8-K

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): May 2, 2012

Global Indemnity plc

(Exact name of registrant as specified in its charter)

Ireland	001-34809	98-0664891
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
Arthur Cox Building Earlsfort Terrace Dublin 2, Ireland		None
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: +(353) (0) 1 618 0517

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:

¨ 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))

Item 2.02 Results of Operations and Financial Condition.

On May 2, 2012, Global Indemnity plc (the “Company”) issued a press release announcing the Company’s financial results for its first quarter ended March 31, 2012.

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 May 2, 2012.

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 plc
May 2, 2012	By:	/s/    Thomas M. McGeehan
		Name:	Thomas M. McGeehan
		Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated May 2, 2012

EX-99.1

Exhibit 99.1

PRESS RELEASE

For release:	May 2, 2012
Contact:	Media
	Linda Hohn
	Associate General Counsel
	(610) 660-6862
	lhohn@global-indemnity.com

Global Indemnity plc Reports First Quarter 2012 Financial Results.

Dublin, Ireland (May 2, 2012) – Global Indemnity plc (NASDAQ:GBLI) today reported net income for the three months ended March 31, 2012 of $10.9 million or $0.38 per share. As of March 31^st, book value per share increased to $30.19 or 3.9% from $29.06 per share at December 31, 2011.

Selected Operating and Balance Sheet Data (Dollars in millions, except per share data)

	For the Three Months Ended March 31,
	2012		2011
Gross Premiums Written	$	57.8	$	87.7
Net Premiums Written	$	50.3	$	83.1
Net income	$	10.9	$	14.3
Net income per share	$	0.38	$	0.47
Operating income	$	9.1	$	5.6
Operating income per share	$	0.32	$	0.18
	As of March 31, 2012		As of December 31, 2011(1)
Book value per share	$	30.19	$	29.06
Shareholders’ equity	$	859.4	$	839.1
Cash and invested assets	$	1,666.7	$	1,647.7

(1) Retrospective adoption of new accounting guidance limiting acquisition costs that can be deferred decreased shareholders’ equity by $2.6 million or $0.09 per share

Selected Financial Data for the Three Months Ended March 31, 2012:

• Shareholders’ equity growth of 2.4% - Book value per share growth of 3.9%.

• Repurchased 0.5 million shares during the 1^st quarter of 2012 for $8.8 million

• Gross and net written premium decline is attributable to exiting certain unprofitable classes in US Insurance Operations and non-renewing treaties in Reinsurance Operations that did not meet return hurdles partially offset by increases in the Company’s small business, property brokerage and commercial auto classes.

• Combined ratio of 101.1 points

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About Global Indemnity plc and its subsidiaries

Global Indemnity plc (NASDAQ:GBLI), through its several direct and indirect wholly owned subsidiary insurance and reinsurance companies, provides both admitted and non-admitted specialty property and casualty insurance coverages in the United States, as well as reinsurance throughout the world. Global Indemnity plc’s two primary divisions are:

• United States Based Insurance Operations

• Bermuda Based Reinsurance Operations

For more information, visit the Global Indemnity plc website at http://www.globalindemnity.ie.

Forward-Looking Information

Forward-looking statements contained in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. Investors should take caution that actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. Please see the Company’s periodic reports filed with the Securities and Exchange Commission for a discussion of the risks and uncertainties which may affect it and for a more detailed discussion of the cautionary note regarding forward-looking statements.

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Global Indemnity plc’s Combined Ratio for the Three Months Ended March 31, 2012 and 2011

The combined ratio is a key measure of insurance profitability. The components comprising the combined ratio are as follows:

	Three Months Ended March  31,
	2012			2011
Loss Ratio:
Current Accident Year
Excluding Catastrophes		63.0			65.5
Catastrophes		4.5			18.3
Current Accident Year		67.5			83.8
Changes to Prior Accident Year		(2.3	)		(7.0	)
Loss Ratio – Calendar Year		65.2			76.8
Expense Ratio		35.9			38.7
Combined Ratio		101.1			115.5

For the three months ended March 31^st, the calendar year loss ratio decreased by 11.6 points to 65.2 points in 2012 from 76.8 points in 2011.

• Excluding catastrophes, the current accident year loss ratio decreased by 2.5 points to 63.0 points in 2012 from 65.5 points in 2011.

• Excluding catastrophes, the property loss ratio decreased from 53.0 points in the first quarter of 2011 to 48.9 points in the first quarter of 2012. Including catastrophes, the property loss ratio decreased by 37.9 points to 58.0 points in 2012 from 95.9 points in 2011. Catastrophe losses in the first quarter of 2011 were $13.9 million mainly due to earthquakes in New Zealand and Japan and floods in Australia. Catastrophe losses in the first quarter of 2012 were $2.9 million.

• The casualty loss ratio increased 1.7 points to 76.4 points in 2012 from 74.7 points in 2011.

• Current year results include a 2.3 point reduction in the loss ratio related to prior accident years. For 2012 the Company reduced prior accident year reserves by $1.5 million primarily relating to a better than expected emergence of $2.5 million in the General Liability lines of the U.S. Insurance Operations, offset partially by a single Property Brokerage claim of $0.6 million and a single loss on Marine Program of $0.5 million.

For the three months ended March 31^st, the expense ratio decreased from 38.7 points in 2011 to 35.9 points in 2012.

• The decrease in the expense ratio was due to savings realized from the profit enhancement initiative executed in 2010 and 2011 and a reduction in amortization expense in 2012 due to premium deficiency charges recognized in 2011.

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Global Indemnity plc’s three months ended March 31, 2012 and 2011 Gross and Net Premiums Written Results by Business Unit

(Dollars in thousands)	Three Months Ended March 31,
	Gross Premiums Written				Net Premiums Written
	2012		2011		2012		2011
Insurance Operations	$	47,834	$	56,467	$	40,906	$	52,411
Reinsurance Operations		9,924		31,199		9,375		30,697
Total	$	57,758	$	87,666	$	50,281	$	83,108

Insurance Operations: For the three months ended March 31, 2012, gross premiums written decreased 15.3%, and net premiums written decreased 22.0%, compared to the same period in 2011. In the second half of 2011 the Company began exiting certain unprofitable classes of business which contributed to the decrease in gross premiums written. This was partially offset by increases in the small business, property brokerage and commercial auto products. Rate increases are being realized in the property brokerage and commercial auto products. The decrease in net premiums written was primarily due to the decrease in gross premiums written and a one-time reduction to ceded written premiums in 2011 related to the cancellation of a property quota share reinsurance treaty effective January 1, 2011.

Reinsurance Operations: For the three months ended March 31, 2012, gross premiums written decreased 68.2%, and net premiums written decreased 69.5% compared to the same period in 2011 as a result of non-renewing treaties that did not meet return hurdles.

# # #

Note: Tables Follow

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GLOBAL INDEMNITY PLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

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

	For the Three Months Ended March 31,
	2012			2011
Gross premiums written	$	57,758		$	87,666
Net premiums written	$	50,281		$	83,108
Net premiums earned	$	64,470		$	75,969
Investment income, net		11,417			14,414
Net realized investment gains		1,761			11,997
Other income (loss)		(352	)		11,792
Total revenues		77,296			114,172
Net losses and loss adjustment expenses		42,009			58,342
Acquisition costs and other underwriting expenses		23,167			29,394
Corporate and other operating expenses		2,488			2,903
Interest expense		1,478			1,752
Income before income taxes		8,154			21,781
Income tax expense (benefit)		(2,708	)		7,524
Net income before equity in net income of partnership		10,862			14,257
Equity in net income of partnership, net of tax		—			53
Net income	$	10,862		$	14,310
Weighted average shares outstanding–basic		28,617			30,301
Weighted average shares outstanding–diluted		28,639			30,338
Net income per share – basic	$	0.38		$	0.47
Net income per share – diluted	$	0.38		$	0.47
Combined ratio analysis: (1)
Loss ratio		65.2			76.8
Expense ratio		35.9			38.7
Combined ratio		101.1			115.5

(1) The loss ratio, expense ratio and combined ratio are non-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 premiums earned. The expense ratio is the ratio of acquisition costs and other underwriting expenses to net premiums earned. The combined ratio is the sum of the loss and expense ratios.

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GLOBAL INDEMNITY PLC

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	(Unaudited) March 31,  2012			December 31, 2011(1)
ASSETS
Fixed Maturities:
Available for sale securities, at fair value (amortized cost: 2012 - $1,326,146 and 2011 - $1,258,533)	$	1,370,032		$	1,296,885
Equity securities:
Available for sale, at fair value (cost: 2012 - $158,329 and 2011 - $155,390)		187,542			168,361
Other invested assets:
Available for sale securities, at fair value (cost: 2012 - $4,156 and 2011 - $4,150)		8,632			6,617
Total investments		1,566,206			1,471,863
Cash and cash equivalents		100,519			175,860
Premiums receivable, net		47,081			47,844
Reinsurance receivables		282,901			287,986
Deferred federal income taxes		6,035			14,642
Deferred acquisition costs		19,469			21,564
Intangible assets		18,609			18,704
Goodwill		4,820			4,820
Prepaid reinsurance premiums		6,948			6,555
Receivable for securities sold		—			1,484
Federal income taxes receivable		7,620			2,223
Other assets		20,652			19,371
Total assets	$	2,080,860		$	2,072,916
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses	$	960,924		$	971,377
Unearned premiums		100,242			114,041
Ceded balances payable		6,651			8,887
Contingent commissions		5,079			7,473
Payable for securities purchased		21,078			—
Notes and debentures payable		102,929			103,000
Other liabilities		24,577			29,075
Total liabilities		1,221,480			1,233,853
Shareholders’ equity:
Ordinary shares, $0.0001 par value, 900,000,000 ordinary shares authorized; A ordinary shares issued: 19,456,411 and 21,429,683 respectively; A ordinary shares outstanding: 16,400,471 and 16,810,678, respectively; B ordinary shares issued and outstanding: 12,061,370 and 12,061,370, respectively		3			3
Additional paid-in capital		584,428			621,917
Accumulated other comprehensive income, net of taxes		57,861			40,174
Retained earnings		318,275			307,413
A ordinary shares in treasury, at cost: 3,055,940 and 4,619,005 shares, respectively		(101,187	)		(130,444	)
Total shareholders’ equity		859,380			839,063
Total liabilities and shareholders’ equity	$	2,080,860		$	2,072,916

(1) Retrospective adoption of new accounting guidance limiting acquisition costs that can be deferred decreased deferred acquisition costs by $4.0 million and shareholders’ equity by $2.6 million

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GLOBAL INDEMNITY PLC

SELECTED INVESTMENT DATA

(Dollars in millions)

	Market Value as of
	(Unaudited) March 31,  2012			December 31, 2011
Fixed Maturities	$	1,370.0		$	1,296.9
Cash and cash equivalents		100.5			175.8
Total bonds and cash and cash equivalents		1,470.5			1,472.7
Equities and other invested assets		196.2			175.0
Total cash and invested assets, gross		1,666.7			1,647.7
Receivable / (payable) for securities		(21.1	)		1.5
Total cash and invested assets, net	$	1,645.6		$	1,649.2

	(Unaudited) Three Months  Ended March 31, 2012 (a)
Net investment income	$	11.4
Net realized investment gains		1.8
Net unrealized investment gains		23.7
Net realized and unrealized investment returns		25.5
Total investment return	$	36.9
Average total cash and invested assets (b)	$	1,647.4
Total investment return % annualized		9.0	%

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

(b) Simple average of beginning and end of period, net of receivable/payable for securities.

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GLOBAL INDEMNITY PLC

SUMMARY OF OPERATING INCOME

(Unaudited)

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

	For the Three  Months Ended March 31,
	2012		2011
Operating income	$	9,081	$	5,555
Adjustments:
Net realized investment gains, net of tax		1,781		8,755
Total after-tax adjustments		1,781		8,755
Net income	$	10,862	$	14,310
Weighted average shares outstanding – basic		28,617		30,301
Weighted average shares outstanding – diluted		28,639		30,338
Operating income per share – basic	$	0.32	$	0.18
Operating income per share – diluted	$	0.32	$	0.18

Note Regarding Operating Income

Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment gains (losses). Operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.

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