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.
June 30, For the Six Months 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).
Insurance
Services Belmont Core Belmont
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
Insurance
Services Belmont Core Belmont
Non-Core Eliminations Consolidated 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Revenues: Net earned premiums $— $— $197.2 $189.8 $(0.2) $(1.3) $— $— $197.0 $188.5 Commissions and fee income 27.5 29.8 — — — 0.1 (25.8) (28.9) 1.7 1.0 Total revenues $27.5 $29.8 $197.2 $189.8 $(0.2) $(1.2) $(25.8) $(28.9) $198.7 $189.5 Losses and expenses Net losses and loss adjustment expenses $— $— $107.8 $122.6 $(0.1) $(2.2) $(0.8) $(0.7) $106.9 $119.7 Acquisition costs and other operating expenses 26.5 25.7 80.8 76.0 0.2 1.0 (25.0) (28.2) 82.5 74.5 Total losses and expenses $26.5 $25.7 $188.6 $198.6 $0.1 $(1.2) $(25.8) $(28.9) $189.4 $194.2 Segment income (loss) $1.0 $4.1 $8.6 $(8.8) $(0.3) $— $— $— $9.3 $(4.7) Segment income (loss) excluding California Wildfires $1.0 $4.1 $8.6 $6.8 $(0.3) $— $— $— $9.3 $11.0
June 30, For the Six Months Ended
June 30, 2026 2025 % Change 2026 2025 % Change Wholesale Commercial$70.1 $69.1 1.5%
$131.6 $134.0 (1.8%)
Vacant Express 13.1 12.4 5.6%
24.5 23.3 5.3%
Collectibles 4.8 4.2 13.7%
9.4 8.2 13.2%
Specialty Products 7.8 12.1 (35.7%)
15.5 19.7 (21.0%)
Assumed Reinsurance 21.5 12.0 78.9%
32.7 23.0 42.5%
Gross written premiums 117.3 109.8 6.8%
213.7 208.2 2.7%
Terminated business — (2.8) -
— (4.0) -
Total gross written premiums, excluding terminated business$117.3 $107.0 9.5%
$213.7 $204.2 4.7%
June 30, For the Six Months Ended
June 30, 2026 2025 2026 2025 Fixed maturities $13.5 $15.1 $27.1 $29.9 Equities 0.6 0.2 1.2 0.3 Limited partnerships 2.3 (0.6) 0.3 (0.7)Net investment income $16.4 $14.7 $28.6 $29.5 Net realized investment gains (losses) 0.2 0.1 (2.1) 0.3 Net unrealized investment gains (losses) (0.3) 2.9 (3.5) 7.2 Net realized and unrealized investment return (0.1) 3.0 (5.6) 7.5 Total investment return $16.3 $17.7 $23.0 $37.0 Average total cash and invested assets $1,381.1 $1,432.4 $1,395.9 $1,436.8 Total annualized investment return % 4.7% 4.9% 3.3% 5.1%
June 30, For the Six Months Ended
June 30, 2026 2025 2026 2025 Gross written premiums $117,096 $106,801 $213,546 $205,476 Net written premiums $113,971 $103,914 $206,539 $199,778 Net earned premiums $98,689 $95,146 $197,044 $188,462 Net investment income 16,361 14,707 28,579 29,489 Net realized investment gains (losses) 198 127 (2,045) 263 Other income 854 540 1,701 957 Total revenues 116,102 110,520 225,279 219,171 Net losses and loss adjustment expenses 53,047 52,948 106,908 119,686 Acquisition costs and other operating expenses 41,788 36,915 82,551 74,422 Corporate expenses 6,842 7,528 15,880 17,028 Income before income taxes 14,425 13,129 19,940 8,035 Income tax expense 3,343 2,785 4,612 1,680 Net income 11,082 10,344 15,328 6,355 Less: preferred stock distributions 110 110 220 220 Net income available to common shareholders $10,972 $10,234 $15,108 $6,135 Per share data: Net income available to common shareholders Basic $0.76 $0.72 $1.05 $0.44 Diluted $0.76 $0.71 $1.05 $0.43 Weighted-average number of shares outstanding Basic 14,379 14,275 14,365 14,072 Diluted 14,426 14,341 14,416 14,161 Cash distributions declared per common share $0.35 $0.35 $0.70 $0.70 Combined ratio analysis: 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%
June 30, 2026 December 31, 2025 ASSETS Fixed maturities: Available for sale, at fair value (amortized cost: $1,295,106 and $1,330,310; net of allowance for expected credit losses of $0 at June 30, 2026 and December 31, 2025) $1,286,724 $1,325,502 Equity securities, at fair value 23,603 33,673 Other invested assets 9,108 17,097 Total investments 1,319,435 1,376,272 Cash and cash equivalents 97,515 65,542 Premium receivables, net of allowance for expected credit losses of $3,861 at June 30, 2026 and $3,640 at December 31, 2025 84,631 66,969 Reinsurance receivables, net of allowance for expected credit losses of $1,488 at June 30, 2026 and December 31, 2025 65,341 62,595 Funds held by ceding insurers 21,400 22,114 Deferred income taxes 21,164 20,076 Deferred acquisition costs 44,588 41,183 Intangible assets 16,613 16,845 Goodwill 4,820 4,820 Prepaid reinsurance premiums 3,886 3,607 Income tax receivable 4,681 2,617 Lease right of use assets 7,546 8,166 Other assets 31,873 29,956 Total assets $1,723,493 $1,720,762 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities: Unpaid losses and loss adjustment expenses $718,515 $750,191 Unearned premiums 192,503 182,728 Reinsurance balances payable 3,368 1,860 Payable for securities 45,300 21,594 Contingent commissions 4,198 7,159 Lease liabilities 7,727 8,331 Other liabilities 40,977 42,309 Total liabilities $1,012,588 $1,014,172 Shareholders’ equity: Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 4,000 shares, respectively, liquidation preference: $1,000 per share and $1,000 per share, respectively
4,000 4,000 Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 12,134,770 and 11,844,995, respectively (inclusive of class A common shares designated as class A-2 common shares of 780,000 and 550,000, respectively); class A common shares outstanding:10,847,002 and 10,557,227, respectively (inclusive of class A common shares designated as class A-2 common shares of 780,000 and 550,000, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively — — Additional paid-in capital (1) 467,748 465,720 Accumulated other comprehensive income (loss), net of tax (6,766) (4,000)Retained earnings (1) 278,615 273,562 Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively (32,692) (32,692)Total shareholders’ equity 710,905 706,590 Total liabilities and shareholders’ equity $1,723,493 $1,720,762 (1) Since the Company’s initial public offering in 2003, the Company has returned $659.8 million to shareholders, including $522.2 million in share repurchases and $137.6 million in dividends/distributions.
June 30, For the Six Months Ended
June 30, 2026 2025 2026 2025 Operating income, net of tax (2) $8.7 $10.2 $16.9 $6.2 Net realized investment gains (losses), net of tax 0.1 0.1 (1.6) 0.2 Market value recovery on limited partnership investment 2.3 - - - Net income $11.1 $10.3 $15.3 $6.4 Weighted average shares outstanding – diluted 14.4 14.3 14.4 14.2 Operating income per share – diluted (3) $0.59 $0.71 $1.16 $0.42 (1) Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment gains (losses) and other unique charges not related to operations. Operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.
(2) Operating income, net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended June 30, 2026 and 2025 and $0.2 million for each of the six months ended June 30, 2026 and 2025.
(3) The operating income per share calculation is net of preferred shareholder distributions of $0.1 million for each of the three months ended June 30, 2026 and 2025 and $0.2 million for each of the six months ended June 30, 2026 and 2025.
June 30, For the Six Months Ended
June 30, 2026 2025 2026 2025 Investment income $16.4 $14.7 $28.6 $29.5 Underwriting income (loss), current accident year 5.8 5.6 11.2 (4.7)Adjustments California Wildfires net losses and loss adjustment expenses — — — 15.7 Market value recovery on limited partnership investment (2.3) — — — Pretax adjusted operating contribution (1) $19.9 $20.3 $39.8 $40.5 (1) Pretax adjusted operating contribution, a non-GAAP financial measure, is equal to 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. Pretax adjusted operating contribution is not a substitute for income before income taxes determined in accordance with GAAP, and investors should not place undue reliance on this measure.
(2) Average equity is the average of the beginning and ending equity for the calendar year, adjusted for average excess capital for the calendar year.
(3) Adjusted return on equity is equal to adjusted income divided by average equity, annualized.
The following reconciles the non-GAAP financial measures or ratios, which excludes the impact of prior accident year adjustments and the California Wildfires, to its most directly comparable GAAP measure or ratio. The Company believes the non-GAAP financial measures or ratios are useful to investors when evaluating the Company's underwriting performance as trends in the Company's segments may be obscured by prior accident year adjustments and the California Wildfires. These non-GAAP financial measures or ratios should not be considered as a substitute for its most directly comparable GAAP measure or ratio and do not reflect the overall underwriting profitability of the Company.
About Global Indemnity Group, LLC
Global Indemnity Group, LLC (Nasdaq: GBLI) is a publicly traded holding company with a diversified portfolio of property and casualty insurance-related entities.
Katalyx Holdings LLC includes:
- Four agencies focused on sourcing, underwriting, and servicing primary and assumed reinsurance business: Penn-America Insurance Services, LLC; Valyn Re LLC; J.H. Ferguson & Associates, LLC (including Vacant Express); and Collectibles Insurance Services, LLC.
- Three specialized insurance service businesses: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx’s agencies and broader digital initiatives; Sayata, an AI-enabled digital marketplace and agency for small commercial insurance; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services.
Belmont Holdings GX, Inc. consists of five statutory insurance carriers, each rated “A” (Excellent) by AM Best:
Penn-America Insurance Company, United National Insurance Company, Penn-Patriot Insurance Company, Diamond State Insurance Company, and Penn-Star Insurance Company.
For more information, visit the Company’s website at www.gbli.com.
Forward-Looking Statements
The forward-looking statements in this press release are made pursuant to the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934 and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements. These statements are based on management’s current expectations and information available as of the date of this release.
Factors that could cause actual results to differ include, among others, risks related to the timing and execution of the Company’s strategy, and other operational or strategic risks. Additional details regarding these and other risks and uncertainties can be found in the Company’s filings with the Securities and Exchange Commission. Global Indemnity undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.
Investor / Media Contact: Scott Eckstein, KCSA Strategic Communications | (212) 896-1210 | [email protected]