0001193125-23-205645.txt : 20230808 0001193125-23-205645.hdr.sgml : 20230808 20230808085455 ACCESSION NUMBER: 0001193125-23-205645 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230808 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230808 DATE AS OF CHANGE: 20230808 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: 231149528 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 d542948d8k.htm 8-K 8-K
false 0001494904 0001494904 2023-08-08 2023-08-08

 

 

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): August 8, 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 August 8, 2023, Global Indemnity Group, LLC (the “Company”) issued a press release announcing the Company’s financial results for the second quarter ended June 30, 2023.

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 August 8, 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
August 8, 2023     By:  

/s/ Thomas M. McGeehan

      Name: Thomas M. McGeehan
      Title: Chief Financial Officer
 EX-99.1 2 d542948dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

PRESS RELEASE

 

For release:    August 8, 2023
Contact:    Stephen W. Ries
   Head of Investor Relations
  

(610) 668-3270

sries@gbli.com

Global Indemnity Group, LLC Reports Second Quarter 2023 Results

Wilmington, Del., (August 8, 2023) – 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

 

  •  

Underwriting income was $4.3 million for the three months ended June 30, 2023 compared to $2.1 million for the same period in 2022 and $3.2 million for the six months ended June 30, 2023 compared to $10.0 million for the same period in 2022. The Company’s underwriting results for the second quarter of 2023 significantly improved from the first quarter of 2023. In particular, Commercial Specialty’s accident year loss ratio, which was 62.9% for the first three months of 2023 due to fire losses in vacant properties, improved to 57.5%.

 

  •  

Commercial Specialty, excluding terminated business1 2, performed as follows:

 

  •  

Package Specialty E&S, the Company’s primary division within its Commercial Specialty segment, increased gross written premiums by 13.0% to $62.6 million for the three months ended June 30, 2023 from $55.4 million for the same period in 2022 and increased 15.7% to $119.9 million for the six months ended June 30, 2023 from $103.7 million for the same period 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 decreased gross written premiums by 28.4% to $32.6 million for the three months ended June 30, 2023 from $45.5 million for the same period in 2022 and decreased 19.6% to $69.3 million for the six months ended June 30, 2023 from $86.2 million for the same period in 2022 driven by actions taken to improve underwriting results through increased rates, reduced exposures to catastrophe prone business and non-renewal of underperforming business.

 

  •  

Commercial Specialty incurred accident year gross casualty loss ratios of 54.6% and 55.4% for the three and six months ended June 30, 2023, respectively, which are 2.9 points and 1.5 points, respectively, lower than the same periods in 2022. The average accident year gross casualty loss ratio over the past five years was 55.2.

 

  •  

Commercial Specialty incurred accident year gross property loss ratios of 54.6% and 60.0% for the three and six months ended June 30, 2023, respectively, which are 2.3 points and 7.3 points, respectively, higher than the same periods in 2022. The average accident year gross property loss ratio over the past five years was 53.0.

 

  •  

The severity of property losses has been much lower in the three months ended June 30, 2023 than the losses experienced in the first three months of 2023 which were impacted by fire losses in vacant commercial buildings. The accident year gross property loss ratio improved by 10.6 points from March 2023.

 

  •  

Catastrophe losses were $4.1 million or 4.4% of net earned property premium in the three months ended June 30, 2023 compared to $3.1 million or 3.2% of net earned property premium in the same period in 2022.

 

  •  

Net investment income increased to $13.2 million for the three months ended June 30, 2023 from $1.9 million for the three months ended June 30, 2022 and increased to $25.2 million for the six months ended June 30, 2023 from $8.5 million for the six months ended June 30, 2022.

  •  

The increase in net investment income was primarily due to the strategies employed by the Company in April 2022 to take advantage of rising interest rates, which resulted in a 65% increase in book yield over time on the fixed income portfolio to 3.8% at June 30, 2023 from 2.3% at March 31, 2022, while the average duration of these securities was shortened to 1.4 years at June 30, 2023 from 3.3 years at March 31, 2022.

 

  •  

Approximately $900 million of cash flow, or 70%, of the Company’s fixed income portfolio, will be generated from maturities and investment income between June 30, 2023 and December 31, 2023, positioning the Company to continue to increase book yield by investing maturities in higher yielding bonds.

 

  •  

The Company renewed its property catastrophe excess of loss reinsurance treaty on June 1, 2023 at a cost reduction of 49% compared to the prior year. This decline in the Company’s cost of reinsurance is due largely to the Company’s reduction in its probable maximum loss from natural catastrophes of approximately 75% over the last 5 years and by 40% over the past year, which allowed less limit to be purchased, and increasing retention from $15 million to $25 million.

 

  •  

Book value per share increased $1.16 per share, or 2.6%, to $46.03 at June 30, 2023 from $44.87 at December 31, 2022.

 

1

Reflecting the Company’s focus on “Main Street Specialty E&S” clients and continuing efforts to terminate business that does not meet the Company’s underwriting criteria, which are continuously refined. References to gross written premiums and loss ratios in this Business Highlights section that exclude terminated business within the Commercial Specialty segment contained in Continuing Lines do not include (i) terminated gross written premiums within Package Specialty E&S of $2.9 million for the three months ended June 30, 2022 and $1.1 million and $6.0 million for the six months ended June 30, 2023 and 2022, respectively, in habitational lines in New York City and (ii) terminated gross written premiums within Targeted Specialty E&S of $0.2 million and $1.3 million for the three months ended June 30, 2023 and 2022, respectively, and $0.6 million and $12.0 million for the six months ended June 30, 2023 and 2022, respectively, concentrated in a large corporate restaurant account.

2

Represents Non-GAAP financial measures or ratios. See “Reconciliation of Non-GAAP Financial Measures and Ratios” at the end of this press release.

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 calendar year combined ratio for Continuing Lines was impacted by loss reserve strengthening primarily driven by the restaurant book of business that was not renewed as well as strengthening related to other non-renewed business.

 

  •  

For the Continuing Lines business, the accident year casualty loss ratio improved by 0.2 points to 59.7% in 2023 from 59.9% in 2022 primarily due to lower claims frequency within Commercial Specialty. The consolidated accident year casualty loss ratio increased by 0.4 points to 59.8% in 2023 from 59.4% in 2022 mainly due to higher claims severity and an increase in the expected loss ratio in Exited Lines.

 

  •  

For the Continuing Lines business, the accident year property loss ratio improved by 1.8 points to 56.3% in 2023 from 58.1% in 2022. The consolidated accident year property loss ratio improved by 4.3 points to 61.9% in 2023 from 66.2% in 2022. The improvement in the Continuing Lines and the Consolidated accident year property loss ratios is primarily due to lower non-catastrophe claims frequency.

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.

 

  •  

The calendar year combined ratio for Continuing Lines was impacted by fire losses in commercial vacant properties in the first quarter of 2023.

 

  •  

For the Continuing Lines business, the accident year casualty loss ratio increased by 0.5 points to 59.7% in 2023 from 59.2% in 2022. The consolidated accident year casualty loss ratio increased by 1.0 point to 59.9% in 2023 from 58.9% in 2022. The increase in the Continuing Lines and the Consolidated accident year casualty loss ratios is primarily due to higher claims severity.

 

  •  

For the Continuing Lines business, the accident year property loss ratio increased by 5.3 points to 62.7% in 2023 from 57.4% in 2022. This was primarily due to fire losses from commercial vacant properties in the 1st quarter of 2023. Actions have been taken to reduce risk from commercial vacant properties. The consolidated accident year property loss ratio increased by 2.1 points to 65.3% in 2023 from 63.2% in 2022. The increase in the Continuing Lines and the Consolidated accident year property loss ratios is mainly due to higher claims severity.

###

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 / ratio

The 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 / ratio

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 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.

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Document and Entity Information
Aug. 08, 2023
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001494904
Document Type 8-K
Document Period End Date Aug. 08, 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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