Global Indemnity Group(US:GBLI)2024-03-14 16:00Financial Performance - As of December 31, 2023, the estimated fair value of Global Indemnity's fixed maturities was $1,293.8 million, an increase from $1,248.2 million in 2022[86]. - The Company reported net realized investment losses of $2.1 million for the year ended December 31, 2023, compared to losses of $32.9 million in 2022[90]. - The carrying value of the Company's investments in limited partnerships was approximately $38.2 million as of December 31, 2023[88]. Investment Portfolio - The average credit enhancement for the Company's asset-backed securities is 36.1, with 93.6% of fixed income securities rated as investment grade[85]. - The Company's fixed maturities portfolio had 51.0% due in one year or less, significantly up from 9.1% in 2022[86]. - 25.9% of the Company's fixed maturities are rated AAA, up from 14.6% in 2022[86]. - The Company had aggregate equity securities valued at $16.5 million as of December 31, 2023[87]. - The Company faces liquidity risk and attempts to diversify its investment holdings to minimize this risk[85]. Workforce and Restructuring - The Company reduced its workforce by 54 employees in the first quarter of 2023 as part of restructuring its insurance operations[95]. Regulatory Compliance and Ratings - AM Best assigns the Company's insurance companies a financial strength rating of "A" (Excellent), indicating a strong ability to meet ongoing obligations[96][97]. - The insurance companies reported that their capital and surplus are above the prescribed risk-based capital requirements in their 2023 statutory filings[109]. - Statutory accounting practices determine the amount of statutory surplus and statutory net income (loss), affecting the funds available for dividends[112]. - Dividends may only be paid from unassigned surplus without prior regulatory approval, as per state laws[113]. - The Dodd-Frank Act streamlines surplus lines insurance regulation and provides the Federal Reserve with supervisory authority over systemically important insurance companies[116]. Data Security and Privacy - The Company is subject to numerous U.S. federal and state laws governing the protection of personal and confidential information, including the NYDFS Cybersecurity Regulation[117]. - The NAIC adopted an Insurance Data Security Model Law requiring compliance with detailed information security requirements for licensed insurance entities[118]. - The California Consumer Privacy Act, effective January 2020, imposes significant compliance requirements for companies operating in California[119]. Public Disclosure - The Company maintains a website where it provides free access to its most recent annual and quarterly reports filed with the SEC[120]. - The public can access materials filed with the SEC at its Public Reference Room or through its website[121].