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S-5/A 5 a54-56967_5s5a.htm S-5/A Table of Contents As filed with

5 Stereotypes About United Specialty Insurance Company Address That Aren’t Always True | united specialty insurance company address

BALA CYNWYD, Pa.–(BUSINESS WIRE)–May 9, 2022–

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United Specialty Program – American Team Managers Insurance Services – united specialty insurance company address | united specialty insurance company address

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

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$

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

[email protected]

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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