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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.89 | 0 | 09:09:54 |
Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net income available to shareholders for the six months ended June 30, 2023, of $11.6 million compared to net loss available to shareholders of $27.2 million for the corresponding period in 2022. Net income available to shareholders for the three months ended June 30, 2023 was $9.2 million, compared to net loss available to shareholders of $12.3 million for the corresponding period in 2022. Adjusted operating income, which excludes realized gains and losses and the results of Exited Lines, was $10.3 million for the six months ended June 30, 2023, compared to $8.0 million for the six months ended June 30, 2022. Adjusted operating income was $6.9 million for the three months ended June 30, 2023, compared to $4.2 million for the corresponding period in 2022.
Selected Operating and Balance Sheet Information
Consolidated Results Including Continuing Lines and Exited Lines
(Dollars in millions, except per share data)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2023
2022
2023
2022
Gross Written Premiums
$
110.1
$
196.8
$
233.1
$
387.8
Net Written Premiums
$
106.0
$
167.2
$
221.9
$
326.6
Net Earned Premiums
$
129.2
$
155.7
$
269.2
$
304.6
Net income (loss) available to shareholders
$
9.2
$
(12.3
)
$
11.6
$
(27.2
)
Net income (loss) from Continuing Lines
$
6.1
$
(7.9
)
$
8.2
$
(24.6
)
Net income (loss) from Exited Lines (1)
$
3.1
$
(4.4
)
$
3.4
$
(2.6
)
Net income (loss) available to shareholders per share
$
0.67
$
(0.84
)
$
0.84
$
(1.87
)
Adjusted operating income
$
6.9
$
4.2
$
10.3
$
8.0
Adjusted operating income per share
$
0.50
$
0.28
$
0.73
$
0.53
Combined ratio analysis:
Loss ratio
60.5
%
59.5
%
61.7
%
58.2
%
Expense ratio
36.5
%
39.2
%
37.4
%
38.7
%
Combined ratio
97.0
%
98.7
%
99.1
%
96.9
%
(1) Underwriting income (loss) from Exited Lines, net of tax.
As of June 30, 2023
As of March 31, 2023
As of December 31, 2022
Book value per share (1)
$
46.03
$
45.68
$
44.87
Book value per share plus cumulative dividends and excluding AOCI
$
54.28
$
53.46
$
52.98
Shareholders’ equity (2)
$
626.4
$
628.2
$
626.2
Cash and invested assets (3)
$
1,343.4
$
1,347.1
$
1,342.6
Shares Outstanding (in millions)
13.5
13.7
13.9
(1) Net of cumulative Company distributions to common shareholders totaling $5.50 per share, $5.25 per share and $5.00 per share as of June 30, 2023, March 31, 2023, and December 31, 2022, respectively. (2) Shareholders’ equity includes $4 million of series A cumulative fixed rate preferred shares. (3) Including receivable/(payable) for securities sold/(purchased).
Business Highlights
Global Indemnity Group, LLC’s Business Segment Information for the Three and Six Months Ended June 30, 2023 and 2022
For the Three Months Ended June 30, 2023
Continuing Lines
Exited Lines
Total
(Dollars in thousands)
Revenues:
Gross written premiums
$
110,191
$
(91
)
$
110,100
Net written premiums
$
106,740
$
(744
)
$
105,996
Net earned premiums
$
122,993
$
6,163
$
129,156
Other income
275
26
301
Total revenues
123,268
6,189
129,457
Losses and Expenses:
Net losses and loss adjustment expenses
Current accident year
72,197
5,834
78,031
Prior accident year
5,977
(5,926
)
51
Total net losses and loss adjustment expenses
78,174
(92
)
78,082
Acquisition costs and other underwriting expenses
44,709
2,392
47,101
Income (loss) from segments
$
385
$
3,889
$
4,274
Combined ratio analysis:
Loss ratio
Current accident year
58.7
%
94.7
%
60.5
%
Prior accident year
4.9
%
(96.2
%)
—
Calendar year loss ratio
63.6
%
(1.5
%)
60.5
%
Expense ratio
36.4
%
38.8
%
36.5
%
Combined ratio
100.0
%
37.3
%
97.0
%
Accident year combined ratio(1)
94.9
%
144.6
%
97.3
%
For the Three Months Ended June 30, 2022
Continuing Lines
Exited Lines
Total
(Dollars in thousands)
Revenues:
Gross written premiums
$
151,534
$
45,289
$
196,823
Net written premiums
$
146,191
$
20,967
$
167,158
Net earned premiums
$
133,159
$
22,590
$
155,749
Other income (loss)
280
(196
)
84
Total revenues
133,439
22,394
155,833
Losses and Expenses:
Net losses and loss adjustment expenses
Current accident year
79,107
17,082
96,189
Prior accident year
(3,510
)
(61
)
(3,571
)
Total net losses and loss adjustment expenses
75,597
17,021
92,618
Acquisition costs and other underwriting expenses
50,096
11,002
61,098
Income (loss) from segments
$
7,746
$
(5,629
)
$
2,117
Combined ratio analysis:
Loss ratio
Current accident year
59.4
%
75.6
%
61.8
%
Prior accident year
(2.6
%)
(0.3
%)
(2.3
%)
Calendar year loss ratio
56.8
%
75.3
%
59.5
%
Expense ratio
37.6
%
48.7
%
39.2
%
Combined ratio
94.4
%
124.0
%
98.7
%
Accident year combined ratio(1)
96.8
%
119.1
%
100.1
%
(1) Excludes the impact of net losses and loss adjustment expenses and contingent commissions related to prior accident years.
For the Six Months Ended June 30, 2023
Continuing Lines
Exited Lines
Total
(Dollars in thousands)
Revenues:
Gross written premiums
$
229,115
$
3,970
$
233,085
Net written premiums
$
221,390
$
467
$
221,857
Net earned premiums
$
251,022
$
18,206
$
269,228
Other income
533
103
636
Total revenues
251,555
18,309
269,864
Losses and Expenses:
Net losses and loss adjustment expenses
Current accident year
152,101
13,931
166,032
Prior accident year
7,455
(7,404
)
51
Total net losses and loss adjustment expenses
159,556
6,527
166,083
Acquisition costs and other underwriting expenses
93,051
7,528
100,579
Income (loss) from segments
$
(1,052
)
$
4,254
$
3,202
Combined ratio analysis:
Loss ratio
Current accident year
60.6
%
76.5
%
61.7
%
Prior accident year
3.0
%
(40.6
%)
—
Calendar year loss ratio
63.6
%
35.9
%
61.7
%
Expense ratio
37.1
%
41.3
%
37.4
%
Combined ratio
100.7
%
77.2
%
99.1
%
Accident year combined ratio(1)
97.6
%
119.4
%
99.1
%
For the Six Months Ended June 30, 2022
Continuing Lines
Exited Lines
Total
(Dollars in thousands)
Revenues:
Gross written premiums
$
295,378
$
92,428
$
387,806
Net written premiums
$
285,350
$
41,290
$
326,640
Net earned premiums
$
258,654
$
45,918
$
304,572
Other income
519
4
523
Total revenues
259,173
45,922
305,095
Losses and Expenses:
Net losses and loss adjustment expenses
Current accident year
151,959
31,988
183,947
Prior accident year
(1,644
)
(4,990
)
(6,634
)
Total net losses and loss adjustment expenses
150,315
26,998
177,313
Acquisition costs and other underwriting expenses
95,583
22,207
117,790
Income (loss) from segments
$
13,275
$
(3,283
)
$
9,992
Combined ratio analysis:
Loss ratio
Current accident year
58.7
%
69.7
%
60.4
%
Prior accident year
(0.6
%)
(10.9
%)
(2.2
%)
Calendar year loss ratio
58.1
%
58.8
%
58.2
%
Expense ratio
37.0
%
48.4
%
38.7
%
Combined ratio
95.1
%
107.2
%
96.9
%
Accident year combined ratio(1)
95.6
%
111.3
%
98.0
%
(1) Excludes the impact of net losses and loss adjustment expenses and contingent commissions related to prior accident years.Global Indemnity Group, LLC’s Gross Written and Net Written Premiums Results by Segment for the Three and Six Months Ended June 30, 2023 and 2022
Three Months Ended June 30,
Gross Written Premiums
Net Written Premiums
2023
2022
% Change
2023
2022
% Change
Commercial Specialty
$
95,347
$
105,010
(9.2%)
$
91,896
$
99,667
(7.8%)
Reinsurance Operations
14,844
46,524
(68.1%)
14,844
46,524
(68.1%)
Continuing Lines
110,191
151,534
(27.3%)
106,740
146,191
(27.0%)
Exited Lines
(91
)
45,289
(100.2%)
(744
)
20,967
(103.5%)
Total
$
110,100
$
196,823
(44.1%)
$
105,996
$
167,158
(36.6%)
Six Months Ended June 30,
Gross Written Premiums
Net Written Premiums
2023
2022
% Change
2023
2022
% Change
Commercial Specialty
$
190,855
$
207,858
(8.2%)
$
183,130
$
197,830
(7.4%)
Reinsurance Operations
38,260
87,520
(56.3%)
38,260
87,520
(56.3%)
Continuing Lines
229,115
295,378
(22.4%)
221,390
285,350
(22.4%)
Exited Lines
3,970
92,428
(95.7%)
467
41,290
(98.9%)
Total
$
233,085
$
387,806
(39.9%)
$
221,857
$
326,640
(32.1%)
Commercial Specialty: Gross written premiums and net written premiums decreased 9.2% and 7.8%, respectively, for the three months ended June 30, 2023 as compared to the same period in 2022. Gross written premiums and net written premiums decreased 8.2% and 7.4%, respectively, for the six months ended June 30, 2023 as compared to the same period in 2022. The decrease in gross written premiums and net written premiums was primarily driven by the non-renewal of a restaurant book of business as well as actions taken to improve underwriting results by nonrenewing underperforming business partially offset by increased pricing.
Package Specialty E&S, the Company’s primary division within its Commercial Specialty segment, increased gross written premiums excluding terminated business2 by 13.0% and 15.7% for the three and six months ended June 30, 2023, respectively, as compared to the same periods in 2022 driven by new agency appointments, strong rate increases as well as exposure growth in both property and general liability.
Targeted Specialty E&S, a division within the Company’s Commercial Specialty segment, decreased gross written premiums excluding terminated business2 by 28.4% and 19.6% for the three and six months ended June 30, 2023, respectively, as compared to the same periods in 2022 driven by actions taken to improve underwriting results by not renewing underperforming business.
Reinsurance Operations: Gross written premiums and net written premiums both decreased 68.1% for the three months ended June 30, 2023 as compared to the same period in 2022. Gross written premiums and net written premiums both decreased 56.3% for the six months ended June 30, 2023 as compared to the same period in 2022. The reduction in gross written premiums and net written premiums was primarily due to the non-renewal of a casualty treaty.
Exited Lines: Gross written premiums and net written premiums decreased 100.2% and 103.5%, respectively, for the three months ended June 30, 2023 as compared to the same period in 2022. Gross written premiums and net written premiums decreased 95.7% and 98.9%, respectively, for the six months ended June 30, 2023 as compared to the same period in 2022. The decrease in gross written premiums and net written premiums was primarily due to selling the manufactured home & dwelling and farm businesses.
Global Indemnity Group, LLC’s Combined Ratio for the Three and Six Months Ended June 30, 2023 and 2022
The consolidated combined ratio was 97.0% for the three months ended June 30, 2023, (Loss Ratio 60.5% and Expense Ratio 36.5%) as compared to 98.7% (Loss Ratio 59.5% and Expense Ratio 39.2%) for the three months ended June 30, 2022. The accident year combined ratio for Continuing Lines was 94.9% for the three months ended June 30, 2023, (Loss Ratio 58.7% and Expense Ratio 36.2%) as compared to 96.8% (Loss Ratio 59.4% and Expense Ratio 37.4%) for the three months ended June 30, 2022. The calendar year combined ratio for Continuing Lines was 100.0% for the three months ended June 30, 2023, (Loss Ratio 63.6% and Expense Ratio 36.4%) as compared to 94.4% (Loss Ratio 56.8% and Expense Ratio 37.6%) for the three months ended June 30, 2022.
The consolidated combined ratio was 99.1% for the six months ended June 30, 2023, (Loss Ratio 61.7% and Expense Ratio 37.4%) as compared to 96.9% (Loss Ratio 58.2% and Expense Ratio 38.7%) for the six months ended June 30, 2022. The accident year combined ratio for Continuing Lines was 97.6% for the six months ended June 30, 2023, (Loss Ratio 60.6% and Expense Ratio 37.0%) as compared to 95.6% (Loss Ratio 58.7% and Expense Ratio 36.9%) for the six months ended June 30, 2022. The calendar year combined ratio for Continuing Lines was 100.7% for the six months ended June 30, 2023, (Loss Ratio 63.6% and Expense Ratio 37.1%) as compared to 95.1% (Loss Ratio 58.1% and Expense Ratio 37.0%) for the six months ended June 30, 2022.
Note: Tables Follow
GLOBAL INDEMNITY GROUP, LLC CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars and shares in thousands, except per share data)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2023
2022
2023
2022
Gross written premiums
$
110,100
$
196,823
$
233,085
$
387,806
Net written premiums
$
105,996
$
167,158
$
221,857
$
326,640
Net earned premiums
$
129,156
$
155,749
$
269,228
$
304,572
Net investment income
13,216
1,930
25,224
8,522
Net realized investment losses
(761
)
(9,916
)
(2,281
)
(35,301
)
Other income
282
97
636
523
Total revenues
141,893
147,860
292,807
278,316
Net losses and loss adjustment expenses
78,082
92,618
166,083
177,313
Acquisition costs and other underwriting expenses
47,101
61,098
100,579
117,790
Corporate and other operating expenses
4,990
2,993
11,358
7,653
Interest expense
12
410
12
3,005
Loss on extinguishment of debt
—
3,529
—
3,529
Income (loss) before income taxes
11,708
(12,788
)
14,775
(30,974
)
Income tax expense (benefit)
2,371
(626
)
2,944
(4,039
)
Net income (loss)
9,337
(12,162
)
$
11,831
$
(26,935
)
Less: Preferred stock distributions
110
110
220
220
Net income (loss) available to common shareholders
$
9,227
$
(12,272
)
$
11,611
$
(27,155
)
Per share data:
Net income (loss) available to common shareholders
Basic
$
0.68
$
(0.84
)
$
0.86
$
(1.87
)
Diluted (1)
$
0.67
$
(0.84
)
$
0.84
$
(1.87
)
Weighted-average number of shares outstanding
Basic
13,478
14,543
13,574
14,529
Diluted (1)
13,708
14,543
13,794
14,529
Cash distributions declared per common share
$
0.25
$
0.25
$
0.50
$
0.50
Combined ratio analysis: (2)
Loss ratio
60.5
%
59.5
%
61.7
%
58.2
%
Expense ratio
36.5
%
39.2
%
37.4
%
38.7
%
Combined ratio
97.0
%
98.7
%
99.1
%
96.9
%
(1)
For the three and six months ended June 30, 2022, weighted-average shares outstanding – basic was used to calculate diluted earnings per share due to a net loss in each period.(2)
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.GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited) June 30, 2023
December 31, 2022
ASSETS
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,311,567 and $1,301,723; net of allowance for expected credit losses of $0 at June 30, 2023 and December 31, 2022)
$
1,265,606
$
1,248,198
Equity securities, at fair value
17,153
17,520
Other invested assets
37,282
38,176
Total investments
1,320,041
1,303,894
Cash and cash equivalents
45,447
38,846
Premium receivables, net of allowance for expected credit losses of
$4,056 at June 30, 2023 and $3,322 at December 31, 2022
141,498
168,743
Reinsurance receivables, net of allowance for expected credit losses of
$8,992 at June 30, 2023 and December 31, 2022
95,616
85,721
Funds held by ceding insurers
16,660
19,191
Deferred federal income taxes
42,679
47,099
Deferred acquisition costs
52,019
64,894
Intangible assets
14,633
14,810
Goodwill
4,820
4,820
Prepaid reinsurance premiums
10,626
17,421
Lease right of use assets
10,790
11,739
Other assets
19,173
23,597
Total assets
$
1,774,002
$
1,800,775
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses
$
866,951
$
832,404
Unearned premiums
215,187
269,353
Ceded balances payable
3,844
17,241
Payable for securities purchased
22,115
66
Contingent commissions
3,431
8,816
Lease liabilities
14,194
15,701
Other liabilities
21,872
30,965
Total liabilities
$
1,147,594
$
1,174,546
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: 11,000,287 and 10,876,041 respectively;
class A common shares outstanding: 9,729,046 and 10,073,660, respectively;
class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively
—
—
Additional paid-in capital (1)
453,427
451,305
Accumulated other comprehensive income (loss), net of tax
(37,171
)
(43,058
)
Retained earnings (1)
238,315
233,468
Class A common shares in treasury, at cost: 1,271,241 and 802,381 shares, respectively
(32,163
)
(19,486
)
Total shareholders’ equity
626,408
626,229
Total liabilities and shareholders’ equity
$
1,774,002
$
1,800,775
(1)
Since the Company’s initial public offering in 2003, the Company has returned $602 million to shareholders, including $522 million in share repurchases and $80 million in dividends/distributions.GLOBAL INDEMNITY GROUP, LLC
SELECTED INVESTMENT DATA
(Dollars in millions)
Market Value as of
(Unaudited) June 30, 2023
December 31, 2022
Fixed maturities
$
1,265.6
$
1,248.2
Cash and cash equivalents
45.4
38.8
Total bonds and cash and cash equivalents
1,311.0
1,287.0
Equities and other invested assets
54.5
55.7
Total cash and invested assets, gross
1,365.5
1,342.7
Payable for securities purchased
(22.1
)
(0.1
)
Total cash and invested assets, net
$
1,343.4
$
1,342.6
Total Investment Return (1)
For the Three Months Ended June 30, (Unaudited)
For the Six Months Ended June 30, (Unaudited)
2023
2022
2023
2022
Net investment income
$
13.2
$
1.9
$
25.2
$
8.5
Net realized investment losses
(0.8
)
(9.9
)
(2.3
)
(35.3
)
Net unrealized investment gains (losses)
(3.1
)
(17.5
)
7.4
(41.3
)
Net realized and unrealized investment return
(3.9
)
(27.4
)
5.1
(76.6
)
Total investment return
$
9.3
$
(25.5
)
$
30.3
$
(68.1
)
Average total cash and invested assets
$
1,345.2
$
1,395.5
$
1,343.0
$
1,429.2
Total annualized investment return %
2.8
%
(7.3
%)
4.5
%
(9.5
%)
(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 June 30,
For the Six Months Ended June 30,
2023
2022
2023
2022
Adjusted operating income, net of tax
$
6,903
$
4,184
$
10,331
$
7,987
Adjustments:
Underwriting income (loss) from Exited Lines
3,073
(4,447
)
3,361
(2,594
)
Adjusted operating income (loss) including Exited Lines,
net of tax (1)
9,976
(263
)
13,692
5,393
Net realized investment losses
(639
)
(8,370
)
(1,861
)
(28,799
)
Loss on extinguishment of debt
—
(3,529
)
—
(3,529
)
Net income (loss)
$
9,337
$
(12,162
)
$
11,831
$
(26,935
)
Weighted average shares outstanding – basic
13,478
14,543
13,574
14,529
Weighted average shares outstanding – diluted
13,708
14,749
13,794
14,728
Adjusted operating income per share – basic (2)
$
0.50
$
0.28
$
0.74
$
0.53
Adjusted operating income per share – diluted (2)
$
0.50
$
0.28
$
0.73
$
0.53
(1)
Adjusted operating income (loss) including Exited Lines, net of tax, excludes preferred shareholder distributions of $0.11 million for each of the three months ended June 30, 2023 and 2022 and $0.22 million for each of the six months ended June 30, 2023 and 2022.(2)
The adjusted operating income per share calculation is net of preferred shareholder distributions of $0.11 million for each of the three months ended June 30, 2023 and 2022 and $0.22 million for each of the six months ended June 30, 2023 and 2022.Note Regarding Adjusted Operating Income
Adjusted operating income, a non-GAAP financial measure, is equal to net income (loss) excluding after-tax net realized investment losses and other unique charges not related to operations. Adjusted operating income is not a substitute for net income (loss) determined in accordance with GAAP, and investors should not place undue reliance on this measure.
Reconciliation of non-GAAP financial measures and ratios
The table below, which contains incurred losses and loss adjustment expenses for the Commercial Specialty segment within Continuing Lines, reconciles the non-GAAP measures or ratios, which excludes the impact of prior accident year adjustments and ceded losses and loss adjustment expenses, to its most directly comparable GAAP measure or ratio. The Company believes the non-GAAP measures or ratios are useful to investors when evaluating the Company's underwriting performance as trends within Commercial Specialty may be obscured by prior accident year adjustments and ceded losses and loss adjustment expenses. These non-GAAP measures or ratios should not be considered as a substitute for its most directly comparable GAAP measure or ratio and does not reflect the overall underwriting profitability of the Company.
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2023
2022
2023
2022
Losses $
Loss Ratio
Losses $
Loss Ratio
Losses $
Loss Ratio
Losses $
Loss Ratio
Casualty
Gross losses and loss adjustment expenses excluding terminated business (1)
$
30,707
54.6%
$
29,267
57.5%
$
59,517
55.4%
$
56,775
56.9%
Gross losses and loss adjustment expenses on terminated business (1)
3,132
149.2%
4,925
67.0%
7,474
109.4%
10,052
63.1%
Gross losses and loss adjustment expenses (1)
$
33,839
58.1%
$
34,192
58.7%
$
66,991
58.6%
$
66,827
57.7%
Ceded losses and loss adjustment expenses
(343
)
(311
)
(758
)
(659
)
Net losses and loss adjustment expenses (2)
$
33,496
58.2%
$
33,881
59.0%
$
66,233
58.6%
$
66,168
57.9%
Property
Gross losses and loss adjustment expenses excluding terminated business (1)
$
20,868
54.6%
$
21,177
52.3%
$
47,365
60.0%
$
41,388
52.7%
Gross losses and loss adjustment expenses on terminated business (1)
298
70.7%
945
149.2%
354
32.0%
986
80.5%
Gross losses and loss adjustment expenses (1)
$
21,166
54.7%
$
22,122
53.8%
$
47,719
59.6%
$
42,374
53.1%
Ceded losses and loss adjustment expenses
(979
)
(909
)
(1,628
)
(1,675
)
Net losses and loss adjustment expenses (2)
$
20,187
56.3%
$
21,213
58.1%
$
46,091
62.7%
$
40,699
57.4%
Commercial Specialty
Gross losses and loss adjustment expenses excluding terminated business (1)
$
51,575
54.6%
$
50,444
55.2%
$
106,882
57.4%
$
98,163
55.0%
Gross losses and loss adjustment expenses on terminated business (1)
3,430
136.1%
5,870
73.5%
7,828
98.6%
11,038
64.3%
Gross losses and loss adjustment expenses (1)
$
55,005
56.7%
$
56,314
56.7%
$
114,710
59.0%
$
109,201
55.9%
Ceded losses and loss adjustment expenses
(1,322
)
(1,220
)
(2,386
)
(2,334
)
Net losses and loss adjustment expenses (2)
$
53,683
57.5%
$
55,094
58.6%
$
112,324
60.2%
$
106,867
57.7%
(1)
Non-GAAP measure / ratio(2)
Most directly comparable GAAP measure / ratioThe table below, which contains gross written premiums for the Commercial Specialty segment within Continuing Lines, reconciles the non-GAAP measures, which excludes the impact of terminated business, to its most directly comparable GAAP measure. The Company believes the non-GAAP measures are useful to investors when evaluating the Company's underwriting performance as trends within Commercial Specialty may be obscured by the terminated business. These non-GAAP measures should not be considered as a substitute for its most directly comparable GAAP measure and does not reflect the overall underwriting profitability of the Company.
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2023
2022
2023
2022
Package Specialty E&S
Gross written premiums excluding terminated business (1)
$
62,636
$
55,417
$
119,913
$
103,666
Gross written premiums from terminated business (1)
—
2,861
1,058
6,013
Total gross written premiums (2)
$
62,636
$
58,278
$
120,971
$
109,679
Targeted Specialty E&S
Gross written premiums excluding terminated business (1)
$
32,553
$
45,462
$
69,331
$
86,223
Gross written premiums from terminated business (1)
158
1,270
553
11,956
Total gross written premiums (2)
$
32,711
$
46,732
$
69,884
$
98,179
Commercial Specialty
Gross written premiums excluding terminated business (1)
$
95,189
$
100,879
$
189,244
$
189,889
Gross written premiums from terminated business (1)
158
4,131
1,611
17,969
Total gross written premiums (2)
$
95,347
$
105,010
$
190,855
$
207,858
(1)
Non-GAAP measure / ratio(2)
Most directly comparable GAAP measure / ratioAbout 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. Global Indemnity Group, LLC’s Continuing Lines segments are Commercial Specialty and Reinsurance Operations. The Exited Lines segment is comprised of business which the Company has decided it will no longer write.
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/20230807390370/en/
Stephen W. Ries Head of Investor Relations (610) 668-3270 sries@gbli.com
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