Business
Global Indemnity Limited Reports Second Quarter 2020 Results
GEORGE TOWN, Cayman Islands, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Global Indemnity Limited (NASDAQ:GBLI) today reported net income of $37.6 million for the three
About this update from Global Indemnity Group, Llc
[{"type":"text","content":"GEORGE TOWN, Cayman Islands, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Global Indemnity Limited (NASDAQ:GBLI) today reported net income of $37.6 million for the three months ended June 30, 2020 compared to $14.7 million for the same period of 2019. Underwriting income was $21.7 million for the three months ended June 30, 2020 compared to $8.1 million for the comparable period in 2019. The Company’s Combined Ratio for the three months ended June 30, 2020 was 85.2%. The Company’s Investment Portfolio increased $82.8 million, or 5.3%, and book value per share increased 8.7%, from $47.12 to $51.24, during the second quarter of 2020. \n Selected Operating and Balance Sheet Information (Dollars in millions, except per share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Gross Written Premiums$ 164.5 $ 179.3 $ 320.3 $ 321.5 Net Earned Premiums$ 141.8 $ 128.2 $ 286.3 $ 250.3 Net income (loss)$ 37.6 $ 14.7 $ (7.0) $ 34.3 Net income (loss) per share$ 2.61 $ 1.02 $ (0.49) $ 2.39 Adjusted operating income (1)$ 7.5 $ 11.3 $ 17.5 $ 22.9 Adjusted operating income per share$ 0.52 $ 0.79 $ 1.22 $ 1.60 Combined ratio analysis: Loss ratio 47.4% 54.6% 50.6% 51.3%Expense ratio 37.8% 39.4% 38.4% 40.1%Combined ratio 85.2% 94.0% 89.0% 91.4% (1) Net Income exclusive of investment portfolio gains and losses. Excluding declines in the fair value of alternative investments during 2020, adjusted operating income would have been $17.0 million and $26.7 million, net of tax, for the quarter and six months ended June 30, 2020, respectively. As ofJune 30,2020 As ofMarch 31,2020 As ofDecember 31,2019 Book value per share (2)$ 51.24 $ 47.12 $ 50.82 Shareholders’ equity$ 735.2 $ 674.6 $ 726.8 Cash and invested assets (3)$1,633.4 $1,550.6 $1,607.0 (2) Net of cumulative Company dividends to shareholders totaling $2.50 per share, $2.25 per share, and $2.00 per share as of June 30, 2020, March 31, 2020, and December 31, 2019, respectively.(3) Including receivable/(payable) for securities sold/(purchased). About Global Indemnity Limited and its subsidiaries Global Indemnity Limited (NASDAQ:GBLI), through its several direct and indirect wholly owned subsidiary insurance and reinsurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder covera...