Global Indemnity Group, LLC

Listed Company

GBLICIK 0001494904NasdaqAcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2024

Revenue

$441.19M

Net Income

$43.24M

Total Assets

$1.73B

Equity

$689.15M

Shares Out

—

Op. Cash Flow

$38.84M

Business

Global Indemnity Group, LLC provides specialty property and casualty insurance in the excess and surplus lines marketplace through its insurance subsidiaries. It offers wholesale commercial, specialty property and casualty products, InsurTech offerings (including digital direct-to-consumer Collectibles and VacantExpress), assumed reinsurance treaties, technology services and claims administration. The company operates through two primary segments, Penn‑America (core insurance products and distribution) and Non‑Core Operations (de‑emphasized or run‑off lines and transition services). Its insurance subsidiaries are licensed to distribute admitted and non‑admitted products across all 50 U.S. states, DC, Puerto Rico and the U.S. Virgin Islands via wholesale agents, retail agents and direct channels.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Gross written premiums	390	416	728	682	607
Ceded written premiums	−11	−17	−136	−102	−58
Net written premiums	379	399	591	580	548
Change in net unearned premiums	−2	74	11	16	20
Net earned premiums	377	473	602	596	568
Net investment income	62	55	28	37	28
Net realized investment gains (losses)	455,000	−2	−33	16	−15
Other income	1	1	31	30	2
Total revenues	441	528	629	678	584
Net losses and loss adjustment expenses	213	289	359	—	—
Acquisition costs and other underwriting expenses	147	183	236	223	216
Corporate and other operating expenses	26	23	24	27	42
Interest expense	0	0	3	10	16
Loss on extinguishment of debt	0	0	4	0	3
Income before income taxes	55	33	2	33	−29
Income tax expense	12	8	3	3	−8
Net income (loss)	43	25	−850,000	29	−21
Less: preferred stock distributions	440,000	440,000	440,000	440,000	152,000
Net income (loss) available to common shareholders	43	25	−1	29	−21
Basic (per share)	3.14	1.84	−0.09	2	−1.48
Diluted (per share)	3.12	1.83	−0.09	1.97	−1.48
Basic (shares)	14	14	14	14	14
Diluted (shares)	14	14	14	15	14
Cash distributions declared per common share	1.4	1	1	1	1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Available for sale, at fair value (amortized cost: $1,394,639 and $1,322,092; net of allowance for expected credit losses of: $0 at December 31, 2024 and 2023	1,382	1,294	1,248	1,202	1,191
Equity securities, at fair value	12	17	18	100	99
Other invested assets	29	38	38	153	97
Total investments	1,424	1,349	1,304	1,454	1,387
Cash and cash equivalents	17	38	39	78	67
Premium receivables, net of allowance for expected credit losses of $3,530 and $4,796 at December 31, 2024 and 2023, respectively	75	102	169	128	109
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at December 31, 2024 and 2023	67	80	86	100	89
Funds held by ceding insurers	30	17	19	28	45
Deferred federal income taxes	22	37	47	37	34
Deferred acquisition costs	41	42	65	60	65
Intangible assets	14	14	15	20	21
Goodwill	5	5	5	5	7
Prepaid reinsurance premiums	3	5	17	53	13
Receivable for securities	52,000	4	—	—	—
Federal income tax receivable	825,000	0	—	—	0
Lease right of use assets	9	10	12	16	21
Other assets	23	26	24	31	46
Total assets	1,731	1,730	1,801	2,013	1,905
Unpaid losses and loss adjustment expenses	800	851	832	760	—
Unearned premiums	183	183	269	317	291
Reinsurance balances payable	8	3	17	35	9
Federal income tax payable	0	2	0	—	—
Contingent commissions	7	6	9	8	11
Lease liabilities	10	13	16	19	23
Other liabilities	33	25	31	40	59
Total liabilities	1,042	1,081	1,175	1,306	1,187
Commitments and contingencies (Note 17)	—	—	—	—	—
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,202,355 and 11,042,670, respectively; class A common shares outstanding: 9,914,587 and 9,771,429, respectively; class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively	0	0	0	0	0
Additional paid-in capital	460	455	451	447	445
Accumulated other comprehensive income (loss), net of tax	−10	−23	−43	6	34
Retained earnings	269	245	233	249	235
Total shareholders equity	689	649	626	707	718
Total liabilities and shareholders equity	1,731	1,730	1,801	2,013	1,905

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Amortization and depreciation	6	6	8	10	7
Amortization of debt issuance costs	0	0	41,000	142,000	217,000
Gross proceeds from sale of renewal rights	0	0	−30	−28	0
Adjustment on lease right of use assets and lease liability	−900,000	0	0	—	—
Impairment loss on lease right of use assets	0	0	488,000	—	—
Impairment loss on furniture and fixtures and leasehold improvements	394,000	0	0	—	—
Impairment loss on software	0	0	508,000	2	0
Impairment loss on goodwill and intangible assets	0	0	6	1	0
Restricted stock and stock option expense	5	3	4	2	7
Deferred federal income taxes	11	5	2	3	−8
Amortization of bond premium and discount, net	−16	−7	1	7	7
(Income) loss from equity method investments, net of distributions	−80,000	−2	7	−3	6
Premium receivables, net	27	67	−40	−19	9
Reinsurance receivables, net	14	5	14	−11	−5
Funds held by ceding insurers	−13	2	9	17	4
Unpaid losses and loss adjustment expenses	−50	18	73	97	33
Unearned premiums	559,000	−87	−47	25	−23
Reinsurance balances payable	6	−15	−18	26	−11
Other assets and liabilities	5	−15	−13	−17	−8
Contingent commissions	1	−3	913,000	−3	−1
Federal income tax receivable / payable	−2	2	0	0	11
Deferred acquisition costs	1	22	−5	5	5
Prepaid reinsurance premiums	2	12	36	−41	4
Net cash provided by operating activities	39	43	44	91	33
Proceeds from sale of fixed maturities	113	148	934	1,065	792
Proceeds from sale of equity securities	0	1	89	55	605
Proceeds from maturity of fixed maturities	974	280	82	87	119
Proceeds from maturity of preferred stock	6	500,000	1	666,000	0
Proceeds from other invested assets	9	2	108	17	4
Amounts received in connection with derivatives	0	0	13	3	−20
Purchases of fixed maturities	−1,140	−448	−1,165	−1,207	−809
Purchases of equity securities	0	−111,000	−11	−43	−456
Gross proceeds from sale of renewal rights	0	0	30	28	0
Net cash provided by (used for) investing activities	−40	−16	80	−65	175
Distributions paid to common shareholders	−19	−14	−14	−14	−14
Distributions paid to preferred shareholders	−440,000	−440,000	−440,000	−440,000	−133,000
Purchases of class A common shares	−529,000	−13	−22	−490,000	−153,000
Issuance of class A common shares	0	0	3	0	0
Redemption of subordinated notes	0	0	−130	0	−100
Net cash used for financing activities	−20	−27	−164	−15	−184
Net change in cash and cash equivalents	−21	−809,000	−39	11	23

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