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Global Indemnity Group(GBLI) - 2025 Q1 - Quarterly Results
GBLIGlobal Indemnity Group(GBLI)2025-05-07 12:17

Financial Performance - The net loss available to common shareholders for Q1 2025 was 4.1million,or(4.1 million, or (0.30) per share, including a 12.2millionlossattributedtoCaliforniaWildfires[1]−ExcludingCaliforniaWildfires,netincomeavailabletocommonshareholderswas12.2 million loss attributed to California Wildfires[1] - Excluding California Wildfires, net income available to common shareholders was 8.1 million, or 0.58pershare,comparedto0.58 per share, compared to 11.3 million, or 0.82pershareinQ12024[2]−Netincomeavailabletocommonshareholderswasalossof0.82 per share in Q1 2024[2] - Net income available to common shareholders was a loss of 4,099 million in Q1 2025, compared to a profit of 11,256millioninQ12024[17]−ThenetincomeavailabletocommonshareholdersexcludingCaliforniaWildfiresforQ12025was11,256 million in Q1 2024[17] - The net income available to common shareholders excluding California Wildfires for Q1 2025 was 8,117,000, down from 11,256,000inQ12024[27]−TheoperatingincomeexcludingCaliforniaWildfiresforQ12025was11,256,000 in Q1 2024[27] - The operating income excluding California Wildfires for Q1 2025 was 8,121,000, compared to 10,692,000inQ12024[27]PremiumsandUnderwriting−Grosswrittenpremiumsincreasedby610,692,000 in Q1 2024[27] Premiums and Underwriting - Gross written premiums increased by 6% to 98.7 million in Q1 2025, with a 16% increase to 98.4millionwhenexcludingterminatedproducts[2]−Totaldirectwrittenpremiumsdecreasedby4.098.4 million when excluding terminated products[2] - Total direct written premiums decreased by 4.0% to 87,467 million in Q1 2025 from 91,132millioninQ12024[14]−InsurTechsegmentsawasignificantgrowthof20.191,132 million in Q1 2024[14] - InsurTech segment saw a significant growth of 20.1%, with direct written premiums reaching 15,020 million compared to 12,508millioninthepreviousyear[14]−BelmontCoresegmentreportedaremarkableincreaseof274.612,508 million in the previous year[14] - Belmont Core segment reported a remarkable increase of 274.6% in assumed written premiums, totaling 10,922 million, up from 2,916million[15]−Grosswrittenpremiumsincreasedto2,916 million[15] - Gross written premiums increased to 98,675 million in Q1 2025, compared to 93,488millioninQ12024,reflectingagrowthof5.093,488 million in Q1 2024, reflecting a growth of 5.0%[17] Losses and Expenses - Net losses and loss adjustment expenses rose to 66,738 million, up from 53,384million,indicatingasignificantincreaseinclaims[17]−TheCaliforniaWildfiresresultedinnetlossesandlossadjustmentexpensesof53,384 million, indicating a significant increase in claims[17] - The California Wildfires resulted in net losses and loss adjustment expenses of 15,600,000 for the current accident year[27] Ratios and Financial Metrics - The current accident year combined ratio was 111.5% in Q1 2025, compared to 94.9% in Q1 2024; excluding California Wildfires, it would have been 94.8%[2] - The combined ratio deteriorated to 111.7% in Q1 2025 from 94.9% in Q1 2024, highlighting increased underwriting losses[17] - The current accident year underwriting income (loss) was a loss of 10,328,000inQ12025,comparedtoanincomeof10,328,000 in Q1 2025, compared to an income of 5,272,000 in Q1 2024[27] - The current accident year combined ratio excluding California Wildfires was 94.8% in Q1 2025, compared to 94.9% in Q1 2024[27] - The effect of prior accident year on the combined ratio was a decrease of 0.2% in Q1 2025[27] Shareholder Equity and Book Value - Shareholders' equity decreased to 687.1millionasofMarch31,2025,from687.1 million as of March 31, 2025, from 689.1 million at December 31, 2024[2] - Book value per common share fell to 47.85atMarch31,2025,downfrom47.85 at March 31, 2025, down from 49.98 at December 31, 2024[2] Investment Performance - Net investment income rose by 2% to 14.8millioninQ12025comparedtothesameperiodin2024[2]−Thetotalannualizedinvestmentreturnremainedstableat5.414.8 million in Q1 2025 compared to the same period in 2024[2] - The total annualized investment return remained stable at 5.4% for both Q1 2025 and Q1 2024, indicating consistent investment performance[21] Corporate Developments - The Company executed an extensive internal business reorganization to enhance operational efficiency and statutory capital[7] - The appointment of Praveen Reddy as President and CEO of Penn-America Underwriters marks a strategic investment to develop agency capabilities[7] Assets and Cash Position - Cash and cash equivalents increased significantly to 81,146 million as of March 31, 2025, compared to 17,009millionattheendof2024[19]−Totalassetsdecreasedto17,009 million at the end of 2024[19] - Total assets decreased to 1,713,606 million from $1,731,253 million, reflecting a decline in overall asset value[19] Company Overview - Global Indemnity Group, LLC is a publicly listed holding company for property and casualty insurance-related businesses[28] - The company does not assume any obligation to update forward-looking statements after the date they were made[30]