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

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 10/30/2025 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 Operating income increased 19% to $15.7 million or $1.08 per share for 2025 compared to $13.2 million or $0.95 per share for the same period in 2024. Net income available to common shareholders was $12.4 million or $0.86 per share for 2025 compared to $12.7 million or $0.92 per share for the same period in 2024. Current accident year underwriting income increased 54% to $10.2 million for 2025 compared to $6.6 million for the same period in 2024 driven by strong property loss ratio performance. Gross written premiums increased 9% to $108.4 million in 2025 compared to $99.8 million for the same period in 2024; Excluding terminated products, gross written premiums increased 13% to $108.5 million in 2025 compared to $96.4 million for the same period in 2024. Vacant Express and Collectibles, in aggregate, grew 5% to $16.4 million in 2025 from organic agency growth, new agency appointments, and new products. Wholesale Commercial grew 10% to $67.9 million in 2025 from premium rate increases, organic agency growth, new agency appointments, and new products. Assumed Reinsurance increased 58% to $15.6 million in 2025 due to new treaties incepting during 2024 and 2025 and organic growth from existing treaties. Current accident year combined ratio was 90.4% for 2025 compared to 93.5% for same period in 2024. Net losses and loss adjustment expenses related to prior accident years were a decrease of less than $0.1 million for 2025. Annualized investment return was 4.0% for 2025. Net investment income increased 9% to $17.9 million in 2025 compared to $16.5 million for the same period in 2024. Book value per share increased to $48.88 at September 30, 2025 from $48.35 at June 30, 2025; an increase of 1.8% including dividends paid of $0.35 per share for the three months ended September 30, 2025. Shareholders' equity increased to $704.1 million at September 30, 2025 compared to $695.3 million at June 30, 2025. AM Best affirmed Global Indemnity Group, LLC’s A (Excellent) rating for its U.S. insurance subsidiaries on August 8, 2025. Acquired Sayata, an AI-enabled digital distribution marketplace and agency operations for commercial insurance. Rebranded Penn-America Underwriters, LLC as Katalyx Holdings and Katalyx Holdings launched Valyn Re, its inaugural reinsurance managing general agency ("MGA"), as part of its new reinsurance platform expansion. Announced transfer of listing of its class A common shares to Nasdaq Global Select Market; expected to begin trading November 4, 2025 under “GBLI”. 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: Four managing general agencies focused on sourcing, underwriting, and servicing primary and reinsurance business: Penn-America Insurance Services, LLC; Valyn Re LLC; J.H. Ferguson & Associates, LLC (including Vacant Express); and Collectibles Insurance Services, LLC.Three specialized insurance product and service entities: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx’s MGAs and broader digital initiatives; Sayata, an AI-enabled insurance marketplace; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services. Belmont Holdings GX, Inc. includes: Five statutory insurance carriers, each rated “A” (Excellent) by AM Best: Penn-America Insurance Company, United National Insurance Company, Penn-Patriot Insurance Company, Diamond State Insurance Company, and Penn-Star Insurance Company. 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. Scott Eckstein / Patrick Federle KCSA Strategic Communications (212) 896-1210 [email protected] Source: Global Indemnity Group, LLC