Global Indemnity Group(US:GBLI)2021-08-05 16:00Premiums and Revenue - Gross written premiums increased by 6.5% to $175.236 million for the quarter ended June 30, 2021, compared to $164.549 million in the same quarter of 2020[222] - Net written premiums rose by 9.1% to $160.653 million for the quarter ended June 30, 2021, compared to $147.264 million in the same quarter of 2020[222] - Net earned premiums increased by 5.3% to $149.408 million for the quarter ended June 30, 2021, compared to $141.847 million in the same quarter of 2020[222] - Gross written premiums increased by 6.5% for the quarter and 5.8% for the six months ended June 30, 2021, compared to the same periods in 2020, driven by growth in existing programs and increased pricing[226] - Net written premiums rose by 9.1% for the quarter and 7.7% for the six months ended June 30, 2021, compared to the same periods in 2020, with Commercial Specialty segment showing a 13.4% increase for the quarter[229] - Net earned premiums in the Commercial Specialty segment increased by 14.9% for the quarter and 13.7% for the six months ended June 30, 2021, compared to the same periods in 2020[230] - The company reported a total revenue of $30,350 thousand for the quarter ended June 30, 2021, down from $33,972 thousand in 2020, reflecting a decline in premium income[254] - Total revenue for the six months ended June 30, 2021, was $12.5 million, with a net loss of $434,000[333] Losses and Expenses - Net losses and loss adjustment expenses surged by 35.1% to $90.938 million for the quarter ended June 30, 2021, compared to $67.297 million in the same quarter of 2020[222] - Underwriting income decreased by 91.9% to $1.769 million for the quarter ended June 30, 2021, compared to $21.716 million in the same quarter of 2020[222] - The combined ratio for the quarter ended June 30, 2021, was 99.2%, compared to 85.2% in the same quarter of 2020[222] - The total net losses and loss adjustment expense for the first six months of 2021 was $105,053,000, with a loss ratio of 67.3%[242] - The current accident year loss ratio for Q2 2021 was 57.2%, a decrease of 4.6 points from 61.8% in Q2 2020[245] - The current accident year casualty loss ratio increased by 8.1 points to 57.5% in Q2 2021 compared to 49.4% in Q2 2020[247] - The total net losses and loss adjustment expense for the quarter ended June 30, 2021, was $15,302 thousand, up from $13,691 thousand in 2020, resulting in a loss ratio of 51.2%[258] - Casualty loss ratio increased to 54.0% for the quarter ended June 30, 2021, compared to 43.1% in 2020, indicating higher claims frequency[264] Investment and Financial Performance - Net investment income increased by 163.4% to $10.633 million for the quarter ended June 30, 2021, compared to a loss of $2.359 million in the same quarter of 2020[222] - The company reported a net income of $6.4 million for Q2 2021, down from $37.6 million in Q2 2020, and a net income of $11.9 million for the first half of 2021, compared to a net loss of $7.0 million in the same period last year[310] - Interest expense decreased by 42.8% in Q2 2021 and 44.8% for the first half of 2021, primarily due to the redemption of subordinated notes and repayment of margin borrowing[307] - The company recognized a loss of less than $0.1 million for other income during the first half of 2021, compared to a gain of $0.3 million in the same period of 2020, indicating a decline in foreign exchange gains[292] - The average duration of the company's fixed maturities portfolio was 4.5 years as of June 30, 2021, consistent with the previous year, while the embedded book yield on fixed maturities decreased to 2.3% from 2.5%[303] Shareholder and Dividend Information - The company declared a distribution payment of $0.25 per common share to shareholders of record on March 22, 2021, and June 21, 2021, totaling $7.2 million for the six months ended June 30, 2021[210] - The Company did not declare or pay any dividends during the quarter and six months ended June 30, 2021[318] - Distributions paid to common shareholders amounted to $7.2 million during the six months ended June 30, 2021[324] Ratings and Financial Strength - AM Best affirmed the financial strength rating of "A" (Excellent) for the U.S. operating subsidiaries of Global Indemnity Group, LLC on April 21, 2021[211] - The company's liquidity could be negatively impacted by the ongoing COVID-19 pandemic, particularly regarding business interruption claims[323] - The liquidity of Global Indemnity Group, LLC is dependent on the ability of its subsidiaries to pay dividends, which are restricted by state laws[318] Segment Performance - Net earned premiums in the Specialty Property segment decreased by 10.9% for the quarter and 10.7% for the six months ended June 30, 2021, compared to the same periods in 2020, due to a reduction in catastrophe exposed business[231] - Gross written premiums for the Specialty Property segment decreased by 13.1% to $33,013 thousand for the quarter ended June 30, 2021, compared to $37,978 thousand in 2020[254] - Gross written premiums for the Commercial Specialty segment increased by 10.7% to $96,680,000 in Q2 2021 compared to $87,297,000 in Q2 2020[239] - Net written premiums rose by 13.4% to $88,332,000 in Q2 2021 from $77,880,000 in Q2 2020[239] - Net earned premiums grew by 14.9% to $80,146,000 in Q2 2021 compared to $69,728,000 in Q2 2020[239] - Gross written premiums for the Reinsurance Operations segment increased by 53.8% to $24.7 million in Q2 2021 compared to $16.1 million in Q2 2020, and for the first half of 2021, they rose by 38.7% to $46.6 million from $33.6 million[288]