Global Indemnity Group, LLC Announces Hurricane Ian Loss Estimate

Rhea-AI Summary

Global Indemnity Group (GBLI) estimates pretax catastrophe losses from Hurricane Ian at $1.5 million, which will impact their Q3 2022 results. This reflects ongoing efforts to mitigate catastrophe exposures. GBLI is set to announce its Q3 2022 earnings on November 8, 2022, and will hold a call to discuss the results at 11:00 a.m. Eastern that same day. The company primarily offers specialty property and casualty insurance in the U.S. and worldwide through its subsidiary insurance companies.

Positive

• Estimated catastrophe losses from Hurricane Ian are only $1.5 million, indicating effective risk management.
• Company's ongoing efforts to reduce catastrophe exposures may position it favorably for future events.

Negative

• None.

WILMINGTON, Del.--(BUSINESS WIRE)-- Global Indemnity Group, LLC (NYSE: GBLI) (“GBLI”), announced today estimated pretax catastrophe losses from Hurricane Ian of $1.5 million to be reflected in the third quarter of 2022. This estimate is based upon information currently available. The Company’s level of Ian losses reflect the Company’s multi-year efforts to reduce its catastrophe exposures.

GBLI will release its Third Quarter 2022 earnings before market open on Tuesday, November 8, 2022 and will hold an earnings call to discuss Third Quarter 2022 results on Tuesday, November 8, 2022 at 11:00 a.m. Eastern. The earnings call will be webcast by Q4 on GBLI’s website at www.gbli.com.

About Global Indemnity Group, LLC and its subsidiaries

Global Indemnity Group, LLC (NYSE:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. Global Indemnity Group, LLC’s four primary business units are:

• Small to Middle Market Commercial Business

• Commercial Specialty Business

• Programs

• Reinsurance

For more information, visit the Company’s website at www.gbli.com.

Forward-Looking Information

The forward-looking statements contained in this press release do not address a number of risks and uncertainties. Investors are cautioned that Global Indemnity’s actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward-looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnity’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

[1] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221025005691/en/

Media

Stephen W. Ries

Head of Investor Relations

(610) 668-3270

sries@gbli.com

Source: Global Indemnity Group, LLC

FAQ

What are the estimated catastrophe losses for Global Indemnity Group from Hurricane Ian?

Global Indemnity Group estimates pretax catastrophe losses from Hurricane Ian at $1.5 million.

When will Global Indemnity Group release its Q3 2022 earnings?

Global Indemnity Group will release its Q3 2022 earnings before market open on November 8, 2022.

What time is the earnings call for Global Indemnity Group?

The earnings call for Global Indemnity Group is scheduled for 11:00 a.m. Eastern on November 8, 2022.

How is Global Indemnity Group managing catastrophe exposures?

Global Indemnity Group's estimated losses from Hurricane Ian reflect its multi-year efforts to reduce catastrophe exposures.

What services does Global Indemnity Group provide?

Global Indemnity Group provides specialty property and casualty insurance coverages and reinsurance worldwide.