WILMINGTON, Del., March 10, 2026 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (NASDAQ:GBLI) (the "Company") today reported financial results for the twelve months ended December 31, 2025. The year was defined by two distinct narratives: a significant California Wildfire loss event in January 2025, and a steady, quarter-by-quarter improvement in underlying underwriting performance that continued through year end. Net losses from the California Wildfires totaled $15.7 million pre-tax ($12.0 million after-tax). Excluding this event, the Company's current accident year combined ratio improved in each successive period throughout 2025, reaching 92.2% for the full year compared to 95.4% in 2024.This improvement drove a 17.5% increase in Pretax Adjusted Operating Contribution to $95.4 million in 2025 from $81.2 million in 2024 and contributed to a higher Adjusted Return on Equity of 14.7% in 2025 compared to 12.7% in 2024.
Highlights of Consolidated Results for the Twelve Months Ended December 31, 2025
Operating Performance (Excluding California Wildfires)
The current accident year combined ratio excluding California Wildfires improved in each period throughout 2025, reaching 92.2% for the full year compared to 95.4% in 2024, an improvement of 3.2 points. The progression was: 94.8% for 1st quarter, 94.7% for 1st half, 93.2% for 1st nine months, and 92.2% for the full year.
Current accident year underwriting income excluding California Wildfires reached $32.7 million for the full year, compared to $18.8 million in 2024. This measure improved every period throughout 2025: Flat for the 1st quarter, +25% at for 1st half, +38% at nine months and +74% for the full year, reflecting sustained improvement in loss experience.
Operating income excluding California Wildfires was $40.2 million, or $2.79 per diluted share, compared to $42.9 million, or $3.10 per share in 2024. Elevated corporate expenses were the primary driver of the year-over-year difference resulting from increased personnel costs and professional fees for the build-out of Katalyx and mergers & acquisition activity.
As-Reported Operating Performance
Operating income was $28.2 million, or $1.95 per diluted share, compared to $42.9 million, or $3.10 per share in 2024. Net income available to common shareholders was $24.9 million, or $1.75 per diluted share, compared to $42.8 million, or $3.12 per share in 2024. Both measures reflect the $12.0 million, or $0.84 per share, after-tax impact of California Wildfire losses.
Calendar year combined ratio was 98.6% compared to 95.6% in 2024. The 3-point increase reflects the 4-point Wildfire impact offset by the 1-point improvement in the calendar year combined ratio results excluding Wildfires.
The loss ratio was 58.7% compared to 56.6% in 2024. The 4-point impact of Wildfire was offset by a 1.9-point improvement in the loss ratio excluding Wildfires.
The expense ratio was 39.9% compared to 39.0% in 2024. The approximate 1-point increase was consistent across all quarterly periods and reflects the build-out of Katalyx platform.
Investment Results
Net investment income was $62.7 million, essentially unchanged from $62.4 million in 2024. Fixed maturities income was flat at $59.5 million in both years, reflecting a stable portfolio duration and reinvestment activity that offset modest yield changes. The income-generating core of the portfolio remains stable with an average 0.8 year duration and average AA- rated bond portfolio.
Total investment return was $67.0 million, or 4.7%, compared to $78.3 million, or 5.5%, in 2024. The year-over-year change reflects lower net unrealized gains ($8.0 million versus $15.4 million) and net realized losses of $3.7 million versus gains of $0.5 million in 2024, both mark-to-market items that do not affect recurring investment income. Average invested assets were $1.43 billion for the year.
Premium Growth
Belmont Core gross written premiums was $401.4 million compared to $400.0 million in 2024.
Excluding terminated products in 2024, Belmont Core gross written premiums grew 9.2% driven by:
Wholesale Commercial: +3.0% to $256.0 million mainly driven by premium rate increases.
Vacant Express: +15.5% to $46.8 million, from organic growth, new agency appointments, and new products.
Assumed written premiums grew +76.7% to $44.9 million for the full year, driven by new treaties incepting during 2024 and 2025. The assumed book remains a growing but still modest proportion of total premiums as the Valyn Re platform scales.
Collectibles: +8.4% to $17.2 million, from organic growth and new products.
Capital Position and Book Value
Common shareholders' equity increased to $702.6 million at December 31, 2025 from $685.1 million at December 31, 2024, supported by net income and $6.4 million in unrealized fixed income gains.
Book value per share was $48.96 at December 31, 2025 compared to $49.98 at December 31, 2024; growth of 1% after paying dividends of $1.40 per share in 2025.
The Company maintained its regular dividend throughout 2025, returning $20.4 million to shareholders. Since its 2003 IPO, the Company has returned $649.5 million to shareholders, including $522.2 million in share repurchases and $127.3 million in dividends.
AM Best affirmed Global Indemnity Group's "A" (Excellent) rating for its U.S. insurance subsidiaries in August 2025.
Selected Consolidated Operating Information for the 12 Months Ended December 31,
$ in Millions, except per share data
2025
2024
Gross written premiums
$
398.9
$
389.8
Gross written premiums - Belmont Core
$
401.4
$
400.0
Investment income
$
62.7
$
62.4
Investment return
4.7
%
5.5
%
Underwriting income (1)
$
7.3
$
17.8
Underwriting income, current accident year
$
16.9
$
18.8
Underwriting income, current accident year, excluding California Wildfires
$
32.7
$
18.8
Corporate expenses
$
31.7
$
25.7
Operating income
$
28.2
$
42.9
Operating income excluding California Wildfires
$
40.2
$
42.9
Pretax adjusted operating contribution, excluding California Wildfires (2)
$
95.4
$
81.2
Net income available to common shareholders
$
24.9
$
42.8
Net income available to common shareholders excluding California Wildfires
$
36.9
$
42.8
Adjusted Return on Equity, excluding California Wildfires (3)
14.7
%
12.7
%
Per Share Data:
Net income available to common shareholders per share
$
1.75
$
3.12
Net income available to common shareholders per share excluding California Wildfires
$
2.59
$
3.12
Operating income per share
$
1.95
$
3.10
Operating income per share excluding California Wildfires
$
2.79
$
3.10
Combined ratio:
Loss ratio
58.7
%
56.6
%
Expense ratio
39.9
%
39.0
%
Combined ratio
98.6
%
95.6
%
Combined ratio, current accident year
96.2
%
95.4
%
Combined ratio, current accident year excluding California Wildfires
92.2
%
95.4
%
(1)
Includes $9.6 million related to prior accident years; due to an increase in loss and loss adjustment expenses of $9.1 million mainly driven by terminated casualty products in accident years 2020 through 2022.
(2)
Equals Investment Income plus Underwriting income for current accident year, excluding California Wildfires.
(3)
Excludes corporate expenses, investment income on excess capital, and prior year underwriting income (loss).
Segment Income (Loss) for the Twelve Months Ended December 31,
$ in Millions
Agency and Insurance Services
Belmont Core
Belmont Non-Core
Eliminations
Consolidated
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Revenues:
Net earned premiums
$
—
$
—
$
388.4
$
369.8
$
0.4
$
7.2
$
—
$
—
$
388.8
$
377.0
Commissions and fee income
58.5
—
—
1.3
0.1
—
(56.3
)
—
2.3
1.3
Total revenues
$
58.5
$
—
$
388.4
$
371.1
$
0.5
$
7.2
$
(56.3
)
$
—
$
391.1
$
378.3
Losses and expenses
Net loss and loss adjustment expenses
$
—
$
—
$
230.0
$
210.3
$
(0.5
)
$
2.9
$
(1.2
)
$
—
$
228.3
$
213.2
Acquisition costs and other operating expenses
54.4
—
155.5
141.1
2.0
6.2
(55.1
)
—
156.8
147.3
Total losses and expenses
$
54.4
$
—
$
385.5
$
351.4
$
1.5
$
9.1
$
(56.3
)
$
—
$
385.1
$
360.5
Segment income (loss)
$
4.1
$
—
$
2.9
$
19.7
$
(1.0
)
$
(1.9
)
$
—
$
—
$
6.0
$
17.8
Segment income (loss) excluding California Wildfires
$
4.1
$
—
$
18.6
$
19.7
$
(1.0
)
$
(1.9
)
$
—
$
—
$
21.7
$
17.8
Segment Written Premiums for the Twelve Months Ended December 31,
$ in Millions
Belmont Core
Belmont Non-Core
Total
2025
2024
2025
2024
2025
2024
Gross written premiums
$
401.4
$
400.0
$
(2.5
)
$
(10.2
)
$
398.9
$
389.8
Net written premiums
$
390.3
$
389.6
$
