Sign In  |  Register  |  About Pleasanton  |  Contact Us

Pleasanton, CA
September 01, 2020 1:32pm
7-Day Forecast | Traffic
  • Search Hotels in Pleasanton

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Global Indemnity Group, LLC Reports Year Ended 2022 Results

Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net loss available to shareholders for the twelve months ended December 31, 2022, of $1.3 million compared to net income available to shareholders of $28.9 million for the corresponding period in 2021. Adjusted operating income, which excludes realized gains and losses, the results of Exited Lines, and the write-off of debt issuance costs on the early retirement of debt, was $19.5 million for the twelve months ended December 31, 2022, compared to $14.6 million for the twelve months ended December 31, 2021.

Selected Operating and Balance Sheet Information

Consolidated Results Including Continuing Lines and Exited Lines

(Dollars in millions, except per share data)

 

For the Twelve Months

Ended December 31,

 

2022

 

2021

 

 

 

 

Gross Written Premiums

$

727.6

 

 

$

682.1

 

Net Written Premiums

$

591.3

 

 

$

580.1

 

Net Earned Premiums

$

602.5

 

 

$

595.6

 

 

 

 

 

Net income (loss) available to shareholders

$

(1.3

)

 

$

28.9

 

Net income from Continuing Lines

$

4.9

 

 

$

46.0

 

Net loss from Exited Lines (1)

$

(6.2

)

 

$

(17.1

)

Net income (loss) available to shareholders per share

$

(0.09

)

 

$

1.97

 

 

 

 

 

Adjusted operating income

$

19.5

 

 

$

14.6

 

Adjusted operating income per share

$

1.30

 

 

$

0.97

 

 

 

 

 

Combined ratio analysis:

 

 

 

Loss ratio

 

59.6

%

 

 

64.7

%

Expense ratio

 

39.2

%

 

 

37.4

%

Combined ratio

 

98.8

%

 

 

102.1

%

(1)

Underwriting loss from Exited Lines, net of tax.

 

As of

December 31,

2022

 

As of

September 30,

2022

 

As of

June 30,

2022

 

As of

March 31,

2022

 

As of

December 31,

2021

 

 

 

 

 

 

 

 

 

 

Book value per share (1)

$

44.87

 

$

43.76

 

$

43.68

 

$

45.78

 

$

48.44

Book value per share plus cumulative dividends and excluding AOCI

$

52.98

 

 

$

51.61

 

 

$

50.01

 

 

$

50.91

 

 

$

52.00

 

Shareholders’ equity (2)

$

626.2

 

 

$

643.6

 

 

$

641.3

 

 

$

669.7

 

 

$

706.6

 

Cash and invested assets (3)

$

1,342.6

 

 

$

1,356.1

 

 

$

1,326.5

 

 

$

1,464.6

 

 

$

1,532.0

 

Shares Outstanding (in millions)

 

13.9

 

 

 

14.6

 

 

 

14.6

 

 

 

14.5

 

 

 

14.5

 

(1)

Net of cumulative Company distributions/dividends to common shareholders totaling $5.00 per share, $4.75 per share, $4.50 per share, $4.25 per share and $4.00 per share as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

(2)

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

(3)

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

Selected Financial Data and Business Updates for the Twelve Months Ended December 31, 2022:

  • Gross written premiums, net written premiums, and net earned premiums excluding the Exited Lines (“Continuing Lines”), increased 17.3%, 18.7% and 27.2%, respectively. Consolidated gross written premiums, net written premiums, and net earned premiums increased 6.7%, 1.9% and 1.2%, respectively.
  • Underwriting income – For the Continuing Lines business, underwriting income was $16.2 million in 2022 compared to $11.3 million in 2021. Consolidated underwriting income (loss) was $8.3 million in 2022 compared to ($10.4) million in 2021.
  • The combined ratio for Continuing Lines was 97.1% for the twelve months ended December 31, 2022 (Loss Ratio 59.9% and Expense Ratio 37.2%).
  • Lower Catastrophes – Strategy to lower catastrophe exposure resulted in catastrophe losses for Continuing Lines of $11.0 million for the twelve months ended December 31, 2022 compared to $19.4 million in 2021.
  • The Company sold its Farm, Ranch & Stable business to Everett Cash Mutual for $30.0 million. GBLI retained $45.0 million of capital supporting this business as well as the unearned premium reserves of approximately $40.0 million.
  • Investment income – $27.6 million in 2022 ($33.6 million excluding alternative investments) compared to $37.0 million in 2021 ($26.2 million excluding alternative investments). The decrease was primarily due to decreased returns from alternative investments and a smaller investment asset base due to the early retirement of $130 million of subordinated debt in April 2022. This decrease was partially offset by an increase in yield within the fixed maturities portfolio due to the rise in rates.
    • Book yield on the portfolio increased from 2.2% at December 31, 2021 to 3.5% at December 31, 2022.
    • Due to rising interest rates and other macro-economic considerations, the Company exited an alternative investment which primarily invested in bank loans rated B and BB.
    • Duration of the fixed income portfolio at December 31, 2022 was 1.7 years compared to duration of 3.0 years at December 31, 2021, and 4.5 years at June 2021.
  • Realized gains/(losses) – ($32.9) million in 2022 compared to $15.9 million in 2021. Realized losses in 2022 were attributable primarily to the Company shortening duration of its fixed income investment portfolio as well as accelerating future maturities. At current interest rates, GBLI anticipates that it will recover these losses in 2024.
  • The net loss for the twelve months ended December 31, 2022 of $1.3 million was primarily the result of substantially shortening the duration of the Company’s fixed income securities in its investment portfolio, the impact of exiting an alternative investment, and the write off of debt issuance costs related to the redemption of $130 million of subordinated debt in April 2022 offset by the gain realized on the sale of the Farm, Ranch & Stable business.
  • Book value per share – Decrease of $3.57 per share from $48.44 at December 31, 2021 to $44.87 at December 31, 2022 primarily due to rising interest rates, which the Company anticipates will be recovered in 2024 due to the 1.7 year duration of the Company’s fixed income investment portfolio. In addition to realized losses, shareholders’ equity includes $49.5 million of net after-tax unrealized fixed income losses most of which the Company anticipates will be recovered by the end of 2024 given current interest rates.
  • Book value per share including cumulative dividends and excluding accumulated other comprehensive income increased $0.98 per share from $52.00 at December 31, 2021 to $52.98 at December 31, 2022.
  • Book value per share increased $1.11 per share from $43.76 at September 30, 2022 to $44.87 at December 31, 2022 primarily due to the stock repurchase program initiated in the fourth quarter of 2022. Under this program, the Company repurchased 907,082 shares from third parties for an aggregate amount of $21.9 million, or $24.17 per share through December 31, 2022. The Company is authorized to repurchase up to $60 million of its class A common shares.
  • The Company incurred a total of $5.5 million in restructuring charges in the fourth quarter of 2022 and the first quarter of 2023, which the Company anticipates will result in $16.0 million of recurring annual expense savings beginning in 2023.

Global Indemnity Group, LLC’s Business Segment Information Twelve Months Ended December 31, 2022 and 2021

 

 

Twelve Months Ended December 31, 2022

(Dollars in thousands)

 

Continuing

Lines

 

Exited

Lines

 

Total

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

Gross written premiums

$

559,736

$

167,867

$

727,603

Net written premiums

$

542,393

 

$

48,938

 

$

591,331

 

 

 

 

 

 

 

 

Net earned premiums

$

519,240

 

$

83,231

 

$

602,471

 

Other income

 

947

 

 

515

 

 

1,462

 

Total revenues

 

520,187

 

 

83,746

 

 

603,933

 

 

 

 

 

 

 

 

Losses and Expenses:

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

310,774

 

 

48,454

 

 

359,228

 

Acquisition costs and other underwriting expenses

 

193,192

 

 

43,189

 

 

236,381

 

Income (loss) from segments

$

16,221

 

$

(7,897

)

$

8,324

 

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

Loss ratio

 

59.9

%

 

58.2

%

 

59.6

%

Expense ratio

 

37.2

%

 

51.9

%

 

39.2

%

Combined ratio

 

97.1

%

 

110.1

%

 

98.8

%

 

 

Twelve Months Ended December 31, 2021

(Dollars in thousands)

 

Continuing

Lines

 

Exited

Lines

 

Total

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

Gross written premiums

$

477,242

 

$

204,880

 

$

682,122

 

Net written premiums

$

456,795

 

$

123,273

 

$

580,068

 

 

 

 

 

 

 

 

Net earned premiums

$

408,166

 

$

187,444

 

$

595,610

 

Other income

 

933

 

 

882

 

 

1,815

 

Total revenues

 

409,099

 

 

188,326

 

 

597,425

 

 

 

 

 

 

 

 

Losses and Expenses:

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

250,240

 

 

134,724

 

 

384,964

 

Acquisition costs and other underwriting expenses

 

147,575

 

 

75,266

 

 

222,841

 

Income (loss) from segments

$

11,284

 

$

(21,664

)

$

(10,380

)

 

 

 

 

 

 

 

Combined ratio analysis:

 

 

 

 

 

 

Loss ratio

 

61.3

%

 

71.9

%

 

64.7

%

Expense ratio

 

36.2

%

 

40.2

%

 

37.4

%

Combined ratio

 

97.5

%

 

112.1

%

 

102.1

%

Global Indemnity Group, LLC’s Gross Written and Net Written Premiums Results by Segment for the Twelve Months Ended December 31, 2022 and 2021

Twelve Months Ended December 31,

 

Gross Written Premiums

 

Net Written Premiums

 

2022

 

2021

 

%

Change

 

2022

 

2021

 

%

Change

Commercial Specialty

$

401,025

 

 

$

373,552

 

 

7.4

%

 

$

383,682

 

 

$

353,105

 

 

8.7

%

Reinsurance Operations

 

158,711

 

 

 

103,690

 

 

53.1

%

 

 

158,711

 

 

 

103,690

 

 

53.1

%

Continuing Lines

 

559,736

 

 

 

477,242

 

 

17.3

%

 

 

542,393

 

 

 

456,795

 

 

18.7

%

Exited Lines

 

167,867

 

 

 

204,880

 

 

(18.1

%)

 

 

48,938

 

 

 

123,273

 

 

(60.3

%)

Total

$

727,603

 

 

$

682,122

 

 

6.7

%

 

$

591,331

 

 

$

580,068

 

 

1.9

%

Commercial Specialty: Gross written premiums and net written premiums increased 7.4% and 8.7%, respectively, for the twelve months ended December 31, 2022 as compared to the same period in 2021. The growth in gross written premiums and net written premiums was primarily driven by increased pricing from both rate and exposure growth.

Reinsurance Operations: Gross written premiums and net written premiums both increased 53.1% for the twelve months ended December 31, 2022 as compared to the same period in 2021. The growth in gross written premiums and net written premiums was primarily due to organic growth of existing casualty treaties.

Exited Lines: Gross written premiums and net written premiums decreased 18.1% and 60.3%, respectively, for the twelve months ended December 31, 2022 as compared to the same period in 2021. The decrease in gross written premiums and net written premiums was primarily due to selling the manufactured home & dwelling and farm businesses as well as exiting lines unrelated to the Company’s continuing businesses.

Global Indemnity Group, LLC’s Combined Ratio for the Twelve Months Ended December 31, 2022 and 2021

For the Continuing Lines business, the combined ratio was 97.1% for the twelve months ended December 31, 2022, (Loss Ratio 59.9% and Expense Ratio 37.2%) as compared to 97.5% (Loss Ratio 61.3% and Expense Ratio 36.2%) for the twelve months ended December 31, 2021. The consolidated combined ratio was 98.8% for the twelve months ended December 31, 2022, (Loss Ratio 59.6% and Expense Ratio 39.2%) as compared to 102.1% (Loss Ratio 64.7% and Expense Ratio 37.4%) for the twelve months ended December 31, 2021.

  • For the Continuing Lines business, the accident year casualty loss ratio improved by 0.3 points to 61.1% in 2022 from 61.4% in 2021. The consolidated accident year casualty loss ratio improved by 0.2 points to 60.6% in 2022 from 60.8% in 2021. The improvement in the Continuing Lines accident year casualty loss ratio is primarily due to a change in the mix of business partially offset by higher claims severity within Commercial Specialty. The improvement in the consolidated accident year casualty loss ratio is primarily due to lower claims severity in the Farm, Ranch & Stable business lines as well as a change in the mix of business partially offset by higher claims severity within Commercial Specialty.
  • For the Continuing Lines business, the accident year property loss ratio improved by 2.2 points to 58.7% in 2022 from 60.9% in 2021. The consolidated accident year property loss ratio improved by 3.9 points to 61.6% in 2022 from 65.5% in 2021. The improvement in the Continuing Lines accident year property loss ratio is primarily due to lower catastrophe claims frequency and severity partially offset by higher non-catastrophe claims severity. The improvement in the consolidated accident year property loss ratio is primarily due to lower catastrophe claims frequency and severity partially offset by higher non-catastrophe claims frequency and severity.

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

��

 

For the Twelve Months

Ended December 31,

 

 

2022

 

2021

Gross written premiums

 

$

727,603

 

 

$

682,122

 

 

 

 

 

 

Net written premiums

 

$

591,331

 

 

$

580,068

 

 

 

 

 

 

Net earned premiums

 

$

602,471

 

 

$

595,610

 

Net investment income

 

 

27,627

 

 

 

37,020

 

Net realized investment gains (losses)

 

 

(32,929

)

 

 

15,887

 

Other income

 

 

31,365

 

 

 

29,751

 

Total revenues

 

 

628,534

 

 

 

678,268

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

359,228

 

 

 

384,964

 

Acquisition costs and other underwriting expenses

 

 

236,381

 

 

 

222,841

 

Corporate and other operating expenses

 

 

24,421

 

 

 

27,179

 

Interest expense

 

 

3,004

 

 

 

10,481

 

Loss on extinguishment of debt

 

 

3,529

 

 

 

-

 

Income before income taxes

 

 

1,971

 

 

 

32,803

 

Income tax expense

 

 

2,821

 

 

 

3,449

 

Net income (loss)

 

 

(850

)

 

 

29,354

 

 

 

 

 

 

Less: Preferred stock distributions

 

 

440

 

 

 

440

 

 

 

 

 

 

Net income (loss) available to common shareholders

 

$

(1,290

)

 

$

28,914

 

 

 

 

 

 

Per share data:

 

 

 

 

Net income (loss) available to common shareholders

 

 

 

 

Basic

 

$

(0.09

)

 

$

2.00

 

Diluted (1)

 

$

(0.09

)

 

$

1.97

 

Weighted-average number of shares outstanding

 

 

 

 

Basic

 

 

14,482

 

 

 

14,427

 

Diluted (1)

 

 

14,482

 

 

 

14,664

 

 

 

 

 

 

Cash distributions declared per common share

 

$

1.00

 

 

$

1.00

 

 

 

 

 

 

Combined ratio analysis: (2)

 

 

 

 

Loss ratio

 

 

59.6

%

 

 

64.7

%

Expense ratio

 

 

39.2

%

 

 

37.4

%

Combined ratio

 

 

98.8

%

 

 

102.1

%

(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.

(2)

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.

GLOBAL INDEMNITY GROUP, LLC

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

ASSETS

December 31, 2022

 

December 31, 2021

Fixed Maturities:

 

 

 

Available for sale, at fair value

 

 

 

(amortized cost: 2022 - $1,301,723 and 2021 - $1,193,746; net

 

 

 

of allowance for expected credit losses of: $0 in 2022 and 2021)

$

1,248,198

 

 

$

1,201,866

 

Equity securities, at fair value

 

17,520

 

 

 

99,978

 

Other invested assets

 

38,176

 

 

 

152,651

 

Total investments

 

1,303,894

 

 

 

1,454,495

 

 

 

 

 

Cash and cash equivalents

 

38,846

 

 

 

78,278

 

Premium receivables, net of allowance for expected credit losses of

 

 

 

$3,322 at December 31, 2022 and $2,996 at December 31, 2021

 

168,743

 

 

 

128,444

 

Reinsurance receivables, net of allowance for expected credit losses of

 

 

 

$8,992 at December 31, 2022 and 2021

 

85,721

 

 

 

99,864

 

Funds held by ceding insurers

 

19,191

 

 

 

27,958

 

Deferred federal income taxes

 

46,677

 

 

 

37,329

 

Deferred acquisition costs

 

64,894

 

 

 

60,331

 

Intangible assets

 

14,810

 

 

 

20,261

 

Goodwill

 

4,820

 

 

 

5,398

 

Prepaid reinsurance premiums

 

17,421

 

 

 

53,494

 

Lease right of use assets

 

11,739

 

 

 

16,051

 

Other assets

 

23,597

 

 

 

30,906

 

Total assets

$

1,800,353

 

 

$

2,012,809

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Liabilities:

 

 

 

Unpaid losses and loss adjustment expenses

$

832,404

 

 

$

759,904

 

Unearned premiums

 

269,353

 

 

 

316,566

 

Ceded balances payable

 

17,241

 

 

 

35,340

 

Payable for securities purchased

 

66

 

 

 

794

 

Contingent commissions

 

8,816

 

 

 

7,903

 

Debt

 

-

 

 

 

126,430

 

Lease liabilities

 

15,701

 

 

 

19,079

 

Other liabilities

 

30,543

 

 

 

40,172

 

Total liabilities

 

1,174,124

 

 

 

1,306,188

 

 

 

 

 

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 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: 10,876,041 and 10,574,589,

 

 

 

respectively; class A common shares outstanding:10,073,660 and

 

 

 

10,557,093, respectively; class B common shares issued and

 

 

 

outstanding: 3,793,612 and 3,947,206, respectively

 

-

 

 

 

-

 

Additional paid-in capital (1)

 

451,305

 

 

 

447,406

 

Accumulated other comprehensive income, net of taxes

 

(43,058

)

 

 

6,404

 

Retained earnings (1)

 

233,468

 

 

 

249,301

 

Class A common shares in treasury, at cost: 802,381 and 17,496 shares, respectively

 

(19,486

)

 

 

(490

)

Total shareholders’ equity

 

626,229

 

 

 

706,621

 

 

 

 

 

Total liabilities and shareholders’ equity

$

1,800,353

 

 

$

2,012,809

 

(1)

Since the Company’s initial public offering in 2003, the Company has returned $583 million to shareholders, including $510 million in share repurchases and $73 million in dividends/distributions.

GLOBAL INDEMNITY GROUP, LLC

SELECTED INVESTMENT DATA

(Dollars in millions)

 

 

Market Value as of

 

 

December 31, 2022

 

December 31, 2021

 

 

 

 

 

Fixed maturities

 

$

1,248.2

 

 

$

1,201.9

 

Cash and cash equivalents

 

 

38.8

 

 

 

78.3

 

Total bonds and cash and cash equivalents

 

 

1,287.0

 

 

 

1,280.2

 

Equities and other invested assets

 

 

55.7

 

 

 

252.6

 

Total cash and invested assets, gross

 

 

1,342.7

 

 

 

1,532.8

 

Payable for securities purchased

 

 

(0.1

)

 

 

(0.8

)

Total cash and invested assets, net

 

$

1,342.6

 

 

$

1,532.0

 

 

Total Investment Return (1)

 

 

 

For the Twelve Months

Ended December 31,

 

 

2022

 

2021

 

 

 

 

 

Net investment income

 

$ 27.6

 

 

$ 37.0

 

 

 

 

 

 

Net realized investment gains (losses)

 

(32.9

)

 

15.9

 

Net unrealized investment losses

 

(61.6

)

 

(34.4

)

Net realized and unrealized investment return

 

(94.5

)

 

(18.5

)

 

 

 

 

 

Total investment return

 

$ (66.9

)

 

$ 18.5

 

 

 

 

 

 

Average total cash and invested assets

 

$ 1,437.3

 

 

$ 1,490.9

 

 

 

 

 

 

Total investment return %

 

(4.7

%)

 

1.2

%

(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,

 

2022

 

2021

 

 

 

 

Adjusted operating income, net of tax

$

19,452

 

 

$

14,640

 

 

 

 

 

Adjustments:

 

 

 

Underwriting loss from Exited Lines

 

(6,239

)

 

 

(17,115

)

Adjusted operating income (loss) including Exited Lines, net of tax (1)

 

13,213

 

 

 

(2,475

)

 

 

 

 

Net realized investment gains (losses)

 

(26,985

)

 

 

15,399

 

Net gain from sale of renewal rights

 

16,451

 

 

 

16,430

 

Loss on extinguishment of debt

 

(3,529

)

 

 

-

 

 

 

 

 

Net income (loss)

$

(850

)

 

$

29,354

 

 

 

 

 

Weighted average shares outstanding – basic

 

14,482

 

 

 

14,427

 

 

 

 

 

Weighted average shares outstanding – diluted

 

14,644

 

 

 

14,664

 

 

 

 

 

Adjusted operating income per share – basic (2)

$

1.31

 

 

$

0.98

 

 

 

 

 

Adjusted operating income per share – diluted (2)

$

1.30

 

 

$

0.97

 

(1)

Adjusted operating income (loss) including Exited Lines, net of tax, excludes preferred shareholder distributions of $0.44 million for each of the twelve months ended December 31, 2022 and 2021, respectively.

(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, 2022 and 2021, respectively.

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 gains (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. Global Indemnity Group, LLC’s Continuing Lines segments are Commercial Specialty and Reinsurance Operations. The Exited Lines segment is comprised of business which the Company has decided it will no longer write.

Forward-Looking Information

The forward-looking statements contained in this press release1 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.

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

Contacts

Stephen W. Ries

Head of Investor Relations

(610) 668-3270

sries@gbli.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photography by Christophe Tomatis
Copyright © 2010-2020 Pleasanton.com & California Media Partners, LLC. All rights reserved.