Business
Global Indemnity Group, LLC Reports Second Quarter 2024 Results and AM Best Affirmation of A (Excellent) Rating
WILMINGTON, Del.--(BUSINESS WIRE)-- Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported an increase of 83% in net income available to
About this update from Global Indemnity Group, Llc
[{"type":"text","content":" WILMINGTON, Del.--(BUSINESS WIRE)--\nGlobal Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported an increase of 83% in net income available to shareholders to $21.2 million or $1.55 per share for the six months ended June 30, 2024 compared to $11.6 million or $0.84 per share for the same period in 2023.\n\n\nOn August 1, 2024, AM Best affirmed Global Indemnity Group, LLC’s A (Excellent) rating for its U.S. insurance subsidiaries and released:\n\n\n\n\"AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issue Credit Ratings (Long-Term ICR) of “a” (Excellent) of the U.S. operating subsidiaries of Global Indemnity Group, LLC (Global Indemnity) (Delaware) [NYSE: GBLI].\"\n\n\n\n\"The balance sheet strength assessment reflects Global Indemnity’s risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by a conservative investment portfolio, generally conservative reserving practices, as well as the added financial flexibility through its parent’s access to capital markets.\"\n\n\n\n\"Penn-America, the group’s core commercial specialty segment, which focuses on small-to middle-market customers, has been consistently profitable.\"\n\n\n\n\"Global Indemnity is composed of several long-standing and well-recognized franchises that provide a diverse mix of business through multiple distribution channels.”\n\n\n\nHighlights for the Six Months Ended June 30, 2024\n\n\n\nNet income available to shareholders increased 83% to $21.2 million or $1.55 per share in 2024 compared to $11.6 million or $0.84 per share in 2023.\n\n\n\nOperating income increased 51% to $20.6 million in 2024 compared to $13.7 million in 2023.\n\n\n\nBook value per share increased to $48.56 at June 30, 2024 from $47.53 at December 31, 2023; increased 3.6% including dividends paid of $0.70 per share in 2024.\n\n\n\nInvestment income increased 18% to $29.8 million in 2024 compared to $25.2 million in 2023 due to an increase in book yield on the Company’s bond portfolio from 3.8% at June 30, 2023 to 4.5% at June 30, 2024.\n\n\n\nAnnualized investment return was 5.2% for 2024 for the first six months of 2024.\n\n\n\nGBLI’s current accident year underwriting income increased to $8.7 million for 2024 compared with $3.2 million in 2023 driven by:\n\n\nThe Company’s...