GBLI 8-K

Global Indemnity Group, LLC (GBLI)

8-K 2026-05-05 For: 2026-05-05

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Added on May 05, 2026

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Delaware	001-34809	85-2619578
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

112 S. French Street Suite 105
Wilmington, Delaware		19801
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Shares, no par value	GBLI	Nasdaq Global Select Market



	Global Indemnity Group, LLC

Date: May 5, 2026	By:	/s/ Brian J. Riley

		Name: Brian J. Riley
		Title: Chief Financial Officer


Selected Consolidated Operating Information for the Three Months Ended March 31,
$ in Millions, except per share data

	2026			2025
Gross written premiums	$	96.5		$	98.7
Gross written premiums - Belmont Core	$	96.5		$	98.4
Investment income	$	12.2		$	14.8
Annualized investment return		1.9	%		5.4	%
Underwriting income (loss)	$	5.3		$	(10.5	)
Underwriting income (loss), current accident year	$	5.5		$	(10.3	)
Underwriting income, current accident year, excluding California Wildfires	$	5.5		$	5.3
Corporate expenses	$	9.0		$	9.5
Operating income (loss)	$	8.3		$	(4.1	)
Operating income excluding California Wildfires	$	8.3		$	8.1
Pretax adjusted operating contribution (1)	$	20.0		$	20.1
Net income (loss) available to common shareholders	$	4.1		$	(4.1	)
Net income available to common shareholders excluding California Wildfires	$	4.1		$	8.1
Adjusted return on equity, annualized, excluding California Wildfires (2)		12.5	%		12.5	%

Per Share Data:
Net income (loss) available to common shareholders per share	$	0.29		$	(0.30	)
Net income available to common shareholders per share excluding California Wildfires	$	0.29		$	0.58
Operating income (loss) per share	$	0.57		$	(0.30	)
Operating income per share excluding California Wildfires	$	0.57		$	0.57

Combined ratio:
Loss ratio		54.8	%		71.5	%
Expense ratio		40.3	%		40.2	%
Combined ratio		95.1	%		111.7	%
Combined ratio, current accident year		94.9	%		111.5	%
Combined ratio, current accident year excluding California Wildfires		94.9	%		94.8	%


Segment Income (Loss) for the Three Months Ended March 31,
$ in Millions

	Agency and Insurance Services					Belmont Core					Belmont Non-Core						Eliminations						Consolidated
	2026			2025		2026		2025			2026			2025			2026			2025			2026		2025

Revenues:
Net earned premiums	$	—		$	—	$	98.4	$	92.3		$	—		$	1.0		$	—		$	—		$	98.4	$	93.3
Commissions and fee income		13.2			14.4		—		—			—			—			(12.4	)		(14.0	)		0.8		0.4
Total revenues	$	13.2		$	14.4	$	98.4	$	92.3		$	—		$	1.0		$	(12.4	)	$	(14.0	)	$	99.2	$	93.7

Losses and expenses
Net loss and loss adjustment expenses	$	—		$	—	$	54.3	$	66.5		$	—		$	0.5		$	(0.4	)	$	(0.3	)	$	53.9	$	66.7
Acquisition costs and other operating expenses		13.6			12.6		38.9		37.4			0.3			1.2			(12.0	)		(13.7	)		40.8		37.5
Total losses and expenses	$	13.6		$	12.6	$	93.2	$	103.9		$	0.3		$	1.7		$	(12.4	)	$	(14.0	)	$	94.7	$	104.2

Segment income (loss)	$	(0.4	)	$	1.8	$	5.2	$	(11.6	)	$	(0.3	)	$	(0.7	)	$	—		$	—		$	4.5	$	(10.5	)

Segment income (loss) excluding California Wildfires	$	(0.4	)	$	1.8	$	5.2	$	4.0		$	(0.3	)	$	(0.7	)	$	—		$	—		$	4.5	$	5.1

GBLI 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.


Segment Written Premiums for the Three Months Ended March 31,
$ in Millions

	Belmont Core				Belmont Non-Core					Total
	2026		2025		2026			2025		2026		2025
Gross written premiums	$	96.5	$	98.4	$	(0.1	)	$	0.3	$	96.5	$	98.7
Net written premiums	$	92.6	$	95.6	$	(0.1	)	$	0.2	$	92.6	$	95.9


Belmont Core Gross Written Premiums for the Three Months Ended March 31,
$ In Millions

	2026		2025			% Change
Wholesale Commercial	$	61.5	$	64.9		(5.2%)
Vacant Express		11.5		10.9		4.9%
Collectibles		4.6		4.1		12.6%
Specialty Products		7.7		7.6		2.4%
Assumed Reinsurance		11.2		10.9		2.5%
Gross written premiums		96.5		98.4		(1.9%)
Terminated business		—		(1.2	)	-
Total gross written premiums, excluding terminated business	$	96.5	$	97.2		(0.7%)


Selected Consolidated Balance Sheet Data
$ and Shares in Millions, except per share data

	March 31, 2026		December 31, 2025
Cash and invested assets, net	$	1,390.5	$	1,420.2
Total assets	$	1,680.1	$	1,720.8
Shareholders’ equity	$	704.1	$	706.6

Book value per share	$	47.92	$	48.96
Book value per share plus cumulative
dividends and excluding AOCI	$	57.52	$	58.04
Shares Outstanding		14.6		14.4


Change in Consolidated Common Shareholders’ Equity and Book Value per Share
$ and Shares in Millions, except per share data

	Common Shareholders' Equity			Common Shares		Book Value Per Share
Balance at January 1, 2026	$	702.6			14.4	$	48.96
Net income		4.2			—		0.29
Fair value of fixed maturities		(2.6	)		—		(0.18	)
Stock compensation / share issuance		1.0			0.2		(0.80	)
Dividends		(5.1	)		—		(0.35	)
Balance at March 31, 2026	$	700.1			14.6	$	47.92


Market Value of Consolidated Investments
$ in Millions

	March 31, 2026			December 31, 2025
Fixed maturities	$	1,323.6		$	1,325.5
Cash and cash equivalents		34.8			65.5
Total fixed maturities and cash and cash equivalents		1,358.4			1,391.0
Equities and other invested assets		36.6			50.8
Total cash and invested assets, gross		1,395.0			1,441.8
Payable for securities		(4.5	)		(21.6	)
Total cash and invested assets, net	$	1,390.5		$	1,420.2


Total Pre-Tax Consolidated Investment Return
Three Months Ended March 31,
$ in Millions

	2026			2025
Fixed maturities	$	13.6		$	14.8
Equities		0.6			0.1
Limited partnerships		(2.0	)		(0.1	)
Net investment income	$	12.2		$	14.8

Net realized investment gains (losses)		(2.2	)		0.1
Net unrealized investment gains (losses)		(3.3	)		4.4
Net realized and unrealized investment return		(5.5	)		4.5

Total investment return	$	6.7		$	19.3

Average total cash and invested assets	$	1,405.4		$	1,436.2

Total annualized investment return %		1.9	%		5.4	%


Global Indemnity Group, LLC
Consolidated Statements of Operations for the Three Months Ended March 31,
$ and Shares in Thousands, expect per share data
(Unaudited)

	2026			2025
Gross written premiums	$	96,450		$	98,675
Net written premiums	$	92,568		$	95,864

Net earned premiums	$	98,355		$	93,316
Net investment income		12,218			14,782
Net realized investment gains (losses)		(2,243	)		136
Other income		847			417
Total revenues		109,177			108,651

Net losses and loss adjustment expenses		53,861			66,738
Acquisition costs and other operating expenses		40,763			37,507
Corporate expenses		9,038			9,500
Income (loss) before income taxes		5,515			(5,094	)
Income tax expense (benefit)		1,269			(1,105	)
Net income (loss)		4,246			(3,989	)
Less: preferred stock distributions		110			110
Net income (loss) available to common shareholders	$	4,136		$	(4,099	)

Per share data:
Net income (loss) available to common shareholders (1)
Basic	$	0.29		$	(0.30	)
Diluted	$	0.29		$	(0.30	)
Weighted-average number of shares outstanding
Basic		14,351			13,867
Diluted		14,405			13,867

Cash distributions declared per common share	$	0.35		$	0.35

Combined ratio analysis:
Loss ratio		54.8	%		71.5	%
Expense ratio		40.3	%		40.2	%
Combined ratio		95.1	%		111.7	%


Global Indemnity Group, LLC
Consolidated Balance Sheets
$ in Thousands

	(Unaudited) March 31, 2026			December 31, 2025
ASSETS
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,331,715 and $1,330,310; net of allowance for expected credit losses of $0 at March 31, 2026 and December 31, 2025)	$	1,323,562		$	1,325,502
Equity securities, at fair value		26,409			33,673
Other invested assets		10,183			17,097
Total investments		1,360,154			1,376,272

Cash and cash equivalents		34,830			65,542
Premium receivables, net of allowance for expected credit losses of
$3,687 at March 31, 2026 and $3,640 at December 31, 2025		71,411			66,969
Reinsurance receivables, net of allowance for expected credit losses of
$1,488 at March 31, 2026 and December 31, 2025		64,416			62,595
Funds held by ceding insurers		21,979			22,114
Deferred income taxes		21,818			20,076
Deferred acquisition costs		40,226			41,183
Intangible assets		16,729			16,845
Goodwill		4,820			4,820
Prepaid reinsurance premiums		4,196			3,607
Income tax receivable		—			2,617
Lease right of use assets		7,806			8,166
Other assets		31,731			29,956
Total assets	$	1,680,116		$	1,720,762

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses	$	747,143		$	750,191
Unearned premiums		177,530			182,728
Reinsurance balances payable		3,098			1,860
Payable for securities		4,467			21,594
Contingent commissions		2,828			7,159
Income tax payable		196			—
Lease liabilities		7,902			8,331
Other liabilities		32,842			42,309
Total liabilities	$	976,006		$	1,014,172

Shareholders’ equity:
Series A cumulative fixed rate preferred shares, $1,000 par value;
100,000,000 shares authorized, shares issued and outstanding:
4,000 and 4,000 shares, respectively, liquidation preference:
$1,000 per share and $1,000 per share, respectively		4,000			4,000
Common shares: no par value; 900,000,000 common shares
authorized; class A common shares issued: 12,103,283 and 11,844,995, respectively (inclusive of class A common shares designated as class A-2 common shares of 780,000 and 550,000, respectively); class A common shares
outstanding:10,815,515 and 10,557,227, respectively (inclusive of class A common shares designated as class A-2 common shares of 780,000 and
550,000, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively		—			—
Additional paid-in capital (1)		466,723			465,720
Accumulated other comprehensive income (loss), net of tax		(6,596	)		(4,000	)
Retained earnings (1)		272,675			273,562
Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively		(32,692	)		(32,692	)
Total shareholders’ equity		704,110			706,590

Total liabilities and shareholders’ equity	$	1,680,116		$	1,720,762


Reconciliation of Non-GAAP Measures
Summary of Consolidated Operating Income (Loss) for the Three Months Ended March 31, (1)
$ and Shares in Millions, except per share data

	2026			2025
Operating income (loss), net of tax (2)	$	8.3		$	(4.1	)
Net realized investment gains (losses), net of tax		(1.8	)		0.1
Market value decline on limited partnership investment		(2.3	)		-
Net income (loss)	$	4.2		$	(4.0	)

Weighted average shares outstanding – diluted		14.4			13.9

Operating income (loss) per share – diluted (3)	$	0.57		$	(0.30	)


Reconciliation of Non-GAAP Measures
Pretax Adjusted Operating Contribution for the Three Months Ended March 31,
$ in Millions

	2026		2025
Investment income	$	12.2	$	14.8
Underwriting income (loss), current accident year		5.5		(10.3	)
Adjustments
California Wildfires net losses and loss adjustment expenses		—		15.6
Market value decline on limited partnership investment		2.3		—
Pretax adjusted operating contribution (1)	$	20.0	$	20.1


Reconciliation of Non-GAAP Measures
Adjusted Return on Equity (ROE) for the Three Months Ended March 31,
$ in Millions

	2026								2025

	Income (loss) after tax (1)			Average Return on Equity (3)			Average Equity (2)		Income (loss) after tax (1)			Average Return on Equity (3)				Average Equity (2)
Operating income (loss)	$	8.3			4.7	%	$	705.4	$	(4.1	)		(2.4	)	%	$	688.1
Adjustments, net of tax
Investment income on excess capital		(2.2	)		1.1	%		-		(2.1	)		(3.2	)	%		-
Corporate expenses		6.9			6.6	%		-		7.5			6.8		%		-
California wildfires losses		-			-	%		-		12.2			11.2		%		-
Prior accident year underwriting loss		0.1			0.1	%		-		0.1			0.1		%		-
Total adjustments, net of tax		4.8			7.8	%		-		17.7			14.9		%		-
Adjusted income	$	13.1			12.5	%	$	418.3	$	13.6			12.5		%	$	435.1


	2026			2025

Consolidated current accident year underwriting income
Underwriting income (loss) (1)	$	5,323		$	(10,512	)
Effect of prior accident year		159			184
Current accident year underwriting income (loss) (2)		5,482			(10,328	)
California Wildfires net losses and loss adjustment expenses		—			15,600
Current accident year underwriting income excluding California Wildfires (2)	$	5,482		$	5,272

Consolidated underwriting income
Underwriting income (loss) (1)	$	5,323		$	(10,512	)
California Wildfires net losses and loss adjustment expenses		—			15,600
Underwriting income excluding California Wildfires (2)	$	5,323		$	5,088

Belmont Core segment income
Belmont Core segment income (loss) (1)	$	5,242		$	(11,582	)
California Wildfires net losses and loss adjustment expenses		—			15,600
Belmont Core segment income excluding California Wildfires (2)	$	5,242		$	4,018

Consolidated segment income
Consolidated segment income (loss) (1)	$	4,578		$	(10,512	)
California Wildfires net losses and loss adjustment expenses		—			15,600
Consolidated segment income excluding California Wildfires (2)	$	4,578		$	5,088

Net income available to common shareholders
Net income (loss) available to common shareholders (1)	$	4,136		$	(4,099	)
California Wildfires net losses and loss adjustment expenses (net of tax) (3)		—			12,216
Net income available to common shareholders excluding California Wildfires (2)	$	4,136		$	8,117

Operating income
Operating income (loss) (4)	$	8,271		$	(4,105	)
California Wildfires net losses and loss adjustment expenses (net of tax) (3)		—			12,216
Operating income excluding California Wildfires (2)	$	8,271		$	8,111

Current accident year combined ratio
Combined ratio (1)		95.1	%		111.7	%
Effect of prior accident year		(0.2	%)		(0.2	%)
Current accident year combined ratio (2)		94.9	%		111.5	%
Impact of California Wildfires		—			(16.7	%)
Current accident year combined ratio excluding California Wildfires (2)		94.9	%		94.8	%