BALA CYNWYD, Pa.–(BUSINESS WIRE)–May 9, 2022–
Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today appear a net blow to shareholders of $14.9 actor for the three months concluded March 31, 2022, compared to net assets to shareholders of $5.4 actor for the agnate aeon in 2021. The aggregation generated adapted operating assets of $5.4 actor during the aboriginal division of 2022, which excludes accomplished losses and the after-effects of Exited Lines, compared to adapted operating assets of $2.3 actor for the agnate aeon in 2021.
Selected Operating and Balance Sheet Information
(Dollars in millions, except per allotment data)
For the Three Months
Ended March 31,
2022
2021
Gross Accounting Premiums
$
191.0
$
163.6
Net Accounting Premiums
$
159.5
$
147.7
Net Becoming Premiums
$
148.8
$
143.7
Net assets (loss) accessible to shareholders
$
(14.9
)
$
5.4
Net assets (loss) from Continuing Lines
$
(15.2
)
$
6.2
Net assets (loss) from Exited Curve (1)
$
0.3
$
(0.8
)
Net assets (loss) accessible to shareholders per share
$
(1.03
)
$
0.37
Adjusted operating income
$
5.4
$
2.3
Adjusted operating assets per share
$
0.36
$
0.15
Combined arrangement analysis:
Loss ratio
56.9
%
63.1
%
Expense ratio
38.1
%
38.1
%
Combined ratio
95.0
%
101.2
%
Underwriting assets (loss) from Exited Lines, net of tax.
As of
March 31,
2022
As of
December 31,
2021
Book amount per allotment (1)
$
45.78
$
48.44
Shareholders’ disinterestedness (2)
$
669.7
$
706.6
Cash and invested assets (3)
$
1,464.6
$
1,532.0
(1)
Net of accumulative Aggregation distributions/dividends to accepted shareholders accretion $4.25 per allotment and $4.00 per allotment as of March 31, 2022 and December 31, 2021, respectively.
(2)
Shareholders’ disinterestedness includes $4 actor of alternation A accumulative anchored amount adopted shares.
(3)
Including receivable/(payable) for balance sold/(purchased).
Global Indemnity Group, LLC’s Business Articulation Advice for the Three Months Concluded March 31, 2022 and 2021
For the Three Months Concluded March 31, 2022
(Dollars in thousands)
Continuing
Lines
Exited
Lines
Total
Revenues:
Gross accounting premiums
$
168,387
$
22,596
$
190,983
Net accounting premiums
$
158,770
$
712
$
159,482
Net becoming premiums
$
144,369
$
4,454
$
148,823
Other income
277
162
439
Total revenues
144,646
4,616
149,262
Losses and Expenses:
Net losses and blow acclimation expenses
84,468
227
84,695
Acquisition costs and added underwriting expenses
52,680
4,012
56,692
Income from segments
$
7,498
$
377
$
7,875
Combined arrangement analysis:
Loss ratio
58.5%
5.0%
56.9%
Expense ratio
36.5%
90.1%
38.1%
Combined ratio
95.0%
95.1%
95.0%
For the Three Months Concluded March 31, 2021
(Dollars in thousands)
Continuing
Lines
Exited
Lines
Total
Revenues:
Gross accounting premiums
$
132,287
$
31,271
$
163,558
Net accounting premiums
$
121,726
$
25,957
$
147,683
Net becoming premiums
$
113,631
$
30,069
$
143,700
Other income
222
186
408
Total revenues
113,853
30,255
144,108
Losses and Expenses:
Net losses and blow acclimation expenses
72,466
18,317
90,783
Acquisition costs and added underwriting expenses
41,817
12,947
54,764
Loss from segments
$
(430
)
$
(1,009
)
$
(1,439
)
Combined arrangement analysis:
Loss ratio
63.8%
61.0%
63.1%
Expense ratio
36.8%
43.1%
38.1%
Combined ratio
100.6%
104.1%
101.2%
About Global Indemnity Group, LLC and its subsidiaries
Global Indemnity Group, LLC (NYSE:GBLI), through its several absolute and aberrant wholly endemic accessory allowance companies, provides both accepted and non-admitted specialty acreage and specialty blow allowance coverages and alone policyholder coverages in the United States, as able-bodied as reinsurance worldwide. Global Indemnity Group, LLC’s Continuing Curve segments are Commercial Specialty, Reinsurance Operations, and Farm, Ranch & Stable. The Exited Curve articulation is comprised of business which the Aggregation has absitively it will no best write.
Forward-Looking Information
The advanced statements independent in this columnist absolution 1 do not abode a cardinal of risks and uncertainties including COVID-19. Investors are cautioned that Global Indemnity’s absolute after-effects may be materially altered from the estimates bidding in, or implied, or projected by, the advanced attractive statements. These statements are based on estimates and advice accessible to us at the time of this columnist release. All advanced statements in this columnist absolution are based on advice accessible to Global Indemnity as of the date hereof. Please see Global Indemnity’s filings with the Balance and Exchange Commission for a altercation of risks and uncertainties which could appulse the aggregation and for a added abundant comment apropos advanced statements. Global Indemnity does not accept any obligation to amend the advanced statements provided to reflect contest that action or affairs that abide afterwards the date on which they were made.
[1] Disseminated pursuant to the “safe harbor” accoutrement of Section 21E of the Security Exchange Act of 1934.
Selected Banking Abstracts for the Three Months Concluded March 31, 2022:
Global Indemnity Group, LLC’s Gross Accounting and Net Accounting Premiums After-effects by Articulation for the Three Months Concluded March 31, 2022 and 2021
Three Months Concluded March 31,
Gross Accounting Premiums
Net Accounting Premiums
2022
2021
%
Change
2022
2021
%
Change
Commercial Specialty
$
104,266
$
89,334
16.7
%
$
98,313
$
82,172
19.6
%
Reinsurance Operations
41,445
21,951
88.8
%
41,445
21,951
88.8
%
Farm, Ranch & Stable
22,676
21,002
8.0
%
19,012
17,603
8.0
%
Continuing Lines
168,387
132,287
27.3
%
158,770
121,726
30.4
%
Exited Lines
22,596
31,271
(27.7
%)
712
25,957
(97.3
%)
Total
$
190,983
$
163,558
16.8
%
$
159,482
$
147,683
8.0
%
Commercial Specialty: Gross accounting premiums and net accounting premiums added 16.7% and 19.6%, respectively, for the three months concluded March 31, 2022 as compared to the aforementioned aeon in 2021. The advance in gross accounting premiums and net accounting premiums was primarily apprenticed by amoebic advance of 26.9% in the Company’s Penn America bounden business, added pricing, and several new programs.
Reinsurance Operations: Gross accounting premiums and net accounting premiums both added 88.8% for the three months concluded March 31, 2022 as compared to the aforementioned aeon in 2021. The advance in gross accounting premiums and net accounting premiums was primarily due to amoebic advance of absolute blow treaties.
Farm, Ranch & Stable: Gross accounting premiums and net accounting premiums both added 8.0% for the three months concluded March 31, 2022 as compared to the aforementioned aeon in 2021. The advance in gross accounting premiums and net accounting premiums is primarily due to advance of the bloodshed business and added pricing.
Exited Lines: Gross accounting premiums and net accounting premiums decreased 27.7% and 97.3%, respectively, for the three months concluded March 31, 2022 as compared to the aforementioned aeon in 2021. The abatement in gross accounting premiums and net accounting premiums was primarily due to departure curve of business different to the company’s continuing businesses.
Global Indemnity Group, LLC’s Accumulated Arrangement for the Three Months Concluded March 31, 2022 and 2021
For the continuing curve business, the accumulated arrangement was 95.0% for the three months concluded March 31, 2022, (Loss Arrangement 58.5% and Amount Arrangement 36.5%) as compared to 100.6% (Loss Arrangement 63.8% and Amount Arrangement 36.8%) for the three months concluded March 31, 2021. The circumscribed accumulated arrangement was 95.0% for the three months concluded March 31, 2022, (Loss Arrangement 56.9% and Amount Arrangement 38.1%) as compared to 101.2% (Loss Arrangement 63.1% and Amount Arrangement 38.1%) for the three months concluded March 31, 2021.
GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in thousands, except per allotment data)
For the Three Months
Ended March 31,
2022
2021
Gross accounting premiums
$
190,983
$
163,558
Net accounting premiums
$
159,482
$
147,683
Net becoming premiums
$
148,823
$
143,700
Net advance income
6,592
9,836
Net accomplished advance assets (losses)
(25,385
)
3,819
Other income
426
377
Total revenues
130,456
157,732
Net losses and blow acclimation expenses
84,695
90,783
Acquisition costs and added underwriting expenses
56,692
54,764
Corporate and added operating expenses
4,660
4,276
Interest expense
2,595
2,595
Income (loss) afore assets taxes
(18,186
)
5,314
Income benefit
(3,413
)
(203
)
Net assets (loss)
(14,773
)
5,517
Less: Adopted banal distributions
110
110
Net assets (loss) accessible to accepted shareholders
$
(14,883
)
$
5,407
Per allotment data:
Net assets (loss) accessible to accepted shareholders
Basic
$
(1.03
)
$
0.38
Diluted (1)
$
(1.03
)
$
0.37
Weighted-average cardinal of shares outstanding
Basic
14,515
14,380
Diluted (1)
14,515
14,641
Cash distributions declared per accepted share
$
0.25
$
0.25
Combined arrangement analysis: (2)
Loss ratio
56.9
%
63.1
%
Expense ratio
38.1
%
38.1
%
Combined ratio
95.0
%
101.2
%
(1)
For the three months concluded March 31, 2022, “weighted-average shares outstanding – basic” was acclimated to account “diluted balance per share” due to a net blow for the period.
(2)
The blow ratio, amount arrangement and accumulated arrangement are GAAP banking measures that are about beheld in the allowance industry as indicators of underwriting profitability. The blow arrangement is the arrangement of net losses and blow acclimation costs to net becoming premiums. The amount arrangement is the arrangement of accretion costs and added underwriting costs to net becoming premiums. The accumulated arrangement is the sum of the blow and amount ratios.
GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
ASSETS
(Unaudited)
March 31, 2022
December 31, 2021
Fixed Maturities:
Available for sale, at fair value
(amortized cost: 2022 – $1,145,141 and 2021 – $1,193,746; net of allowance for accepted acclaim losses of: $0 in 2022 and 2021)
$
1,129,276
$
1,201,866
Equity securities, at fair value
22,822
99,978
Other invested assets
147,490
152,651
Total investments
1,299,588
1,454,495
Cash and banknote equivalents
157,896
78,278
Premium receivables, net of allowance for accepted acclaim losses of $2,937 at March 31, 2022 and $2,996 at December 31, 2021
134,278
128,444
Reinsurance receivables, net of allowance for accepted acclaim losses of $8,992 at March 31, 2022 and December 31, 2021
99,678
99,864
Funds captivated by ceding insurers
26,644
27,958
Deferred federal assets taxes
45,410
37,329
Deferred accretion costs
65,333
60,331
Intangible assets
20,164
20,261
Goodwill
5,398
5,398
Prepaid reinsurance premiums
52,619
53,494
Receivable for balance sold
7,080
–
Lease appropriate of use assets
15,607
16,051
Other assets
29,801
30,906
Total assets
$
1,959,496
$
2,012,809
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and blow acclimation expenses
$
770,332
$
759,904
Unearned premiums
326,350
316,566
Ceded balances payable
13,247
35,340
Payable for balance purchased
–
794
Contingent commissions
4,958
7,903
Debt
126,465
126,430
Lease liabilities
18,589
19,079
Other liabilities
29,900
40,172
Total liabilities
1,289,841
1,306,188
Shareholders’ equity:
Series A accumulative anchored amount adopted shares, $1,000 par value;
100,000,000 shares authorized, shares issued and outstanding:
4,000 and 4,000 shares, respectively, defalcation preference:
$1,000 and $1,000 per share, respectively
4,000
4,000
Common shares: no par value; 900,000,000 accepted shares authorized;
class A accepted shares issued: 10,614,555 and 10,574,589,
respectively; chic A accepted shares outstanding: 10,592,278 and
10,557,093, respectively; chic B accepted shares issued and
outstanding: 3,947,206 and 3,947,206, respectively
–
–
Additional paid-in basal (1)
448,266
447,406
Accumulated added absolute income, net of taxes
(12,772
)
6,404
Retained balance (1)
230,771
249,301
Class A accepted shares in treasury, at cost: 22,277 and 17,496 shares, respectively
(610
)
(490
)
Total shareholders’ equity
669,655
706,621
Total liabilities and shareholders’ equity
$
1,959,496
$
2,012,809
(1)
Since the Company’s antecedent accessible alms in 2003, the Aggregation has alternate $550 actor to shareholders, including $488 actor in allotment repurchases and $62 actor in dividends/distributions.
GLOBAL INDEMNITY GROUP, LLC
SELECTED INVESTMENT DATA
(Dollars in millions)
Market Amount as of
(Unaudited)
March 31, 2022
December 31, 2021
Fixed maturities
$
1,129.3
$
1,201.9
Cash and banknote equivalents
157.9
78.3
Total bonds and banknote and banknote equivalents
1,287.2
1,280.2
Equities and added invested assets
170.3
252.6
Total banknote and invested assets, gross
1,457.5
1,532.8
Receivable (payable) for balance purchased
7.1
(0.8
)
Total banknote and invested assets, net
$
1,464.6
$
1,532.0
Total Advance Acknowledgment (1)
For the Three Months
Ended March 31,
(unaudited)
2022
2021
Net advance income
$
6.6
$
9.8
Net accomplished advance assets (losses)
(25.4
)
3.8
Net abeyant advance losses
(23.8
)
(30.1
)
Net accomplished and abeyant advance return
(49.2
)
(26.3
)
Total advance return
$
(42.6
)
$
(16.5
)
Average absolute banknote and invested assets
$
1,498.3
$
1,439.6
Total advance acknowledgment %
(2.8
%)
(1.1
%)
(1)
Amounts in this table are apparent on a pre-tax basis.
GLOBAL INDEMNITY GROUP, LLC
SUMMARY OF ADJUSTED OPERATING INCOME
(Unaudited)
(Dollars and shares in thousands, except per allotment data)
For the Three Months
Ended March 31,
2022
2021
Adjusted operating income, net of tax
$
5,358
$
2,250
Adjustments:
Underwriting assets (loss) from Exited Lines, net of tax
298
(797
)
Adjusted operating assets including Exited Lines, net of tax (1)
5,656
1,453
Net accomplished advance assets (losses)
(20,429
)
4,064
Net assets (loss)
$
(14,773
)
$
5,517
Weighted boilerplate shares outstanding – basic
14,515
14,380
Weighted boilerplate shares outstanding – diluted
14,701
14,641
Adjusted operating assets per allotment – basic(2)
$
0.36
$
0.15
Adjusted operating assets per allotment – diluted(2)
$
0.36
$
0.15
(1)
Adjusted operating assets including Exited Lines, net of tax, excludes adopted actor distributions of $0.11 actor for anniversary of the three months concluded March 31, 2022 and 2021.
(2)
The adapted operating assets per allotment adding is net of adopted actor distributions of $0.11 actor for anniversary of the three months concluded March 31, 2022 and 2021.
Note Apropos Adapted Operating Income
Adjusted operating income, a non-GAAP banking measure, is according to net assets (loss) excluding after-tax net accomplished advance assets (losses) and added different accuse not accompanying to operations. Adapted operating assets is not a acting for net assets (loss) bent in accordance with GAAP, and investors should not abode disproportionate assurance on this measure.
View antecedent adaptation on businesswire.com:https://www.businesswire.com/news/home/20220509005090/en/
CONTACT: Media
Stephen W. Ries
Head of Investor Relations
(610) 668-3270
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: Global Indemnity Group, LLC
Copyright Business Wire 2022.
PUB: 05/09/2022 07:30 AM/DISC: 05/09/2022 07:32 AM
http://www.businesswire.com/news/home/20220509005090/en
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