0001193125-22-215794.txt : 20220809 0001193125-22-215794.hdr.sgml : 20220809 20220809101455 ACCESSION NUMBER: 0001193125-22-215794 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220809 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220809 DATE AS OF CHANGE: 20220809 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: 221146960 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 d807852d8k.htm 8-K 8-K
false 0001494904 0001494904 2022-08-09 2022-08-09

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 9, 2022

 

 

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.)

 

Three Bala Plaza East, Suite 300

Bala Cynwyd, PA

   19004
(Address of principal executive offices)   (Zip Code)

(610) 664-1500

(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 9, 2022, Global Indemnity Group, LLC (the “Company”) issued a press release announcing the Company’s financial results for the second quarter ended June 30, 2022.

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

99.1    Press Release dated August 9, 2022.
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 9, 2022     By:  

/s/ Thomas M. McGeehan

      Name: Thomas M. McGeehan
      Title: Chief Financial Officer
 EX-99.1 2 d807852dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

PRESS RELEASE

For release: August 9, 2022

 

Contact:    Media
   Stephen W. Ries
   Head of Investor Relations
   (610) 668-3270
   sries@gbli.com

Global Indemnity Group, LLC Reports Second Quarter 2022 Results

 

  •  

Farm, Ranch and Stable renewal rights sold for $30.0 million to Everett Cash Mutual to reinsure 100% of the business effective August 8, 2022. Everett Cash Mutual will also purchase American Reliable for book value which is expected to be $10 million at the time of close, which, subject to regulatory approvals and customary closing conditions, is expected to close in or before the first quarter of 2023. Farm, Ranch and Stable is now included in Exited Lines.

 

  •  

Growth in Gross Written Premium - An increase of 26.1% and 28.4% in gross written premiums for Continuing Lines for the three and six months ended June 30, 2022, respectively, compared to the corresponding periods in 2021.

 

  •  

The combined ratio for Continuing Lines was 95.4% for the six months ended June 30, 2022 (Loss Ratio 58.4% and Expense Ratio 37.0%).

 

  •  

Lower Catastrophes – Catastrophe losses for Continuing Lines were $5.4 million in 2022 compared to $11.6 million in 2021.

 

  •  

Investment income for the three and six months ended June 30, 2022, was $1.9 million and $8.5 million, respectively, compared to $10.6 million and $20.5 million for the three and six months ended June 30, 2021. One alternative investment negatively impacted investment income $6.0 million and $7.2 million for the three months and six months ended 2022, respectively, compared to the corresponding periods in 2021. This investment was exited early in the third quarter of 2022.

 

  •  

On April 15, 2022, the Company prepaid its remaining $130 million of outstanding debt, resulting in a $3.5 million write off of deferred debt costs.

 

  •  

Global Indemnity continued to reduce the duration of its fixed income portfolio in response to rising interest rates. The Company has sold approximately $360 million of fixed income securities with maturities of 5 years and greater that had an average yield of 2.3%. These securities were redeployed into corporate and securitized investments. Duration at June 30, 2022 was to 1.7 years compared to duration of 3.0 at December 31, 2021 and book yield on the portfolio increased from 2.2% at December 31, 2021 to 2.7% at June 30, 2022. In reducing duration and increasing yield, GBLI realized losses of $9.9 million for the second quarter of 2022 and realized losses of $35.3 million for the six months ended June 30, 2022.

 

  •  

Primarily as a result of substantially shortening the duration of the Company’s fixed income securities in its investment portfolio, the impact of an alternative investment, and the write off related to debt redemption, the Company generated a net loss to shareholders of $12.3 million, or $0.84 per share, for the three months ended June 30, 2022, compared to net income available to shareholders of $6.3 million, or $0.43 per share, for the corresponding period in 2021. Net loss for the six months ended June 30, 2022, was $27.2 million, or $1.87 per share, compared to net income available to shareholders of $11.7 million, or $0.80 per share, for the corresponding period in 2021.

 

  •  

Book value decreased $65.3 million from $706.6 million at December 31, 2021 to $641.3 million at June 30, 2022. Book value per share decreased $4.76 from $48.44 at December 31, 2021 to $43.68 at June 30, 2022.

Bala Cynwyd, Pennsylvania, (August 9, 2022) – Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported adjusted operating income, which excludes realized gains and losses, the results of Exited Lines and the loss on the extinguishment of debt, of $7.3 million for the six months ended June 30, 2022, compared to $11.4 million for the corresponding period in 2021. Adjusted operating income, was $1.8 million for the three months ended June 30, 2022, compared to $8.7 million for the corresponding period in 2021. Net loss available to shareholders for the six months ended June 30, 2022, was $27.2 million compared to net income available to shareholders of $11.7 million for the corresponding period in 2021. Net loss available to shareholders for the three months ended June 30, 2022 was $12.3 million, compared to net income available to shareholders of $6.3 million for the corresponding period in 2021.

Selected Operating and Balance Sheet

(Dollars in millions, except per share data)

 

     For the Three Months
Ended June 30,		     For the Six Months
Ended June 30,		  
     2022     2021     2022     2021  

Gross Written Premiums

    $ 196.8     $ 175.2     $ 387.8     $ 338.8  

Net Written Premiums

    $ 167.2     $ 160.7     $ 326.6     $ 308.3  

Net Earned Premiums

    $ 155.7     $ 149.4     $ 304.6     $ 293.1  

Net income (loss) available to shareholders

    $ (12.3 )    $ 6.3     $ (27.2 )    $ 11.7  

Net income (loss) from Continuing Lines

    $ (9.7 )    $ 13.7     $ (24.8 )    $ 20.8  

Net loss from Exited Lines (1)

    $ (2.6 )    $ (7.4 )    $ (2.4 )    $ (9.1 ) 

Net income (loss) available to shareholders per share

    $ (0.84 )    $ 0.43     $ (1.87 )    $ 0.80  

Adjusted operating income

    $ 1.8     $ 8.7     $ 7.3     $ 11.4  

Adjusted operating income per share

    $ 0.12     $ 0.58     $ 0.48     $ 0.76  

Combined ratio analysis:

         

Loss ratio

      59.5 %      60.9 %      58.2 %      62.0 % 

Expense ratio

      39.2 %      38.3 %      38.7 %      38.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Combined ratio

      98.7 %      99.2 %      96.9 %      100.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

Underwriting income (loss) from Exited Lines, net of tax.

 

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

Book value per share (1)

    $ 43.68      $ 45.78      $ 48.44  

Shareholders’ equity (2)

    $ 641.3      $ 669.7      $ 706.6  

Cash and invested assets (3)

    $ 1,326.5      $ 1,464.6      $ 1,532.0  

 

(1)

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

(2)

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

(3)

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

Global Indemnity Group, LLC’s Business Segment Information for the Three and Six Months Ended June 30, 2022 and 2021

 

     For the Three Months Ended June 30, 2022  
(Dollars in thousands)    Continuing
Lines		     Exited
Lines		     Total  

Revenues:

       

Gross written premiums

    $ 156,191     $ 40,632     $ 196,823  

Net written premiums

    $ 147,565     $ 19,593     $ 167,158  

Net earned premiums

    $ 133,768     $ 21,981     $ 155,749  

Other income (loss)

      199       (25 )      174  
  

 

 

    

 

 

    

 

 

  

Total revenues

      133,967       21,956       155,923  

Losses and Expenses:

       

Net losses and loss adjustment expenses

      78,523       14,095       92,618  

Acquisition costs and other underwriting expenses

      50,591       10,507       61,098  
  

 

 

    

 

 

    

 

 

  

Income (loss) from segments

    $ 4,853     $ (2,646 )    $ 2,207  
  

 

 

    

 

 

    

 

 

  

Combined ratio analysis:

       

Loss ratio

      58.7 %      64.1 %      59.5 % 

Expense ratio

      37.8 %      47.8 %      39.2 % 
  

 

 

    

 

 

    

 

 

  

Combined ratio

      96.5 %      111.9 %      98.7 % 
  

 

 

    

 

 

    

 

 

  

 

     For the Three Months Ended June 30, 2021  
(Dollars in thousands)    Continuing
Lines		     Exited
Lines		     Total  

Revenues:

       

Gross written premiums

    $ 123,893     $ 51,343     $ 175,236  

Net written premiums

    $ 116,134     $ 44,519     $ 160,653  

Net earned premiums

    $ 100,026     $ 49,382     $ 149,408  

Other income

      222       290       512  
  

 

 

    

 

 

    

 

 

  

Total revenues

      100,248       49,672       149,920  

Losses and Expenses:

       

Net losses and loss adjustment expenses

      54,269       36,669       90,938  

Acquisition costs and other underwriting expenses

      36,775       20,438       57,213  
  

 

 

    

 

 

    

 

 

  

Income (loss) from segments

    $ 9,204     $ (7,435 )    $ 1,769  
  

 

 

    

 

 

    

 

 

  

Combined ratio analysis:

       

Loss ratio

      54.3 %      74.2 %      60.9 % 

Expense ratio

      36.8 %      41.4 %      38.3 % 
  

 

 

    

 

 

    

 

 

  

Combined ratio

      91.1 %      115.6 %      99.2 % 
  

 

 

    

 

 

    

 

 

  

     For the Six Months Ended June 30, 2022  
(Dollars in thousands)    Continuing
Lines		     Exited
Lines		     Total  

Revenues:

       

Gross written premiums

    $ 301,902     $ 85,904     $ 387,806  

Net written premiums

    $ 287,323     $ 39,317     $ 326,640  

Net earned premiums

    $ 260,494     $ 44,078     $ 304,572  

Other income

      438       175       613  
  

 

 

    

 

 

    

 

 

  

Total revenues

      260,932       44,253       305,185  

Losses and Expenses:

       

Net losses and loss adjustment expenses

      152,033       25,280       177,313  

Acquisition costs and other underwriting expenses

      96,457       21,333       117,790  
  

 

 

    

 

 

    

 

 

  

Income (loss) from segments

    $ 12,442     $ (2,360 )    $ 10,082  
  

 

 

    

 

 

    

 

 

  

Combined ratio analysis:

       

Loss ratio

      58.4 %      57.4 %      58.2 % 

Expense ratio

      37.0 %      48.4 %      38.7 % 
  

 

 

    

 

 

    

 

 

  

Combined ratio

      95.4 %      105.8 %      96.9 % 
  

 

 

    

 

 

    

 

 

  

 

     For the Six Months Ended June 30, 2021  
(Dollars in thousands)    Continuing
Lines		     Exited
Lines		     Total  

Revenues:

       

Gross written premiums

    $ 235,178     $ 103,616     $ 338,794  

Net written premiums

    $ 220,257     $ 88,079     $ 308,336  

Net earned premiums

    $ 195,516     $ 97,592     $ 293,108  

Other income

      410       510       920  
  

 

 

    

 

 

    

 

 

  

Total revenues

      195,926       98,102       294,028  

Losses and Expenses:

       

Net losses and loss adjustment expenses

      114,934       66,787       181,721  

Acquisition costs and other underwriting expenses

      71,606       40,371       111,977  
  

 

 

    

 

 

    

 

 

  

Income (loss) from segments

    $ 9,386     $ (9,056 )    $ 330  
  

 

 

    

 

 

    

 

 

  

Combined ratio analysis:

       

Loss ratio

      58.8 %      68.4 %      62.0 % 

Expense ratio

      36.6 %      41.4 %      38.2 % 
  

 

 

    

 

 

    

 

 

  

Combined ratio

      95.4 %      109.8 %      100.2 % 
  

 

 

    

 

 

    

 

 

  

About Global Indemnity Group, LLC and its subsidiaries

Global Indemnity Group, LLC (NYSE:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. Global Indemnity Group, LLC’s Continuing Lines segments are Commercial Specialty and Reinsurance Operations. The Exited Lines segment is comprised of business which the Company has decided it will no longer write.

Forward-Looking Information

The forward-looking statements contained in this press release1 do not address a number of risks and uncertainties including COVID-19. Investors are cautioned that Global Indemnity’s actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnity’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the Company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

 

[1]

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

Selected Financial Data for the Three Months Ended June 30, 2022:

 

  •  

Gross written premiums, net written premiums, and net earned premiums excluding the Exited Lines (“Continuing Lines”), increased 26.1%, 27.1% and 33.7%, respectively. Consolidated gross written premiums, net written premiums, and net earned premiums increased 12.3%, 4.0%, and 4.2%, respectively.

 

  •  

Underwriting income/(loss) – For the Continuing Lines business, underwriting income was $4.9 million in 2022 compared to $9.2 million in 2021.

 

  •  

Excluding prior year development, underwriting income (loss) from Continuing Lines was $3.9 million compared to $8.7 million in 2021.

 

  •  

Consolidated underwriting income / (loss) was $2.2 million in 2022 compared to $1.8 million in 2021.

 

  •  

Investment income – $1.9 million in 2022 compared to $10.6 million in 2021. The decrease was primarily due to decreased returns from alternative investments and a decrease in dividend income as a result of the liquidation of the Company’s common stock portfolio during the first quarter of 2022.

 

  •  

Realized gains/(losses) – ($9.9) million in 2022 compared to $3.8 million in 2021. Realized losses in 2022 were primarily due to the Company selling certain securities to offset anticipated rising interest rates by shortening duration and accelerating future maturities.

 

  •  

Book value per share – Decrease of $2.10 per share mainly due to rising interest rates. In addition to realized losses, shareholders’ equity includes $13.9 million of net after-tax unrealized losses.

 

  •  

Tax expense/(benefit) – ($0.6) million tax benefit in 2022 compared to $0.8 million tax expense in 2021.

Selected Financial Data for the Six Months Ended June 30, 2022:

 

  •  

Gross written premiums, net written premiums, and net earned premiums excluding the Exited Lines (“Continuing Lines”), increased 28.4%, 30.4% and 33.2%, respectively. Consolidated gross written premiums, net written premiums, and net earned premiums increased 14.5%, 5.9%, and 3.9%, respectively.

 

  •  

Underwriting income/(loss) – For the Continuing Lines business, underwriting income (loss) was $12.4 million in 2022 compared to $9.4 million in 2021.

 

  •  

Excluding prior year development, underwriting income (loss) from Continuing Lines was $11.8 million compared to $6.2 million in 2021.

 

  •  

Consolidated underwriting income was $10.1 million in 2022 compared to $0.3 million in 2021.

 

  •  

Investment income – $8.5 million in 2022 compared to $20.5 million in 2021. The decrease was primarily due to decreased returns from alternative investments and a decrease in dividend income as a result of the liquidation of the Company’s common stock portfolio during the first quarter of 2022.

 

  •  

Realized gains/(losses) – ($35.3) million in 2022 compared to $7.7 million in 2021. Realized losses in 2022 were primarily due to the Company selling certain securities to offset anticipated rising interest rates by shortening duration and accelerating future maturities.

 

  •  

Book value per share – Decrease of $4.76 per share mainly due to rising interest rates. In addition to realized losses, shareholders’ equity includes $33.0 million of net after-tax unrealized losses.

 

  •  

Tax expense/(benefit)– ($4.0) million tax benefit in 2022 compared to $0.6 million tax expense in 2021.

Global Indemnity Group, LLC’s Gross Written and Net Written Premiums Results by Segment for the Three and Six Months Ended June 30, 2022 and 2021

 

     Three Months Ended June 30,  
     Gross Written Premiums     Net Written Premiums  
     2022      2021      %
Change		     2022      2021      %
Change		  

Commercial Specialty

    $ 109,797      $ 99,406        10.5 %    $ 101,171      $ 91,647        10.4 % 

Reinsurance Operations

      46,394        24,487        89.5 %      46,394        24,487        89.5 % 
  

 

 

     

 

 

       

 

 

     

 

 

     

Continuing Lines

      156,191        123,893        26.1 %      147,565        116,134        27.1 % 

Exited Lines

      40,632        51,343        (20.9 %)      19,593        44,519        (56.0 %) 
  

 

 

     

 

 

       

 

 

     

 

 

     

Total

    $ 196,823      $ 175,236        12.3 %    $ 167,158      $ 160,653        4.0 % 
  

 

 

     

 

 

       

 

 

     

 

 

     

 

     Six Months Ended June 30,  
     Gross Written Premiums     Net Written Premiums  
     2022      2021      %
Change		     2022      2021      %
Change		  

Commercial Specialty

    $ 214,063      $ 188,740        13.4 %    $ 199,484      $ 173,819        14.8 % 

Reinsurance Operations

      87,839        46,438        89.2 %      87,839        46,438        89.2 % 
  

 

 

     

 

 

       

 

 

     

 

 

     

Continuing Lines

      301,902        235,178        28.4 %      287,323        220,257        30.4 % 

Exited Lines

      85,904        103,616        (17.1 %)      39,317        88,079        (55.4 %) 
  

 

 

     

 

 

       

 

 

     

 

 

     

Total

    $ 387,806      $ 338,794        14.5 %    $ 326,640      $ 308,336        5.9 % 
  

 

 

     

 

 

       

 

 

     

 

 

     

Commercial Specialty: Gross written premiums and net written premiums increased 10.5% and 10.4%, respectively, for the three months ended June 30, 2022 as compared to the same period in 2021. Gross written premiums and net written premiums increased 13.4% and 14.8%, respectively, for the six months ended June 30, 2022 as compared to the same period in 2021. The growth in gross written premiums and net written premiums was primarily driven by organic growth in existing programs, increased pricing, and several new programs.

Reinsurance Operations: Gross written premiums and net written premiums both increased 89.5% for the three months ended June 30, 2022 as compared to the same period in 2021. Gross written premiums and net written premiums both increased 89.2% for the six months ended June 30, 2022 as compared to the same period in 2021. The growth in gross written premiums and net written premiums was primarily due to organic growth of existing casualty treaties.

Exited Lines: Gross written premiums and net written premiums decreased 20.9% and 56.0%, respectively, for the three months ended June 30, 2022 as compared to the same period in 2021. Gross written premiums and net written premiums decreased 17.1% and 55.4%, respectively, for the six months ended June 30, 2022 as compared to the same period in 2021. The decrease in gross written premiums and net written premiums was primarily due to exiting lines of business unrelated to the Company’s continuing businesses.

Global Indemnity Group, LLC’s Combined Ratio for the Three and Six Months Ended June 30, 2022 and 2021    

For the Continuing Lines business, the combined ratio was 96.5% for the three months ended June 30, 2022, (Loss Ratio 58.7% and Expense Ratio 37.8%) as compared to 91.1% (Loss Ratio 54.3% and Expense Ratio 36.8%) for the three months ended June 30, 2021. The consolidated combined ratio was 98.7% for the three months ended June 30, 2022, (Loss Ratio 59.5% and Expense Ratio 39.2%) as compared to 99.2% (Loss Ratio 60.9% and Expense Ratio 38.3%) for the three months ended June 30, 2021.

 

  •  

For the continuing lines business, the accident year casualty loss ratio increased by 0.6 points to 60.0% in 2022 from 59.4% in 2021. The consolidated accident year casualty loss ratio increased by 0.2 points to 59.1% in 2022 from 58.9% in 2021. This increase in the continuing lines and the consolidated accident year casualty loss ratio is primarily due to a change in the mix of business.

 

  •  

For the continuing lines business, the accident year property loss ratio increased by 11.6 points to 57.9% in 2022 from 46.3% in 2021. The consolidated accident year property loss ratio increased by 11.2 points to 66.8% in 2022 from 55.6% in 2021. The increase in the continuing lines and the consolidated accident year property loss ratio is primarily due to higher non-catastrophe claims severity.

For the Continuing Lines business, the combined ratio was 95.4% for the six months ended June 30, 2022, (Loss Ratio 58.4% and Expense Ratio 37.0%) as compared to 95.4% (Loss Ratio 58.8% and Expense Ratio 36.6%) for the six months ended June 30, 2021. The consolidated combined ratio was 96.9% for the six months ended June 30, 2022, (Loss Ratio 58.2% and Expense Ratio 38.7%) as compared to 100.2% (Loss Ratio 62.0% and Expense Ratio 38.2%) for the six months ended June 30, 2021.

 

  •  

For the continuing lines business, the accident year casualty loss ratio increased by 0.5 points to 59.3% in 2022 from 58.8% in 2021. The consolidated accident year casualty loss ratio increased by 0.5 points to 58.8% in 2022 from 58.3% in 2021. This increase in the continuing lines and the consolidated accident year casualty loss ratio is primarily due to a change in the mix of business.

 

  •  

For the continuing lines business, the accident year property loss ratio improved by 6.2 points to 56.9% in 2022 from 63.1% in 2021. The consolidated accident year property loss ratio improved by 0.6 points to 63.3% in 2022 from 63.9% in 2021. The improvement in the continuing lines and the consolidated accident year property loss ratio is primarily due to lower catastrophe claims frequency.

###

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,		  
     2022     2021     2022     2021  

Gross written premiums

    $ 196,823     $ 175,236     $ 387,806     $ 338,794  

Ceded written premiums

      (29,665 )      (14,583 )      (61,166 )      (30,458 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net written premiums

    $ 167,158     $ 160,653     $ 326,640     $ 308,336  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earned premiums

    $ 155,749     $ 149,408     $ 304,572     $ 293,108  

Net investment income

      1,930       10,633       8,522       20,469  

Net realized investment gains (losses)

      (9,916 )      3,833       (35,301 )      7,652  

Other income

      97       521       523       898  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

      147,860       164,395       278,316       322,127  

Net losses and loss adjustment expenses

      92,618       90,938       177,313       181,721  

Acquisition costs and other underwriting expenses

      61,098       57,213       117,790       111,977  

Corporate and other operating expenses

      2,993       6,329       7,653       10,605  

Interest expense

      410       2,696       3,005       5,291  

Loss on extinguishment of debt

      3,529       —         3,529       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

      (12,788 )      7,219       (30,974 )      12,533  

Income tax expense (benefit)

      (626 )      844       (4,039 )      641  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

      (12,162 )      6,375       (26,935 )      11,892  

Less: Preferred stock distributions

      110       110       220       220  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) available to common shareholders

    $ (12,272 )    $ 6,265     $ (27,155 )    $ 11,672  
  

 

 

    

 

 

    

 

 

    

 

 

  

Per share data:

         

Net income (loss) available to common shareholders

         

Basic

    $ (0.84 )    $ 0.43     $ (1.87 )    $ 0.81  

Diluted (1)

    $ (0.84 )    $ 0.43     $ (1.87 )    $ 0.80  

Weighted-average number of shares outstanding

         

Basic

      14,543       14,412       14,529       14,397  

Diluted (1)

      14,543       14,682       14,529       14,651  

Cash distributions declared per common share

    $ 0.25     $ 0.25     $ 0.50     $ 0.50  

Combined ratio analysis: (2)

         

Loss ratio

      59.5 %      60.9 %      58.2 %      62.0 % 

Expense ratio

      39.2 %      38.3 %      38.7 %      38.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Combined ratio

      98.7 %      99.2 %      96.9 %      100.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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 for 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, 2022		     December 31, 2021  

ASSETS

     

Fixed Maturities:

     

Available for sale, at fair value

     

(amortized cost: 2022 - $1,151,195 and 2021 - $1,193,746; net of allowance for expected credit losses of: $0 in 2022 and 2021)

    $ 1,118,129     $ 1,201,866  

Equity securities, at fair value

      17,870       99,978  

Other invested assets

      140,197       152,651  
  

 

 

    

 

 

  

Total investments

      1,276,196       1,454,495  

Cash and cash equivalents

      59,842       78,278  

Premium receivables, net of allowance for expected credit losses of $2,919 at June 30, 2022 and $2,996 at December 31, 2021

      161,959       128,444  

Reinsurance receivables, net of allowance for expected credit losses of $8,992 at June 30, 2022 and December 31, 2021

      104,064       99,864  

Funds held by ceding insurers

      23,906       27,958  

Deferred federal income taxes

      49,671       37,329  

Deferred acquisition costs

      70,089       60,331  

Intangible assets

      20,068       20,261  

Goodwill

      5,398       5,398  

Prepaid reinsurance premiums

      51,538       53,494  

Lease right of use assets

      15,040       16,051  

Other assets

      24,008       30,906  
  

 

 

    

 

 

  

Total assets

    $ 1,861,779     $ 2,012,809  
  

 

 

    

 

 

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Liabilities:

     

Unpaid losses and loss adjustment expenses

    $ 804,661     $ 759,904  

Unearned premiums

      336,677       316,566  

Ceded balances payable

      14,755       35,340  

Payable for securities purchased

      9,564       794  

Contingent commissions

      6,328       7,903  

Debt

      —         126,430  

Lease liabilities

      17,912       19,079  

Other liabilities

      30,602       40,172  
  

 

 

    

 

 

  

Total liabilities

      1,220,499       1,306,188  
  

 

 

    

 

 

  

Shareholders’ equity:

     

Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 4,000 shares, respectively, liquidation preference: $1,000 and $1,000 per share, respectively

      4,000       4,000  

Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 10,675,757 and 10,574,589, respectively; class A common shares outstanding:10,642,307 and 10,557,093, respectively; class B common shares issued and outstanding: 3,947,206 and 3,947,206, respectively

      —         —    

Additional paid-in capital (1)

      450,052       447,406  

Accumulated other comprehensive income, net of taxes

      (26,625 )      6,404  

Retained earnings (1)

      214,757       249,301  

Class A common shares in treasury, at cost: 33,450 and 17,496 shares, respectively

      (904 )      (490 ) 
  

 

 

    

 

 

  

Total shareholders’ equity

      641,280       706,621  
  

 

 

    

 

 

  

Total liabilities and shareholders’ equity

    $ 1,861,779     $ 2,012,809  
  

 

 

    

 

 

  

 

(1)

Since the Company’s initial public offering in 2003, the Company has returned $554 million to shareholders, including $488 million in share repurchases and $66 million in dividends/distributions.

GLOBAL INDEMNITY GROUP, LLC

SELECTED INVESTMENT DATA

(Dollars in millions)

 

     Market Value as of  
     (Unaudited)
June 30, 2022		     December 31, 2021  

Fixed maturities

    $ 1,118.1     $ 1,201.9  

Cash and cash equivalents

      59.8       78.3  
  

 

 

    

 

 

  

Total bonds and cash and cash equivalents

      1,177.9       1,280.2  

Equities and other invested assets

      158.1       252.6  
  

 

 

    

 

 

  

Total cash and invested assets, gross

      1,336.0       1,532.8  

Payable for securities purchased

      (9.5 )      (0.8 ) 
  

 

 

    

 

 

  

Total cash and invested assets, net

    $ 1,326.5     $ 1,532.0  
  

 

 

    

 

 

  

 

     Total Investment Return (1)  
     For the Three Months
Ended June 30,
(unaudited)		     For the Six Months Ended
June 30,
(unaudited)		  
     2022     2021     2022     2021  

Net investment income

    $ 1.9     $ 10.6     $ 8.5     $ 20.4  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized investment gains (losses)

      (9.9 )      3.8       (35.3 )      7.7  

Net unrealized investment gains (losses)

      (17.5 )      11.3       (41.3 )      (18.9 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized investment return

      (27.4 )      15.1       (76.6 )      (11.2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total investment return

    $ (25.5 )    $ 25.7     $ (68.1 )    $ 9.2  
  

 

 

    

 

 

    

 

 

    

 

 

  

Average total cash and invested assets

    $ 1,395.5     $ 1,452.8     $ 1,429.2     $ 1,463.0  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total investment return %

      (1.8 %)      1.8 %      (4.8 %)      0.6 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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,		  
     2022     2021     2022     2021  

Adjusted operating income, net of tax

    $ 1,827     $ 8,686     $ 7,257     $ 11,419  

Adjustments:

         

Underwriting loss from Exited Lines, net of tax

      (2,090 )      (5,874 )      (1,864 )      (7,154 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

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

      (263 )      2,812       5,393       4,265  

Net realized investment gains (losses)

      (8,370 )      3,563       (28,799 )      7,627  

Loss on extinguishment of debt

      (3,529 )      —         (3,529 )      —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

    $ (12,162 )    $ 6,375     $ (26,935 )    $ 11,892  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding – basic

      14,543       14,412       14,529       14,397  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding – diluted

      14,749       14,682       14,728       14,651  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating income per share – basic (2)

    $ 0.12     $ 0.60     $ 0.48     $ 0.78  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating income per share – diluted (2)

    $ 0.12     $ 0.58     $ 0.48     $ 0.76  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

Adjusted operating income (loss) including Exited Lines, net of tax, excludes preferred shareholder distributions of $0.11 million for both the three months ended June 30, 2022 and 2021 and $0.22 million for both the six months ended June 30, 2022 and 2021.

(2)

The adjusted operating income (loss) per share calculation is net of preferred shareholder distributions of $0.11 million for both the three months ended June 30, 2022 and 2021 and $0.22 million for both the six months ended June 30, 2022 and 2021.

Note Regarding Adjusted Operating Income

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

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Document and Entity Information
Aug. 09, 2022
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001494904
Document Type 8-K
Document Period End Date Aug. 09, 2022
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 Three Bala Plaza East
Entity Address, Address Line Two Suite 300
Entity Address, City or Town Bala Cynwyd
Entity Address, Country PA
Entity Address, Postal Zip Code 19004
City Area Code (610)
Local Phone Number 664-1500
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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