Global Indemnity Group LLC
For the period ended Dec 31, 2024. Filed Mar 11, 2025.
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FY2024 · Filed Mar 11, 2025
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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, 2024 | December 31, 2023 |
|---|---|---|
| Fixed maturities | $66,824 | $70,464 |
| Equity securities, at fair value | 483 | 436 |
| Other invested assets | 17,903 | 26,016 |
| Total investments | 85,210 | 96,916 |
| Cash and cash equivalents | 110 | 40 |
| Intercompany note receivable (1) | 69,400 | 69,400 |
| Interest receivable – affiliates | 633 | 1,501 |
| Equity in unconsolidated subsidiaries (1) | 576,394 | 482,653 |
| Other assets | 388 | 997 |
| Total assets | $732,135 | $651,507 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Liabilities: | ||
| Due to affiliates (1) | $42,919 | $2,411 |
| Other liabilities | 67 | 343 |
| Total liabilities | 42,986 | 2,754 |
| 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: 11,202,355 and 11,042,670, respectively; class A common shares outstanding: 9,914,587 and 9,771,429, respectively; class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively | — | — |
| Additional paid-in capital | 459,578 | 454,791 |
| Accumulated other comprehensive income (loss), net of tax | (10,410) | (22,863) |
| Retained earnings | 268,673 | 244,988 |
| Class A common shares in treasury, at cost: 1,287,768 and 1,271,241 shares, respectively | (32,692) | (32,163) |
| Total shareholders' equity | 689,149 | 648,753 |
| Total liabilities and shareholders’ equity | $732,135 | $651,507 |
(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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenues: | |||
| Net investment income | $4,067 | $6,141 | $(1,980) |
| Intercompany interest income (1) | 880 | 874 | 627 |
| Net realized investment gains (losses) | 14 | (416) | (4,620) |
| Total revenues | 4,961 | 6,599 | (5,973) |
| Expenses: | |||
| Intercompany interest expense (1) | — | — | 2 |
| Interest expense | — | — | 41 |
| Corporate and other operating expenses | 1,015 | 601 | 723 |
| Loss on extinguishment of debt | — | — | 3,529 |
| Income (loss) before equity in earnings of unconsolidated subsidiaries | 3,946 | 5,998 | (10,268) |
| Equity in earnings of unconsolidated subsidiaries (1) | 39,295 | 19,431 | 9,418 |
| Net income (loss) | 43,241 | 25,429 | (850) |
| Other comprehensive income (loss), net of tax: | |||
| Unrealized holdings gain (losses) arising during the period | 973 | 1,287 | (8,274) |
| Equity in other comprehensive income (loss) of unconsolidated subsidiaries (1) | 11,446 | 18,703 | (45,764) |
| Recognition of previously unrealized holding losses | 34 | 205 | 4,576 |
| Other comprehensive income (loss), net of tax | 12,453 | 20,195 | (49,462) |
| Comprehensive income (loss), net of tax | $55,694 | $45,624 | $(50,312) |
(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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Net cash provided by operating activities | $7,124 | $4,388 | $7,720 |
| Cash flows from investing activities: | |||
| Proceeds from sale of fixed maturities | 709 | 17,226 | 70,151 |
| Proceeds from sale of equity securities | — | 1,158 | 76,466 |
| Proceeds from maturity of fixed maturities | 91,213 | 240 | 438 |
| Proceeds from other invested assets | 8,113 | — | 58,577 |
| Purchases of fixed maturities | (86,731) | (271) | (105,025) |
| Purchases of equity securities | — | (111) | (939) |
| Net cash provided by investing activities | 13,304 | 18,242 | 99,668 |
| Cash flows from financing activities: | |||
| Distributions paid to common shareholders | (19,389) | (14,248) | (14,366) |
| Distributions paid to preferred shareholders | (440) | (440) | (440) |
| Issuance of note receivable to affiliates | — | — | (69,400) |
| Repayment of note payable to affiliates | — | — | (2,800) |
| Purchase of class A common shares | (529) | (12,677) | (22,335) |
| Issuance of class A common shares | — | — | 3,339 |
| Net cash used in financing activities | (20,358) | (27,365) | (106,002) |
| Net change in cash and equivalents | 70 | (4,735) | 1,386 |
| Cash and cash equivalents at beginning of period | 40 | 4,775 | 3,389 |
| Cash and cash equivalents at end of period | $110 | $40 | $4,775 |
Supplemental Non-Cash Disclosure:
In connection with the internal reorganization in December 2024, Global Indemnity Group, LLC entered into the following non-cash transactions in 2024:
Global Indemnity Group, LLC transferred all of the issued and outstanding common shares of Penn-Patriot Insurance Company with a value of $498 million to Belmont Holdings GX, Inc. for 750 common shares of Belmont Holdings GX, Inc.
Global Indemnity Group, LLC’s capital contribution of $43 million to Penn-America Underwriters, LLC effective on December 31, 2024 was settled in February of 2025.
All of these transactions are eliminated in the Company’s Consolidated Financial Statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.