Global Indemnity Group(US:GBLI)2025-10-31 13:24Financial Performance - Gross written premiums increased by 8.6% to $108.4 million for the quarter ended September 30, 2025, compared to $99.8 million for the same period in 2024[144]. - Current accident year underwriting income rose 54% to $10.2 million in 2025, up from $6.6 million in 2024[136]. - Net investment income for 2025 was $17.9 million, an increase of 8.6% compared to the same period in 2024[136]. - Net income for the third quarter of 2025 was $12.5 million, or $0.86 per diluted share, compared to $12.8 million, or $0.92 per diluted share, in 2024[136]. - Net investment income increased by 25.3 million to $58.7 million in 2025, compared to $33.4 million in 2024[198]. - Net income for the quarter ended September 30, 2025, was $12.5 million, slightly down from $12.8 million in 2024; for the nine months, net income was $18.9 million, down from $34.2 million in 2024[176]. Underwriting and Loss Ratios - The current accident year combined ratio improved to 90.4% in 2025 from 93.5% in 2024[136]. - The loss ratio improved to 50.1% in the third quarter of 2025 from 54.9% in the same period of 2024[140]. - The current accident year loss ratio improved by 4.9 points to 50.1% for the quarter ended September 30, 2025, compared to 55.0% for the same period in 2024[155]. - The current accident year combined ratio, excluding the impact of California Wildfires, was 93.2% for the nine months ended September 30, 2025, compared to 95.0% for the same period in 2024[156]. Premiums and Revenue - Direct written premiums for Wholesale Commercial, Vacant Express, and Collectibles grew by 8.7% and 9.2% for the quarter and nine months ended September 30, 2025, respectively[145]. - Direct written premiums for Specialty Products declined by 45.5% for the quarter ended September 30, 2025, compared to the same period in 2024, primarily due to terminating products not meeting profitability expectations[147]. - Belmont Core's assumed business grew to $15.6 million and $38.6 million for the quarter and nine months ended September 30, 2025, respectively, representing increases of 57.7% and 99.8% from the same periods in 2024[147]. - Net earned premiums within the Belmont Core segment increased by 5.8% to $99.4 million for the quarter ended September 30, 2025, compared to $94.0 million for the same period in 2024[151]. - Casualty net earned premiums increased to $58.7 million for the quarter ended September 30, 2025, compared to $50.9 million for the same period in 2024[151]. - Casualty net earned premiums increased to $170.4 million for the nine months ended September 30, 2025, compared to $150.4 million for the same period in 2024[158]. Investments and Cash Flow - Total cash and investments stood at $1.4 billion as of September 30, 2025, with fixed maturities and cash comprising 96% of total investments[141]. - Net cash provided by operating activities decreased by $37.2 million to $15.1 million for the nine months ended September 30, 2025, compared to $52.3 million in 2024[198]. - The total fixed maturities portfolio was valued at $1,309.4 million as of September 30, 2025, down from $1,381.9 million at the end of 2024[165]. - The Company's investment grade fixed income portfolio maintains a high quality with an AA- average rating and a duration of 1.1 years[211]. Shareholder Equity and Dividends - Shareholders' equity increased by $8.8 million to $704.1 million at September 30, 2025, from $695.3 million at June 30, 2025[141]. - The company declared extraordinary dividends of $100.0 million in aggregate for distribution to Belmont Holdings GX, Inc. in June 2025[197]. - Quarterly distribution payments of $0.35 per common share were approved, totaling $10.0 million during the nine months ended September 30, 2025[199]. Strategic Initiatives - The Company executed its post-reorganization strategy through the acquisition of Sayata and the launch of Valyn Re LLC, focusing on scaling its Agency and Insurance Services segment[138]. - Belmont Non-Core's business represents run-off premium from non-renewed treaties, indicating a strategic focus on core operations[148]. Expenses and Taxation - The expense ratio for the nine months ended September 30, 2025 increased to 39.9%, up from 39.2% in 2024, primarily due to investments in underwriting personnel[161]. - Income tax expense was $3.5 million on net income before tax of $16.1 million for Q3 2025, compared to $3.1 million on net income before tax of $15.9 million in 2024[174].