Global Indemnity Group LLC
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 15, 2024
GBLI$21.95-1.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $25,429 | $(850) | $29,354 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Amortization and depreciation | 6,199 | 8,398 | 10,414 |
| Amortization of debt issuance costs | — | 41 | 142 |
| Gross proceeds from sale of renewal rights | — | (30,000) | (28,000) |
| Impairment loss on right of use lease assets | — | 488 | 1,515 |
| Impairment loss on software | — | 508 | 2,000 |
| Impairment loss on goodwill and intangible assets | — | 5,657 | 1,295 |
| Restricted stock and stock option expense | 3,486 | 3,899 | 2,355 |
| Deferred federal income taxes | 5,326 | 2,395 | 3,395 |
| Amortization of bond premium and discount, net | (6,749) | 1,267 | 6,509 |
| Net realized investment (gains) losses | 2,107 | 32,929 | (15,887) |
| Loss on extinguishment of debt | — | 3,529 | — |
| (Income) loss from equity method investments, net of distributions | (2,369) | 6,549 | (2,716) |
| Changes in: | |||
| Premium receivables, net | 66,585 | (40,299) | (19,013) |
| Reinsurance receivables, net | 5,282 | 14,143 | (11,156) |
| Funds held by ceding insurers | 2,142 | 8,785 | 17,216 |
| Unpaid losses and loss adjustment expenses | 18,195 | 72,500 | 97,093 |
| Unearned premiums | (86,501) | (47,213) | 25,071 |
| Ceded balances payable | (14,599) | (18,099) | 26,397 |
| Other assets and liabilities | (14,970) | (12,814) | (16,507) |
| Contingent commissions | (3,184) | 913 | (2,929) |
| Federal income tax payable | 1,595 | — | — |
| Deferred acquisition costs | 22,449 | (4,563) | 4,864 |
| Prepaid reinsurance premiums | 12,463 | 36,073 | (40,613) |
| Net cash provided by operating activities | 42,886 | 44,236 | 90,799 |
| Cash flows from investing activities: | |||
| Proceeds from sale of fixed maturities | 148,164 | 933,554 | 1,065,398 |
| Proceeds from sale of equity securities | 1,158 | 88,726 | 54,691 |
| Proceeds from maturity of fixed maturities | 280,115 | 81,546 | 87,057 |
| Proceeds from maturity of preferred stock | 500 | 1,000 | 666 |
| Proceeds from other invested assets | 2,309 | 107,925 | 17,082 |
| Amounts received (paid) in connection with derivatives | — | 12,726 | 2,723 |
| Purchases of fixed maturities | (448,465) | (1,164,683) | (1,207,231) |
| Purchases of equity securities | (111) | (10,660) | (42,905) |
| Purchases of other invested assets | — | — | (70,000) |
| Gross proceeds from sale of renewal rights | — | 30,000 | 28,000 |
| Net cash provided by (used for) investing activities | (16,330) | 80,134 | (64,519) |
| Cash flows from financing activities: | |||
| Distributions paid to common shareholders | (14,248) | (14,366) | (14,431) |
| Distributions paid to preferred shareholders | (440) | (440) | (440) |
| Purchases of class A common shares | (12,677) | (22,335) | (490) |
| Issuance of class A common shares | — | 3,339 | — |
| Redemption of subordinated notes | — | (130,000) | — |
| Net cash used for financing activities | (27,365) | (163,802) | (15,361) |
| Net change in cash and cash equivalents | (809) | (39,432) | 10,919 |
| Cash and cash equivalents at beginning of period | 38,846 | 78,278 | 67,359 |
| Cash and cash equivalents at end of period | $38,037 | $38,846 | $78,278 |
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