Global Indemnity Group(US:GBLI)2024-11-07 21:11Financial Performance - Gross written premiums for Q3 2024 were $99,767,000, a slight increase from $98,926,000 in Q3 2023, while net written premiums rose to $97,177,000 from $95,623,000[6] - Net earned premiums decreased to $95,413,000 in Q3 2024 from $111,695,000 in Q3 2023, reflecting a decline of approximately 14.5%[6] - Net income for Q3 2024 was $12,760,000, up from $7,700,000 in Q3 2023, representing a significant increase of approximately 65.3%[6] - The company reported total revenues of $111,761,000 in Q3 2024, down from $126,061,000 in Q3 2023, indicating a decrease of about 11.4%[6] - Comprehensive income for Q3 2024 was $22,964,000, compared to $6,754,000 in Q3 2023, reflecting a substantial increase[7] - Net income for the nine months ended September 30, 2024, was $34,219,000, compared to $19,531,000 for the same period in 2023, representing a 75% increase[12] Investment Income - Net investment income increased to $16,488,000 in Q3 2024, compared to $14,200,000 in Q3 2023, marking a growth of about 16.1%[6] - The total investment return for the nine months ended September 30, 2024, was $65,580,000, compared to $43,118,000 for the same period in 2023, reflecting a significant increase of approximately 52.0%[46] - The total investment income for the nine months ended September 30, 2024, was $47,839,000, compared to $40,513,000 for the same period in 2023, marking an increase of approximately 18.0%[45] Shareholder Equity and Distributions - Total shareholders' equity increased to $686,726,000 as of September 30, 2024, from $630,655,000 a year earlier, reflecting an 8.9% growth[9] - The company declared cash distributions of $0.35 per common share in Q3 2024, up from $0.25 in Q3 2023, an increase of 40%[6] - Distributions paid to common shareholders increased to $9,816,000 in 2024 from $7,477,000 in 2023, representing a 31.1% increase[12] Restructuring and Operations - The company incurred total restructuring costs of $5.4 million from 2022 to 2023, with no additional costs reported for the nine months ended September 30, 2024[18] - The company exited four brokerage divisions as part of its restructuring plan, which was completed in the first quarter of 2023[17] - The restructuring of insurance operations led to the management of the business through two segments: Penn-America and Non-Core Operations, aimed at enhancing market presence[120] Losses and Expenses - Net losses and loss adjustment expenses for Q3 2024 were $52,400,000, down from $65,116,000 in Q3 2023, a decrease of approximately 19.5%[6] - Acquisition costs and other underwriting expenses decreased to $37,553,000 in Q3 2024 from $46,202,000 in Q3 2023, a reduction of 18.7%[6] - The total incurred losses and loss adjustment expenses for the quarter ended September 30, 2024, were $52,400 thousand, compared to $65,116 thousand for the same quarter in 2023, indicating a decrease of 19.4%[85] Cash Flow and Assets - Cash flows from operating activities provided $52,250,000 in the nine months ended September 30, 2024, compared to $36,752,000 in the prior year, indicating a 42% increase[12] - Cash and cash equivalents decreased to $31,019,000 at the end of the period from $46,470,000 a year earlier, a decline of 33.2%[12] - Total assets as of September 30, 2024, were $1,761,117,000, slightly down from $1,767,846,000 as of September 30, 2023[125] Investment Portfolio - As of September 30, 2024, the total amortized cost of fixed maturities was $1,404,854,000, with an estimated fair value of $1,395,229,000, reflecting a gross unrealized loss of $13,472,000[20] - The company’s investments in equity securities amounted to $12.3 million as of September 30, 2024, down from $16.5 million as of December 31, 2023[20] - The total gross unrealized losses for fixed maturities as of September 30, 2024, were $35,766,000, with $13,274,000 attributed to losses over 12 months[24] Tax Expenses - The total income tax expense for the quarter ended September 30, 2024, was $3,125 thousand, compared to $1,763 thousand for the same quarter in 2023, reflecting an increase of 77%[82] - The effective income tax expense for the nine months ended September 30, 2024, was $8,605 thousand, representing 20.1% of pre-tax income, compared to $4,707 thousand or 19.4% for the same period in 2023[84] Share Repurchase - The share repurchase program authorized up to $135 million has $101.0 million remaining for repurchases as of September 30, 2024[93] - During the nine months ended September 30, 2024, the company repurchased 16,527 shares at an average price of $32.00[94]