Global Indemnity Group, LLC
For the period ended Dec 31, 2025. Filed Mar 10, 2026.
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FY2025 · Filed Mar 10, 2026
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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, 2025 | December 31, 2024 |
|---|---|---|
| Fixed maturities, at fair value (amortized cost: $11,113 and $67,528; net of allowance for expected credit losses of: $0 at December 31, 2025 and 2024) | $10,680 | $66,824 |
| Equity securities, at fair value | 496 | 483 |
| Other invested assets | 9,333 | 17,903 |
| Total investments | 20,509 | 85,210 |
| Cash and cash equivalents | 3,182 | 110 |
| Intercompany note receivable (1) | 69,400 | 69,400 |
| Interest receivable – affiliates | 8 | 633 |
| Equity in unconsolidated subsidiaries (1) | 612,017 | 576,394 |
| Due to affiliates (1) | 1,524 | — |
| Other assets | 299 | 388 |
| Total assets | $706,939 | $732,135 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Liabilities: | ||
| Due to affiliates (1) | $— | $42,919 |
| Other liabilities | 349 | 67 |
| Total liabilities | 349 | 42,986 |
| 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: 11,844,995 and 11,202,355, respectively, (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class A common shares outstanding: 10,557,227 and 9,914,587, respectively, (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively | — | — |
| Additional paid-in capital | 465,720 | 459,578 |
| Accumulated other comprehensive income (loss), net of tax | (4,000) | (10,410) |
| Retained earnings | 273,562 | 268,673 |
| Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively | (32,692) | (32,692) |
| Total shareholders' equity | 706,590 | 689,149 |
| Total liabilities and shareholders’ equity | $706,939 | $732,135 |
(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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues: | |||
| Net investment income | $2,081 | $4,067 | $6,141 |
| Intercompany interest income (1) | 2,984 | 880 | 874 |
| Net realized investment gains (losses) | (58) | 14 | (416) |
| Total revenues | 5,007 | 4,961 | 6,599 |
| Expenses: | |||
| Corporate expenses | 3,659 | 1,015 | 601 |
| Income before equity in earnings of unconsolidated subsidiaries | 1,348 | 3,946 | 5,998 |
| Equity in earnings of unconsolidated subsidiaries (1) | 23,985 | 39,295 | 19,431 |
| Net income | 25,333 | 43,241 | 25,429 |
| Other comprehensive income, net of tax: | |||
| Unrealized holdings gain arising during the period | 200 | 973 | 1,287 |
| Equity in other comprehensive income of unconsolidated subsidiaries (1) | 6,139 | 11,446 | 18,703 |
| Recognition of previously unrealized holding losses | 71 | 34 | 205 |
| Other comprehensive income, net of tax | 6,410 | 12,453 | 20,195 |
| Comprehensive income, net of tax | $31,743 | $55,694 | $45,624 |
(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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net cash provided by operating activities | $7,544 | $7,124 | $4,388 |
| Cash flows from investing activities: | |||
| Proceeds from sale of fixed maturities | 18,299 | 709 | 17,226 |
| Proceeds from sale of equity securities | — | — | 1,158 |
| Proceeds from maturity of fixed maturities | 66,567 | 91,213 | 240 |
| Proceeds from other invested assets | 8,570 | 8,113 | — |
| Purchases of fixed maturities | (28,964) | (86,731) | (271) |
| Purchases of equity securities | — | — | (111) |
| Capital contribution to subsidiary | (48,500) | — | — |
| Net cash provided by investing activities | 15,972 | 13,304 | 18,242 |
| Cash flows from financing activities: | |||
| Distributions paid to common shareholders | (20,004) | (19,389) | (14,248) |
| Distributions paid to preferred shareholders | (440) | (440) | (440) |
| Purchase of class A common shares | — | (529) | (12,677) |
| Net cash used in financing activities | (20,444) | (20,358) | (27,365) |
| Net change in cash and equivalents | 3,072 | 70 | (4,735) |
| Cash and cash equivalents at beginning of period | 110 | 40 | 4,775 |
| Cash and cash equivalents at end of period | $3,182 | $110 | $40 |
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 Katalyx Holdings 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.
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