Financial Data and Key Metrics Changes - Net income for the first half of 2024 was $21.5 million, up from $11.8 million in 2023, reflecting improved underwriting and investment performance [11] - Book value per share increased from $47.53 at year-end to $48.56 at June 30, 2024, including dividends paid of $0.70 per share [11] - Return to shareholders was 3.6% for the first half of 2024 [11] Business Line Data and Key Metrics Changes - Penn-America segment recorded a 6-month combined ratio of 94.8%, driven by solid casualty and property loss ratios [6] - Consolidated accident year underwriting income improved to $8.7 million in 2024 from $3.2 million in 2023, with a combined ratio of 95.8% compared to 99.1% in 2023 [14] - Gross written premiums for Penn-America increased from $190.4 million in 2023 to $194.6 million in 2024, a 7% increase when excluding terminated programs [18] Market Data and Key Metrics Changes - The wholesale commercial segment grew 3% to $124.9 million, with underlying policy year trends indicating a growth rate of 12% [19] - InsurTech segment grew 18% to $26.3 million, driven by organic growth and new agency appointments [19] - Assumed reinsurance gross written premiums grew from $4.3 million in 2023 to $9.4 million in 2024 [20] Company Strategy and Development Direction - The company aims for annual business growth of around 10%, a combined ratio in the low 90s, and insurance expenses managed at 36% to 37% [4] - A digital transformation of the technology infrastructure is underway to enhance competitiveness [7] - The company is focusing on expanding its reinsurance operations, expecting growth of 30% to 40% per year over the next few years [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth targets despite challenges in certain business segments [4] - The company anticipates continued favorable investment returns due to repositioning its investment portfolio [9] - Management noted that the current market conditions allow for modest rate increases, supporting long-term loss ratio results [8] Other Important Information - The company has maintained a strong balance sheet, with an A rating from AM Best [10] - Discretionary capital is estimated at around $125 million, with expectations for year-over-year growth of about $30 million [38] Q&A Session Summary Question: Can you describe the reinsurance efforts and how you are executing them? - Management indicated a shift towards reinsuring insurance carriers directly, expanding the number of treaties and expecting significant growth in this area [23] Question: What is the nature of the reinsurance products being offered? - The focus is primarily on ENSE products, avoiding large weather-related exposures [25] Question: Can you comment on the James River Ventures? - Management refrained from commenting on specific agreements but noted a desire to deploy excess capital through potential M&A activities [27] Question: Why are expenses expected to take a year or two to align with targets? - Management explained that maintaining staffing levels is crucial for customer service, and a combination of premium growth and inflation will influence expense ratios [36] Question: What is the current position regarding discretionary capital? - Management confirmed that discretionary capital is around $125 million, with a focus on maintaining strong capital adequacy [38] Question: What are the thoughts on stock buybacks? - Management is considering options for returning capital to shareholders, including potential tender offers or special dividends if capital cannot be effectively deployed [41]

Financial Performance - Net income available to shareholders increased 83% to $21.2 million or $1.55 per share for the six months ended June 30, 2024, compared to $11.6 million or $0.84 per share for the same period in 2023[1]. - Operating income rose 51% to $20.6 million in 2024 from $13.7 million in 2023[3]. - Current accident year underwriting income increased to $8.7 million in 2024 compared to $3.2 million in 2023, with the Penn-America segment contributing $9.9 million[3]. - Net written premiums for the six months ended June 30, 2024, were $190.2 million, up from $182.8 million in 2023, representing a growth of 7.6%[8]. - For the six months ended June 30, 2024, net income was $21,459,000, up from $11,831,000 in the same period of 2023, indicating a significant increase of approximately 81.5%[11]. - Net income for the three months ended June 30, 2024, increased to $10,093,000 compared to $9,337,000 in the prior year, representing a growth of approximately 8.1%[11]. Investment Performance - Investment income increased 18% to $29.8 million in 2024, driven by an increase in book yield on the bond portfolio from 3.8% to 4.5%[3]. - Net investment income for the three months ended June 30, 2024, was $15.3 million, compared to $13.2 million in 2023, reflecting a year-over-year increase of 15.8%[10]. - Total investment return for the six months ended June 30, 2024, was $36.8 million, up from $30.3 million in 2023, marking an increase of 21.5%[10]. - The company reported a net unrealized investment gain of $5.9 million for the six months ended June 30, 2024, compared to a loss of $3.1 million in 2023[10]. - The company reported net realized investment gains of $158,000 for the three months ended June 30, 2024, compared to losses of $639,000 in the same period of 2023[11]. Underwriting and Premiums - Penn-America gross written premiums increased 7% to $194.6 million in 2024 from $182.3 million in 2023[3]. - InsurTech premiums grew 18% to $26.3 million in 2024, attributed to organic agency growth and new products[3]. - The company’s gross written premiums for the six months ended June 30, 2024, were $194.6 million, a 2% increase from $190.4 million in 2023[9]. - The combined ratio improved to 95.7% for the six months ended June 30, 2024, down from 99.0% in the same period of 2023[4]. - The combined ratio for the six months ended June 30, 2024, improved to 94.6% from 98.6% in 2023, indicating better underwriting performance[8]. Financial Position - Total assets as of June 30, 2024, increased to $1,738,549 thousand from $1,729,576 thousand as of December 31, 2023[7]. - Total liabilities decreased to $1,071,059 thousand as of June 30, 2024, compared to $1,080,823 thousand as of December 31, 2023[7]. - Cash and cash equivalents increased to $46.7 million as of June 30, 2024, from $38.0 million as of December 31, 2023[10]. - Book value per share increased to $48.56 at June 30, 2024, from $47.53 at December 31, 2023, reflecting a 3.6% increase including dividends paid[3]. Ratings and Shareholder Returns - AM Best affirmed the Financial Strength Rating of A (Excellent) for Global Indemnity Group's U.S. insurance subsidiaries, reflecting strong risk-adjusted capitalization[2]. - The company has returned $619 million to shareholders since its IPO in 2003, including $522 million in share repurchases and $97 million in dividends/distributions[6]. Miscellaneous - The company emphasizes that operating income is a non-GAAP financial measure and should not be solely relied upon by investors[12]. - Global Indemnity Group provides specialty property and casualty insurance coverages in the U.S. and reinsurance worldwide, managing its core products through Penn-America[13]. - Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from estimates[14]. - The company does not assume any obligation to update forward-looking statements after the date they are made[14].

Financial Data and Key Metrics Changes - Net income increased to $11.4 million compared to $2.5 million in 2023, driven by improved underwriting and investment performance [36] - Book value per share rose from $47.53 at year-end to $48.18 at March 31, 2024, reflecting positive returns to shareholders [36] - The combined ratio for the Penn-America segment improved to 94.0%, a 7.2-point improvement from 101.2% in 2023 [4][14] Business Line Data and Key Metrics Changes - Penn-America's accident underwriting income was $5.7 million, compared to a loss of $800,000 in 2023 [14] - Consolidated gross written premiums decreased to $93.5 million in 2024 from $123 million in 2023, primarily due to runoff business in the noncore segment [41] - InsurTech revenues grew 17% to $12.5 million, with Bacon Express contributing a 22% increase to $8.9 million [42] Market Data and Key Metrics Changes - The accident year combined ratio for the current year was 94.9%, compared to 100.6% in 2023, indicating improved market performance [38] - The non-catastrophe loss ratio improved to 41.9% from 59.9% in 2023, reflecting better risk management [15] Company Strategy and Development Direction - The company is focused on a digital transformation of its technology infrastructure to remain competitive [34] - There is an ongoing evaluation of the best use of approximately $200 million in excess capital, including potential acquisitions and share buybacks [22][52] - The company aims to achieve a long-term average premium written growth of over 10% [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the full year, citing strong current accident performance and adequate premium pricing to meet loss inflation [43] - The company anticipates continued improvement in expense ratios over the next couple of years, aiming for a target of 36% to 37% [33][59] Other Important Information - Investment income increased by 21% to $14.5 million, with a current book yield on the fixed income portfolio at 4.3% [12][10] - The company has maintained a conservative approach to equity securities, currently holding $17 million in a $1.3 billion portfolio [58] Q&A Session Summary Question: What can be done to improve ROE going forward? - Management noted that the low ROE is due to being overcapitalized, with approximately $200 million in excess capital available for other purposes [22] Question: Discuss interest in pursuing a transaction with James River Insurance? - Management confirmed conversations with James River are currently on pause but may be re-examined later [24] Question: Plans for the $200 million excess capital and share buyback activity? - Management is actively considering acquisitions and has not engaged in share buybacks recently due to a narrow window for repurchase activity [52] Question: Any problematic books or programs still affecting performance? - Management indicated that the lingering effects of exiting certain businesses have impacted growth opportunities, but no serious problematic programs are currently noted [61] Question: Consideration of a special dividend? - Management explained that special dividends may not be tax-efficient due to the structure of the company as a publicly traded limited partnership [67]

Financial Performance - Net income for Q1 2024 was $11.4 million, an increase of $8.9 million compared to Q1 2023[118]. - Net investment income increased by 21% to $14.5 million in Q1 2024 compared to $12.0 million in Q1 2023[118]. - Net income for the quarter ended March 31, 2024, was $11.4 million, up from $2.5 million in the same period of 2023[161]. - Income tax expense increased to $2.9 million for the quarter ended March 31, 2024, from $0.6 million in the same period of 2023, primarily due to higher taxable income[159]. Premiums and Underwriting - Net earned premiums decreased by 31.1% to $96.6 million in Q1 2024 from $140.1 million in Q1 2023, primarily due to the run-off of Non-Core business[118]. - Gross written premiums decreased by 24.0% to $93.5 million in Q1 2024 from $123.0 million in Q1 2023[126]. - The net premium retention ratio improved by 4.3 points to 98.5% in Q1 2024 compared to 94.2% in Q1 2023[127]. - The underwriting income for the Penn-America segment improved significantly to $5.635 million, a 281.3% increase from a loss of $3.108 million in the same quarter of 2023[135]. - The combined ratio for Q1 2024 was 94.9%, a significant improvement from 101.0% in Q1 2023[122]. Loss Ratios and Expenses - The current accident year loss ratio improved by 8.2 percentage points from 63.0% in Q1 2023 to 54.8% in Q1 2024[139]. - The total net losses and loss adjustment expenses for the Penn-America segment were $48.909 million, down 17.5% from $59.278 million in the previous year[135]. - The expense ratio for the Penn-America segment increased to 39.2% in Q1 2024 from 38.3% in Q1 2023, primarily due to a reduction in earned premiums[140]. - The property loss ratio decreased by 33.1 points to 33.6% for the quarter ended March 31, 2024, compared to 66.7% in the same period of 2023[150]. - The total net losses and loss adjustment expense ratio was 60.1% for the quarter ended March 31, 2024, compared to 58.1% in the same period of 2023[152]. Non-Core Operations - The Non-Core Operations segment reported a significant decline in gross written premiums, dropping to $(560,000) from $27.573 million, a decrease of 102.0%[143]. - Total revenues for the Non-Core Operations segment fell by 85.0% to $7.453 million in Q1 2024, down from $49.547 million in Q1 2023[143]. - The current accident year loss ratio for the Non-Core Operations segment improved by 1.9 percentage points from 62.5% in Q1 2023 to 60.6% in Q1 2024[147]. - The expense ratio for the Non-Core Operations segment increased by 7.0 percentage points to 44.9% in Q1 2024, attributed to lower earned premiums from exiting various lines of business[148]. Investments - Total investments reached $1.4 billion as of March 31, 2024, a 2% increase from December 31, 2023[118]. - The company held asset-backed and mortgage-backed securities with a market value of $335.0 million as of March 31, 2024[156]. - The gross investment income rose by 21.3% to $15.0 million for the quarter ended March 31, 2024, compared to $12.4 million in the same period of 2023[154]. - The Company’s investment grade fixed income portfolio maintains a high quality with an AA- average rating and a duration of 1.1 years[184]. Cash Flow and Shareholder Returns - Net cash provided by operating activities was $22.7 million for the quarter ended March 31, 2024, an increase of approximately $17.4 million from $5.3 million in the same period of 2023[173]. - Dividends paid per share increased by 40% to $0.35 in Q1 2024 compared to Q1 2023[118]. - Shareholders' equity rose by 1.7% to $659.5 million at March 31, 2024[118]. Market Risks - The Company’s primary market risks include interest rate risk, credit risks associated with investments in fixed maturities, equity price risk associated with investments in equity securities, and foreign exchange risk[183]. - There have been no material changes to the Company's market risk since December 31, 2023[184].

Financial Performance - Net income available to shareholders increased to $11.3 million for Q1 2024, up from $2.4 million in Q1 2023, representing a significant growth [1] - Adjusted operating income rose to $10.7 million in Q1 2024, compared to $3.7 million in the same period last year [4] - The company reported a total revenue of $112.3 million in Q1 2024, down from $150.9 million in Q1 2023, reflecting the decline in gross written premiums [12] - Net income for Q1 2024 reached $11,366 thousand, compared to $2,494 thousand in Q1 2023, marking a 356% increase [18] Underwriting and Claims Management - The combined ratio improved to 94.9% in Q1 2024 from 101.0% in Q1 2023, indicating enhanced underwriting profitability [4] - The loss ratio decreased to 55.3% in Q1 2024, down from 62.8% in Q1 2023, showcasing improved claims management [4] - Current accident year underwriting income improved to $5.7 million in Q1 2024, compared to a loss of $0.8 million in Q1 2023 [10] Investment Performance - Investment income increased by 21% to $14.5 million in Q1 2024, attributed to the company's strategic positioning to benefit from rising interest rates [5] - Total investment return for Q1 2024 was $18.9 million, down from $21.0 million in Q1 2023, reflecting a decrease of 10.5% [16] - Net investment income for Q1 2024 was $14.5 million, an increase from $12.0 million in Q1 2023, representing a growth of 20.8% [16] Shareholder Returns - Dividend per share increased by 40% to $0.35 in Q1 2024, up from $0.25 in the same period last year [5] - The company returned $614 million to shareholders since its IPO in 2003, including $522 million in share repurchases and $92 million in dividends/distributions [14] Balance Sheet and Assets - Total assets as of March 31, 2024, were $1,728,242 million, a slight decrease from $1,729,576 million as of December 31, 2023 [14] - Total liabilities decreased to $1,068,747 million as of March 31, 2024, from $1,080,823 million as of December 31, 2023 [14] - Cash and cash equivalents increased to $38,857 million as of March 31, 2024, compared to $38,037 million as of December 31, 2023 [14] - Total cash and invested assets, net, increased to $1,417.3 million as of March 31, 2024, from $1,390.4 million as of December 31, 2023 [16] - The average total cash and invested assets for Q1 2024 was $1,403.9 million, compared to $1,344.9 million in Q1 2023, indicating a growth of 4.4% [16] Book Value - Book value per share rose to $48.18 as of March 31, 2024, reflecting a 2.1% increase from $47.53 at the end of 2023 [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ___________ to ___________ 001-34809 Commission File Number GLOBAL INDEMNITY GROUP, LLC Delaware 85-2619578 of incorporation or organization) (I.R.S. Employer Identification ...

Global Indemnity Group, LLC (NYSE:GBLI) Q4 2023 Earnings Conference Call March 13, 2024 11:00 AM ET Company Participants Steve Ries – Head-Investor Relations Jay Brown – Chief Executive Officer Tom McGeehan – Chief Financial Officer Conference Call Participants Ross Haberman – RLH Investments Tom Kerr – Zacks Investment Research Operator Thank you for standing by, and welcome to the GBLI 2023 Earnings Call. I would now like to welcome Steve Ries, Head of IR, to begin the call. Steve, over to you. Steve Ries ...

Exhibit 99.1 PRESS RELEASE For release: March 13, 2024 Contact: Stephen W. Ries Head of Investor Relations (610) 668-3270 sries@gbli.com Global Indemnity Group, LLC Reports Year Ended 2023 Results Wilmington, Del., (March 13, 2024) – Global Indemnity Group, LLC (NYSE:GBLI) (the "Company") today reported net income available to shareholders for the twelve months ended December 31, 2023, of $25.0 million compared to net loss available to shareholders of $1.3 million for the corresponding period in 2022. Adjus ...

WILMINGTON, Del.--(BUSINESS WIRE)--Global Indemnity Group, LLC (NYSE:GBLI) (“GBLI”) announced today that its Board of Directors approved a dividend rate of $0.35 per common share payable on March 28, 2024 to all shareholders of record as of the close of business on March 21, 2024, a 40% increase over the prior quarterly dividend rate of $0.25 per common share. “The increase in GBLI’s dividend reflects the company’s ongoing strong financial performance, capital and reserve positions, liquidity, and balanc ...

Global Indemnity Group, LLC (NYSE:GBLI) Q3 2023 Results Conference Call November 8, 2023 11:00 AM ET Company Participants Steve Ries - IR Jay Brown - CEO Tom McGeehan - CFO Conference Call Participants David Schiff - Shift Insurance Tom Kerr - Zacks Investment Research Anthony Mottolese - Dowling & Partners Tony Polak - Aegis Operator Thank you for standing by. My name is Danica, and I'll be your conference operator today. At this time, I would like to welcome everyone to the GBLI Third Quarter 2023 Earning ...