Business
Global Indemnity Group, LLC Reports Third Quarter 2020 Results
BALA CYNWYD, Pa., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (NASDAQ:GBLI) (the “Company”) today reported a net loss of $22.2 million for
About this update from Global Indemnity Group, Llc
[{"type":"text","content":"BALA CYNWYD, Pa., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (NASDAQ:GBLI) (the “Company”) today reported a net loss of $22.2 million for the nine months ended September 30, 2020 compared to net income of $41.0 million for the corresponding period in 2019. Adjusted operating income was $16.8 million for the nine months ended September 30, 2020 compared to $31.7 million for the corresponding period in 2019.\n Selected Operating and Balance Sheet Information (Dollars in millions, except per share data) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Gross Written Premiums$143.7 $157.2 $464.0 $478.7 Net Earned Premiums$140.3 $133.3 $426.6 $383.6 Net income (loss) available to shareholders$(15.2) $ 6.7 $(22.2) $ 41.0 Net income (loss) available to shareholders per share$ (1.06) $0.47 $(1.56) $2.86 Adjusted operating income (loss)$(4.4) $ 8.8 $16.8 $31.7 Adjusted operating income per share$(0.30) $0.61 $1.16 $2.21 Combined ratio analysis: Loss ratio 69.2% 55.2% 56.7% 52.7%Expense ratio 38.0% 40.0% 38.3% 40.1%Combined ratio 107.2% 95.2% 95.0% 92.8% As ofSeptember 30,2020 As ofJune 30,2020 As ofMarch 31,2020 As ofDecember 31,2019 Book value per share (1)$49.85 $51.24 $47.12 $50.82 Shareholders’ equity (2)$720.7 $735.2 $674.6 $726.8 Cash and invested assets (3)$1,449.1 $1,633.4 $1,550.6 $1,607.0 (1) Net of cumulative Company dividends to common shareholders totaling $2.75 per share, $2.50 per share, $2.25 per share, and $2.00 per share as of September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively.(2) September 30, 2020 shareholders’ equity includes $4 million of series A cumulative fixed rate preferred shares.(3) Including receivable/(payable) for securities sold/(purchased). Selected Financial Data for the Three Months Ended September 30, 2020: Underwriting income / (loss) – ($9.5) million in 2020 mainly due to catastrophes compared to $6.6 million in 2019.Investment Income - $11.7 million in 2020 compared to $11.3 million in 2019. In 2020 lower yields on fixed income were offset by improved performance on alternative investments.Realized gains / (loss) - $7.3 million in 2020 compared to ($2.7) million in 2019.Corporate expenses - $21.2 million in 2020 compared to $3.9 million in 2019 mainly due to expenses incurred related to the red...