0001193125-23-140120.txt : 20230510 0001193125-23-140120.hdr.sgml : 20230510 20230510085759 ACCESSION NUMBER: 0001193125-23-140120 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230510 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230510 DATE AS OF CHANGE: 20230510 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: 23904521 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 d239673d8k.htm 8-K 8-K
false 0001494904 0001494904 2023-05-10 2023-05-10

 

 

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 10, 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 May 10, 2023, Global Indemnity Group, LLC (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended March 31, 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 May 10, 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
May 10, 2023     By:  

/s/ Thomas M. McGeehan

    Name:   Thomas M. McGeehan
    Title:   Chief Financial Officer
 EX-99.1 2 d239673dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

PRESS RELEASE

 

For release:   May 10, 2023
Contact:  

Stephen W. Ries

Head of Investor Relations

(610) 668-3270

sries@gbli.com

Global Indemnity Group, LLC Reports First Quarter 2023 Results

Wilmington, Del., (May 10, 2023) – 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 business 1 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.

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Document and Entity Information
May 10, 2023
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001494904
Document Type 8-K
Document Period End Date May 10, 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, 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
XML 8 d239673d8k_htm.xml IDEA: XBRL DOCUMENT 0001494904 2023-05-10 2023-05-10 false 0001494904 8-K 2023-05-10 GLOBAL INDEMNITY GROUP, LLC DE 001-34809 85-2619578 112 S. 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