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Global Indemnity Group, LLC Reports First Quarter 2023 Results

Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net income available to shareholders for the three months ended March 31, 2023, of $2.4 million compared to net loss available to shareholders of $14.9 million for the corresponding period in 2022. Adjusted operating income, which excludes realized gains and losses and the results of Exited Lines, was $3.4 million for the three months ended March 31, 2023, compared to $3.8 million for the three months ended March 31, 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 March 31,

 

 

2023

 

 

 

2022

 

 

 

 

 

Gross Written Premiums

$

123.0

 

 

$

191.0

 

Net Written Premiums

$

115.9

 

 

$

159.5

 

Net Earned Premiums

$

140.1

 

 

$

148.8

 

 

 

 

 

Net income (loss) available to shareholders

$

2.4

 

 

$

(14.9

)

Net income (loss) from Continuing Lines

$

2.1

 

 

$

(16.8

)

Net income from Exited Lines (1)

$

0.3

 

 

$

1.9

 

Net income (loss) available to shareholders per share

$

0.17

 

 

$

(1.03

)

 

 

 

 

Adjusted operating income

$

3.4

 

 

$

3.8

 

Adjusted operating income per share

$

0.24

 

 

$

0.25

 

 

 

 

 

Combined ratio analysis:

 

 

 

Loss ratio

 

62.8

%

 

 

56.9

%

Expense ratio

 

38.2

%

 

 

38.1

%

Combined ratio

 

101.0

%

 

 

95.0

%

(1)

Underwriting loss from Exited Lines, net of tax.

 

As of

March 31,

2023

 

As of

December 31,

2022

 

 

 

 

Book value per share (1)

$

45.68

 

$

44.87

Book value per share plus cumulative dividends and excluding AOCI

$

53.46

 

$

52.98

Shareholders’ equity (2)

$

628.2

 

$

626.2

Cash and invested assets (3)

$

1,347.1

 

$

1,342.6

Shares Outstanding (in millions)

 

13.7

 

 

13.9

 

(1) Net of cumulative Company distributions to common shareholders totaling $5.25 per share and $5.00 per share as of 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

  • 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 18.7% to $57.3 million in 2023 from $48.2 million 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 9.8% to $36.8 million in 2023 from $40.8 million in 2022 driven by actions taken to improve underwriting results by not renewing underperforming business.
    • Commercial Specialty’s gross written, which includes Package Specialty E&S and Targeted Specialty E&S, grew by 5.7%.
    • The Company added 9 new agent office appointments in the first three months of 2023, increasing the size of its national agency force to 365.
    • Commercial Specialty incurred an accident year gross casualty loss ratio of 56.2% in both 2023 and 2022. The average accident year gross casualty loss ratio over the past five years was 55.2.
    • Commercial Specialty incurred an accident year gross property loss ratio of 65.2% which is 12 points higher than both 2022 and the average accident year gross property loss ratio over the past five years.
      • The increase in the accident year gross property loss ratio is primarily due to higher non-catastrophe claims severity mainly due to fire losses at vacant properties in the Los Angeles area. As the growing homeless population sought shelter from low winter temperatures and high levels of rainfall, fires were set in commercial vacant buildings.
        • The Company has taken underwriting action to address exposure in light of the evolving conditions in Los Angeles and other urban areas.
        • Since March 31, 2023, the severity of property losses has been much lower than the losses experienced in the first three months of 2023.
  • Net investment income increased 82.2% to $12.0 million in 2023 from $6.6 million in 2022.
    • The increase in net investment income was primarily due to the strategies employed by the Company to take advantage of rising interest rates, which resulted in a 56% increase in book yield on the fixed income portfolio to 3.6% at March 31, 2023 from 2.3% at March 31, 2022, while the average maturity of these securities was shortened to 2.5 years at March 31, 2023 from 5.1 years at March 31, 2022.
    • Approximately $900 million, or 72%, of the Company’s fixed income portfolio will mature over the next two years, positioning the Company to continue to increase book yield by investing maturities in higher yielding bonds.
  • Book value per share increased $0.81 per share, or 1.8%, to $45.68 at March 31, 2023 from $44.87 at December 31, 2022.
  • The Company expects to generate between $415 million and $430 million of Gross Written Premium in its Commercial Specialty segment for the full year 2023. 

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 $1.1 million in 2023 and $3.2 million in 2022 in habitational lines in New York City and (ii) terminated gross written premiums within Targeted Specialty E&S of $0.4 million in 2023 and $10.7 million in 2022 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 Months Ended March 31, 2023 and 2022

 

 

For the Three Months Ended March 31, 2023



(Dollars in thousands)

 

Continuing

Lines

 

Exited

Lines

 

Total

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

Gross written premiums

$

118,924

$

4,061

$

122,985

Net written premiums

$

114,650

$

1,211

$

115,861

 

 

 

 

 

 

 

Net earned premiums

$

128,029

$

12,043

$

140,072

Other income

 

258

 

77

 

335

Total revenues

 

128,287

 

12,120

 

140,407

 

 

 

 

 

 

 

Losses and Expenses:

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

81,382

 

6,619

 

88,001

Acquisition costs and other underwriting expenses

 

48,342

 

5,136

 

53,478

Income (loss) from segments

$

(1,437)

$

365

$

(1,072)

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

Loss ratio

 

63.6%

 

55.0%

 

62.8%

Expense ratio

 

37.8%

 

42.6%

 

38.2%

Combined ratio

 

101.4%

 

97.6%

 

101.0%

 

 

For the Three Months Ended March 31, 2022



(Dollars in thousands)

 

Continuing

Lines

 

Exited

Lines

 

Total

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

Gross written premiums

$

143,844

$

47,139

$

190,983

Net written premiums

$

139,159

$

20,323

$

159,482

 

 

 

 

 

 

 

Net earned premiums

$

125,495

$

23,328

$

148,823

Other income

 

239

 

200

 

439

Total revenues

 

125,734

 

23,528

 

149,262

 

 

 

 

 

 

 

Losses and Expenses:

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

74,718

 

9,977

 

84,695

Acquisition costs and other underwriting expenses

 

45,487

 

11,205

 

56,692

Income from segments

$

5,529

$

2,346

$

7,875

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

Loss ratio

 

59.5%

 

42.8%

 

56.9%

Expense ratio

 

36.2%

 

48.0%

 

38.1%

Combined ratio

 

95.7%

 

90.8%

 

95.0%

Global Indemnity Group, LLC’s Gross Written and Net Written Premiums Results by Segment for the Three Months Ended March 31, 2023 and 2022

 

Three Months Ended March 31,

 

Gross Written Premiums

 

Net Written Premiums

 

2023

 

2022

 

%

Change

 

2023

 

2022

 

%

Change

Commercial Specialty

$ 95,508

 

$ 102,848

 

(7.1%)

 

$ 91,234

 

$ 98,163

 

(7.1%)

Reinsurance Operations

23,416

 

40,996

 

(42.9%)

 

23,416

 

40,996

 

(42.9%)

Continuing Lines

118,924

 

143,844

 

(17.3%)

 

114,650

 

139,159

 

(17.6%)

Exited Lines

4,061

 

47,139

 

(91.4%)

 

1,211

 

20,323

 

(94.0%)

Total

$ 122,985

 

$ 190,983

 

(35.6%)

 

$ 115,861

 

$ 159,482

 

(27.4%)

Commercial Specialty: Gross written premiums and net written premiums both decreased 7.1% for the three months ended March 31, 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 18.7% to $57.3 million in 2023 from $48.2 million 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 9.8% to $36.8 million in 2023 from $40.8 million 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 42.9% for the three months ended March 31, 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 91.4% and 94.0%, respectively, for the three months ended March 31, 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 in 2022.

Global Indemnity Group, LLC’s Combined Ratio for the Three Months Ended March 31, 2023 and 2022

For the Continuing Lines business, the combined ratio was 101.4% for the three months ended March 31, 2023, (Loss Ratio 63.6% and Expense Ratio 37.8%) as compared to 95.7% (Loss Ratio 59.5% and Expense Ratio 36.2%) for the three months ended March 31, 2022. The consolidated combined ratio was 101.0% for the three months ended March 31, 2023, (Loss Ratio 62.8% and Expense Ratio 38.2%) as compared to 95.0% (Loss Ratio 56.9% and Expense Ratio 38.1%) for the three months ended March 31, 2022.

  • For the Continuing Lines business, the accident year casualty loss ratio increased by 1.3 points to 59.8% in 2023 from 58.5% in 2022. The consolidated accident year casualty loss ratio increased by 1.7 points to 60.1% in 2023 from 58.4% in 2022. The increase in the Consolidated and Continuing Lines accident year casualty loss ratio is primarily due to higher claims severity within Commercial Specialty.
  • For the Continuing Lines business, the accident year property loss ratio increased by 11.9 points to 68.7% in 2023 from 56.8% in 2022. The consolidated accident year property loss ratio increased by 8.3 points to 68.3% in 2023 from 60.0% in 2022. The increase in the Consolidated and Continuing Lines accident year property loss ratio is primarily due to higher non-catastrophe claims severity mainly due to fire losses.

###

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 March 31,

 

 

 

2023

 

 

 

2022

 

Gross written premiums

 

$

122,985

 

 

$

190,983

 

 

 

 

 

 

Net written premiums

 

$

115,861

 

 

$

159,482

 

 

 

 

 

 

Net earned premiums

 

$

140,072

 

 

$

148,823

 

Net investment income

 

 

12,008

 

 

 

6,592

 

Net realized investment losses

 

 

(1,520

)

 

 

(25,385

)

Other income

 

 

354

 

 

 

426

 

Total revenues

 

 

150,914

 

 

 

130,456

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

88,001

 

 

 

84,695

 

Acquisition costs and other underwriting expenses

 

 

53,478

 

 

 

56,692

 

Corporate and other operating expenses

 

 

6,368

 

 

 

4,660

 

Interest expense

 

 

-

 

 

 

2,595

 

Income (loss) before income taxes

 

 

3,067

 

 

 

(18,186

)

Income tax expense (benefit)

 

 

573

 

 

 

(3,413

)

Net income (loss)

 

 

2,494

 

 

 

(14,773

)

 

 

 

 

 

Less: Preferred stock distributions

 

 

110

 

 

 

110

 

 

 

 

 

 

Net income (loss) available to common shareholders

 

$

2,384

 

 

$

(14,883

)

 

 

 

 

 

Per share data:

 

 

 

 

Net income (loss) available to common shareholders

 

 

 

 

Basic

 

$

0.17

 

 

$

(1.03

)

Diluted (1)

 

$

0.17

 

 

$

(1.03

)

Weighted-average number of shares outstanding

 

 

 

 

Basic

 

 

13,671

 

 

 

14,515

 

Diluted (1)

 

 

13,929

 

 

 

14,515

 

 

 

 

 

 

Cash distributions declared per common share

 

$

0.25

 

 

$

0.25

 

 

 

 

 

 

Combined ratio analysis: (2)

 

 

 

 

Loss ratio

 

 

62.8

%

 

 

56.9

%

Expense ratio

 

 

38.2

%

 

 

38.1

%

Combined ratio

 

 

101.0

%

 

 

95.0

%

(1)

For the three months ended March 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

 

(Unaudited)

March 31, 2023

 

December 31, 2022

Fixed Maturities:

 

 

 

Available for sale, at fair value

 

 

 

(amortized cost: 2023 - $1,300,148 and 2022 - $1,301,723; net

 

 

 

of allowance for expected credit losses of: $0 in 2023 and 2022)

 

$

1,257,357

 

 

$

1,248,198

Equity securities, at fair value

 

 

17,342

 

 

 

17,520

 

Other invested assets

 

 

37,669

 

 

 

38,176

 

Total investments

 

 

1,312,368

 

 

 

1,303,894

 

 

 

 

 

 

Cash and cash equivalents

 

 

35,737

 

 

 

38,846

 

Premium receivables, net of allowance for expected credit losses of

 

 

 

 

$3,379 at March 31, 2023 and $3,322 at December 31, 2022

 

 

154,624

 

 

 

168,743

 

Reinsurance receivables, net of allowance for expected credit losses of

 

 

 

 

$8,992 at March 31, 2023 and December 31, 2022

 

 

86,772

 

 

 

85,721

 

Funds held by ceding insurers

 

 

17,339

 

 

 

19,191

 

Deferred federal income taxes

 

 

44,489

 

 

 

47,099

 

Deferred acquisition costs

 

 

58,354

 

 

 

64,894

 

Intangible assets

 

 

14,721

 

 

 

14,810

 

Goodwill

 

 

4,820

 

 

 

4,820

 

Prepaid reinsurance premiums

 

 

14,224

 

 

 

17,421

 

Lease right of use assets

 

 

11,265

 

 

 

11,739

 

Other assets

 

 

22,565

 

 

 

23,597

 

Total assets

 

$

1,777,278

 

 

$

1,800,775

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

857,520

 

 

$

832,404

 

Unearned premiums

 

 

241,945

 

 

 

269,353

 

Ceded balances payable

 

 

5,997

 

 

 

17,241

 

Payable for securities purchased

 

 

1,008

 

 

 

66

 

Contingent commissions

 

 

3,772

 

 

 

8,816

 

Lease liabilities

 

 

15,042

 

 

 

15,701

 

Other liabilities

 

 

23,756

 

 

 

30,965

 

Total liabilities

 

 

1,149,040

 

 

 

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 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: 10,928,380 and 10,876,041,

 

 

 

respectively; class A common shares outstanding: 9,872,697 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)

 

 

452,385

 

 

 

451,305

 

Accumulated other comprehensive income, net of taxes

 

 

(34,615

)

 

 

(43,058

)

Retained earnings (1)

 

 

232,506

 

 

 

233,468

 

Class A common shares in treasury, at cost: 1,055,683 and 802,381 shares, respectively

 

 

(26,038

)

 

 

(19,486

)

Total shareholders’ equity

 

 

628,238

 

 

 

626,229

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,777,278

 

 

$

1,800,775

 

(1)

Since the Company’s initial public offering in 2003, the Company has returned $594 million to shareholders, including $517 million in share repurchases and $77 million in dividends/distributions.

GLOBAL INDEMNITY GROUP, LLC

SELECTED INVESTMENT DATA

(Dollars in millions)

 

 

Market Value as of

 

 

(Unaudited)

March 31, 2023

 

 

December 31, 2022

 

 

 

 

 

Fixed maturities

 

$

1,257.4

 

 

$

1,248.2

 

Cash and cash equivalents

 

 

35.7

 

 

 

38.8

 

Total bonds and cash and cash equivalents

 

 

1,293.1

 

 

 

1,287.0

 

Equities and other invested assets

 

 

55.0

 

 

 

55.7

 

Total cash and invested assets, gross

 

 

1,348.1

 

 

 

1,342.7

 

Payable for securities purchased

 

 

(1.0

)

 

 

(0.1

)

Total cash and invested assets, net

 

$

1,347.1

 

 

$

1,342.6

 

 

Total Investment Return (1)

 

 

 

For the Three Months

Ended March 31,

(unaudited)

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

Net investment income

 

$

12.0

 

 

$

6.6

 

 

 

 

 

 

Net realized investment losses

 

 

(1.5

)

 

 

(25.4

)

Net unrealized investment gains (losses)

 

 

10.5

 

 

 

(23.8

)

Net realized and unrealized investment return

 

 

9.0

 

 

 

(49.2

)

 

 

 

 

 

Total investment return

 

$

21.0

 

 

$

(42.6

)

 

 

 

 

 

Average total cash and invested assets

 

$

1,344.9

 

 

$

1,498.3

 

 

 

 

 

 

Total investment return %

 

 

1.6

%

 

 

(2.8

%)

(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 March 31

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

Adjusted operating income, net of tax

 

$

3,428

 

 

$

3,803

 

 

 

 

 

 

Adjustments:

 

 

 

 

Underwriting income from Exited Lines

 

 

288

 

 

 

1,853

 

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

 

 

3,716

 

 

 

5,656

 

 

 

 

 

 

Net realized investment losses

 

 

(1,222

)

 

 

(20,429

)

 

 

 

 

 

Net income (loss)

 

$

2,494

 

 

$

(14,773

)

 

 

 

 

 

Weighted average shares outstanding – basic

 

 

13,671

 

 

 

14,515

 

 

 

 

 

 

Weighted average shares outstanding – diluted

 

 

13,929

 

 

 

14,701

 

 

 

 

 

 

Adjusted operating income per share – basic (2)

 

$

0.24

 

 

$

0.25

 

 

 

 

 

 

Adjusted operating income per share – diluted (2)

 

$

0.24

 

 

$

0.25

 

(1)

Adjusted operating income including Exited Lines, net of tax, excludes preferred shareholder distributions of $0.11 million for each of the three months ended March 31, 2023 and 2022, respectively.

 

 

(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 March 31, 2023 and 2022, 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 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 March 31,

 

2023

 

2022

 

Losses $

 

Loss

Ratio

 

Losses $

 

Loss

Ratio

 

 

 

 

 

 

 

 

Casualty

 

 

 

 

 

 

 

Gross losses and loss adjustment expenses excluding terminated business (1)

$28,810

 

56.2%

 

$27,508

 

56.2%

Gross losses and loss adjustment expenses on terminated business (1)

4,342

 

91.7%

 

5,127

 

59.7%

Gross losses and loss adjustment expenses (1)

$33,152

 

59.2%

 

$ 32,635

 

56.7%

Ceded losses and loss adjustment expenses

(415)

 

 

 

(366)

 

 

Net losses and loss adjustment expenses (2)

$32,737

 

59.0%

 

$ 32,269

 

56.8%

 

 

 

 

 

 

 

 

Property

 

 

 

 

 

 

 

Gross losses and loss adjustment expenses excluding terminated business (1)

$26,497

 

65.2%

 

$20,211

 

53.2%

Gross losses and loss adjustment expenses on terminated business (1)

57

 

8.2%

 

40

 

6.8%

Gross losses and loss adjustment expenses (1)

$ 26,554

 

64.3%

 

$ 20,251

 

52.5%

Ceded losses and loss adjustment expenses

(650)

 

 

 

(747)

 

 

Net losses and loss adjustment expenses (2)

$ 25,904

 

68.7%

 

$ 19,504

 

56.8%

 

 

 

 

 

 

 

 

Commercial Specialty

 

 

 

 

 

 

 

Gross losses and loss adjustment expenses excluding terminated business (1)

$55,307

 

60.2%

 

$47,719

 

54.9%

Gross losses and loss adjustment expenses on terminated business (1)

4,399

 

81.2%

 

5,167

 

56.3%

Gross losses and loss adjustment expenses (1)

$ 59,706

 

61.4%

 

$ 52,886

 

55.0%

Ceded losses and loss adjustment expenses

(1,065)

 

 

 

(1,113)

 

 

Net losses and loss adjustment expenses (2)

$ 58,641

 

62.9%

 

$ 51,773

 

56.8%

(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 March 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

Package Specialty E&S

 

 

 

 

Gross written premiums excluding terminated business (1)

 

$

57,277

 

$

48,249

Gross written premiums from terminated business

 

 

1,058

 

 

3,152

Total gross written premiums (2)

 

$

58,335

 

$

51,401

 

 

 

 

 

Targeted Specialty E&S

 

 

 

 

Gross written premiums excluding terminated business (1)

 

$

36,778

 

$

40,761

Gross written premiums from terminated business

 

 

395

 

 

10,686

Total gross written premiums (2)

 

$

37,173

 

$

51,447

 

 

 

 

 

Commercial Specialty

 

 

 

 

Gross written premiums excluding terminated business (1)

 

$

94,055

 

$

89,010

Gross written premiums from terminated business

 

 

1,453

 

 

13,838

Total gross written premiums (2)

 

$

95,508

 

$

102,848

(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.

Contacts

Stephen W. Ries

Head of Investor Relations

(610) 668-3270

sries@gbli.com

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