
Consolidated
2024
2023
2024
2023
2024
2023
Revenues:
Gross written premiums
$
94.0
$
95.4
$
(0.5
)
$
27.6
$
93.5
$
123.0
Net written premiums
$
92.6
$
91.2
$
(0.5
)
$
24.7
$
92.1
$
115.9
Net earned premiums
$
89.1
$
90.6
$
7.5
$
49.5
$
96.6
$
140.1
Underwriting income (loss), current accident year
$
5.7
$
(0.8
)
$
(0.4
)
$
0.2
$
5.3
$
(0.6
)
Underwriting income (loss)
$
5.6
$
(3.1
)
$
(0.3
)
$
2.0
$
5.3
$
(1.1
)
Combined ratio analysis:
Loss ratio
Current accident year
54.8
%
63.0
%
60.6
%
62.5
%
55.3
%
62.8
%
Prior accident year
0.1
%
2.4
%
(0.5
%)
(4.4
%)
0.0
%
0.0
%
Calendar year loss ratio
54.9
%
65.4
%
60.1
%
58.1
%
55.3
%
62.8
%
Expense ratio
39.2
%
38.3
%
44.9
%
37.9
%
39.6
%
38.2
%
Combined ratio
94.1
%
103.7
%
105.0
%
96.0
%
94.9
%
101.0
%
Combined ratio, current accident year
94.0
%
101.2
%
105.5
%
99.7
%
94.9
%
100.6
%
Select Premium Data
Three Months Ended March 31,
Gross Written Premiums
Net Written Premiums
2024
2023
% Change
2024
2023
% Change
Penn-America:
Wholesale Commercial
$
61.0
$
58.3
4.7%
$
59.0
$
56.8
4.0%
InsurTech
12.5
10.7
17.0%
12.0
9.6
24.6%
Assumed Reinsurance
2.9
2.4
20.9%
2.9
2.4
20.9%
76.4
71.4
7.1%
73.9
68.8
7.5%
Programs
17.6
24.0
(26.7%)
18.7
22.4
(16.5%)
Penn-America
94.0
95.4
(1.4%)
92.6
91.2
1.6%
Non-Core Operations
(0.5
)
27.6
(102.0%)
(0.5
)
24.7
(102.1%)
Total
$
93.5
$
123.0
(24.0%)
$
92.1
$
115.9
(20.5%)
GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in thousands, except per share data)
For the Three Months Ended March 31,
2024
2023
Gross written premiums
$
93,488
$
122,985
Net written premiums
$
92,085
$
115,861
Net earned premiums
$
96,579
$
140,072
Net investment income
14,520
12,008
Net realized investment gains (losses)
847
(1,520
)
Other income
345
354
Total revenues
112,291
150,914
Net losses and loss adjustment expenses
53,384
88,001
Acquisition costs and other underwriting expenses
38,269
53,478
Corporate and other operating expenses
6,373
6,368
Income before income taxes
14,265
3,067
Income tax expense
2,899
573
Net income
11,366
2,494
Less: Preferred stock distributions
110
110
Net income available to common shareholders
$
11,256
$
2,384
Per share data:
Net income available to common shareholders
Basic
$
0.83
$
0.17
Diluted
$
0.82
$
0.17
Weighted-average number of shares outstanding
Basic
13,579
13,671
Diluted
13,687
13,929
Cash distributions declared per common share
$
0.35
$
0.25
Combined ratio analysis:
Loss ratio
55.3
%
62.8
%
Expense ratio
39.6
%
38.2
%
Combined ratio
94.9
%
101.0
%
GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
March 31, 2024
December 31, 2023
ASSETS
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,250,975 and $1,322,092; net of allowance for expected credit losses of $0 at March 31, 2024 and December 31, 2023)
$
1,226,309
$
1,293,793
Equity securities, at fair value
17,045
16,508
Other invested assets
34,021
38,236
Total investments
1,277,375
1,348,537
Cash and cash equivalents
38,857
38,037
Premium receivables, net of allowance for expected credit losses of
$4,423 at March 31, 2024 and $4,796 at December 31, 2023
92,440
102,158
Reinsurance receivables, net of allowance for expected credit losses of
$8,992 at March 31, 2024 and December 31, 2023
77,664
80,439
Funds held by ceding insurers
17,395
16,989
Deferred federal income taxes
33,224
36,802
Deferred acquisition costs
40,231
42,445
Intangible assets
14,368
14,456
Goodwill
4,820
4,820
Prepaid reinsurance premiums
3,229
4,958
Receivable for securities matured
101,091
3,858
Lease right of use assets
9,288
9,715
Other assets
18,260
26,362
Total assets
$
1,728,242
$
1,729,576
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses
$
853,602
$
850,599
Unearned premiums
176,630
182,852
Ceded balances payable
1,651
2,642
Federal income tax payable
1,600
1,595
Contingent commissions
2,598
5,632
Lease liabilities
11,910
12,733
Other liabilities
20,756
24,770
Total liabilities
$
1,068,747
$
1,080,823
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: 11,082,004 and 11,042,670, respectively;
class A common shares outstanding: 9,810,763 and 9,771,429, respectively;
class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively
—
—
Additional paid-in capital (1)
456,179
454,791
Accumulated other comprehensive income (loss), net of tax
(19,995
)
(22,863
)
Retained earnings (1)
251,474
244,988
Class A common shares in treasury, at cost: 1,271,241 and 1,271,241 shares, respectively
(32,163
)
(32,163
)
Total shareholders’ equity
659,495
648,753
Total liabilities and shareholders’ equity
$
1,728,242
$
1,729,576
(1)
Since the Company’s initial public offering in 2003, the Company has returned $614 million to shareholders, including $522 million in share repurchases and $92 million in dividends/distributions.
GLOBAL INDEMNITY GROUP, LLC
SELECTED INVESTMENT DATA
(Dollars in millions)
Market Value as of
(Unaudited)
March 31, 2024
December 31, 2023
Fixed maturities
$
1,226.3
$
1,293.8
Cash and cash equivalents
38.9
38.0
Total bonds and cash and cash equivalents
1,265.2
1,331.8
Equities and other invested assets
51.0
54.7
Total cash and invested assets, gross
1,316.2
1,386.5
Receivable for securities matured
101.1
3.9
Total cash and invested assets, net
$
1,417.3
$
1,390.4
Total Investment Return (1)
For the Three Months Ended
March 31,
(Unaudited)
2024
2023
Net investment income
$
14.5
$
12.0
Net realized investment gains (losses)
0.8
(1.5
)
Net unrealized investment gains (losses)
3.6
10.5
Net realized and unrealized investment return
4.4
9.0
Total investment return
$
18.9
$
21.0
Average total cash and invested assets
$
1,403.9
$
1,344.9
Total quarterly investment return %
1.3
%
1.6
%
Total annualized investment return %
5.4
%
6.2
%
(1)
Amounts in this table are shown on a pre-tax basis.
GLOBAL INDEMNITY GROUP, LLC
SUMMARY OF ADJUSTED OPERATING INCOME
(Unaudited)
(Dollars and shares in thousands, except per share data)
For the Three Months
Ended March 31,
2024
2023
Adjusted operating income, net of tax (1)
$
10,692
$
3,716
Net realized investment gains (losses)
674
(1,222
)
Net income
$
11,366
$
2,494
Weighted average shares outstanding – basic
13,579
13,671
Weighted average shares outstanding – diluted
13,687
13,929
Adjusted operating income per share – basic (2)
$
0.78
$
0.26
Adjusted operating income per share – diluted (2)
$
0.77
$
0.26
(1)
Adjusted operating income, net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended March 31, 2024 and 2023.
(2)
The adjusted operating income per share calculation is net of preferred shareholder distributions of $0.1 million for each of the three months ended March 31, 2024 and 2023.
Note Regarding Adjusted Operating Income
Adjusted 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. Adjusted operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.
About Global Indemnity Group, LLC and its subsidiaries
Global Indemnity Group, LLC (NYSE:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. The insurance companies manage the distribution of the Company's core product offerings through Penn-America. The Company also has a Non-Core Operations segment that contains lines of business that have been de-emphasized or are no longer being written.
Forward-Looking Information
The forward-looking statements contained in this press release3 do not address a number of risks and uncertainties including COVID-19. Investors are cautioned that Global Indemnity’s actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnity’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the Company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
[3] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507667883/en/
Stephen W. Ries Head of Investor Relations (610) 668-3270 sries@gbli.com
1 Year Global Indemnity Chart |
1 Month Global Indemnity Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions