Condensed Financial Information of Registrant (Parent Only)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant (Parent Only)

GLOBAL INDEMNITY GROUP, LLC

SCHEDULE II – Condensed Financial Information of Registrant

(Parent Only)

Balance Sheets

(Dollars in thousands, except share data)

ASSETS	December 31, 2023			December 31, 2022
Fixed maturities	$	70,464		$	86,310
Equity securities, at fair value		436			1,694
Other invested assets		26,016			23,573
Total investments		96,916			111,577
Cash and cash equivalents		40			4,775
Intercompany note receivable (1)		69,400			69,400
Interest receivable – affiliates		1,501			627
Equity in unconsolidated subsidiaries (1)		482,653			444,517
Other assets		997			1,130
Total assets	$	651,507		$	632,026
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Payable for securities	$	—		$	49
Due to affiliates (1)		2,411			4,623
Other liabilities		343			1,125
Total liabilities		2,754			5,797
Commitments and contingencies		—			—
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: 11,042,670 and 10,876,041, respectively; class A common shares outstanding: 9,771,429 and 10,073,660, respectively; class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively		—			—
Additional paid-in capital		454,791			451,305
Accumulated other comprehensive income (loss), net of tax		(22,863	)		(43,058	)
Retained earnings		244,988			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		648,753			626,229
Total liabilities and shareholders’ equity	$	651,507		$	632,026

(1)This item has been eliminated in the Company’s Consolidated Financial Statements.

See Notes to Consolidated Financial Statements included in Item 8.

GLOBAL INDEMNITY GROUP, LLC

SCHEDULE II – Condensed Financial Information of Registrant (continued)

(Parent Only)

Statement of Operations and Comprehensive Income

(Dollars in thousands)

	Years Ended December 31,
	2023			2022			2021
Revenues:
Net investment income	$	6,141		$	(1,980	)	$	6,763
Intercompany interest income (1)		874			627			—
Net realized investment gains (losses)		(416	)		(4,620	)		13,563
Total revenues		6,599			(5,973	)		20,326
Expenses:
Intercompany interest expense (1)		—			2			1
Interest expense		—			41			142
Corporate and other operating expenses		601			723			864
Loss on extinguishment of debt		—			3,529			—
Income (loss) before equity in earnings of unconsolidated subsidiaries		5,998			(10,268	)		19,319
Equity in earnings of unconsolidated subsidiaries (1)		19,431			9,418			10,035
Net income (loss)		25,429			(850	)		29,354
Other comprehensive income (loss), net of tax:
Unrealized holdings gain (losses) arising during the period		1,287			(8,274	)		(3,568	)
Equity in other comprehensive income (loss) of unconsolidated subsidiaries (1)		18,703			(45,764	)		(24,300	)
Recognition of previously unrealized holding (gains) losses		205			4,576			(36	)
Other comprehensive income (loss), net of tax		20,195			(49,462	)		(27,904	)
Comprehensive income (loss), net of tax	$	45,624		$	(50,312	)	$	1,450

(1)This item has been eliminated in the Company’s Consolidated Financial Statements.

See Notes to Consolidated Financial Statements included in Item 8.

GLOBAL INDEMNITY GROUP, LLC

Condensed Financial Information of Registrant – (continued)

(Parent Only)

Statements of Cash Flows

(Dollars in thousands)

	Years Ended December 31,
	2023			2022			2021
Net cash provided by operating activities	$	4,388		$	7,720		$	7,264
Cash flows from investing activities:
Proceeds from sale of fixed maturities		17,226			70,151			84,070
Proceeds from sale of equity securities		1,158			76,466			27,600
Proceeds from maturity of fixed maturities		240			438			1,087
Proceeds from other invested assets		—			58,577			—
Purchases of fixed maturities		(271	)		(105,025	)		(60,800	)
Purchases of equity securities		(111	)		(939	)		(30,956	)
Purchases of other invested assets		—			—			(25,000	)
Net cash provided by (used in) investing activities		18,242			99,668			(3,999	)
Cash flows from financing activities:
Distributions paid to common shareholders		(14,248	)		(14,366	)		(14,431	)
Distributions paid to preferred shareholders		(440	)		(440	)		(440	)
Issuance of note receivable to affiliates		—			(69,400	)		—
Proceeds from the repayment of a note receivable from affiliate		—			—			11,283
Proceeds from issuance of note payable to affiliates		—			—			2,800
Repayment of note payable to affiliates		—			(2,800	)		—
Purchase of class A common shares		(12,677	)		(22,335	)		(490	)
Issuance of class A common shares		—			3,339			—
Net cash used in financing activities		(27,365	)		(106,002	)		(1,278	)
Net change in cash and equivalents		(4,735	)		1,386			1,987
Cash and cash equivalents at beginning of period		4,775			3,389			1,402
Cash and cash equivalents at end of period	$	40		$	4,775		$	3,389

See Notes to Consolidated Financial Statements included in Item 8.