Global Indemnity Group, LLCGBLI

Global Indemnity Group, LLC Segments Disclosure

10-KFiled Mar 10, 20265 min read

20. Segment Information

On December 31, 2024, the Company executed an extensive internal business reorganization that marked a significant milestone, positioning the Company for growth and enhanced operational efficiency, increased statutory capital, and more efficient capital management resulting from de-stacking of the insurance companies.

As a result of this reorganization, the Company’s reportable segments are now structured under two holding companies: Katalyx Holdings and Belmont Holdings. See Note 1 for a description of these holding companies.

In the first quarter of 2025, the Company realigned its reportable segments to reflect changes in how the Company now manages its operations, reviews operating results, and allocates resources. The Company now has three reportable segments:

•
Agency and Insurance Services includes (i) four agencies focused on sourcing, underwriting, and servicing primary and assumed reinsurance business; and (ii) three specialized insurance service businesses providing technology, AI-enabled marketplace and claims services.
•
Belmont Insurance Companies - Core (“Belmont Core”) - insurance company operations for ongoing direct insurance and assumed reinsurance products written in the E&S marketplace (formerly the Penn-America segment).
•
Belmont Insurance Companies - Non-Core (“Belmont Non-Core”) - insurance company operations for lines of business that have been de-emphasized or are no longer being written (formerly the Non-Core Operations segment).

The entities within the Agency and Insurance Services segment, other than Sayata and Valyn Re LLC, executed new affiliated service agreements with Belmont Holdings GX, Inc. and its insurance company subsidiaries effective January 1, 2025. As a result, there are no revenues and expenses for Agency and Insurance Services in the comparable period in 2024 or 2023.

The Company's segments are reported on a stand-alone basis. Intercompany transactions are eliminated in consolidation.

The Company analyzes the operating performance of each segment using the segment’s income (loss). Segment income (loss) does not equate to “net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company's Chief Operating Decision Maker ("CODM"), the CEO, to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below.

Each segment follows the same accounting policies used for the Company’s consolidated financial statements. For further disclosure regarding the Company’s accounting policies, please see Note 4.

The following are tabulations of business segment information for the years ended December 31, 2025, 2024, and 2023. Corporate information is included to reconcile segment data to the consolidated financial statements. Segment results for the years ended December 31, 2024 and 2023 have been recast to conform to the new reportable segments.

 

2025:
 (Dollars in thousands)

 

Agency and Insurance Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Elimination

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

—

 

 

$

401,412

 

 

$

(2,544

)

 

$

—

 

 

$

398,868

 

Net written premiums

 

$

—

 

 

$

390,335

 

 

$

(2,533

)

 

$

—

 

 

$

387,802

 

Net earned premiums

 

$

—

 

 

$

388,379

 

 

$

393

 

 

$

—

 

 

$

388,772

 

Commission and service fee income (1)

 

 

56,698

 

 

 

—

 

 

 

—

 

 

 

(56,294

)

 

 

404

 

Policy and installment fee income

 

 

1,835

 

 

 

—

 

 

 

91

 

 

 

—

 

 

 

1,926

 

Total segment revenues

 

 

58,533

 

 

 

388,379

 

 

 

484

 

 

 

(56,294

)

 

 

391,102

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,664

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,668

)

Total consolidated revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

$

450,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

—

 

 

 

230,019

 

 

 

(536

)

 

 

(1,204

)

 

 

228,279

 

Net commission expenses

 

 

—

 

 

 

134,059

 

 

 

566

 

 

 

(42,396

)

 

 

92,229

 

Other operating expenses (3)

 

 

54,374

 

 

 

21,424

 

 

 

1,482

 

 

 

(12,694

)

 

 

64,586

 

Income (loss) from segments

 

$

4,159

 

 

$

2,877

 

 

$

(1,028

)

 

$

—

 

 

$

6,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,664

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,668

)

Corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,706

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,298

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,965

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

25,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

42,849

 

 

$

146,598

 

 

$

77,813

 

 

$

(16,509

)

 

$

250,751

 

Corporate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,470,011

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,720,762

 

(1)
Consists of intersegment revenues of $56.3 million, which are eliminated in consolidation, and third party commission and service fee income of $0.4 million in 2025.
(2)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)
Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting and distribution activities.

 

 

2024:
 (Dollars in thousands)

Agency and Insurance Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Elimination

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

$

—

 

 

$

399,976

 

 

$

(10,218

)

 

$

—

 

 

$

389,758

 

Net written premiums

$

—

 

 

$

389,582

 

 

$

(10,392

)

 

$

—

 

 

$

379,190

 

Net earned premiums

$

—

 

 

$

369,806

 

 

$

7,186

 

 

$

—

 

 

$

376,992

 

Commission and service fee income

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Policy and installment fee income

 

—

 

 

 

1,336

 

 

 

29

 

 

 

—

 

 

 

1,365

 

Total segment revenues

 

—

 

 

 

371,142

 

 

 

7,215

 

 

 

—

 

 

 

378,357

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

62,375

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

455

 

Total consolidated revenues

 

 

 

 

 

 

 

 

 

 

 

 

$

441,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

—

 

 

 

210,293

 

 

 

2,897

 

 

 

—

 

 

 

213,190

 

Net commission expenses

 

—

 

 

 

86,863

 

 

 

2,712

 

 

 

—

 

 

 

89,575

 

Other operating expenses (2)

 

—

 

 

 

54,270

 

 

 

3,500

 

 

 

—

 

 

 

57,770

 

Income (loss) from segments

$

—

 

 

$

19,716

 

 

$

(1,894

)

 

$

—

 

 

$

17,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

62,375

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

455

 

Corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,696

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

54,956

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,715

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

$

43,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets

$

—

 

 

$

167,909

 

 

$

95,670

 

 

$

—

 

 

$

263,579

 

Corporate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

1,467,674

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

$

1,731,253

 

 

(1)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)
Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.

 

 

2023:
 (Dollars in thousands)

 

Agency and Insurance Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Elimination

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

—

 

 

$

369,660

 

 

$

46,737

 

 

$

—

 

 

$

416,397

 

Net written premiums

 

$

—

 

 

$

356,796

 

 

$

42,523

 

 

$

—

 

 

$

399,319

 

Net earned premiums

 

$

—

 

 

$

354,518

 

 

$

118,839

 

 

$

—

 

 

$

473,357

 

Commission and service fee income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Policy and installment fee income

 

 

—

 

 

 

1,257

 

 

 

178

 

 

 

—

 

 

 

1,435

 

Total segment revenues

 

 

—

 

 

 

355,775

 

 

 

119,017

 

 

 

—

 

 

 

474,792

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,444

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,107

)

Total consolidated revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

$

528,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

—

 

 

 

233,239

 

 

 

55,914

 

 

 

—

 

 

 

289,153

 

Net commission expenses

 

 

—

 

 

 

81,691

 

 

 

36,580

 

 

 

—

 

 

 

118,271

 

Other operating expenses (2)

 

 

—

 

 

 

52,464

 

 

 

11,882

 

 

 

—

 

 

 

64,346

 

Income (loss) from segments

 

$

—

 

 

$

(11,619

)

 

$

14,641

 

 

$

—

 

 

$

3,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,444

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,107

)

Corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,383

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,976

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,547

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

25,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

—

 

 

$

154,950

 

 

$

139,601

 

 

$

—

 

 

$

294,551

 

Corporate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,435,025

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,729,576

 

 

(1)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)
Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.

Historical Timeline

Fiscal YearFiled
2025Mar 10, 2026Showing above
2024Mar 11, 2025
2023Mar 15, 2024
2022Mar 15, 2023
2021Mar 16, 2022
2020Mar 12, 2021
2019Mar 6, 2020
2018Mar 14, 2019
2017Mar 9, 2018
2016Mar 10, 2017
2015Mar 14, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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