GBLI Global Indemnity Group LLC

Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net income available to shareholders for the twelve months ended December 31, 2023, of $25.0 million compared to net loss available to shareholders of $1.3 million for the corresponding period in 2022. Adjusted operating income per share was $1.96 in 2023, an increase of 125% over $0.87 in 2022, driven by a 95.2% accident year combined ratio in the Company’s Penn-America excess and surplus lines insurance business and $55.4 million of net investment income, which increased 101% over 2022. The Company also reduced gross written premium of its Non-Core Operations by 86%. Book value per share increased 8.2% (including $1.00 per share of dividends paid during 2023) to $47.53 at December 31, 2023.

Selected Operating and Balance Sheet Information

Consolidated Results Including Penn-America and Non-Core Operations

(Dollars in millions, except per share data)

 

For the Twelve Months Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

 

Gross Written Premiums

$

416.4

 

 

$

727.6

 

Net Written Premiums

$

399.3

 

 

$

591.3

 

Net Earned Premiums

$

473.4

 

 

$

602.5

 

 

 

 

 

Net income (loss) available to shareholders

$

25.0

 

 

$

(1.3

)

Net income (loss) available to shareholders per share

$

1.83

 

 

$

(0.09

)

 

 

 

 

Combined ratio analysis:

 

 

 

Loss ratio

 

61.1

%

 

 

59.6

%

Expense ratio

 

38.6

%

 

 

39.2

%

Combined ratio (1)

 

99.7

%

 

 

98.8

%

 

 

 

 

 

 

 

As of December 31,

 

 

2023

 

 

 

2022

 

 

 

 

 

Book value per share (2)

$

47.53

 

 

$

44.87

 

Book value per share plus cumulative dividends and excluding AOCI

$

55.22

 

 

$

52.98

 

Shareholders’ equity (3)

$

648.8

 

 

$

626.2

 

Cash and invested assets (4)

$

1,390.4

 

 

$

1,342.6

 

Shares Outstanding (in millions)

$

13.6

 

 

$

13.9

 

(1)

 

The loss ratio, expense ratio and combined ratio are GAAP financial measures that are generally viewed in the insurance industry as indicators of underwriting profitability. The loss ratio is the ratio of net losses and loss adjustment expenses to net earned premiums. The expense ratio is the ratio of acquisition costs and other underwriting expenses to net earned premiums. The combined ratio is the sum of the loss and expense ratios.

(2)

 

Net of cumulative Company distributions to common shareholders totaling $6.00 per share and $5.00 per share as of December 31, 2023 and December 31, 2022, respectively.

(3)

 

Shareholders’ equity includes $4 million of series A cumulative fixed rate preferred shares.

(4)

 

Including receivable/(payable) for securities sold/(purchased).

Business Highlights

• Underwriting income was $3.0 million for the twelve months ended December 31, 2023 compared to $8.3 million for the same period in 2022. (Please see tables which follow.)
  • Excluding two casualty books that performed poorly, a New York habitational book and a non-renewed restaurant book, underwriting income would have been $37.7 million for the twelve months ended December 31, 2023.
    • Rate and underwriting actions have been taken to improve the profitability of the New York habitational book.
    • The restaurant book was non-renewed on March 1, 2023.
• The Company's Penn-America segment and Consolidated accident year combined ratios were 95.2% and 97.3%, respectively, for the twelve months ended December 31, 2023.
• Penn-America performed as follows:
  • Penn-America’s gross written premiums in aggregate for Wholesale Commercial, InsurTech, and Assumed Reinsurance business grew by 11.6% in 2023. Gross written premiums for Programs decreased 40.5% in 2023 due to rate and underwriting actions taken to improve profitability which were initiated by the Company’s new CEO following his appointment in October 2022.
  • Penn-America’s accident year underwriting income was $18.5 million for the twelve months ended December 31, 2023 compared to $13.5 million for the same period in 2022.
    • Excluding the New York habitational book, accident year underwriting income would have been $23.1 million for the twelve months ended December 31, 2023.
  • Penn-America’s accident year loss ratio was 57.4% for the twelve months ended December 31, 2023, which was an improvement of 1.6 points from the same period in 2022.
    • Excluding the New York Habitational book, Penn-America’s 2023 accident year loss ratio was 55.8%.
• Net investment income increased to $55.4 million for the twelve months ended December 31, 2023 from $27.6 million for the twelve months ended December 31, 2022.
  • The increase in net investment income was primarily due to the strategies employed by the Company in April 2022 to take advantage of rising interest rates, which resulted in a 74% increase in book yield over time on the fixed income portfolio to 4.0% at December 31, 2023 from 2.3% at March 31, 2022, while the average duration of these securities was shortened to 1.1 years at December 31, 2023 from 3.3 years at March 31, 2022.
  • Approximately $850 million of cash flow, or approximately 60%, of the Company’s fixed income portfolio, will be generated from maturities and investment income between December 31, 2023 and December 31, 2024, positioning the Company to continue to increase book yield by investing maturities in higher yielding bonds.
• Book value per share increased $2.66 per share, or 8.2% (including $1.00 per share of dividends paid during 2023), to $47.53 at December 31, 2023 from $44.87 at December 31, 2022.
• On March 6, 2024, the Board of Directors approved a dividend rate of $0.35 per common share payable on March 28, 2024 to all shareholders of record as of the close of business on March 21, 2024, a 40% increase over the prior quarterly dividend rate of $0.25 per common share.

Business Segments

During the 4th quarter of 2023, the Company re-evaluated its segments and determined that the Company is managing the business through two reportable segments: Penn-America and Non-Core Operations. The Penn-America segment comprises the Company’s core products which include Wholesale Commercial, Programs, InsurTech, and Assumed Reinsurance. The Non-Core Operations segment contains lines of business that have been de-emphasized or are no longer being written.

Global Indemnity Group, LLC’s Business Segment Information for the Twelve Months Ended December 31, 2023 and 2022

 

 

Twelve Months Ended December 31, 2023

 

Penn-America

Non-Core

Operations

Total

(Dollars in thousands)

 

 

 

 

 

 

 

Revenues:

 

 

 

Gross written premiums

$

369,660

 

$

46,737

 

$

416,397

 

Net written premiums

$

356,796

 

$

42,523

 

$

399,319

 

 

 

 

 

Net earned premiums

$

354,518

 

$

118,839

 

$

473,357

 

Other income

 

1,257

 

 

178

 

 

1,435

 

Total revenues

 

355,775

 

 

119,017

 

 

474,792

 

 

 

 

 

Losses and Expenses:

 

 

 

Net losses and loss adjustment expenses

 

 

 

Current accident year

 

203,359

 

 

76,250

 

 

279,609

 

Prior accident year

 

29,880

 

 

(20,336

)

 

9,544

 

Total net losses and loss adjustment expenses

 

233,239

 

 

55,914

 

 

289,153

 

Acquisition costs and other underwriting expenses

 

134,155

 

 

48,462

 

 

182,617

 

Income (loss) from segments

$

(11,619

)

$

14,641

 

$

3,022

 

 

 

 

 

Combined ratio analysis:

 

 

 

Loss ratio

 

 

 

Current accident year

 

57.4

%

 

64.2

%

 

59.1

%

Prior accident year

 

8.4

%

 

(17.1

%)

 

2.0

%

Calendar year loss ratio

 

65.8

%

 

47.1

%

 

61.1

%

Expense ratio

 

37.8

%

 

40.8

%

 

38.6

%

Combined ratio

 

103.6

%

 

87.9

%

 

99.7

%

 

 

 

 

Accident year combined ratio(1)

 

95.2

%

 

103.7

%

 

97.3

%

   

 

Twelve Months Ended December 31, 2022

 

Penn-America

 

Non-Core

Operations

 

Total

(Dollars in thousands)

 

 

 

 

 

Revenues:

 

 

Gross written premiums

$

387,967

 

$

339,636

 

$

727,603

 

Net written premiums

$

370,306

 

$

221,025

 

$

591,331

 

 

 

 

 

Net earned premiums

$

359,597

 

$

242,874

 

$

602,471

 

Other income

 

1,029

 

 

433

 

 

1,462

 

Total revenues

 

360,626

 

 

243,307

 

 

603,933

 

 

 

 

 

Losses and Expenses:

 

 

 

Net losses and loss adjustment expenses

 

 

 

Current accident year

 

212,058

 

 

155,240

 

 

367,298

 

Prior accident year

 

2,796

 

 

(10,866

)

 

(8,070

)

Total net losses and loss adjustment expenses

 

214,854

 

 

144,374

 

 

359,228

 

Acquisition costs and other underwriting expenses

 

135,145

 

 

101,236

 

 

236,381

 

Income (loss) from segments

$

10,627

 

$

(2,303

)

$

8,324

 

 

 

 

 

Combined ratio analysis:

 

 

 

Loss ratio

 

 

 

Current accident year

 

59.0

%

 

63.9

%

 

60.9

%

Prior accident year

 

0.8

%

 

(4.5

%)

 

(1.3

%)

Calendar year loss ratio

 

59.8

%

 

59.4

%

 

59.6

%

Expense ratio

 

37.6

%

 

41.7

%

 

39.2

%

Combined ratio

 

97.4

%

 

101.1

%

 

98.8

%

 

 

 

 

Accident year combined ratio(1)

 

96.5

%

 

104.1

%

 

99.6

%

(1) Excludes the impact of net losses and loss adjustment expenses and contingent commissions related to prior accident years.

Global Indemnity Group, LLC’s Gross Written and Net Written Premiums Results by Segment for the Twelve Months Ended December 31, 2023 and 2022

 

 

Twelve Months Ended December 31,

 

Gross Written Premiums

 

Net Written Premiums

 

2023

 

2022

 

% Change

 

2023

 

2022

 

% Change

Penn-America:

 

 

 

 

 

 

 

 

 

 

 

Wholesale Commercial

$

234,941

 

$

219,688

 

6.9

%

 

$

229,476

 

$

213,165

 

7.7

%

InsurTech

 

48,309

 

 

40,977

 

17.9

%

 

 

45,713

 

 

36,950

 

23.7

%

Assumed Reinsurance

 

13,875

 

 

5,464

 

153.9

%

 

 

13,875

 

 

5,464

 

153.9

%

 

 

297,125

 

 

266,129

 

11.6

%

 

 

289,064

 

 

255,579

 

13.1

%

Programs

 

72,535

 

 

121,838

 

(40.5

%)

 

 

67,732

 

 

114,727

 

(41.0

%)

Penn-America

 

369,660

 

 

387,967

 

(4.7

%)

 

 

356,796

 

 

370,306

 

(3.6

%)

Non-Core Operations

 

46,737

 

 

339,636

 

(86.2

%)

 

 

42,523

 

 

221,025

 

(80.8

%)

Total

$

416,397

 

$

727,603

 

(42.8

%)

 

$

399,319

 

$

591,331

 

(32.5

%)

Penn-America: Gross written premiums and net written premiums of Penn-America’s Wholesale Commercial, InsurTech, and Assumed Reinsurance business grew by 11.6% and 13.1%, respectively, for the twelve months ended December 31, 2023 as compared to the same period in 2022. The growth in Wholesale Commercial is driven by new agency appointments, strong rate increases as well as exposure growth in both property and general liability. The growth in InsurTech is primarily due to new agent appointments and focused marketing efforts. The growth in Assumed Reinsurance is primarily due to new treaties assumed in 2023. Gross written premiums for Programs decreased 40.5% due to rate and underwriting actions taken to improve profitability which were initiated by the Company’s new CEO following his appointment in October 2022. Penn-America’s gross written premiums and net written premiums declined by 4.7% and 3.6%, respectively, for the twelve months ended December 31, 2023 as compared to the same period in 2022.

Non-Core Operations: Gross written premiums and net written premiums decreased 86.2% and 80.8%, respectively, for the twelve months ended December 31, 2023 as compared to the same period in 2022. The decrease in gross written premiums and net written premiums was primarily due to selling the manufactured home & dwelling and farm businesses and the non-renewal of a casualty reinsurance treaty.

Global Indemnity Group, LLC’s Combined Ratio for the Twelve Months Ended December 31, 2023 and 2022

The consolidated combined ratio was 99.7% for the twelve months ended December 31, 2023, (Loss Ratio 61.1% and Expense Ratio 38.6%) as compared to 98.8% (Loss Ratio 59.6% and Expense Ratio 39.2%) for the twelve months ended December 31, 2022.

• The consolidated accident year property loss ratio improved by 6.6 points to 55.0% in 2023 from 61.6% in 2022. The improvement is mainly due to lower non-catastrophe claims frequency and severity within Penn-America partially offset by higher catastrophe claims frequency.
• The consolidated accident year casualty loss ratio increased by 0.5 point to 61.1% in 2023 from 60.6% in 2022. Higher claims severity in the New York habitational book and a non-renewed restaurant book contributed to this increase.

Penn-America: The accident year combined ratio was 95.2% for the twelve months ended December 31, 2023, (Loss Ratio 57.4% and Expense Ratio 37.8%) as compared to 96.5% (Loss Ratio 59.0% and Expense Ratio 37.5%) for the twelve months ended December 31, 2022. The calendar year combined ratio for Penn-America was 103.6% for the twelve months ended December 31, 2023, (Loss Ratio 65.8% and Expense Ratio 37.8%) as compared to 97.4% (Loss Ratio 59.8% and Expense Ratio 37.6%) for the twelve months ended December 31, 2022.

• Penn-America's accident year property loss ratio improved by 4.8 points to 53.4% in 2023 from 58.2% in 2022. The improvement in the accident year property loss ratios is mainly due to lower non-catastrophe claims frequency and severity partially offset by higher catastrophe claims frequency.
• Penn-America's accident year casualty loss ratio increased by 0.4 points to 59.9% in 2023 from 59.5% in 2022. The increase in the Penn-America loss ratio is due to higher claims severity primarily related to the New York habitational book.
• Excluding the New York habitational book, Penn-America’s accident year combined ratio was 93.8%.
• Penn-America’s 2023 calendar year combined ratio was impacted by loss reserve strengthening primarily from casualty business for the 2019 through 2022 accident years. A New York habitational book comprised $13.2 million of strengthening. It also impacted results in the 2023 accident year. Rate and underwriting actions have been taken to improve the profitability of the New York habitational book. Excluding the New York habitational book, Penn-America’s calendar year combined ratio was 98.6%.

Non-Core Operations: The calendar year combined ratio was 87.9% for the twelve months ended December 31, 2023, (Loss Ratio 47.1% and Expense Ratio 40.8%) as compared to 101.1% (Loss Ratio 59.4% and Expense Ratio 41.7%) for the twelve months ended December 31, 2022. The decline in the loss ratio resulted from the commutation of a reinsurance treaty and favorable development in the Farm, Ranch & Stable business.

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars and shares in thousands, except per share data)

 

 

 

 

 

For the Twelve Months Ended

December 31,

 

 

 

2023

 

 

 

2022

 

Gross written premiums

 

$

416,397

 

 

$

727,603

 

 

 

 

 

 

Net written premiums

 

$

399,319

 

 

$

591,331

 

 

 

 

 

 

Net earned premiums

 

$

473,357

 

 

$

602,471

 

Net investment income

 

 

55,444

 

 

 

27,627

 

Net realized investment losses

 

 

(2,107

)

 

 

(32,929

)

Other income

 

 

1,435

 

 

 

31,365

 

Total revenues

 

 

528,129

 

 

 

628,534

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

289,153

 

 

 

359,228

 

Acquisition costs and other underwriting expenses

 

 

182,617

 

 

 

236,381

 

Corporate and other operating expenses

 

 

23,383

 

 

 

24,421

 

Interest expense

 

 

-

 

 

 

3,004

 

Loss on extinguishment of debt

 

 

-

 

 

 

3,529

 

Income before income taxes

 

 

32,976

 

 

 

1,971

 

Income tax expense

 

 

7,547

 

 

 

2,821

 

Net income (loss)

 

 

25,429

 

 

 

(850

)

Less: Preferred stock distributions

 

 

440

 

 

 

440

 

Net income (loss) available to common shareholders

 

$

24,989

 

 

$

(1,290

)

 

 

 

 

 

Per share data:

 

 

 

 

Net income (loss) available to common shareholders

 

 

 

 

Basic

 

$

1.84

 

 

$

(0.09

)

Diluted (1)

 

$

1.83

 

 

$

(0.09

)

Weighted-average number of shares outstanding

 

 

 

 

Basic

 

 

13,553

 

 

 

14,482

 

Diluted (1)

 

 

13,666

 

 

 

14,482

 

 

 

 

 

 

Cash distributions declared per common share

 

$

1.00

 

 

$

1.00

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

Loss ratio

 

 

61.1

%

 

 

59.6

%

Expense ratio

 

 

38.6

%

 

 

39.2

%

Combined ratio

 

 

99.7

%

 

 

98.8

%

(1)

 

For the twelve months ended December 31, 2022, weighted-average shares outstanding – basic was used to calculate diluted earnings per share due to a net loss for the period.

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

 

 

 

 

December 31,

2023

 

December 31,

2022

ASSETS

 

 

 

 

Fixed maturities:

 

 

 

 

Available for sale, at fair value (amortized cost: $1,322,092 and $1,301,723; net of allowance for expected credit losses of: $0 at December 31, 2023 and 2022

 

$

1,293,793

 

 

$

1,248,198

 

Equity securities, at fair value

 

 

16,508

 

 

 

17,520

 

Other invested assets

 

 

38,236

 

 

 

38,176

 

Total investments

 

 

1,348,537

 

 

 

1,303,894

 

 

 

 

 

 

Cash and cash equivalents

 

 

38,037

 

 

 

38,846

 

Premium receivables, net of allowance for expected credit losses of $4,796 at December 31, 2023 and $3,322 at

 

 

December 31, 2022

 

102,158

 

 

168,743

 

Reinsurance receivables, net of allowance for expected credit losses of $8,992 at December 31, 2023 and December 31,

 

 

2022

 

80,439

 

 

85,721

 

Funds held by ceding insurers

 

 

16,989

 

 

 

19,191

 

Deferred federal income taxes

 

 

36,802

 

 

 

47,099

 

Deferred acquisition costs

 

 

42,445

 

 

 

64,894

 

Intangible assets

 

 

14,456

 

 

 

14,810

 

Goodwill

 

 

4,820

 

 

 

4,820

 

Prepaid reinsurance premiums

 

 

4,958

 

 

 

17,421

 

Receivable for securities sold

 

 

3,858

 

 

 

—

 

Lease right of use assets

 

 

9,715

 

 

 

11,739

 

Other assets

 

 

26,362

 

 

 

23,597

 

Total assets

 

$

1,729,576

 

 

$

1,800,775

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

850,599

 

 

$

832,404

 

Unearned premiums

 

 

182,852

 

 

 

269,353

 

Ceded balances payable

 

 

2,642

 

 

 

17,241

 

Payable for securities purchased

 

 

—

 

 

 

66

 

Federal income tax payable

 

 

1,595

 

 

 

—

 

Contingent commissions

 

 

5,632

 

 

 

8,816

 

Lease liabilities

 

 

12,733

 

 

 

15,701

 

Other liabilities

 

 

24,770

 

 

 

30,965

 

Total liabilities

 

$

1,080,823

 

 

$

1,174,546

 

 

 

 

 

 

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: 11,042,670 and

 

 

 

 

10,876,041 respectively; class A common shares outstanding: 9,771,429 and 10,073,660, respectively; class B common

 

 

 

 

shares issued and outstanding: 3,793,612 and 3,793,612, respectively

 

 

—

 

 

 

—

 

Additional paid-in capital (1)

 

 

454,791

 

 

 

451,305

 

Accumulated other comprehensive income (loss), net of tax

 

 

(22,863

)

 

 

(43,058

)

Retained earnings (1)

 

 

244,988

 

 

 

233,468

 

Class A common shares in treasury, at cost: 1,271,241 and 802,381 shares, respectively

 

 

(32,163

)

 

 

(19,486

)

Total shareholders’ equity

 

 

648,753

 

 

 

626,229

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,729,576

 

 

$

1,800,775

 

(1)

 

Since the Company’s initial public offering in 2003, the Company has returned $609 million to shareholders, including $522 million in share repurchases and $87 million in dividends/distributions.

GLOBAL INDEMNITY GROUP, LLC

SELECTED INVESTMENT DATA

(Dollars in millions)

 

 

Market Value as of

 

December 31, 2023

December 31, 2022

 

 

 

Fixed maturities

$

1,293.8

 

$

1,248.2

 

Cash and cash equivalents

 

38.0

 

 

38.8

 

Total bonds and cash and cash equivalents

 

1,331.8

 

 

1,287.0

 

Equities and other invested assets

 

54.7

 

 

55.7

 

Total cash and invested assets, gross

 

1,386.5

 

 

1,342.7

 

Receivable/(payable) for securities sold/(purchased)

 

3.9

 

 

(0.1

)

Total cash and invested assets, net

$

1,390.4

 

$

1,342.6

 

 

 

Total Investment Return (1)

 

For the Twelve Months Ended December 31,

 

 

2023

 

 

2022

 

 

 

 

Net investment income

$

55.4

 

$

27.6

 

 

 

 

Net realized investment losses

 

(2.1

)

 

(32.9

)

Net unrealized investment gains (losses)

 

25.2

 

 

(61.6

)

Net realized and unrealized investment return

 

23.1

 

 

(94.5

)

 

 

 

Total investment return

$

78.5

 

$

(66.9

)

 

 

 

Average total cash and invested assets

$

1,366.6

 

$

1,437.3

 

 

 

 

Total investment return %

 

5.7

%

 

(4.7

%)

 

(1) Amounts in this table are shown on a pre-tax basis.

GLOBAL INDEMNITY GROUP, LLC

SUMMARY OF ADJUSTED OPERATING INCOME

(Dollars and shares in thousands, except per share data)

 

 

For the Twelve Months Ended

December 31,

 

 

2023

 

 

2022

 

 

 

 

Adjusted operating income, net of tax (1)

 

27,181

 

 

13,213

 

 

 

 

Net realized investment losses

 

(1,752

)

 

(26,985

)

Impact of the sale of renewal rights

 

—

 

 

16,451

 

Loss on extinguishment of debt

 

—

 

 

(3,529

)

Net income (loss)

$

25,429

 

$

(850

)

 

 

 

Weighted average shares outstanding – basic

 

13,553

 

 

14,482

 

 

 

 

Weighted average shares outstanding – diluted

 

13,666

 

 

14,644

 

 

 

 

Adjusted operating income per share – basic (2)

$

1.97

 

$

0.88

 

 

 

 

Adjusted operating income per share – diluted (2)

$

1.96

 

$

0.87

 

(1)

 

Adjusted operating income, net of tax, excludes preferred shareholder distributions of $0.44 million for each of the twelve months ended December 31, 2023 and 2022.

(2)

 

The adjusted operating income per share calculation is net of preferred shareholder distributions of $0.44 million for each of the twelve months ended December 31, 2023 and 2022.

Note Regarding Adjusted Operating Income

Adjusted operating income, a non-GAAP financial measure, is equal to net income (loss) excluding after-tax net realized investment losses and other unique charges not related to operations. Adjusted operating income is not a substitute for net income (loss) determined in accordance with GAAP, and investors should not place undue reliance on this measure.

About Global Indemnity Group, LLC and its subsidiaries

Global Indemnity Group, LLC (NYSE:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. The insurance companies manage the distribution of the Company's core product offerings through Penn-America (formerly known as Commercial Specialty). The Company also has a Non-Core Operations segment that contains lines of business that have been de-emphasized or are no longer being written.

Forward-Looking Information

The forward-looking statements contained in this press release3 do not address a number of risks and uncertainties including COVID-19. Investors are cautioned that Global Indemnity’s actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnity’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the Company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

[3] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240312109158/en/

Stephen W. Ries Head of Investor Relations (610) 668-3270 sries@gbli.com