WILMINGTON, DE — Global Indemnity Group, LLC (NYSE: GBLI) announced a net loss of $4.1 million, or $0.30 per share, for the first quarter of 2025, primarily driven by losses from the January California Wildfires. Excluding this event, the company reported net income of $8.1 million, or $0.58 per share, showcasing underlying operational resilience.
The California Wildfires caused after-tax losses of $12.2 million, leading to a current accident year underwriting loss of $10.3 million. Without the wildfire impact, underwriting income would have remained consistent with the prior year at $5.3 million.
Gross written premiums rose 6% year-over-year to $98.7 million, with notable performance across key areas. Excluding terminated products, premiums grew 16%, bolstered by a 20% increase in InsurTech premiums, which reached $15 million due to organic growth, new agency appointments, and product introductions. Wholesale Commercial premium growth also accelerated, climbing 6% to $64.9 million, or 14% excluding audit premiums. Assumed Reinsurance achieved a significant 275% growth, reaching $10.9 million, fueled by new treaties.
“We remain focused on growing key segments while managing challenges like the catastrophic California Wildfires,” said the company.
Investment results strengthened, with net investment income increasing 2% year-over-year to $14.8 million. The fixed maturities portfolio yield rose to 4.5%, and the company achieved an annualized investment return of 5.4%.
Structural realignments also marked the quarter. The company reorganized into three operational segments under updated holding companies. The changes are aimed at enhancing efficiency and positioning for growth.
Shareholders’ equity totaled $687.1 million as of March 31, 2025, slightly down from $689.1 million at the end of 2024. Book value per common share was $47.85, compared to $49.98 in December 2024, reflecting the impacts of the wildfire losses.
Global Indemnity Group continues to emphasize investment in core businesses, focusing on strategic growth opportunities while navigating external challenges.
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