Global Indemnity Group, LLC

Previous wording

Current accident year underwriting income improved to $11.2 million for 2026 compared to an underwriting loss of $4.7 million in same period in 2025. Current accident year combined ratio was 94.8% compared to 103.0% for the same period in 2025.

Current wording

Current accident year underwriting income improved to $16.9 million for 2026 compared to underwriting income of $5.4 million in the same period in 2025. Current accident year combined ratio was 94.7% compared to 98.7% for the same period in 2025.

Previous wording

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

Current wording

Net earned premiums grew 2.5% to $295.4 million in 2026 from $288.1 million in 2025.

Previous 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.

Current wording

Net income of $24.2 million, or $1.65 per share diluted, in 2026 compared to $18.9 million, or $1.30 per share diluted, for the same period in 2025.

Previous 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.

Current wording

Since the Company's initial public offering in 2003, the total capital returned to shareholders was $664.9 million, comprising $522.2 million of share repurchases and $142.7 million of distributions / dividends. This includes $15.4 million of distributions during 2026.

Previous wording

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

Current wording

Shareholders' equity was $704.9 million at September 30, 2026 compared to $706.6 million at December 31, 2025.

Previous wording

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

Current wording

Book value per common share was $47.87 at September 30, 2026 compared to $48.96 at December 31, 2025.

Previous wording

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

Current wording

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

Previous wording

The loss ratio is a GAAP financial measure that is generally viewed in the insurance industry as an indicator of underwriting profitability and is calculated by dividing net losses and loss adjustment expenses by net earned premiums.

Current wording

The loss ratio is a GAAP financial measure that is calculated by dividing net losses and loss adjustment expenses by net earned premiums.

Previous wording

The combined ratio is a GAAP financial measure and is the sum of the Company’s loss and expense ratios.

Current wording

The combined ratio is a GAAP financial measure that is generally viewed in the insurance industry as an indicator of underwriting profitability and is the sum of the Company’s loss and expense ratios.

Previous 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.

Current wording

Wholesale Commercial's gross written premiums declined 8.6% and 4.1% for the quarter and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025. The Company maintained its pricing and return standards amidst competitive market conditions, particularly as regards property rate reductions. Wholesale Commercial’s overall rate reduction was only 3% for the quarter and 1% for the nine months ended September 30, 2026.

Previous 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.

Current wording

Vacant Express and Collectibles' gross written premiums grew by 1.0% and 13.8% for the quarter ended September 30, 2026, respectively, and grew by 3.8% and 13.4% for the nine months ended September 30, 2026, respectively, as compared to the same periods in 2025. This growth was driven by strong market opportunity in target classes, new agency appointments, organic growth of existing agents, and premium rate increases.

Previous wording

Gross written premiums for Specialty Products declined 35.7% and 21.0% for the quarter and six months ended June 30, 2026, respectively, as compared to the same periods in 2025 due to terminating products not meeting profitability expectations as well as being impacted by competitive market conditions.

Current wording

Gross written premiums for Specialty Products declined 9.5% and 17.6% for the quarter and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025 due to terminating products not meeting profitability expectations as well as being impacted by competitive market conditions. Excluding terminated business, Specialty Products' gross written premiums increased 4.5% to $7.7 million for the quarter ended September 30, 2026 and 0.5% to $23.2 million for the nine months ended September 30, 2026, compared to the same periods in 2025.

Previous 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.

Current wording

Agency and Insurance Services' segment income was less than $0.1 million for the quarter ended September 30, 2026 compared to segment income of $1.2 million for the same period in 2025.

Previous 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.

Current wording

Gross written premiums produced for Belmont Core were $79.4 million and $92.9 million for the quarters ended September 30, 2026 and 2025, respectively. Effective February 1, 2026, Agency and Insurance Services no longer handle the distribution of Specialty Products, which is now managed directly by Belmont Holding personnel. Commission income on premiums produced for Belmont Core was $9.5 million and $11.0 million for the quarters ended September 30, 2026 and 2025, respectively, and service fee income for technology and claims services provided to Belmont Core and Non-Core segments was $3.0 million and $3.4 million for the quarters ended September 30, 2026 and 2025, respectively. These amounts are eliminated in the Company's Consolidated Financial Statements.

Previous 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.

Current wording

Third-party commission, service fee income, and policy and installment fee income was $0.8 million and $0.6 million for the quarters ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

Net earned premiums within the Belmont Core segment decreased by 1.2% to $98.2 million for the quarter ended September 30, 2026 compared to $99.4 million for the same period in 2025. Property net earned premiums were $41.8 million and $40.6 million for the quarters ended September 30, 2026 and 2025, respectively. Casualty net earned premiums were $56.4 million and $58.7 million for the quarters ended September 30, 2026 and 2025, respectively.

Previous wording

The current accident year loss ratio improved by 2.0 points to 54.1% for the quarter ended June 30, 2026 compared to 56.1% for the same period in 2025 primarily driven by an improvement in the catastrophe loss ratio.

Current wording

The current accident year loss ratio was 53.3% for the quarter ended September 30, 2026 compared to 50.3% for the same period in 2025 primarily driven by an increase in property loss ratio.

Previous wording

Net losses and loss adjustment expenses related to prior accident years were zero and $1.4 million for the quarters ended June 30, 2026 and 2025, respectively. See Note 6 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.

Current wording

Net losses and loss adjustment expenses related to prior accident years were an increase of $1.3 million and $2.6 million for the quarters ended September 30, 2026 and 2025, respectively. See Note 6 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.

Previous wording

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

Current wording

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

Previous wording

Agency and Insurance Services' segment income was $1.0 million for the six months ended June 30, 2026 compared to segment income of $4.1 million for the same period in 2025.

Current wording

Agency and Insurance Services' segment income was $1.0 million for the nine months ended September 30, 2026 compared to segment income of $5.3 million for the same period in 2025.

Previous wording

Gross written premiums produced for Belmont Core was $168.0 million and $185.2 million for the six months ended June 30, 2026 and 2025, respectively. Commission income on premiums produced for Belmont Core was $20.0 million and $22.0 million for the six months 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 $5.8 million and $6.9 million for the six months ended June 30, 2026 and 2025, respectively. These amounts are eliminated in the Company's Consolidated Financial Statements.

Current wording

Gross written premiums produced for Belmont Core were $247.4 million and $278.2 million for the nine months ended September 30, 2026 and 2025, respectively. Effective February 1, 2026, Agency and Insurance Services no longer handle the distribution of Specialty Products, which is now managed directly by Belmont Holding personnel. Commission income on premiums produced for Belmont Core was $29.5 million and $33.1 million for the nine months ended September 30, 2026 and 2025, respectively, and service fee income for technology and claims services provided to Belmont Core and Non-Core segments was $8.8 million and $10.3 million for the nine months ended September 30, 2026 and 2025, respectively. These amounts are eliminated in the Company's Consolidated Financial Statements.

Previous 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.

Current wording

Belmont Core's segment income increased to $12.5 million for the nine months ended September 30, 2026 compared to a segment loss of $2.3 million for the same period in 2025. Belmont Core's segment loss for the nine months ended September 30, 2025 includes net losses and loss adjustment expenses related to California Wildfire events in January 2025 ("California Wildfires") totaling $15.8 million. Excluding California Wildfires in 2025, Belmont Core's segment income would have been $13.4 million for the nine months ended September 30, 2025. The current accident year combined ratio improved 4.2 points to 95.2% for the nine months ended September 30, 2026 from 99.4% for the same period in 2025, mainly due to the California Wildfires, which impacted the combined ratio by 5.4 points in 2025.

Previous wording

Net earned premiums within the Belmont Core segment increased by 3.9% to $197.2 million for the six months ended June 30, 2026 compared to $189.8 million for the same period in 2025. Property net earned premiums were $78.6 million and $78.1 million for the six months ended June 30, 2026 and 2025, respectively. Casualty net earned premiums were $118.6 million and $111.7 million for the six months ended June 30, 2026 and 2025, respectively.

Current wording

Net earned premiums within the Belmont Core segment increased by 2.2% to $295.4 million for the nine months ended September 30, 2026 compared to $289.2 million for the same period in 2025. Property net earned premiums were $120.5 million and $118.7 million for the nine months ended September 30, 2026 and 2025, respectively. Casualty net earned premiums were $174.9 million and $170.4 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

The current accident year loss ratio improved by 5.0 points to 54.2% for the nine months ended September 30, 2026 compared to 59.2% 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 5.4 points.

Previous wording

Net losses and loss adjustment expenses related to prior accident years were zero and $1.4 million for the six months ended June 30, 2026 and 2025, respectively. See Note 6 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.

Current wording

Net losses and loss adjustment expenses related to prior accident years were an increase of $1.3 million and $4.0 million for the nine months ended September 30, 2026 and 2025, respectively. See Note 6 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.

Previous wording

The current accident year non-catastrophe property loss ratio was 41.6% for the six months ended June 30, 2026 compared to 42.8% for the same period in 2025, an improvement of 1.2 points, driven by lower claims frequency.

Current wording

The current accident year non-catastrophe property loss ratio was 39.2% for the quarter ended September 30, 2026 compared to 35.9% for the same period in 2025. The 3.3 point increase reflects higher claims severity driven by exceptionally low number of large losses in the quarter ended September 30, 2025.

Previous wording

The current accident year catastrophe net losses and loss adjustment expenses decreased to $2.9 million for the quarter ended June 30, 2026 compared to $5.2 million for the same period in 2025 driven by lower claims frequency.

Current wording

The current accident year catastrophe net losses and loss adjustment expenses were $2.8 million for the quarter ended September 30, 2026 compared to $1.3 million for the same period in 2025 driven by higher claims frequency.

Previous wording

The current accident year casualty loss ratio increased by 0.6 points during the quarter ended June 30, 2026 as compared to the same period in 2025 mainly driven by a change in mix of business.

Current wording

The current accident year casualty loss ratio was 58.6% for the quarter ended September 30, 2026, compared with 58.2% for the same period in 2025, driven mainly by mix of business.

Previous 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.

Current wording

The current accident year non-catastrophe property loss ratio was 40.8% for the nine months ended September 30, 2026, in line with 40.5% for the same period in 2025.

Previous 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.

Current wording

The current accident year catastrophe net losses and loss adjustment expenses decreased to $7.9 million for the nine months ended September 30, 2026 compared to $24.4 million for the same period in 2025 which included $15.8 million of catastrophe losses related to the California Wildfires. Excluding California Wildfires in 2025, the current accident year catastrophe loss ratio improved from 7.2% for the nine months ended September 30, 2025 to 6.6% for the nine months ended September 30, 2026 driven by lower claims severity.

Previous 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.

Current wording

The current accident year casualty loss ratio was 58.9% for the nine months ended September 30, 2026 compared with 58.0% for the same period in 2025, driven mainly by 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 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.

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 segment income of $1.3 million and $2.3 million during the quarters ended September 30, 2026 and 2025, respectively, and segment income of $1.0 million and $2.4 million during the nine months ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

Net investment income from the Company’s fixed maturities portfolio decreased by 4.1% and 7.6% for the quarter and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025 primarily due to a lower average yield in 2026 as compared to 2025 driven by a decrease in yield on U.S. Treasuries. The average annualized book yield on the Company’s fixed maturities portfolio was 4.4% for the quarter and 4.1% for the nine months ended September 30, 2026, compared with 4.5% and 4.3%, respectively, for the corresponding periods in 2025.

Previous 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.

Current wording

Net investment income from equities decreased by $0.2 million to $0.5 million for the quarter ended September 30, 2026 due to the disposal of equity securities during 2026. Net investment income from equities increased by $0.7 million to $1.7 million for the nine months ended September 30, 2026 as compared to the same periods in 2025 primarily driven by the Company's initial investment in common equity securities during the third quarter of 2025.

Previous 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.

Current wording

Income from limited partnerships decreased by $2.6 million and $1.6 million for the quarter and nine months ended September 30, 2026, respectively, which was attributable to the decrease in market value in one of the Company's limited partnership investments during the third quarter of 2026.

Previous 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:

Current wording

The Company's fixed maturities portfolio continues to maintain high quality with an AA- average rating. The book yield on the fixed maturities portfolio increased to 4.8% with a duration of 1.5 years as of September 30, 2026 compared with a book yield of 4.3% and duration of 1.0 years as of December 31, 2025. The fixed maturities consists of the following:

Previous wording

Excluding the structured bonds, the average duration of the Company’s fixed maturities portfolio was 0.4 years as of June 30, 2026 compared with 0.5 years as of December 31, 2025. Structured bonds are subject to conditional prepayment rates whereas the remaining bonds have a set maturity date. Changes in interest rates can cause principal payments on structured bonds to extend or shorten which can impact duration.

Current wording

Excluding the structured bonds, the average duration of the Company’s fixed maturities portfolio was 0.5 years as of September 30, 2026 and December 31, 2025. Structured bonds are subject to conditional prepayment rates whereas the remaining bonds have a set maturity date. Changes in interest rates can cause principal payments on structured bonds to extend or shorten which can impact duration.

Previous wording

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

Current wording

The components of net realized investment gains (losses) for the quarters and nine months ended September 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 and six months ended June 30, 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 nine months ended September 30, 2026 and 2025.

Previous wording

Corporate expenses decreased $0.7 million to $6.8 million for the quarter ended June 30, 2026 from $7.5 million for the same period in 2025 primarily due to a reduction in professional and advisory fees.

Current wording

Corporate expenses decreased $0.5 million to $7.3 million for the quarter ended September 30, 2026 from $7.8 million for the same period in 2025 primarily due to a reduction in recruiting expenses.