Slide 1: Global Indemnity releases 3rd quarter 2025 financial results
November 4, 2025 Group Zacks Small-Cap Research Tom Kerr, CFA 312-265-9417 Sponsored – Impartial - Comprehensive tkerr@zacks.com Sponsored – Impartial - Comprehensive scr.zacks.com 101 N. Wacker Drive, Chicago, IL 60606 Global Indemnity Group (NASDAQ: GBLI) GBLI: Global Indemnity releases 3rd OUTLOO
Slide 2: What's New: 3rd Quarter 2025 Financial Results
WHAT’S NEW 3rd Quarter 2025 Financial Results Global Indemnity Group reported 3rd quarter 2025 financial and operating results which showed solid accident-year underwriting income growth. Current accident year underwriting income increased 54.5% to $10.2 million from $6.6 million in the prior year p
Slide 3: Belmont Insurance Companies
Source: investors.gbli.com Belmont Insurance Companies (Core (“Belmont Core”)) - This was previously known as the Penn- America segment and consists of five state-regulated insurance carriers: 1) Penn-Patriot Insurance Company, 2) Diamond State Insurance Company, 3) Penn-Star Insurance Company, 4) P
Slide 4: Fee Business
Fee Business The company has been making a concerted effort to grow non-risk revenues in terms of fee income generation. This can come in the form of commission, service, policy and installment fees. Commission and service fee income are reported separately on affiliated business for segment purpose
Slide 5: Management stated its long-term financial goals
Source: investors.gbli.com Management stated its long-term financial goals which are: 1) Grow the overall business at a rate of 10% or higher, 2) Achieve a combined ratio in the low 90’s, 3) Manage the expense ratio to a competitive level of 36%-37%. GBLI stock is currently selling at 60% of book va
Slide 6: Key Investment Points
KEY INVESTMENT POINTS Source: investors.gbli.com ➢ Global Indemnity Group, LLC (NYSE: GBLI) is a specialty property and casualty insurance company that has been operating nationwide since the early 2000’s. ➢ The company is led by an experienced management team, including a Chief Executive who has de
Slide 7: Company Overview
COMPANY OVERVIEW Source: investors.gbli.com In 2021, the company decided to cease writing certain Property Brokerage business which was part of the Commercial Specialty segment, as well as exit certain property and catastrophe lines within the Reinsurance Operations segment. In the fourth quarter of
Slide 8: Segments & Business Units
SEGMENTS & BUSINESS UNITS As a result of Planet Manifest, the reportable segments are now structured under two holding companies: ➢ Katalyx Holdings consists of: Penn-America managing general agency, Valyn Re, a newly organized reinsurance managing general agency, the Vacant Express and Collectibles
Slide 9: Risks
RISKS ➢ If actual claims payments exceed the company’s reserves for losses and loss adjustment expenses, the company’s financial condition and results of operations could be adversely affected. The company’s ultimate success depends upon its ability to accurately assess the risks associated with the
Slide 10: Summary
SUMMARY We believe Global Indemnity is entering a new level of profitability based on new business lines and eliminating unprofitable areas of business as well as improved cost controls. The company is currently selling at a Price/Book value that does not reflect the future growth opportunities for
Slide 11: Projected Annual Income Statement
PROJECTED ANNUAL INCOME STATEMENT Income Statement Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Combined Ratio 98.9% 99.7% 95.6% 97.8% 94.3% Net Written Premiums 591,331 399,319 379,190 405,794 442,315 Growth 1.9% -32.5% -5.0% 7.0% 9.0% Net Earned Premiums 602,471 473,357 376,992 386,595 421,389 Growth 1.2% -
Slide 12: Projected Quarterly Income Statement
PROJECTED QUARTERLY INCOME STATEMENT Q1/25A Q2/25A Q3/25A Q4/25E Net Written Premiums 95,864 103,914 105,543 100,473 Growth Net Earned Premiums 93,316 95,146 99,670 98,463 % 98.0% 98.0% 98.0% 98.0% Net Investment Income 14,782 14,707 17,911 18,090 % 15.4% 14.2% 17.0% 18.0% Investment Gains & Other I
Slide 13: Historical Stock Price
HISTORICAL STOCK PRICE Zacks Investment Research Page 13 scr.zacks.com
Slide 14: Disclosures
DISCLOSURES The following disclosures relate to relationships between Zacks Small-Cap Research (“Zacks SCR”), a division of Zacks Investment Research (“ZIR”), and the issuers covered by the Zacks SCR Analysts in the Small-Cap Universe. ANALYST DISCLOSURES I, Tom Kerr, hereby certify that the view ex