0001193125-23-065381.txt : 20230309 0001193125-23-065381.hdr.sgml : 20230309 20230309083000 ACCESSION NUMBER: 0001193125-23-065381 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230309 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230309 DATE AS OF CHANGE: 20230309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Global Indemnity Group, LLC CENTRAL INDEX KEY: 0001494904 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 981304287 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34809 FILM NUMBER: 23718281 BUSINESS ADDRESS: STREET 1: 3 BALA PLAZA EAST STREET 2: SUITE 300 CITY: BALA CYNWYD STATE: PA ZIP: 19004 BUSINESS PHONE: 610-664-1500 MAIL ADDRESS: STREET 1: 3 BALA PLAZA EAST STREET 2: SUITE 300 CITY: BALA CYNWYD STATE: PA ZIP: 19004 FORMER COMPANY: FORMER CONFORMED NAME: Global Indemnity Ltd DATE OF NAME CHANGE: 20161107 FORMER COMPANY: FORMER CONFORMED NAME: Global Indemnity plc DATE OF NAME CHANGE: 20100622 8-K 1 d822379d8k.htm 8-K 8-K
false 0001494904 0001494904 2023-03-09 2023-03-09

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 9, 2023

 

 

GLOBAL INDEMNITY GROUP, LLC

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-34809   85-2619578

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

112 S. French Street, Suite 105

Wilmington, DE

   19801
(Address of principal executive offices)   (Zip Code)

(302) 691-6276

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol

  

Name of each exchange

on which registered

Class A Common Shares, no par value   GBLI   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition.

On March 9, 2023, Global Indemnity Group, LLC (the “Company”) issued a press release announcing the Company’s financial results for the year ended December 31, 2022.

The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

 

99.1    Press Release dated March 9, 2023.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Global Indemnity Group, LLC
March 9, 2023   By:  

/s/ Thomas M. McGeehan

  Name:   Thomas M. McGeehan
  Title:   Chief Financial Officer
 EX-99.1 2 d822379dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

PRESS RELEASE

 

For release:

March 9, 2023

 

Contact:

Stephen W. Ries

Head of Investor Relations

(610) 668-3270

sries@gbli.com

Global Indemnity Group, LLC Reports Year Ended 2022 Results

Wilmington, Del., (March 9, 2023) – Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net loss available to shareholders for the twelve months ended December 31, 2022, of $1.3 million compared to net income available to shareholders of $28.9 million for the corresponding period in 2021. Adjusted operating income, which excludes realized gains and losses, the results of Exited Lines, and the write-off of debt issuance costs on the early retirement of debt, was $19.5 million for the twelve months ended December 31, 2022, compared to $14.6 million for the twelve months ended December 31, 2021.

Selected Operating and Balance Sheet Information

Consolidated Results Including Continuing Lines and Exited Lines

(Dollars in millions, except per share data)

 

     For the Twelve Months
Ended December 31,		  
     2022     2021  

Gross Written Premiums

    $ 727.6     $ 682.1  

Net Written Premiums

    $ 591.3     $ 580.1  

Net Earned Premiums

    $ 602.5     $ 595.6  

Net income (loss) available to shareholders

    $ (1.3 )    $ 28.9  

Net income from Continuing Lines

    $ 4.9     $ 46.0  

Net loss from Exited Lines (1)

    $ (6.2 )    $ (17.1 ) 

Net income (loss) available to shareholders per share

    $ (0.09 )    $ 1.97  

Adjusted operating income

    $ 19.5     $ 14.6  

Adjusted operating income per share

    $ 1.30     $ 0.97  

Combined ratio analysis:

     

Loss ratio

      59.6 %      64.7 % 

Expense ratio

      39.2 %      37.4 % 
  

 

 

    

 

 

  

Combined ratio

      98.8 %      102.1 % 
  

 

 

    

 

 

  

 

(1)

Underwriting loss from Exited Lines, net of tax.

 

     As of
December 31,
2022		      As of
September 30,
2022		      As of
June 30,
2022		      As of
March 31,
2022		      As of
December 31,
2021		  

Book value per share (1)

    $ 44.87      $ 43.76      $ 43.68      $ 45.78      $ 48.44  

Book value per share plus cumulative dividends and excluding AOCI

    $ 52.98      $ 51.61      $ 50.01      $ 50.91      $ 52.00  

Shareholders’ equity (2)

    $ 626.2      $ 643.6      $ 641.3      $ 669.7      $ 706.6  

Cash and invested assets (3)

    $ 1,342.6      $ 1,356.1      $ 1,326.5      $ 1,464.6      $ 1,532.0  

Shares Outstanding (in millions)

      13.9        14.6        14.6        14.5        14.5  

 

(1)

Net of cumulative Company distributions/dividends to common shareholders totaling $5.00 per share, $4.75 per share, $4.50 per share, $4.25 per share and $4.00 per share as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

(2)

Shareholders’ equity includes $4 million of series A cumulative fixed rate preferred shares.

(3)

Including receivable/(payable) for securities sold/(purchased).

Selected Financial Data and Business Updates for the Twelve Months Ended December 31, 2022:

 

  •  

Gross written premiums, net written premiums, and net earned premiums excluding the Exited Lines (“Continuing Lines”), increased 17.3%, 18.7% and 27.2%, respectively. Consolidated gross written premiums, net written premiums, and net earned premiums increased 6.7%, 1.9% and 1.2%, respectively.

 

  •  

Underwriting income – For the Continuing Lines business, underwriting income was $16.2 million in 2022 compared to $11.3 million in 2021. Consolidated underwriting income (loss) was $8.3 million in 2022 compared to ($10.4) million in 2021.

 

  •  

The combined ratio for Continuing Lines was 97.1% for the twelve months ended December 31, 2022 (Loss Ratio 59.9% and Expense Ratio 37.2%).

 

  •  

Lower Catastrophes – Strategy to lower catastrophe exposure resulted in catastrophe losses for Continuing Lines of $11.0 million for the twelve months ended December 31, 2022 compared to $19.4 million in 2021.

 

  •  

The Company sold its Farm, Ranch & Stable business to Everett Cash Mutual for $30.0 million. GBLI retained $45.0 million of capital supporting this business as well as the unearned premium reserves of approximately $40.0 million.

 

  •  

Investment income – $27.6 million in 2022 ($33.6 million excluding alternative investments) compared to $37.0 million in 2021 ($26.2 million excluding alternative investments). The decrease was primarily due to decreased returns from alternative investments and a smaller investment asset base due to the early retirement of $130 million of subordinated debt in April 2022. This decrease was partially offset by an increase in yield within the fixed maturities portfolio due to the rise in rates.

 

  •  

Book yield on the portfolio increased from 2.2% at December 31, 2021 to 3.5% at December 31, 2022.

 

  •  

Due to rising interest rates and other macro-economic considerations, the Company exited an alternative investment which primarily invested in bank loans rated B and BB.

 

  •  

Duration of the fixed income portfolio at December 31, 2022 was 1.7 years compared to duration of 3.0 years at December 31, 2021, and 4.5 years at June 2021.

 

  •  

Realized gains/(losses) – ($32.9) million in 2022 compared to $15.9 million in 2021. Realized losses in 2022 were attributable primarily to the Company shortening duration of its fixed income investment portfolio as well as accelerating future maturities. At current interest rates, GBLI anticipates that it will recover these losses in 2024.

 

  •  

The net loss for the twelve months ended December 31, 2022 of $1.3 million was primarily the result of substantially shortening the duration of the Company’s fixed income securities in its investment portfolio, the impact of exiting an alternative investment, and the write off of debt issuance costs related to the redemption of $130 million of subordinated debt in April 2022 offset by the gain realized on the sale of the Farm, Ranch & Stable business.

 

  •  

Book value per share – Decrease of $3.57 per share from $48.44 at December 31, 2021 to $44.87 at December 31, 2022 primarily due to rising interest rates, which the Company anticipates will be recovered in 2024 due to the 1.7 year duration of the Company’s fixed income investment portfolio. In addition to realized losses, shareholders’ equity includes $49.5 million of net after-tax unrealized fixed income losses most of which the Company anticipates will be recovered by the end of 2024 given current interest rates.

 

  •  

Book value per share including cumulative dividends and excluding accumulated other comprehensive income increased $0.98 per share from $52.00 at December 31, 2021 to $52.98 at December 31, 2022.

 

  •  

Book value per share increased $1.11 per share from $43.76 at September 30, 2022 to $44.87 at December 31, 2022 primarily due to the stock repurchase program initiated in the fourth quarter of 2022. Under this program, the Company repurchased 907,082 shares from third parties for an aggregate amount of $21.9 million, or $24.17 per share through December 31, 2022. The Company is authorized to repurchase up to $60 million of its class A common shares.

 

  •  

The Company incurred a total of $5.5 million in restructuring charges in the fourth quarter of 2022 and the first quarter of 2023, which the Company anticipates will result in $16.0 million of recurring annual expense savings beginning in 2023.

Global Indemnity Group, LLC’s Business Segment Information Twelve Months Ended December 31, 2022 and 2021

 

     Twelve Months Ended December 31, 2022  

(Dollars in thousands)		    Continuing
Lines		     Exited
Lines		     Total  

Revenues:

       

Gross written premiums

    $ 559,736     $ 167,867     $ 727,603  

Net written premiums

    $ 542,393     $ 48,938     $ 591,331  

Net earned premiums

    $ 519,240     $ 83,231     $ 602,471  

Other income

      947       515       1,462  
  

 

 

    

 

 

    

 

 

  

Total revenues

      520,187       83,746       603,933  

Losses and Expenses:

       

Net losses and loss adjustment expenses

      310,774       48,454       359,228  

Acquisition costs and other underwriting expenses

      193,192       43,189       236,381  
  

 

 

    

 

 

    

 

 

  

Income (loss) from segments

    $ 16,221     $ (7,897 )    $ 8,324  
  

 

 

    

 

 

    

 

 

  

Combined ratio analysis:

       

Loss ratio

      59.9 %      58.2 %      59.6 % 

Expense ratio

      37.2 %      51.9 %      39.2 % 
  

 

 

    

 

 

    

 

 

  

Combined ratio

      97.1 %      110.1 %      98.8 % 
  

 

 

    

 

 

    

 

 

  

 

     Twelve Months Ended December 31, 2021  

(Dollars in thousands)		    Continuing
Lines		     Exited
Lines		     Total  

Revenues:

       

Gross written premiums

    $ 477,242     $ 204,880     $ 682,122  

Net written premiums

    $ 456,795     $ 123,273     $ 580,068  

Net earned premiums

    $ 408,166     $ 187,444     $ 595,610  

Other income

      933       882       1,815  
  

 

 

    

 

 

    

 

 

  

Total revenues

      409,099       188,326       597,425  

Losses and Expenses:

       

Net losses and loss adjustment expenses

      250,240       134,724       384,964  

Acquisition costs and other underwriting expenses

      147,575       75,266       222,841  
  

 

 

    

 

 

    

 

 

  

Income (loss) from segments

    $ 11,284     $ (21,664 )    $ (10,380 ) 
  

 

 

    

 

 

    

 

 

  

Combined ratio analysis:

       

Loss ratio

      61.3 %      71.9 %      64.7 % 

Expense ratio

      36.2 %      40.2 %      37.4 % 
  

 

 

    

 

 

    

 

 

  

Combined ratio

      97.5 %      112.1 %      102.1 % 
  

 

 

    

 

 

    

 

 

  

Global Indemnity Group, LLC’s Gross Written and Net Written Premiums Results by Segment for the Twelve Months Ended December 31, 2022 and 2021

 

     Twelve Months Ended December 31,  
     Gross Written Premiums     Net Written Premiums  
     2022      2021      %
Change		     2022      2021      %
Change		  

Commercial Specialty

    $ 401,025      $ 373,552        7.4 %    $ 383,682      $ 353,105        8.7 % 

Reinsurance Operations

      158,711        103,690        53.1 %      158,711        103,690        53.1 % 
  

 

 

     

 

 

       

 

 

     

 

 

     

Continuing Lines

      559,736        477,242        17.3 %      542,393        456,795        18.7 % 

Exited Lines

      167,867        204,880        (18.1 %)      48,938        123,273        (60.3 %) 
  

 

 

     

 

 

       

 

 

     

 

 

     

Total

    $ 727,603      $ 682,122        6.7 %    $ 591,331      $ 580,068        1.9 % 
  

 

 

     

 

 

       

 

 

     

 

 

     

Commercial Specialty: Gross written premiums and net written premiums increased 7.4% and 8.7%, respectively, for the twelve months ended December 31, 2022 as compared to the same period in 2021. The growth in gross written premiums and net written premiums was primarily driven by increased pricing from both rate and exposure growth.

Reinsurance Operations: Gross written premiums and net written premiums both increased 53.1% for the twelve months ended December 31, 2022 as compared to the same period in 2021. The growth in gross written premiums and net written premiums was primarily due to organic growth of existing casualty treaties.

Exited Lines: Gross written premiums and net written premiums decreased 18.1% and 60.3%, respectively, for the twelve months ended December 31, 2022 as compared to the same period in 2021. The decrease in gross written premiums and net written premiums was primarily due to selling the manufactured home & dwelling and farm businesses as well as exiting lines unrelated to the Company’s continuing businesses.

Global Indemnity Group, LLC’s Combined Ratio for the Twelve Months Ended December 31, 2022 and 2021    

For the Continuing Lines business, the combined ratio was 97.1% for the twelve months ended December 31, 2022, (Loss Ratio 59.9% and Expense Ratio 37.2%) as compared to 97.5% (Loss Ratio 61.3% and Expense Ratio 36.2%) for the twelve months ended December 31, 2021. The consolidated combined ratio was 98.8% for the twelve months ended December 31, 2022, (Loss Ratio 59.6% and Expense Ratio 39.2%) as compared to 102.1% (Loss Ratio 64.7% and Expense Ratio 37.4%) for the twelve months ended December 31, 2021.

 

  •  

For the Continuing Lines business, the accident year casualty loss ratio improved by 0.3 points to 61.1% in 2022 from 61.4% in 2021. The consolidated accident year casualty loss ratio improved by 0.2 points to 60.6% in 2022 from 60.8% in 2021. The improvement in the Continuing Lines accident year casualty loss ratio is primarily due to a change in the mix of business partially offset by higher claims severity within Commercial Specialty. The improvement in the consolidated accident year casualty loss ratio is primarily due to lower claims severity in the Farm, Ranch & Stable business lines as well as a change in the mix of business partially offset by higher claims severity within Commercial Specialty.

 

  •  

For the Continuing Lines business, the accident year property loss ratio improved by 2.2 points to 58.7% in 2022 from 60.9% in 2021. The consolidated accident year property loss ratio improved by 3.9 points to 61.6% in 2022 from 65.5% in 2021. The improvement in the Continuing Lines accident year property loss ratio is primarily due to lower catastrophe claims frequency and severity partially offset by higher non-catastrophe claims severity. The improvement in the consolidated accident year property loss ratio is primarily due to lower catastrophe claims frequency and severity partially offset by higher non-catastrophe claims frequency and severity.

###

Note: Tables Follow

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars and shares in thousands, except per share data)

 

     For the Twelve Months
Ended December 31,		  
     2022     2021  

Gross written premiums

    $ 727,603     $ 682,122  
  

 

 

    

 

 

  

Net written premiums

    $ 591,331     $ 580,068  
  

 

 

    

 

 

  

Net earned premiums

    $ 602,471     $ 595,610  

Net investment income

      27,627       37,020  

Net realized investment gains (losses)

      (32,929 )      15,887  

Other income

      31,365       29,751  
  

 

 

    

 

 

  

Total revenues

      628,534       678,268  

Net losses and loss adjustment expenses

      359,228       384,964  

Acquisition costs and other underwriting expenses

      236,381       222,841  

Corporate and other operating expenses

      24,421       27,179  

Interest expense

      3,004       10,481  

Loss on extinguishment of debt

      3,529       —    
  

 

 

    

 

 

  

Income before income taxes

      1,971       32,803  

Income tax expense

      2,821       3,449  
  

 

 

    

 

 

  

Net income (loss)

      (850 )      29,354  

Less: Preferred stock distributions

      440       440  
  

 

 

    

 

 

  

Net income (loss) available to common shareholders

    $ (1,290 )    $ 28,914  
  

 

 

    

 

 

  

Per share data:

     

Net income (loss) available to common shareholders

     

Basic

    $ (0.09 )    $ 2.00  

Diluted (1)

    $ (0.09 )    $ 1.97  

Weighted-average number of shares outstanding

     

Basic

      14,482       14,427  

Diluted (1)

      14,482       14,664  

Cash distributions declared per common share

    $ 1.00     $ 1.00  

Combined ratio analysis: (2)

     

Loss ratio

      59.6 %      64.7 % 

Expense ratio

      39.2 %      37.4 % 
  

 

 

    

 

 

  

Combined ratio

      98.8 %      102.1 % 
  

 

 

    

 

 

  

 

(1)

For the twelve months ended December 31, 2022, weighted-average shares outstanding – basic was used to calculate diluted earnings per share due to a net loss for the 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)

 

ASSETS    December 31, 2022     December 31, 2021  

Fixed Maturities:

     

Available for sale, at fair value (amortized cost: 2022 - $1,301,723 and 2021 - $1,193,746; net of allowance for expected credit losses of: $0 in 2022 and 2021)

    $ 1,248,198     $ 1,201,866  

Equity securities, at fair value

      17,520       99,978  

Other invested assets

      38,176       152,651  
  

 

 

    

 

 

  

Total investments

      1,303,894       1,454,495  

Cash and cash equivalents

      38,846       78,278  

Premium receivables, net of allowance for expected credit losses of $3,322 at December 31, 2022 and $2,996 at December 31, 2021

      168,743       128,444  

Reinsurance receivables, net of allowance for expected credit losses of $8,992 at December 31, 2022 and 2021

      85,721       99,864  

Funds held by ceding insurers

      19,191       27,958  

Deferred federal income taxes

      46,677       37,329  

Deferred acquisition costs

      64,894       60,331  

Intangible assets

      14,810       20,261  

Goodwill

      4,820       5,398  

Prepaid reinsurance premiums

      17,421       53,494  

Lease right of use assets

      11,739       16,051  

Other assets

      23,597       30,906  
  

 

 

    

 

 

  

Total assets

    $ 1,800,353     $ 2,012,809  
  

 

 

    

 

 

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Liabilities:

     

Unpaid losses and loss adjustment expenses

    $ 832,404     $ 759,904  

Unearned premiums

      269,353       316,566  

Ceded balances payable

      17,241       35,340  

Payable for securities purchased

      66       794  

Contingent commissions

      8,816       7,903  

Debt

      —         126,430  

Lease liabilities

      15,701       19,079  

Other liabilities

      30,543       40,172  
  

 

 

    

 

 

  

Total liabilities

      1,174,124       1,306,188  
  

 

 

    

 

 

  

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 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: 10,876,041 and 10,574,589, respectively; class A common shares outstanding: 10,073,660 and 10,557,093, respectively; class B common shares issued and outstanding: 3,793,612 and 3,947,206, respectively

      —         —    

Additional paid-in capital (1)

      451,305       447,406  

Accumulated other comprehensive income, net of taxes

      (43,058 )      6,404  

Retained earnings (1)

      233,468       249,301  

Class A common shares in treasury, at cost: 802,381 and 17,496 shares, respectively

      (19,486 )      (490 ) 
  

 

 

    

 

 

  

Total shareholders’ equity

      626,229       706,621  
  

 

 

    

 

 

  

Total liabilities and shareholders’ equity

    $ 1,800,353     $ 2,012,809  
  

 

 

    

 

 

  

 

(1)

Since the Company’s initial public offering in 2003, the Company has returned $583 million to shareholders, including $510 million in share repurchases and $73 million in dividends/distributions.

GLOBAL INDEMNITY GROUP, LLC

SELECTED INVESTMENT DATA

(Dollars in millions)

 

     Market Value as of  
     December 31, 2022     December 31, 2021  

Fixed maturities

    $ 1,248.2     $ 1,201.9  

Cash and cash equivalents

      38.8       78.3  
  

 

 

    

 

 

  

Total bonds and cash and cash equivalents

      1,287.0       1,280.2  

Equities and other invested assets

      55.7       252.6  
  

 

 

    

 

 

  

Total cash and invested assets, gross

      1,342.7       1,532.8  

Payable for securities purchased

      (0.1 )      (0.8 ) 
  

 

 

    

 

 

  

Total cash and invested assets, net

    $ 1,342.6     $ 1,532.0  
  

 

 

    

 

 

  

 

     Total Investment Return (1)  
     For the Twelve Months Ended
December 31,		  
     2022     2021  

Net investment income

    $             27.6     $             37.0  
  

 

 

    

 

 

  

Net realized investment gains (losses)

      (32.9 )      15.9  

Net unrealized investment losses

      (61.6 )      (34.4 ) 
  

 

 

    

 

 

  

Net realized and unrealized investment return

      (94.5 )      (18.5 ) 
  

 

 

    

 

 

  

Total investment return

    $ (66.9 )    $ 18.5  
  

 

 

    

 

 

  

Average total cash and invested assets

    $ 1,437.3     $ 1,490.9  
  

 

 

    

 

 

  

Total investment return %

      (4.7 %)      1.2 % 
  

 

 

    

 

 

  

 

(1)

Amounts in this table are shown on a pre-tax basis.

GLOBAL INDEMNITY GROUP, LLC

SUMMARY OF ADJUSTED OPERATING INCOME

(Dollars and shares in thousands, except per share data)

 

     For the Twelve Months
Ended December 31,		  
     2022     2021  

Adjusted operating income, net of tax

    $ 19,452     $ 14,640  

Adjustments:

     

Underwriting loss from Exited Lines

      (6,239 )      (17,115 ) 
  

 

 

    

 

 

  

Adjusted operating income (loss) including Exited Lines, net of tax (1)

      13,213       (2,475 ) 

Net realized investment gains (losses)

      (26,985 )      15,399  

Net gain from sale of renewal rights

      16,451       16,430  

Loss on extinguishment of debt

      (3,529 )      —    
  

 

 

    

 

 

  

Net income (loss)

    $ (850 )    $ 29,354  
  

 

 

    

 

 

  

Weighted average shares outstanding – basic

      14,482       14,427  
  

 

 

    

 

 

  

Weighted average shares outstanding – diluted

      14,644       14,664  
  

 

 

    

 

 

  

Adjusted operating income per share – basic (2)

    $ 1.31     $ 0.98  
  

 

 

    

 

 

  

Adjusted operating income per share – diluted (2)

    $ 1.30     $ 0.97  
  

 

 

    

 

 

  

 

(1)

Adjusted operating income (loss) including Exited Lines, net of tax, excludes preferred shareholder distributions of $0.44 million for each of the twelve months ended December 31, 2022 and 2021, respectively.

(2)

The adjusted operating income per share calculation is net of preferred shareholder distributions of $0.44 million for each of the twelve months ended December 31, 2022 and 2021, respectively.

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 gains (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.

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. 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 release1 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.

 

[1]

Disseminated pursuant to the “safe harbor” provisions of Section 21E of the Security Exchange Act of 1934.

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Document and Entity Information
Mar. 09, 2023
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001494904
Document Type 8-K
Document Period End Date Mar. 09, 2023
Entity Registrant Name GLOBAL INDEMNITY GROUP, LLC
Entity Incorporation State Country Code DE
Entity File Number 001-34809
Entity Tax Identification Number 85-2619578
Entity Address, Address Line One 112 S. French Street
Entity Address, Address Line Two Suite 105
Entity Address, City or Town Wilmington
Entity Address, Country DE
Entity Address, State or Province DE
Entity Address, Postal Zip Code 19801
City Area Code (302)
Local Phone Number 691-6276
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Class A Common Shares, no par value
Trading Symbol GBLI
Security Exchange Name NYSE
Entity Emerging Growth Company false
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