Global Indemnity Group LLC
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
GBLI$21.95-1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Financial Information of Registrant
SCHEDULE II – Condensed Financial Information of Registrant
Balance Sheets
(Dollars in thousands, except share data)
| ASSETS | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Fixed maturities | $70,464 | $86,310 |
| Equity securities, at fair value | 436 | 1,694 |
| Other invested assets | 26,016 | 23,573 |
| Total investments | 96,916 | 111,577 |
| Cash and cash equivalents | 40 | 4,775 |
| Intercompany note receivable (1) | 69,400 | 69,400 |
| Interest receivable – affiliates | 1,501 | 627 |
| Equity in unconsolidated subsidiaries (1) | 482,653 | 444,517 |
| Other assets | 997 | 1,130 |
| Total assets | $651,507 | $632,026 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Liabilities: | ||
| Payable for securities | $— | $49 |
| Due to affiliates (1) | 2,411 | 4,623 |
| Other liabilities | 343 | 1,125 |
| Total liabilities | 2,754 | 5,797 |
| Commitments and contingencies | — | — |
| Shareholders’ equity: | ||
| Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 4,000 shares, respectively, liquidation preference: $1,000 per share and $1,000 per share, respectively | 4,000 | 4,000 |
| Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,042,670 and 10,876,041, respectively; class A common shares outstanding: 9,771,429 and 10,073,660, respectively; class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively | — | — |
| Additional paid-in capital | 454,791 | 451,305 |
| Accumulated other comprehensive income (loss), net of tax | (22,863) | (43,058) |
| Retained earnings | 244,988 | 233,468 |
| Class A common shares in treasury, at cost: 1,271,241 and 802,381 shares, respectively | (32,163) | (19,486) |
| Total shareholders' equity | 648,753 | 626,229 |
| Total liabilities and shareholders’ equity | $651,507 | $632,026 |
(1)
This item has been eliminated in the Company’s Consolidated Financial Statements.
SCHEDULE II – Condensed Financial Information of Registrant (continued)
Statement of Operations and Comprehensive Income
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenues: | |||
| Net investment income | $6,141 | $(1,980) | $6,763 |
| Intercompany interest income (1) | 874 | 627 | — |
| Net realized investment gains (losses) | (416) | (4,620) | 13,563 |
| Total revenues | 6,599 | (5,973) | 20,326 |
| Expenses: | |||
| Intercompany interest expense (1) | — | 2 | 1 |
| Interest expense | — | 41 | 142 |
| Corporate and other operating expenses | 601 | 723 | 864 |
| Loss on extinguishment of debt | — | 3,529 | — |
| Income (loss) before equity in earnings of unconsolidated subsidiaries | 5,998 | (10,268) | 19,319 |
| Equity in earnings of unconsolidated subsidiaries (1) | 19,431 | 9,418 | 10,035 |
| Net income (loss) | 25,429 | (850) | 29,354 |
| Other comprehensive income (loss), net of tax: | |||
| Unrealized holdings gain (losses) arising during the period | 1,287 | (8,274) | (3,568) |
| Equity in other comprehensive income (loss) of unconsolidated subsidiaries (1) | 18,703 | (45,764) | (24,300) |
| Recognition of previously unrealized holding (gains) losses | 205 | 4,576 | (36) |
| Other comprehensive income (loss), net of tax | 20,195 | (49,462) | (27,904) |
| Comprehensive income (loss), net of tax | $45,624 | $(50,312) | $1,450 |
(1)
This item has been eliminated in the Company’s Consolidated Financial Statements.
Condensed Financial Information of Registrant – (continued)
Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net cash provided by operating activities | $4,388 | $7,720 | $7,264 |
| Cash flows from investing activities: | |||
| Proceeds from sale of fixed maturities | 17,226 | 70,151 | 84,070 |
| Proceeds from sale of equity securities | 1,158 | 76,466 | 27,600 |
| Proceeds from maturity of fixed maturities | 240 | 438 | 1,087 |
| Proceeds from other invested assets | — | 58,577 | — |
| Purchases of fixed maturities | (271) | (105,025) | (60,800) |
| Purchases of equity securities | (111) | (939) | (30,956) |
| Purchases of other invested assets | — | — | (25,000) |
| Net cash provided by (used in) investing activities | 18,242 | 99,668 | (3,999) |
| Cash flows from financing activities: | |||
| Distributions paid to common shareholders | (14,248) | (14,366) | (14,431) |
| Distributions paid to preferred shareholders | (440) | (440) | (440) |
| Issuance of note receivable to affiliates | — | (69,400) | — |
| Proceeds from the repayment of a note receivable from affiliate | — | — | 11,283 |
| Proceeds from issuance of note payable to affiliates | — | — | 2,800 |
| Repayment of note payable to affiliates | — | (2,800) | — |
| Purchase of class A common shares | (12,677) | (22,335) | (490) |
| Issuance of class A common shares | — | 3,339 | — |
| Net cash used in financing activities | (27,365) | (106,002) | (1,278) |
| Net change in cash and equivalents | (4,735) | 1,386 | 1,987 |
| Cash and cash equivalents at beginning of period | 4,775 | 3,389 | 1,402 |
| Cash and cash equivalents at end of period | $40 | $4,775 | $3,389 |
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