Global Indemnity Group, LLC

Previous wording

Net earned premiums grew 5.4% to $98.4 million in 2026 from $93.3 million in 2025.

Current wording

Net earned premiums grew 3.7% to $98.7 million in 2026 from $95.1 million in 2025.

Previous wording

Net income of $4.2 million, or $0.29 per share diluted, in 2026 compared to net loss of $4.0 million, or ($0.30) per share diluted, for the same period in 2025. Excluding California Wildfires, net income would have been $8.2 million or $0.58 per share in 2025.

Current wording

Net income of $11.1 million, or $0.76 per share diluted, in 2026 compared to $10.3 million, or $0.71 per share diluted, for the same period in 2025.

Previous wording

Total cash and investments of $1.4 billion at March 31, 2026 and December 31, 2025; fixed maturities and cash comprise 98% of total investments.

Current wording

Total cash and investments of $1.4 billion at June 30, 2026 and December 31, 2025; fixed maturities comprise 98% of total investments at June 30, 2026.

Previous wording

Since the Company's initial public offering in 2003, the total capital returned to shareholders was $654.6 million, comprising $522.2 million of share repurchases and $132.4 million of distributions / dividends. This includes $5.1 million of distributions during 2026.

Current wording

Since the Company's initial public offering in 2003, the total capital returned to shareholders was $659.8 million, comprising $522.2 million of share repurchases and $137.6 million of distributions / dividends. This includes $10.3 million of distributions during 2026.

Previous wording

Shareholders' equity was $704.1 million at March 31, 2026 compared to $706.6 million at December 31, 2025.

Current wording

Shareholders' equity was $710.9 million at June 30, 2026 compared to $706.6 million at December 31, 2025.

Previous wording

Book value per common share was $47.92 at March 31, 2026 compared to $48.96 at December 31, 2025.

Current wording

Book value per common share was $48.28 at June 30, 2026 compared to $48.96 at December 31, 2025.

Previous wording

The following table summarizes the Company’s results for the quarters ended March 31, 2026 and 2025:

Current wording

The following table summarizes the Company’s results for the quarters and six months ended June 30, 2026 and 2025:

Previous wording

Includes third-party distribution expenses of $1.1 million in 2026. There were no third-party distribution expenses in 2025.

Current wording

Includes third-party distribution expenses of $1.2 million and $2.3 million for the quarter and six months ended June 30, 2026, respectively. There were no third-party distribution expenses in 2025.

Previous wording

Wholesale Commercial gross written premiums declined 5.2% during the first quarter of 2026 as the Company maintained its pricing and return standards amidst competitive market conditions, particularly as regards property rate reductions. Wholesale Commercial’s property rate change was flat for the first quarter of 2026.

Current wording

Wholesale Commercial's gross written premiums grew by 1.5% for the quarter ended June 30, 2026, and lower by 1.8% for the six months ended June 30, 2026. The Company maintained its pricing and return standards amidst competitive market conditions, particularly as regards property rate reductions. Wholesale Commercial’s rate change was flat for the quarter and six months ended June 30, 2026.

Previous wording

Vacant Express and Collectibles' direct written premiums grew by 4.9% and 12.6%, respectively. This growth was driven by premium rate increases, new agency appointments, and organic growth of existing agents.

Current wording

Vacant Express and Collectibles' gross written premiums grew by 5.6% and 13.7% for the quarter ended June 30, 2026, respectively, and grew by 5.3% and 13.2% for the six months ended June 30, 2026, respectively, as compared to the same periods in 2025. This growth was driven by new agency appointments, organic growth of existing agents, and premium rate increases.

Previous wording

Belmont Core's assumed business grew to $11.2 million for the quarter ended March 31, 2026 from $10.9 million for the same period in 2025 due to new treaties incepting during 2025 and 2026 and organic growth from existing treaties.

Current wording

Assumed Reinsurance grew by 78.9% to $21.5 million and 42.5% to $32.7 million for the quarter and six months ended June 30, 2026, respectively, from $12.0 million and $23.0 million for the same periods in 2025 due to new treaties incepting during 2025 and 2026 and organic growth from existing treaties.

Previous wording

The components of income (loss) from the Company’s reportable segments and corresponding underwriting ratios are as follows:

Current wording

The components of income (loss) from the Company’s reportable segments and corresponding underwriting ratios for the quarters ended June 30, 2026 and 2025 are as follows:

Previous wording

Agency and Insurance Services' segment loss was $0.4 million for the quarter ended March 31, 2026 compared to segment income of $1.8 million for the same period in 2025.

Current wording

Agency and Insurance Services' segment income was $1.4 million for the quarter ended June 30, 2026 compared to segment income of $2.3 million for the same period in 2025.

Previous wording

Direct written premiums produced for Belmont Core was $80.1 million and $87.5 million for the quarters ended March 31, 2026 and 2025, respectively. Commission income on premiums produced for Belmont Core was $9.5 million and $10.6 million for the quarters ended March 31, 2026 and 2025, respectively, and service fee income for technology and claims services provided to Belmont Core and Non-Core segments was $2.9 million and $3.5 million for the quarters ended March 31, 2026 and 2025, respectively. These amounts are eliminated in the Company's Consolidated Financial Statements.

Current wording

Gross written premiums produced for Belmont Core was $87.9 million and $97.8 million for the quarters ended June 30, 2026 and 2025, respectively. Commission income on premiums produced for Belmont Core was $10.5 million and $11.5 million for the quarters ended June 30, 2026 and 2025, respectively, and service fee income for technology and claims services provided to Belmont Core and Non-Core segments was $2.9 million and $3.4 million for the quarters ended June 30, 2026 and 2025, respectively. These amounts are eliminated in the Company's Consolidated Financial Statements.

Previous wording

Third-party commission and service fee income of $0.4 million for the quarter ended March 31, 2026. There was no third-party commission and service fee income for the quarter ended March 31, 2025.

Current wording

Third-party commission and service fee income was $0.3 million for the quarter ended June 30, 2026. There was no third-party commission and service fee income for the quarter ended June 30, 2025.

Previous wording

Net earned premiums within the Belmont Core segment increased by 6.6% to $98.4 million for the quarter ended March 31, 2026 compared to $92.3 million for the same period in 2025. Property net earned premiums were $39.3 million and $37.7 million for the quarters ended March 31, 2026 and 2025, respectively. Casualty net earned premiums were $59.1 million and $54.6 million for the quarters ended March 31, 2026 and 2025, respectively.

Current wording

Net earned premiums within the Belmont Core segment increased by 1.4% to $98.8 million for the quarter ended June 30, 2026 compared to $97.5 million for the same period in 2025. Property net earned premiums were $39.3 million and $40.4 million for the quarters ended June 30, 2026 and 2025, respectively. Casualty net earned premiums were $59.5 million and $57.1 million for the quarters ended June 30, 2026 and 2025, respectively.

Previous wording

Policy and installment fee income was $0.5 million and $0.4 million during the quarters ended March 31, 2026 and 2025, respectively.

Current wording

Policy and installment fee income was $1.0 million and $0.9 million during the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Other operating expenses increased $1.0 million to $13.6 million for the quarter ended March 31, 2026 compared to $12.6 million for the same period in 2025 primarily due to $1.1 million in third-party distribution expenses. There were no third-party distribution expenses in the first quarter of 2025.

Current wording

Other operating expenses increased $0.8 million to $26.5 million for the six months ended June 30, 2026 compared to $25.7 million for the same period in 2025 primarily due to $2.3 million in third-party distribution expenses. There were no third-party distribution expenses in 2025.

Previous wording

Belmont Core's segment income increased 145.3% to $5.2 million for the quarter ended March 31, 2026 compared to a segment loss of $11.6 million for the same period in 2025. Excluding California Wildfires losses of $15.6 million in 2025, Belmont Core's segment income increased from $4.0 million for the quarter ended March 31, 2025 to $5.2 million for the quarter ended March 31, 2026. The current accident year combined ratio improved 17.8 points to 94.7% for quarter ended March 31, 2026 from 112.5% for the same period in 2025 mainly due to the California Wildfires which impacted the combined ratio by 16.9 points in 2025.

Current wording

Belmont Core's segment income increased to $8.6 million for the six months ended June 30, 2026 compared to a segment loss of $8.8 million for the same period in 2025. Belmont Core's segment loss for the six months ended June 30, 2025 includes net losses and loss adjustment expenses related to California Wildfire events in January 2025 ("California Wildfires") totaling $15.7 million. Excluding California Wildfires in 2025, Belmont Core's segment income increased from $6.8 million for the six months ended June 30, 2025 to $8.6 million for the six months ended June 30, 2026. The current accident year combined ratio improved 8.4 points to 95.6% for six months ended June 30, 2026 from 104.0% for the same period in 2025 mainly due to the California Wildfires which impacted the combined ratio by 8.3 points in 2025.

Previous wording

The current accident year loss ratio improved by 16.8 points to 55.2% for the quarter ended March 31, 2026 compared to 72.0% for the same period in 2025 primarily driven by an improvement in the catastrophe loss ratio. The California Wildfires impacted the 2025 current accident year loss ratio by 16.9 points.

Current wording

The current accident year loss ratio improved by 9.2 points to 54.7% for the six months ended June 30, 2026 compared to 63.9% for the same period in 2025 primarily driven by an improvement in the catastrophe loss ratio. The California Wildfires impacted the 2025 current accident year loss ratio by 8.3 points.

Previous wording

The current accident year non-catastrophe property loss ratio was 43.3% for the quarter ended March 31, 2026 compared to 45.3% for the same period in 2025, an improvement of 2.0 points, driven by lower claims frequency.

Current wording

The current accident year non-catastrophe property loss ratio was 39.8% for the quarter ended June 30, 2026 compared to 40.5% for the same period in 2025, an improvement of 0.7 points, driven by lower claims frequency.

Previous wording

The current accident year catastrophe net losses and loss adjustment expenses decreased to $2.2 million for the quarter ended March 31, 2026 compared to $17.9 million for the same period in 2025 which included $15.6 million of catastrophe losses related to the California Wildfires. Excluding California Wildfires in 2025, the current accident year catastrophe loss ratio improved from 6.0% for the quarter ended March 31, 2025 to 5.6% for the quarter ended March 31, 2026.

Current wording

The current accident year catastrophe net losses and loss adjustment expenses decreased to $5.1 million for the six months ended June 30, 2026 compared to $23.1 million for the same period in 2025 which included $15.7 million of catastrophe losses related to the California Wildfires. Excluding California Wildfires in 2025, the current accident year catastrophe loss ratio improved from 9.5% for the six months ended June 30, 2025 to 6.5% for the six months ended June 30, 2026 driven by lower claims frequency.

Previous wording

The current accident year casualty loss ratio increased by 1.7 points during the quarter ended March 31, 2026 mainly driven by a change in mix of business.

Current wording

The current accident year casualty loss ratio increased by 1.2 points during the six months ended June 30, 2026 mainly driven by a change in mix of business.

Previous wording

Belmont Non-Core segment comprises lines of business that have been de-emphasized or are no longer being written. Belmont Non-Core recognized a segment loss of $0.3 million and $0.7 million during the quarters ended March 31, 2026 and 2025, respectively.

Current wording

Belmont Non-Core segment comprises lines of business that have been de-emphasized or are no longer being written. Belmont Non-Core recognized a segment loss of less than $0.1 million and segment income of $0.8 million during the quarters ended June 30, 2026 and 2025, respectively, and a segment loss of $0.3 million and segment income of less than $0.1 million during the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Net investment income from the Company’s fixed maturities portfolio decreased by 7.9% for the quarter ended March 31, 2026 as compared to the same period in 2025 primarily due to a lower average yield in 2026 as compared to 2025 due to an increase in allocation to U.S. Treasuries.

Current wording

Net investment income from the Company’s fixed maturities portfolio decreased by 10.8% and 9.3% for the quarter and six months ended June 30, 2026, respectively, as compared to the same periods in 2025 primarily due to a lower average yield in 2026 as compared to 2025 due to an increase in allocation to U.S. Treasuries.

Previous wording

Net investment income from equities increased by $0.5 million to $0.6 million for the quarter ended March 31, 2026 as compared to the same period in 2025 primarily driven by the Company's $25 million investment in common equities during the third quarter of 2025.

Current wording

Net investment income from equities increased by $0.4 million to $0.6 million for the quarter ended June 30, 2026 and increased by $0.9 million to $1.2 million for the six months ended June 30, 2026, respectively, as compared to the same periods in 2025 primarily driven by the Company's investment in common equities during the third quarter of 2025.

Previous wording

Income from limited partnerships decreased by $1.9 million for the quarter ended March 31, 2026 which was attributable to the decline in market value in one of the Company's limited partnership investments during the first quarter of 2026. We expect a full recovery related to this investment to be recorded in the second quarter of 2026.

Current wording

Income from limited partnerships increased by $2.9 million and $1.0 million for the quarter and six months ended June 30, 2026, respectively, which was attributable to the increase in market value in one of the Company's limited partnership investments during the second quarter of 2026.

Previous wording

The Company's fixed maturities portfolio continues to maintain high quality with an AA- average rating, duration of 1.0 years, and consists of the following:

Current wording

The Company's fixed maturities portfolio continues to maintain high quality with an AA- average rating, duration of 1.1 years, and consists of the following:

Previous wording

The components of net realized investment gains (losses) for the quarters ended March 31, 2026 and 2025 were as follows:

Current wording

The components of net realized investment gains (losses) for the quarters and six months ended June 30, 2026 and 2025 were as follows:

Previous wording

See Note 2 of the notes to the consolidated financial statements in Item 1 of Part I of this report for an analysis of total investment return on a pre-tax basis for the quarters ended March 31, 2026 and 2025.

Current wording

See Note 2 of the notes to the consolidated financial statements in Item 1 of Part I of this report for an analysis of total investment return on a pre-tax basis for the quarters and six months ended June 30, 2026 and 2025.

Previous wording

Corporate expenses decreased $0.5 million to $9.0 million for the quarter ended March 31, 2026 from $9.5 million for the same period in 2025 primarily due to a reduction in professional and advisory fees partially offset by an increase in severance related compensation.

Current wording

Corporate expenses decreased $1.1 million to $15.9 million for the six months ended June 30, 2026 from $17.0 million for the same period in 2025 primarily due to a reduction in professional and advisory fees partially offset by an increase in severance related compensation.

Previous wording

Income tax expense was $1.3 million on net income before tax of $5.5 million for the quarter ended March 31, 2026. This compares to income tax benefit of $1.1 million on net loss before tax of $5.1 million for the same period in 2025.

Current wording

Income tax expense was $3.3 million on net income before tax of $14.4 million for the quarter ended June 30, 2026. This compares to income tax expense of $2.8 million on net income before tax of $13.1 million for the same period in 2025.

Previous wording

Amounts recorded for unpaid losses and loss adjustment expenses represent management’s best estimate at March 31, 2026. Management’s best estimate is as of a particular point in time and is based upon known facts, the Company’s actuarial analyses, current law, and the Company’s judgment. This resulted in carried gross reserves of $747.1 million and $750.2 million as of March 31, 2026 and December 31, 2025, respectively, and net reserves of $684.4 million and $689.3 million as of March 31, 2026 and December 31, 2025, respectively. A breakout of the Company’s gross and net reserves is as follows:

Current wording

Amounts recorded for unpaid losses and loss adjustment expenses represent management’s best estimate at June 30, 2026. Management’s best estimate is as of a particular point in time and is based upon known facts, the Company’s actuarial analyses, current law, and the Company’s judgment. This resulted in carried gross reserves of $718.5 million and $750.2 million as of June 30, 2026 and December 31, 2025, respectively, and net reserves of $656.9 million and $689.3 million as of June 30, 2026 and December 31, 2025, respectively. A breakout of the Company’s gross and net reserves is as follows:

Previous wording

Each reserve category has an implicit frequency and severity for each accident year as a result of the various assumptions made. If the actual levels of frequency and severity are higher or lower than expected, the ultimate net losses and loss adjustment expenses will be different than management’s best estimate. For most of its reserve categories, the Company believes that frequency can be predicted with greater accuracy than severity. Therefore, the Company believes management’s best estimate is more likely influenced by changes in severity than frequency. The following table, which the

Current wording

Each reserve category has an implicit frequency and severity for each accident year as a result of the various assumptions made. If the actual levels of frequency and severity are higher or lower than expected, the ultimate net losses and loss adjustment expenses will be different than management’s best estimate. For most of its reserve categories, the Company believes that frequency can be predicted with greater accuracy than severity. Therefore, the Company believes management’s best estimate is more likely influenced by changes in severity than frequency. The following table, which the Company believes reflects a reasonable range of variability around its best estimate based on historical loss experience and management’s judgment, reflects the impact of changes (which could be favorable or unfavorable) in frequency and severity on the Company’s current accident year net losses and loss adjustment expenses estimate of $106.9 million for claims occurring during the six months ended June 30, 2026:

Previous wording

The Company’s net reserves for losses and loss adjustment expenses of $684.4 million as of March 31, 2026 relate to multiple accident years. Therefore, the impact of changes in loss frequency and severity for more than one accident year could be higher or lower than the amounts reflected above.

Current wording

The Company’s net reserves for losses and loss adjustment expenses of $656.9 million as of June 30, 2026 relate to multiple accident years. Therefore, the impact of changes in loss frequency and severity for more than one accident year could be higher or lower than the amounts reflected above.

Previous wording

(3) Represents net losses and loss adjustment expenses of $15.6 million less tax benefit of $3.4 million.

Current wording

(3) Represents net losses and loss adjustment expenses of $15.7 million less tax benefit of $3.3 million.

Previous wording

(4) See previous table for reconciliation of non-GAAP financial measures or ratios to its most directly comparable GAAP measure or ratio for current accident year catastrophe net losses and loss adjustment expenses.

Current wording

(4) See previous table for reconciliation of non-GAAP financial measures or ratios to its most directly comparable GAAP measure or ratio for current accident year catastrophe loss ratio.

Previous wording

Belmont Holdings GX, Inc. is dependent on dividends from its insurance subsidiaries which are restricted by statute as to the amount of dividends that they may pay without the prior approval of regulatory authorities. The dividend limitations imposed by state laws are based on the statutory financial results of each insurance company that are determined by using statutory accounting practices that differ in various respects from accounting principles used in financial statements prepared in conformity with GAAP. See “Regulation - Statutory Accounting Principles” in Item 1 of Part I of the Company’s 2025 Annual Report on Form 10-K. Key differences relate to, among other items, deferred acquisition costs, limitations on deferred income taxes, reserve calculation assumptions and surplus notes. See Note 19 of the notes to the consolidated financial statements in Item 8 of Part II of the Company’s 2025 Annual Report on Form 10-K for further information on dividend limitations related to the insurance companies. There were no dividends declared by the Company's insurance subsidiaries during the quarter ended March 31, 2026.

Current wording

Belmont Holdings GX, Inc. is dependent on dividends from its insurance subsidiaries which are restricted by statute as to the amount of dividends that they may pay without the prior approval of regulatory authorities. The dividend limitations imposed by state laws are based on the statutory financial results of each insurance company that are determined by using statutory accounting practices that differ in various respects from accounting principles used in financial statements prepared in conformity with GAAP. See “Regulation - Statutory Accounting Principles” in Item 1 of Part I of the Company’s 2025 Annual Report on Form 10-K. Key differences relate to, among other items, deferred acquisition costs, limitations on deferred income taxes, reserve calculation assumptions and surplus notes. See Note 19 of the notes to the consolidated financial statements in Item 8 of Part II of the Company’s 2025 Annual Report on Form 10-K for further information on dividend limitations related to the insurance companies. There were no dividends declared by the Company's insurance subsidiaries during the quarter and six months ended June 30, 2026.

Previous wording

Net cash provided by (used for) operating activities was $17.9 million and $2.4 million for the quarters ended March 31, 2026 and 2025, respectively, consisting of the following:

Current wording

Net cash provided by (used for) operating activities was $33.7 million and $9.4 million for the six months ended June 30, 2026 and 2025, respectively, consisting of the following:

Previous wording

The decrease in cash flows of $20.3 million in 2026 compared to the same period in 2025 consists of:

Current wording

The decrease in cash flows of $43.1 million in 2026 compared to the same period in 2025 consists of: