GBLI 8-K

Global Indemnity Group, LLC (GBLI)

8-K 2025-08-06 For: 2025-08-06

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Added on April 09, 2026


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	The New York Stock Exchange



	Global Indemnity Group, LLC

August 6, 2025	By:	/s/ Brian J. Riley

		Name: Brian J. Riley
		Title: Chief Financial Officer


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024

Select Operating Data:
Gross written premiums	$	106.8		$	100.7		$	205.5		$	194.2
Investment income	$	14.7		$	15.3		$	29.5		$	29.8
Annualized investment return		4.9	%		5.0	%		5.1	%		5.2	%
Underwriting income (loss)	$	5.8		$	3.5		$	(4.7	)	$	8.8
Underwriting income (loss), current accident year	$	5.6		$	3.5		$	(4.7	)	$	8.7
Underwriting income, current accident year, excluding California Wildfires	$	5.6		$	3.5		$	10.9		$	8.7
Corporate expenses	$	7.5		$	6.4		$	17.0		$	12.8
Operating income	$	10.2		$	9.9		$	6.1		$	20.6
Operating income excluding California Wildfires	$	10.2		$	9.9		$	18.6		$	20.6
Net income available to common shareholders	$	10.2		$	10.0		$	6.1		$	21.2
Net income available to common shareholders excluding California Wildfires	$	10.2		$	10.0		$	18.5		$	21.2

Per Share Data:
Net income available to common shareholders per share	$	0.71		$	0.73		$	0.43		$	1.55
Net income available to common shareholders per share excluding California Wildfires	$	0.71		$	0.73		$	1.31		$	1.55
Operating income per share	$	0.71		$	0.72		$	0.42		$	1.49
Operating income per share excluding California Wildfires	$	0.71		$	0.72		$	1.29		$	1.49

Combined ratio analysis:
Loss ratio		55.6	%		57.8	%		63.5	%		56.5	%
Expense ratio		38.8	%		38.8	%		39.5	%		39.2	%
Combined ratio		94.4	%		96.6	%		103.0	%		95.7	%
Combined ratio, current accident year		94.6	%		96.7	%		103.0	%		95.8	%
Combined ratio, current accident year excluding California Wildfires		94.6	%		96.7	%		94.7	%		95.8	%


	As of June 30, 2025		As of March 31, 2025		As of December 31, 2024
Select Balance Sheet Data:
Cash and invested assets, net	$	1,433.0	$	1,431.8	$	1,440.7
Total assets	$	1,720.6	$	1,713.6	$	1,731.3
Shareholders’ equity	$	695.3	$	687.1	$	689.1

Book value per share	$	48.35	$	47.85	$	49.98
Book value per share plus cumulative dividends and
excluding AOCI	$	56.78	$	56.08	$	58.14
Shares Outstanding (in millions)		14.3		14.3		13.7

GBLI 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.


	Common Shareholders' Equity			Common Shares		Book Value Per Share
Balance at December 31, 2024	$	685.1			13.7	$	49.98
Net income		6.4			—		0.43
Fair value of fixed maturities		5.8			—		0.42
Stock compensation / share issuance (1)		4.2			0.6		(1.78	)
Dividends		(10.2	)		—		(0.70	)
Balance at June 30, 2025	$	691.3			14.3	$	48.35


	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	$	—	$	—	$	97.5	$	89.3	$	(2.4	)	$	3.5		$	—		$	—	$	95.1	$	92.8
Commissions and fee income		15.4		—		—		0.4		—			—			(14.9	)		—		0.5		0.4
Total revenues	$	15.4	$	—	$	97.5	$	89.7	$	(2.4	)	$	3.5		$	(14.9	)	$	—	$	95.6	$	93.2

Losses and expenses
Loss and loss adjustment expenses	$	—	$	—	$	56.0	$	51.2	$	(2.8	)	$	2.5		$	(0.3	)	$	—	$	52.9	$	53.7
Underwriting expenses		13.1		—		38.8		33.9		(0.4	)		2.1			(14.6	)		—		36.9		36.0
Total losses and expenses	$	13.1	$	—	$	94.8	$	85.1	$	(3.2	)	$	4.6		$	(14.9	)	$	—	$	89.8	$	89.7

Underwriting income (loss)	$	2.3	$	—	$	2.7	$	4.6	$	0.8		$	(1.1	)	$	—		$	—	$	5.8	$	3.5


	For the Three Months Ended June 30,
	Belmont Core				Belmont Non-Core					Total
	2025		2024		2025			2024		2025		2024
Direct written premiums	$	97,774	$	94,057	$	31		$	11	$	97,805	$	94,068
Assumed written premiums		12,045		6,495		(3,049	)		143		8,996		6,638
Gross written premiums	$	109,819	$	100,552	$	(3,018	)	$	154	$	106,801	$	100,706
Net written premiums	$	106,873	$	97,602	$	(2,959	)	$	149	$	103,914	$	97,751


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2025		2024		% Change	2025		2024		% Change
Wholesale Commercial	$	69,075		63,877	8.1%	$	133,957	$	124,932	7.2%
Vacant Express		12,370		9,731	27.1%		23,291		18,585	25.3%
Collectibles		4,186		4,014	4.3%		8,285		7,668	8.0%
Direct written premiums excluding Specialty Products		85,631		77,622	10.3%		165,533		151,185	9.5%
Specialty Products		12,143		16,435	(26.1%)		19,707		34,004	(42.0%)
Total direct written premiums	$	97,774	$	94,057	4.0%	$	185,240	$	185,189	0.0%


	(Unaudited) June 30, 2025			December 31, 2024
ASSETS
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,341,934 and $1,394,639; net of allowance for expected credit losses of $0 at June 30, 2025 and December 31, 2024)	$	1,336,344		$	1,381,908
Equity securities, at fair value		12,569			12,284
Other invested assets		22,072			29,413
Total investments		1,370,985			1,423,605

Cash and cash equivalents		67,344			17,009
Premium receivables, net of allowance for expected credit losses of
$3,371 at June 30, 2025 and $3,530 at December 31, 2024		70,433			75,088
Reinsurance receivables, net of allowance for expected credit losses
of $8,992 at June 30, 2025 and December 31, 2024		67,566			66,855
Funds held by ceding insurers		24,416			30,026
Deferred income taxes		20,002			22,459
Deferred acquisition costs		43,915			41,136
Intangible assets		14,000			14,103
Goodwill		4,820			4,820
Prepaid reinsurance premiums		3,605			3,320
Receivable for securities		—			52
Income tax receivable		2,150			825
Lease right of use assets		8,779			9,295
Other assets		22,570			22,660
Total assets	$	1,720,585		$	1,731,253

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses	$	776,127		$	800,391
Unearned premiums		195,013			183,411
Reinsurance balances payable		3,051			8,181
Payable for securities		5,341			—
Contingent commissions		4,116			6,826
Lease liabilities		9,346			10,371
Other liabilities		32,303			32,924
Total liabilities	$	1,025,297		$	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: 11,790,484 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: 10,502,716 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)		463,816			459,578
Accumulated other comprehensive income (loss), net of tax		(4,657	)		(10,410	)
Retained earnings (1)		264,821			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		695,288			689,149

Total liabilities and shareholders’ equity	$	1,720,585		$	1,731,253


	Market Value as of
	(Unaudited) June 30, 2025			December 31, 2024

Fixed maturities	$	1,336.3		$	1,381.9
Cash and cash equivalents		67.3			17.0
Total fixed maturities and cash and cash equivalents		1,403.6			1,398.9
Equities and other invested assets		34.7			41.7
Total cash and invested assets, gross		1,438.3			1,440.6
Receivable/(payable) for securities		(5.3	)		0.1
Total cash and invested assets, net	$	1,433.0		$	1,440.7


	Total Pre-Tax Investment Return
	For the Three Months Ended June 30, (Unaudited)						For the Six Months Ended June 30, (Unaudited)
	2025			2024			2025			2024

Fixed maturities	$	15.3		$	15.0		$	30.2		$	28.9
Limited partnerships		(0.6	)		0.3			(0.7	)		0.9
Net investment income		14.7			15.3			29.5			29.8

Net realized investment gains		0.1			0.2			0.3			1.1
Net unrealized investment gains		2.9			2.4			7.2			5.9
Net realized and unrealized investment return		3.0			2.6			7.5			7.0

Total investment return	$	17.7		$	17.9		$	37.0		$	36.8

Average total cash and invested assets	$	1,432.4		$	1,426.3		$	1,436.8		$	1,412.8

Total annualized investment return %		4.9	%		5.0	%		5.1	%		5.2	%


	For the Six Months Ended June 30,
(Dollars in thousands)	2025			2024

Consolidated current accident year underwriting income excluding California Wildfires
Underwriting income (loss) (1)	$	(4,689	)	$	8,812
Effect of prior accident year		(53	)		(81	)
Current accident year underwriting income (loss) (2)		(4,742	)		8,731
California Wildfires net losses and loss adjustment expenses		15,684			—
Current accident year underwriting income excluding California Wildfires (2)	$	10,942		$	8,731

Belmont Core underwriting income excluding California Wildfires
Underwriting income (loss) (1)	$	(8,848	)	$	10,308
California Wildfires net losses and loss adjustment expenses		15,684			—
Underwriting income excluding California Wildfires (2)	$	6,836		$	10,308

Consolidated underwriting income excluding California Wildfires
Underwriting income (loss) (1)	$	(4,689	)	$	8,812
California Wildfires net losses and loss adjustment expenses		15,684			—
Underwriting income excluding California Wildfires (2)	$	10,995		$	8,812

Net income available to common shareholders excluding California Wildfires
Net income available to common shareholders (1)	$	6,135		$	21,239
California Wildfires net losses and loss adjustment expenses (net of tax) (3)		12,406			—
Net income available to common shareholders excluding California Wildfires (2)	$	18,541		$	21,239

Operating income excluding California Wildfires
Operating income (4)	$	6,147		$	20,628
California Wildfires net losses and loss adjustment expenses (net of tax) (3)		12,406			—
Operating income excluding California Wildfires (2)	$	18,553		$	20,628

Current accident year combined ratio excluding California Wildfires
Combined ratio (1)		103.0	%		95.7	%
Effect of prior accident year		—			0.1	%
Current accident year combined ratio (2)		103.0	%		95.8	%
Impact of California Wildfires		(8.3	%)		—
Current accident year combined ratio excluding California Wildfires (2)		94.7	%		95.8	%


Contact:	Brian J. Riley
	Chief Financial Officer
	(610) 660-6817
	[email protected]