Net income increased to $11.1 million, or $0.76 per share, growth of 8% for the quarter driven by a 53.8% loss ratio. Belmont Core gross written premiums grew 7% for the quarter.
WILMINGTON, Del., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (Nasdaq: GBLI) (the "Company") today reported financial results for the three and six months ended June 30, 2026.
For the three months ended June 30, 2026, net income was $11.1 million, or $0.76 per share, compared to $10.3 million, or $0.71 per share, in 2025. Current accident year underwriting income increased 3% to $5.8 million, with a loss ratio of 53.8% and a combined ratio of 94.7%. Belmont Core gross written premiums grew 7% to $117.3 million. Pretax Adjusted Operating Contribution was $19.9 million and Adjusted Return on Equity was 12.1%.
For the six months ended June 30, 2026, net income was $15.3 million, or $1.05 per share, compared to $6.4 million, or $0.43 per share, in 2025. Current accident year underwriting income increased to $11.2 million, with a loss ratio of 54.3% and a combined ratio of 94.8%. Belmont Core gross written premiums grew 3% to $213.7 million. Pretax Adjusted Operating Contribution was $39.8 million and Adjusted Return on Equity was 12.6%.
Highlights of Consolidated Results
Operating Performance
-- Operating income of $16.9 million, or $1.16 per share, for the six months
ended June 30, 2026, compared to $6.2 million, or $0.42 per share, in
2025.
-- Current accident year underwriting income increased to $11.2 million for
the six months ended June 30, 2026, compared to a loss of $4.7 million in
2025. Excluding the impact on 2025 results from California wildfires,
current accident year underwriting income improved 3% supported by 5%
growth in net earned premiums to $197.0 million and a 94.8% current
accident year combined ratio.
-- Net investment income of $28.6 million for the six months ended June 30,
2026, compared to $29.5 million in 2025, resulting from increased
allocation to U.S. Treasuries. As of June 30, 2026, total investments
were $1.4 billion, of which 98% was fixed-income securities and cash.
The fixed-income portfolio had a duration of 1.08 years, book yield of
4.42% and overall credit quality of AA-.
Belmont Core Gross Written Premium Growth
-- Belmont Core gross written premiums grew 7% to $117.3 million in the 2nd
quarter and 3% to $213.7 million for the six months ended June 30, 2026:
-- Wholesale Commercial: Up 2% to $70.1 million in the 2nd quarter, a
return to growth; For the six months ended June 30, 2026, gross
written premiums of $131.6 million were down 2% from $134.0
million in 2025. The Company continues to maintain pricing and
return standards amidst competitive market conditions,
particularly as regards to property rate reductions.
-- Vacant Express: $24.5 million, up 5%, and Collectibles: $9.4
million, up 13%, for the six months ended June 30, 2026, driven by
new agency appointments, organic growth, and rate increases.
-- Assumed Reinsurance: Up 79% to $21.5 million in the 2nd quarter
and 43% to $32.7 million for the six months ended June 30, 2026
driven by new treaties incepting during 2025 and 2026.
-- Specialty Products: $15.5 million for the six months ended June
30, 2026, down 21% from $19.7 million, reflecting the run-off of
terminated business.
Capital Position and Book Value
-- Common shareholders' equity increased to $706.9 million at June 30, 2026
from $702.6 million at December 31, 2025, growing 2% before the return of
$10.3 million to shareholders despite a temporary decline in the fair
value of the fixed income portfolio of $2.8 million, net of tax.
-- Book value per share of $48.28 at June 30, 2026 compared to $48.96 at
December 31, 2025.
-- The Company paid dividends of $10.3 million, or $0.70 per common share,
during the six months ended June 30, 2026. Since its 2003 initial public
offering, the Company has returned $659.8 million to shareholders,
including $522.2 million in share repurchases and $137.6 million in
dividends and distributions.
Selected Consolidated Operating Information
$ in Millions, except per share data
-------------------------------------------------------------
For the Three
Months Ended June For the Six Months
30, Ended June 30,
------------------ ---------------------
2026 2025 2026 2025
------ ------ ------ ---------
Gross written
premiums $117.1 $106.8 $213.5 $ 205.5
Gross written
premiums -
Belmont Core $117.3 $109.8 $213.7 $ 208.2
Investment
income $ 16.4 $ 14.7 $ 28.6 $ 29.5
Annualized
investment
return 4.7% 4.9% 3.3% 5.1%
Underwriting
income
(loss) $ 5.5 $ 5.8 $ 10.8 $ (4.7)
Underwriting
income
(loss),
current
accident
year $ 5.8 $ 5.6 $ 11.2 $ (4.7)
Underwriting
income,
current
accident
year,
excluding
California
Wildfires $ 5.8 $ 5.6 $ 11.2 $ 10.9
Corporate
expenses $ 6.8 $ 7.5 $ 15.9 $ 17.0
Operating
income $ 8.7 $ 10.2 $ 16.9 $ 6.2
Operating
income
excluding
California
Wildfires $ 8.7 $ 10.2 $ 16.9 $ 18.6
Pretax
adjusted
operating
contribution
(1) $ 19.9 $ 20.3 $ 39.8 $ 40.5
Net income
available to
common
shareholders $ 11.0 $ 10.2 $ 15.1 $ 6.1
Net income
available to
common
shareholders
excluding
California
Wildfires $ 11.0 $ 10.2 $ 15.1 $ 18.5
Adjusted
return on
equity,
annualized,
excluding
California
Wildfires
(2) 12.1% 12.7% 12.6% 12.8%
Per Share
Data:
Net income
available to
common
shareholders
per share $ 0.76 $ 0.71 $ 1.05 $ 0.43
Net income
available to
common
shareholders
per share
excluding
California
Wildfires $ 0.76 $ 0.71 $ 1.05 $ 1.31
Operating
income per
share $ 0.59 $ 0.71 $ 1.16 $ 0.42
Operating
income per
share
excluding
California
Wildfires $ 0.59 $ 0.71 $ 1.16 $ 1.29
Combined
ratio:
Loss ratio 53.8% 55.6% 54.3% 63.5%
Expense ratio 41.2% 38.8% 40.7% 39.5%
----- ----- ----- --------
Combined ratio 95.0% 94.4% 95.0% 103.0%
Combined
ratio,
current
accident
year 94.7% 94.6% 94.8% 103.0%
Combined
ratio,
current
accident year
excluding
California
Wildfires 94.7% 94.6% 94.8% 94.7%
(1) Equals investment income plus underwriting income
(loss) for current accident year excluding net losses
and loss adjustment expenses incurred from California
Wildfires less the market value recovery on a single
limited partnership position.
(2) Excludes corporate expenses, investment income
on excess capital, and prior year underwriting income
(loss).
Segment Income (Loss) for the Three Months Ended June
30,
$ in Millions
---------------------------------------------------------------------------------------------
Agency and
Insurance Belmont
Services Belmont Core Non-Core Eliminations Consolidated
------------ ------------ ------------- --------------- ----------------
2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
----- ----- ----- ----- ----- ----- ------ ------ --------- -----
Revenues:
Net earned
premiums $ -- $ -- $98.8 $97.5 $(0.1) $(2.4) $ -- $ -- $ 98.7 $95.1
Commissions
and fee
income 14.3 15.4 -- -- -- -- (13.4) (14.9) 0.9 0.5
---- ---- ---- ---- ---- ---- ----- ----- ----- ----
Total
revenues $14.3 $15.4 $98.8 $97.5 $(0.1) $(2.4) $(13.4) $(14.9) $ 99.6 $95.6
Losses and
expenses
Net losses
and loss
adjustment
expenses $ -- $ -- $53.5 $56.0 $(0.1) $(2.8) $ (0.3) $ (0.3) $ 53.1 $52.9
Acquisition
costs and
other
operating
expenses 12.9 13.1 42.0 38.8 -- (0.4) (13.1) (14.6) 41.8 36.9
---- ---- ---- ---- ---- ---- ----- ----- ----- ----
Total losses
and
expenses $12.9 $13.1 $95.5 $94.8 $(0.1) $(3.2) $(13.4) $(14.9) $ 94.9 $89.8
---- ---- ---- ---- ---- ---- ----- ----- ----- ----
Segment
income
(loss) $ 1.4 $ 2.3 $ 3.3 $ 2.7 $ -- $ 0.8 $ -- $ -- $ 4.7 $ 5.8
Segment Income (Loss) for the Six Months Ended June
30,
$ in Millions
----------------------------------------------------------------------------------------------
Agency and
Insurance Belmont
Services Belmont Core Non-Core Eliminations Consolidated
------------ -------------- ------------- --------------- --------------
2026 2025 2026 2025 2026 2025 2026 2025 2026 2025