Business
Global Indemnity Group, LLC Reports Third Quarter 2021 Results
BALA CYNWYD, PA / ACCESSWIRE / November 9, 2021 / Global Indemnity Group, LLC (NASDAQ:GBLI) (the "Company") today reported net income available to
About this update from Global Indemnity Group, Llc
[{"type":"text","content":"BALA CYNWYD, PA / ACCESSWIRE / November 9, 2021 / Global Indemnity Group, LLC (NASDAQ:GBLI) (the \"Company\") today reported net income available to shareholders of $3.8 million for the nine months ended September 30, 2021 compared to net loss available to shareholders of $22.2 million for the corresponding period in 2020. Adjusted operating loss was $2.9 million for the nine months ended September 30, 2021 compared to adjusted operating income of $16.8 million for the corresponding period in 2020, which period included a $31.6 million release of prior year reserves as compared to a $0.7 million strengthening in prior year reserves in the current period. Gross written premiums increased 10.6%, net written premiums increased 12.9% and net earned premiums increased 5.6% for the nine months ended September 30, 2021 compared to the same period in 2020.Selected Operating and Balance Sheet Information (Dollars in millions, except per share data) For the Three MonthsEnded September 30, For the Nine MonthsEnded September 30, 2021 2020 2021 2020 Gross Written Premiums $174.3 $143.7 $513.1 $464.0 Net Written Premiums $162.3 $130.6 $470.6 $417.0 Net Earned Premiums $157.6 $140.3 $450.7 $426.6 Net income (loss) available to shareholders $(7.8) $(15.2) $3.8 $(22.2)Net income (loss) available to shareholders per share $(0.54) $(1.06) $0.26 $(1.56) Adjusted operating income (loss) $(7.1) $(4.3) $(2.9) $16.8 Adjusted operating income (loss) per share $(0.50) $(0.30) $(0.22) $1.16 Combined ratio analysis: Loss ratio 69.3% 69.2% 64.5% 56.7%Expense ratio 37.6% 38.0% 38.0% 38.3%Combined ratio 106.9% 107.2% 102.5% 95.0% As ofSeptember 30,2021 As ofJune 30,2021 As ofMarch 31,2021 As ofDecember 31,2020 Book value per share (1) $47.73 $48.79 $48.00 $49.62 Shareholders' equity (2) $695.2 $709.6 $696.5 $718.3 Cash and invested assets (3) $1,486.3 $1,476.2 $1,429.3 $1,449.9 (1) Net of cumulative Company distributions/dividends to common shareholders totaling $3.75 per share,$3.50 per share, $3.25 per share, and $3.00 per share as of September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, 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 for the Three Months Ended September 30, 2021:Gross w...