Global Indemnity Group, LLC Reports Full Year 2025 Financial Results

Core Insights - The company reported improved underwriting profitability for the current accident year, with a combined ratio excluding California Wildfires reaching 92.2% in 2025, compared to 95.4% in 2024, marking a 3.2-point improvement [1][5][9] - Net losses from the California Wildfires amounted to $15.7 million pre-tax, impacting overall financial results [1][5] - The pretax adjusted operating contribution increased by 17.5% to $95.4 million in 2025 from $81.2 million in 2024, contributing to a higher adjusted return on equity of 14.7% compared to 12.7% in 2024 [1][5][8] Financial Performance - Current accident year underwriting income excluding California Wildfires reached $32.7 million for the full year, up from $18.8 million in 2024, reflecting sustained improvement in loss experience [5][27] - Operating income excluding California Wildfires was $40.2 million, or $2.79 per diluted share, compared to $42.9 million, or $3.10 per share in 2024, primarily due to elevated corporate expenses [5][7] - The calendar year combined ratio was 98.6%, up from 95.6% in 2024, with a 4-point increase attributed to Wildfire impacts [5][9] Premiums and Growth - Gross written premiums totaled $398.9 million in 2025, slightly up from $389.8 million in 2024, with Belmont Core gross written premiums growing to $401.4 million from $400.0 million [7][8] - The growth in Belmont Core gross written premiums was driven by a 3.0% increase in Wholesale Commercial and a 15.5% increase in Vacant Express [8][12] - Assumed written premiums grew by 76.7% to $44.9 million, reflecting new treaties incepting during 2024 and 2025 [8][12] Investment Results - Net investment income was $62.7 million, essentially unchanged from $62.4 million in 2024, with total investment return decreasing to $67.0 million, or 4.7%, from $78.3 million, or 5.5%, in 2024 [5][17] - The year-over-year change in total investment return was influenced by lower net unrealized gains and net realized losses [5][17] Capital Position - Common shareholders' equity increased to $702.6 million at December 31, 2025, from $685.1 million at December 31, 2024, supported by net income and unrealized fixed income gains [8][21] - Book value per share was $48.96 at December 31, 2025, compared to $49.98 at December 31, 2024, reflecting a 1% growth after paying dividends [8][21]