Global Indemnity Group, LLC Reports Third Quarter 2023 Results

About this update from Global Indemnity Group, Llc

[{"type":"text","content":" WILMINGTON, Del.WILMINGTON, Del.--(BUSINESS WIRE)--\n Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net income available to shareholders for the nine months ended September 30, 2023 , of $19.2 million compared to net loss available to shareholders of $3.5 million(1) for the corresponding period in 2022. Net income available to shareholders for the three months ended September 30, 2023 was $7.6 million , compared to net income available to shareholders of $23.6 million(1) for the corresponding period in 2022.\n\n \n \n \n Selected Operating and Balance Sheet Information \n\n \n\n \n Consolidated Results Including Continuing Lines and Exited Lines \n\n \n\n \n(Dollars in millions, except per share data)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Three Months Ended\n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Nine Months Ended\n September 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross Written Premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n98.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n175.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n332.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n563.6\n\n \n\n \n\n \n \n \nNet Written Premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n95.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n142.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n317.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n469.5\n\n \n\n \n\n \n \n \nNet Earned Premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n111.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n153.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n380.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n458.2\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss) available to shareholders\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n19.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(3.5)\n\n \n\n \n\n \n \n \nNet income (loss) available to shareholders per share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.55\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.60\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.39\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(0.24)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCombined ratio analysis:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.0%\n\n \n\n \n\n \n \n \nExpense ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39.0%\n\n \n\n \n\n \n \n \nCombined ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97.0%\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of\n September 30 ,\n2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of\n June 30 ,\n2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of\n March 31 ,\n2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of\n December 31 ,\n2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBook value per share (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n46.27\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n46.03\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n45.68\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n44.87\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBook value per share plus cumulative dividends and excluding AOCI\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n54.84\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n54.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n53.46\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n52.98\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShareholders’ equity (3)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n630.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n626.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n628.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n626.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and invested assets (4)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,366.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,343.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,347.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,342.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShares Outstanding (in millions)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n(1) Includes a net gain of $16.5 million for the sale of the Company's Farm , Ranch, & Stable renewal rights.\n\n \n\n \n\n \n \n \n(2) Net of cumulative Company distributions to common shareholders totaling $5.75 per share, $5.50 per share, $5.25 per share and $5.00 per share as of September 30, 2023 , June 30, 2023 , March 31, 2023 , and December 31, 2022 , respectively.\n\n \n\n \n\n \n \n \n(3) Shareholders’ equity includes $4 million of series A cumulative fixed rate preferred shares.\n\n \n\n \n\n \n \n \n(4) Including receivable/(payable) for securities sold/(purchased).\n\n \n\n \n\n \n \n Business Highlights \n\n \n \nUnderwriting income was $0.7 million for the three months ended September 30, 2023 compared to $4.6 million for the same period in 2022 and $3.9 million for the nine months ended September 30, 2023 compared to $14.6 million for the same period in 2022. (Please see tables which follow.) The Company's Continuing Lines and Consolidated accident year combined ratios were 97.8% and 98.6%, respectively, for the three months ended September 30, 2023 and 97.6% and 98.9%, respectively, for the nine months ended September 30, 2023 .\n\n \n \nCommercial Specialty, excluding terminated business 1 2 , performed as follows:\n \n \nPackage Specialty E&S, the Company’s primary division within its Commercial Specialty segment, increased gross written premiums by 6.1% to $53.5 million for the three months ended September 30, 2023 from $50.4 million for the same period in 2022 and increased by 12.4% to $173.4 million for the nine months ended September 30, 2023 from $154.3 million for the same period in 2022 driven by new agency appointments, strong rate increases as well as exposure growth in both property and general liability.\n\n \n \nTargeted Specialty E&S decreased gross written premiums by 21.7% to $33.5 million for the three months ended September 30, 2023 from $42.8 million for the same period in 2022 and decreased by 20.4% to $102.8 million for the nine months ended September 30, 2023 from $129.1 million for the same period in 2022. Targeted Specialty includes the Company's InsurTech business and its class specific business.\n \n \nTargeted Specialty InsurTech increased gross written premiums by 22.7% to $13.4 million for the three months ended September 30, 2023 from $10.9 million for the same period in 2022 and increased by 16.8% to $35.7 million for the nine months ended September 30, 2023 from $30.6 million for the same period in 2022 primarily due to new agent appointments and focused marketing efforts.\n\n \n \nTargeted Specialty Class Specific decreased gross written premiums by 36.9% to $20.2 million for the three months ended September 30, 2023 from $31.9 million for the same period in 2022 and decreased by 31.9% to $67.1 million for the nine months ended September 30, 2023 from $98.5 million for the same period in 2022 primarily due to actions taken to improve underwriting results through increased rates, reduced exposures to catastrophe prone business and non-renewal of underperforming business.\n\n \n \n\n \n \nCommercial Specialty incurred accident year gross loss ratios of 56.5% and 57.1% for the three and nine months ended September 30, 2023 , respectively, which are 5.0 points lower and 0.6 points higher, respectively, than the same periods in 2022.\n\n \n \n\n \n \nNet investment income increased to $14.2 million for the three months ended September 30, 2023 from $8.4 million for the three months ended September 30, 2022 and increased to $39.4 million for the nine months ended September 30, 2023 from $16.9 million for the nine months ended September 30, 2022 .\n \n \nThe increase in net investment income was primarily due to the strategies employed by the Company in April 2022 to take advantage of rising interest rates, which resulted in a 74% increase in book yield over time on the fixed income portfolio to 4.0% at September 30, 2023 from 2.3% at March 31, 2022 , while the average duration of these securities was shortened to 1.2 years at September 30, 2023 from 3.3 years at March 31, 2022 .\n\n \n \nApproximately $800 million of cash flow, or approximately 60%, of the Company’s fixed income portfolio, will be generated from maturities and investment income between September 30, 2023 and December 31, 2024 , positioning the Company to continue to increase book yield by investing maturities in higher yielding bonds.\n\n \n \n\n \n \nBook value per share increased $1.40 per share, or 3.1%, to $46.27 at September 30, 2023 from $44.87 at December 31, 2022 .\n\n \n \n1 Reflecting the Company's focus on “Main Street Specialty E&S” clients and continuing efforts to terminate business that does not meet the Company's underwriting criteria, which are continuously refined. References to gross written premiums and loss ratios in this Business Highlights section that exclude terminated business within the Commercial Specialty segment contained in Continuing Lines do not include (i) terminated gross written premiums within Package Specialty E&S of $2.3 million for the three months ended September 30, 2022 and $1.1 million and $8.1 million for the nine months ended September 30, 2023 and 2022, respectively, in habitational lines in New York City and (ii) terminated gross written premiums within Targeted Specialty E&S of less than $0.1 million and $0.5 million for the three months ended September 30, 2023 and 2022, respectively, and $0.7 million and $12.5 million for the nine months ended September 30, 2023 and 2022, respectively, concentrated in a large corporate restaurant account. There were no terminated gross written premiums within Package Specialty E&S for the three months ended September 30, 2023 .\n\n \n2 Represents Non-GAAP financial measures or ratios. See “Reconciliation of Non-GAAP Financial Measures and Ratios” at the end of this press release.\n\n \n Global Indemnity Group , LLC’s Business Segment Information for the Three and Nine Months Ended September 30, 2023 and 2022 \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Three Months Ended September 30, 2023 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Continuing Lines \n\n \n\n \n\n \n \n\n \n\n \n\n \n Exited Lines \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n\n \n \n \n (Dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Revenues: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n98,893\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n98,926\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n95,967\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(344\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n95,623\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earned premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n110,350\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,345\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n111,695\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n275\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n299\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal revenues\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n110,625\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,369\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n111,994\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Losses and Expenses: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65,456\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(289\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65,167\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPrior accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,841\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(11,892\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(51\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal net losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n77,297\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12,181\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65,116\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAcquisition costs and other underwriting expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n43,224\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,978\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n46,202\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome (loss) from segments\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(9,896\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10,572\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n676\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Combined ratio analysis: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21.5\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nPrior accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(884.2\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCalendar year loss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n70.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(905.7\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nExpense ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n221.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCombined ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n109.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(684.3\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccident year combined ratio(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n169.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n98.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Three Months Ended September 30, 2022 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Continuing Lines \n\n \n\n \n\n \n \n\n \n\n \n\n \n Exited Lines \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n\n \n \n \n (Dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Revenues: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n139,111\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n36,716\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n175,827\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n136,227\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,608\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n142,835\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earned premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n133,643\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20,001\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n153,644\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n272\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n44\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n316\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal revenues\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n133,915\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20,045\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n153,960\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Losses and Expenses: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,590\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,861\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n91,451\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPrior accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,441\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(551\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,992\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal net losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n77,149\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,310\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n88,459\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAcquisition costs and other underwriting expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50,830\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,046\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60,876\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome (loss) from segments\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,936\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,311\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,625\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Combined ratio analysis: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nPrior accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.9\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.8\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.9\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nCalendar year loss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nExpense ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCombined ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n95.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n106.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccident year combined ratio(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n106.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n98.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n(1) Excludes the impact of net losses and loss adjustment expenses and contingent commissions related to prior accident years.\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Nine Months Ended September 30, 2023 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Continuing Lines \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Exited Lines \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n\n \n \n \n (Dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Revenues: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n328,008\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,003\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n332,011\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n317,357\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n123\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n317,480\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earned premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n361,372\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n19,551\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n380,923\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n808\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n127\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n935\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal revenues\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n362,180\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,678\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n381,858\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Losses and Expenses: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n217,557\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,642\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n231,199\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPrior accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,296\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(19,296\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n-\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal net losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n236,853\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5,654\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n231,199\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAcquisition costs and other underwriting expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n136,275\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,506\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n146,781\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome (loss) from segments\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(10,948\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n14,826\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,878\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Combined ratio analysis: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nPrior accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(98.7\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCalendar year loss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(28.9\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nExpense ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n53.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCombined ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n103.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccident year combined ratio(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n122.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n98.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Nine Months Ended September 30, 2022 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Continuing Lines \n\n \n\n \n\n \n \n\n \n\n \n\n \n Exited Lines \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n\n \n \n \n (Dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Revenues: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n434,489\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n129,144\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n563,633\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n421,577\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n47,898\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n469,475\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earned premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n392,297\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n65,919\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n458,216\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n791\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n839\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal revenues\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n393,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65,967\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n459,055\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Losses and Expenses: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n231,549\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n43,849\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n275,398\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPrior accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,085\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5,541\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,626\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal net losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n227,464\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,308\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n265,772\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAcquisition costs and other underwriting expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n146,413\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,253\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n178,666\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome (loss) from segments\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n19,211\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(4,594\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n14,617\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Combined ratio analysis: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nPrior accident year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.0\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.4\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \nCalendar year loss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nExpense ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCombined ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n95.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n107.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccident year combined ratio(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n96.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n109.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n98.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n(1) Excludes the impact of net losses and loss adjustment expenses and contingent commissions related to prior accident years.\n\n \n\n \n\n \n \n Global Indemnity Group , LLC’s Gross Written and Net Written Premiums Results by Segment for the Three and Nine Months Ended September 30, 2023 and 2022 \n\n \n \n \n \n\n \n\n \n\n \n Three Months Ended September 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Gross Written Premiums \n\n \n\n \n\n \n \n\n \n\n \n\n \n Net Written Premiums \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n \nCommercial Specialty\n\n \n\n \n\n \n$\n\n \n\n \n\n \n87,029\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n96,056\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.4%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n84,103\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n93,172\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.7%)\n\n \n\n \n\n \n \n \nReinsurance Operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n11,864\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n43,055\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(72.4%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,864\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n43,055\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(72.4%)\n\n \n\n \n\n \n \n \nContinuing Lines\n\n \n\n \n\n \n \n\n \n\n \n\n \n98,893\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n139,111\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(28.9%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n95,967\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n136,227\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(29.6%)\n\n \n\n \n\n \n \n \nExited Lines\n\n \n\n \n\n \n \n\n \n\n \n\n \n33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,716\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(99.9%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(344\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,608\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(105.2%)\n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n$\n\n \n\n \n\n \n98,926\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n175,827\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(43.7%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n95,623\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n142,835\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(33.1%)\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n Nine Months Ended September 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Gross Written Premiums \n\n \n\n \n\n \n \n\n \n\n \n\n \n Net Written Premiums \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n \nCommercial Specialty\n\n \n\n \n\n \n$\n\n \n\n \n\n \n277,884\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n303,914\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.6%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n267,233\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n291,002\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.2%)\n\n \n\n \n\n \n \n \nReinsurance Operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n50,124\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n130,575\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(61.6%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50,124\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n130,575\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(61.6%)\n\n \n\n \n\n \n \n \nContinuing Lines\n\n \n\n \n\n \n \n\n \n\n \n\n \n328,008\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n434,489\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24.5%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n317,357\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n421,577\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24.7%)\n\n \n\n \n\n \n \n \nExited Lines\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,003\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n129,144\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(96.9%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n123\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,898\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(99.7%)\n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n$\n\n \n\n \n\n \n332,011\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n563,633\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(41.1%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n317,480\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n469,475\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(32.4%)\n\n \n\n \n\n \n \n Commercial Specialty: Gross written premiums and net written premiums decreased 9.4% and 9.7%, respectively, for the three months ended September 30, 2023 as compared to the same period in 2022. Gross written premiums and net written premiums decreased 8.6% and 8.2%, respectively, for the nine months ended September 30, 2023 as compared to the same period in 2022. The decrease in gross written premiums and net written premiums was primarily driven by the non-renewal of a restaurant book of business as well as actions taken to improve underwriting results by nonrenewing underperforming business partially offset by increased pricing.\n\n \nPackage Specialty E&S, the Company’s primary division within its Commercial Specialty segment, increased gross written premiums excluding terminated business1 by 6.1% and 12.4% for the three and nine months ended September 30, 2023 , respectively, as compared to the same periods in 2022 driven by new agency appointments, strong rate increases as well as exposure growth in both property and general liability.\n\n \nTargeted Specialty E&S, a division within the Company’s Commercial Specialty segment, decreased gross written premiums excluding terminated business1 by 21.7% and 20.4% for the three and nine months ended September 30, 2023 , respectively, as compared to the same periods in 2022. Targeted Specialty includes the Company's InsurTech business and its class specific business.\n\n \n \nTargeted Specialty InsurTech increased gross written premiums by 22.7% and 16.8% for the three and nine months ended September 30, 2023 , respectively, as compared to the same periods in 2022 primarily due to new agent appointments and focused marketing efforts.\n\n \n \nTargeted Specialty Class Specific decreased gross written premiums excluding terminated business by 36.9% and 31.9% for the three and nine months ended September 30, 2023 , respectively, as compared to the same periods in 2022 primarily due to actions taken to improve underwriting results through increased rates, reduced exposures to catastrophe prone business and non-renewal of underperforming business.\n\n \n \n Reinsurance Operations: Gross written premiums and net written premiums both decreased 72.4% for the three months ended September 30, 2023 as compared to the same period in 2022. Gross written premiums and net written premiums both decreased 61.6% for the nine months ended September 30, 2023 as compared to the same period in 2022. The reduction in gross written premiums and net written premiums was primarily due to the non-renewal of a casualty treaty.\n\n \n Exited Lines: Gross written premiums and net written premiums decreased 99.9% and 105.2%, respectively, for the three months ended September 30, 2023 as compared to the same period in 2022. Gross written premiums and net written premiums decreased 96.9% and 99.7%, respectively, for the nine months ended September 30, 2023 as compared to the same period in 2022. The decrease in gross written premiums and net written premiums was primarily due to selling the manufactured home & dwelling and farm businesses.\n\n \n \n \n1 Represents Non-GAAP financial measures or ratios. See “Reconciliation of Non-GAAP Financial Measures and Ratios” at the end of this press release.\n\n \n\n \n\n \n \n Global Indemnity Group , LLC’s Combined Ratio for the Three and Nine Months Ended September 30, 2023 and 2022 \n\n \nThe consolidated combined ratio was 99.7% for the three months ended September 30, 2023 , (Loss Ratio 58.3% and Expense Ratio 41.4%) as compared to 97.2% (Loss Ratio 57.6% and Expense Ratio 39.6%) for the three months ended September 30, 2022 . The accident year combined ratio for Continuing Lines was 97.8% for the three months ended September 30, 2023 , (Loss Ratio 59.3% and Expense Ratio 38.5%) as compared to 97.7% (Loss Ratio 59.6% and Expense Ratio 38.1%) for the three months ended September 30, 2022 . The calendar year combined ratio for Continuing Lines was 109.2% for the three months ended September 30, 2023 , (Loss Ratio 70.0% and Expense Ratio 39.2%) as compared to 95.7% (Loss Ratio 57.7% and Expense Ratio 38.0%) for the three months ended September 30, 2022 .\n\n \n \nThe calendar year combined ratio for Continuing Lines for 2023 was impacted by loss reserve strengthening primarily driven by the restaurant book of business that was not renewed and other terminated business, as well as for accident year 2020. Reserve decreases in Exited Lines resulted from the commutation of a reinsurance treaty and favorable development in the Farm, Ranch & Stable business.\n\n \n \nFor the Continuing Lines business, the accident year casualty loss ratio increased by 3.7 points to 63.7% in 2023 from 60.0% in 2022. The consolidated accident year casualty loss ratio increased by 3.4 points to 62.9% in 2023 from 59.5% in 2022. The increase in the Continuing Lines and the Consolidated accident year casualty loss ratios is primarily due to higher claims severity.\n\n \n \nFor the Continuing Lines business, the accident year property loss ratio improved by 8.9 points to 49.4% in 2023 from 58.3% in 2022. The consolidated accident year property loss ratio improved by 11.5 points to 48.1% in 2023 from 59.6% in 2022. The improvement in the Continuing Lines and the Consolidated accident year property loss ratios is primarily due to lower non-catastrophe claims severity partially offset by higher catastrophe claims frequency.\n\n \n \nThe consolidated combined ratio was 99.2% for the nine months ended September 30, 2023 , (Loss Ratio 60.7% and Expense Ratio 38.5%) as compared to 97.0% (Loss Ratio 58.0% and Expense Ratio 39.0%) for the nine months ended September 30, 2022 . The accident year combined ratio for Continuing Lines was 97.6% for the nine months ended September 30, 2023 , (Loss Ratio 60.2% and Expense Ratio 37.4%) as compared to 96.3% (Loss Ratio 59.0% and Expense Ratio 37.3%) for the nine months ended September 30, 2022 . The calendar year combined ratio for Continuing Lines was 103.2% for the nine months ended September 30, 2023 , (Loss Ratio 65.5% and Expense Ratio 37.7%) as compared to 95.3% (Loss Ratio 58.0% and Expense Ratio 37.3%) for the nine months ended September 30, 2022 .\n\n \n \nThe calendar year combined ratio for Continuing Lines for 2023 was impacted by loss reserve strengthening primarily driven by the restaurant book of business that was not renewed and other terminated business, as well as for accident year 2020. Reserve decreases in Exited Lines resulted from the commutation of a reinsurance treaty and favorable development in the Farm, Ranch & Stable business.\n\n \n \nFor the Continuing Lines business, the accident year casualty loss ratio increased by 1.4 points to 60.9% in 2023 from 59.5% in 2022. The consolidated accident year casualty loss ratio increased by 1.7 point to 60.8% in 2023 from 59.1% in 2022. The increase in the Continuing Lines and the Consolidated accident year casualty loss ratios is primarily due to higher claims severity.\n\n \n \nFor the Continuing Lines business, the accident year property loss ratio increased by 0.8 points to 58.5% in 2023 from 57.7% in 2022. The consolidated accident year property loss ratio improved by 1.6 points to 60.4% in 2023 from 62.0% in 2022. The improvement in the Consolidated accident year property loss ratios is mainly due to lower non-catastrophe claims frequency partially offset by higher claims frequency.\n\n \n \n \n \n \n \n \n GLOBAL INDEMNITY GROUP, LLC \n\n \n\n \n\n \n \n \n CONSOLIDATED STATEMENTS OF OPERATIONS \n\n \n\n \n\n \n \n \n(Unaudited)\n\n \n\n \n\n \n \n \n(Dollars and shares in thousands, except per share data)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Three Months Ended\n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Nine Months Ended\n September 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n \nGross written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n98,926\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n175,827\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n332,011\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n563,633\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet written premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n95,623\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n142,835\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n317,480\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n469,475\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earned premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n111,695\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n153,644\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n380,923\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n458,216\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet investment income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,389\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39,424\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,911\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet realized investment gains (losses)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(133\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,234\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,414\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(33,067\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOther income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n299\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30,316\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n935\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30,839\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal revenues\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n126,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n194,583\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n418,868\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n472,899\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65,116\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n88,459\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n231,199\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n265,772\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAcquisition costs and other underwriting expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n46,202\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60,876\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n146,781\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n178,666\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCorporate and other operating expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,280\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,064\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,638\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,718\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,004\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss on extinguishment of debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,529\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome before income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,463\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31,184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,238\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n210\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome tax expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,763\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,438\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,707\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,399\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,746\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,531\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(3,189\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nLess: Preferred stock distributions\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n110\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n110\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n330\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n330\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss) available to common shareholders\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,590\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23,636\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n19,201\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(3,519\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Per share data: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss) available to common shareholders\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.56\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.62\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.42\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(0.24\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nDiluted (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.55\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.60\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.39\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(0.24\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nWeighted-average number of shares outstanding\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,523\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,590\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,557\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,550\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,814\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,796\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,799\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,550\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash distributions declared per common share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.75\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.75\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCombined ratio analysis: (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nExpense ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCombined ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n99.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n (1) \n \n \nFor the nine months ended September 30, 2022 , weighted-average shares outstanding – basic was used to calculate diluted earnings per share due to a net loss for the period.\n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n \n\n \n\n \n\n \n \nThe loss ratio, expense ratio and combined ratio are GAAP financial measures that are generally viewed in the insurance industry as indicators of underwriting profitability. The loss ratio is the ratio of net losses and loss adjustment expenses to net earned premiums. The expense ratio is the ratio of acquisition costs and other underwriting expenses to net earned premiums. The combined ratio is the sum of the loss and expense ratios.\n\n \n\n \n\n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n \n GLOBAL INDEMNITY GROUP, LLC \n\n \n\n \n\n \n \n \n CONSOLIDATED BALANCE SHEETS \n\n \n\n \n\n \n \n \n(Dollars in thousands)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (Unaudited)\n September 30 ,\n2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n ASSETS \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFixed maturities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAvailable for sale, at fair value (amortized cost: $1,334,130 and $1,301,723 ; net of allowance for expected credit losses of $0 at September 30, 2023 and December 31, 2022 )\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,287,095\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,248,198\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEquity securities, at fair value\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,954\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,520\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther invested assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,868\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,176\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal investments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,340,917\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,303,894\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n46,470\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,846\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPremium receivables, net of allowance for expected credit losses of $4,120 at September 30, 2023 and $3,322 at December 31, 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n131,107\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n168,743\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReinsurance receivables, net of allowance for expected credit losses of $8,992 at September 30, 2023 and December 31, 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n85,581\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n85,721\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFunds held by ceding insurers\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,884\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,191\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred federal income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41,220\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,099\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred acquisition costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45,942\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64,894\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIntangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,545\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,810\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,820\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,820\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPrepaid reinsurance premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,190\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,421\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLease right of use assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,115\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,739\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20,055\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,597\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,767,846\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,800,775\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n LIABILITIES AND SHAREHOLDERS’ EQUITY \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liabilities: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nUnpaid losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n861,803\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n832,404\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nUnearned premiums\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n195,680\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n269,353\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCeded balances payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,532\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,241\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPayable for securities purchased\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20,607\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nContingent commissions\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,801\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,816\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLease liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,515\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,701\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,253\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30,965\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,137,191\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,174,546\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Shareholders’ equity: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSeries A cumulative fixed rate preferred shares, $1,000 par value;\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n100,000,000 shares authorized, shares issued and outstanding: 4,000 and 4,000 shares, respectively, liquidation preference:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n $1,000 per share and $1,000 per share, respectively\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon shares: no par value; 900,000,000 common shares authorized;\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nclass A common shares issued: 11,020,174 and 10,876,041 respectively; class A common shares outstanding: 9,748,933 and 10,073,660, respectively; class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdditional paid-in capital (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n454,416\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n451,305\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccumulated other comprehensive income (loss), net of tax\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(38,117\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(43,058\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nRetained earnings (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n242,519\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n233,468\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nClass A common shares in treasury, at cost: 1,271,241 and 802,381 shares, respectively\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(32,163\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(19,486\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal shareholders’ equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n630,655\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n626,229\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities and shareholders’ equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,767,846\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,800,775\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n(1)\n\n \n\n \n \n\n \n\n \n\n \n \nSince the Company’s initial public offering in 2003, the Company has returned $606 million to shareholders, including $522 million in share repurchases and $84 million in dividends/distributions.\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n GLOBAL INDEMNITY GROUP, LLC \n\n \n\n \n\n \n \n \n SELECTED INVESTMENT DATA \n\n \n\n \n\n \n \n \n(Dollars in millions)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Market Value as of \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (Unaudited)\n September 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2022 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFixed maturities\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,287.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,248.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n46.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal bonds and cash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,333.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,287.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEquities and other invested assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n53.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal cash and invested assets, gross\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,387.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,342.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPayable for securities purchased\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20.6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal cash and invested assets, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,366.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,342.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total Investment Return (1) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Three Months Ended\n September 30 ,\n(Unaudited) \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Nine Months Ended\n September 30 ,\n(Unaudited) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet investment income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n14.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n39.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n16.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet realized investment gains (losses)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(33.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet unrealized investment gains (losses)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(23.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(64.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet realized and unrealized investment return\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(97.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal investment return\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n12.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(12.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n43.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(80.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage total cash and invested assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,355.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,341.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,354.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,444.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal annualized investment return %\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.7\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.4\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \n \n(1)\n\n \n\n \n\n \n \nAmounts in this table are shown on a pre-tax basis.\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n GLOBAL INDEMNITY GROUP, LLC \n\n \n\n \n\n \n \n \n SUMMARY OF ADJUSTED OPERATING INCOME (LOSS) \n\n \n\n \n\n \n \n \n(Unaudited)\n\n \n\n \n\n \n \n \n(Dollars and shares in thousands, except per share data)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Three Months\nEnded September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Nine Months\nEnded September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted operating income (loss), net of tax\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(551\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,543\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,780\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n14,529\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjustments:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nUnderwriting income (loss) from Exited Lines\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,352\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,036\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,713\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,629\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAdjusted operating income including Exited Lines,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nnet of tax (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,801\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,507\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,493\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet realized investment gains (losses)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(101\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,770\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,962\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(27,029\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nImpact of the sale of renewal rights\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,469\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,469\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss on extinguishment of debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,529\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet income (loss)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23,746\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n19,531\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(3,189\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nWeighted average shares outstanding – basic\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,523\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,590\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,557\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,550\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nWeighted average shares outstanding – diluted\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,523\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,796\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,799\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,749\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted operating income per share – basic (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(0.05\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.44\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.70\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.98\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted operating income per share – diluted (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(0.05\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.43\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.68\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.96\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n (1) \n \n \nAdjusted operating income including Exited Lines, net of tax, excludes preferred shareholder distributions of $0.11 million for each of the three months ended September 30, 2023 and 2022 and $0.33 million for each of the nine months ended September 30, 2023 and 2022.\n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n \n\n \n\n \n\n \n The adjusted operating income (loss) per share calculation is net of preferred shareholder distributions of $0.11 million for each of the three months ended September 30, 2023 and 2022 and $0.33 million for each of the nine months ended September 30, 2023 and 2022. \n \n \n Note Regarding Adjusted Operating Income (Loss) \n\n \nAdjusted operating income (loss), a non-GAAP financial measure, is equal to net income (loss) excluding after-tax net realized investment gains (losses) and other unique charges not related to operations. Adjusted operating income (loss) is not a substitute for net income (loss) determined in accordance with GAAP, and investors should not place undue reliance on this measure.\n\n \n Reconciliation of non-GAAP financial measures and ratios \n\n \nThe table below, which contains incurred losses and loss adjustment expenses for the Commercial Specialty segment within Continuing Lines, reconciles the non-GAAP measures or ratios, which excludes the impact of prior accident year adjustments and ceded losses and loss adjustment expenses, to its most directly comparable GAAP measure or ratio. The Company believes the non-GAAP measures or ratios are useful to investors when evaluating the Company's underwriting performance as trends within Commercial Specialty may be obscured by prior accident year adjustments and ceded losses and loss adjustment expenses. These non-GAAP measures or ratios should not be considered as a substitute for its most directly comparable GAAP measure or ratio and does not reflect the overall underwriting profitability of the Company.\n\n \n \n \n \n\n \n\n \n\n \n For the Three Months Ended\n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Nine Months Ended\n September 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Losses\n$ \n\n \n\n \n\n \n \n\n \n\n \n\n \n Loss\nRatio \n\n \n\n \n\n \n \n\n \n\n \n\n \n Losses\n$ \n\n \n\n \n\n \n \n\n \n\n \n\n \n Loss\nRatio \n\n \n\n \n\n \n \n\n \n\n \n\n \n Losses\n$ \n\n \n\n \n\n \n \n\n \n\n \n\n \n Loss\nRatio \n\n \n\n \n\n \n \n\n \n\n \n\n \n Losses\n$ \n\n \n\n \n\n \n \n\n \n\n \n\n \n Loss\nRatio \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Casualty \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross losses and loss adjustment expenses excluding terminated business (1)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n30,414\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,117\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n89,931\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n91,682\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nGross losses and loss adjustment expenses on terminated business (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,576\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n256.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n576\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,050\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n128.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,838\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nGross losses and loss adjustment expenses (1)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n32,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,693\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n99,981\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n104,520\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCeded losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n(716\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(483\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,474\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,142\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet losses and loss adjustment expenses (2)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n32,274\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,210\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n98,507\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n103,378\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Property \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross losses and loss adjustment expenses excluding terminated business (1)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n17,696\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n21,037\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n65,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n62,578\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nGross losses and loss adjustment expenses on terminated business (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n37\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n157\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n391\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nGross losses and loss adjustment expenses (1)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n17,733\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n21,194\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n65,452\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n63,568\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCeded losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n(898\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(356\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,526\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,031\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet losses and loss adjustment expenses (2)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n16,835\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20,838\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n62,926\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n61,537\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Commercial Specialty \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross losses and loss adjustment expenses excluding terminated business (1)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n48,110\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n58,154\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n154,992\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n154,260\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nGross losses and loss adjustment expenses on terminated business (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,613\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n167.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n733\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,441\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n109.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,828\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nGross losses and loss adjustment expenses (1)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n50,723\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n58,887\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n165,433\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n168,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCeded losses and loss adjustment expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,614\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(839\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,173\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet losses and loss adjustment expenses (2)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n49,109\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n58,048\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n161,433\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n164,915\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n(1)\n\n \n\n \n\n \n \nNon-GAAP measure / ratio\n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \n \nMost directly comparable GAAP measure / ratio\n\n \n\n \n\n \n \n \n \n \n \n \nThe table below, which contains gross written premiums for the Commercial Specialty segment within Continuing Lines, reconciles the non-GAAP measures, which excludes the impact of terminated business, to its most directly comparable GAAP measure. The Company believes the non-GAAP measures are useful to investors when evaluating the Company's underwriting performance as trends within Commercial Specialty may be obscured by the terminated business. These non-GAAP measures should not be considered as a substitute for its most directly comparable GAAP measure and does not reflect the overall underwriting profitability of the Company.\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Three Months\...

View stock analysis, news, and events for Global Indemnity Group, Llc