WILMINGTON, DE — Global Indemnity Group LLC (Nasdaq: GBLI) posted an 8% increase in second-quarter net income as lower claims costs and premium growth supported underwriting profitability, while expansion in assumed reinsurance helped drive its core insurance business.
Net income rose to $11.1 million, or 76 cents per share, for the three months ended June 30, from $10.3 million, or 71 cents per share, a year earlier. Current accident-year underwriting income increased 3% to $5.8 million.
The property and casualty insurer reported a 53.8% second-quarter loss ratio, down from 55.6% a year earlier. Its current accident-year combined ratio was 94.7%, compared with 94.6% in the year-earlier period.
Belmont Core gross written premiums increased 7% to $117.3 million during the quarter. Assumed reinsurance was the strongest source of growth, climbing 79% to $21.5 million as new treaties that began in 2025 and 2026 contributed to volume.
Wholesale Commercial premiums increased about 2% to $70.1 million in the quarter, returning the business to growth. Global Indemnity indicated that it is maintaining pricing and return standards as competition intensifies, particularly amid reductions in property rates.
For the first six months of 2026, net income reached $15.3 million, or $1.05 per share, compared with $6.4 million, or 43 cents per share, a year earlier. The comparison was affected by $15.7 million in California wildfire losses and loss-adjustment expenses recorded in the first half of 2025.
Excluding those wildfire losses, first-half current accident-year underwriting income increased about 3% to $11.2 million from $10.9 million. Net earned premiums rose 5% to $197 million, while the comparable current accident-year combined ratio was 94.8%, versus 94.7% a year earlier.
Operating income for the six-month period increased to $16.9 million, or $1.16 per share, from $6.2 million, or 42 cents per share. Excluding the prior-year wildfire impact, however, operating income declined from $18.6 million.
First-half Belmont Core gross written premiums increased 3% to $213.7 million. Assumed reinsurance rose 43% to $32.7 million, while Vacant Express increased 5% to $24.5 million and Collectibles climbed 13% to $9.4 million.
Specialty Products premiums fell 21% to $15.5 million as terminated business continued to run off. Wholesale Commercial premiums declined 2% to $131.6 million for the six-month period despite returning to growth during the second quarter.
Investment income totaled $16.4 million in the second quarter, up from $14.7 million a year earlier. For the first half, investment income declined to $28.6 million from $29.5 million as the company increased its allocation to U.S. Treasuries.
Global Indemnity had about $1.4 billion of investments at June 30, with 98% held in fixed-income securities and cash. Its fixed-income portfolio carried a 4.42% book yield, a duration of 1.08 years and an AA- overall credit rating.
Common shareholders’ equity stood at $706.9 million at the end of June, compared with $702.6 million at the end of 2025. Book value declined to $48.28 per share from $48.96 as dividends, additional shares and a decline in the fair value of fixed-income holdings offset earnings.
The company paid $10.3 million in dividends, or 70 cents per common share, during the first half. Global Indemnity reported returning $659.8 million to shareholders since its 2003 initial public offering, including $522.2 million through share repurchases and $137.6 million through dividends and distributions.
Global Indemnity is a publicly traded holding company whose operations include property and casualty insurers, underwriting agencies and insurance-service businesses.
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