Global Indemnity Group, LLC - GBLI STOCK NEWS

Global Indemnity Group (NYSE:GBLI) announced that it will release its Third Quarter 2022 earnings before the market opens on November 8, 2022. An earnings call will follow at 11:00 a.m. Eastern on the same day, with availability for webcasting on its website.

Global Indemnity offers specialty property and casualty insurance coverage through its subsidiaries in the U.S. and reinsurance worldwide, operating in four primary business units including Small to Middle Market Commercial Business and Reinsurance.

Global Indemnity Group (NYSE:GBLI) has announced a distribution payment of $0.25 per common share, set to be paid on October 11, 2022, to shareholders on record as of the close on October 4, 2022. This financial move reflects the company's commitment to returning value to its shareholders. Global Indemnity operates in the specialty property and casualty insurance sector across the United States and provides reinsurance worldwide through its subsidiaries.

AM Best has placed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of American Reliable Insurance Company (ARIC) under review with negative implications. This follows ARIC's sale of its farm, ranch, and equine business to Everett Cash Mutual Insurance Company (ECM) for approximately $85 million. After the sale, ARIC will no longer be part of Global Indemnity Group, which is significant for its group rating. The transaction is expected to close in Q1 2023, pending regulatory approvals.

Global Indemnity Group (NYSE:GBLI) reported significant financial metrics for the six months ended June 30, 2022, showing a net loss of $27.2 million, or $1.87 per share, compared to a net income of $11.7 million for the same period in 2021. The company’s adjusted operating income fell to $7.3 million from $11.4 million year-over-year. Gross written premiums increased by 26.1% to $387.8 million, while catastrophe losses declined to $5.4 million. However, investment income dropped significantly, largely due to a negative impact from an alternative investment.

Global Indemnity Group (NYSE:GBLI) announced the sale of American Reliable Insurance Company’s (ARIC) Farm, Ranch, and Equine business to Everett Cash Mutual. The transaction includes $85 million, comprising $30 million for renewal rights. The expected closure is set for Q1 2023, pending regulatory approval. This acquisition aims to enhance service delivery to ARIC policyholders and expand ECM's market position. GBLI plans to concentrate more on its specialty casualty businesses.

Global Indemnity Group (NYSE:GBLI) will announce its Second Quarter 2022 earnings on August 9, 2022, before market open. An earnings call will take place on the same day at 11:00 a.m. Eastern, accessible via their website. GBLI specializes in both admitted and non-admitted specialty property and casualty insurance coverages in the United States and provides reinsurance globally through its subsidiaries. Investors are advised that forward-looking statements may be affected by risks including COVID-19, potentially leading to results that differ from projections.

Global Indemnity Group (NYSE:GBLI) has announced a distribution payment of $0.25 per common share. This payment will be made on June 30, 2022, to shareholders of record as of the close of business on June 20, 2022. The company operates through various subsidiaries, offering specialty property and casualty insurance coverages in the U.S. and worldwide reinsurance. Its four primary segments include Commercial Specialty, Reinsurance, Farm, Ranch & Equine, and Exited Lines.

AM Best has reaffirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issue Credit Rating of “a” (Excellent) for the U.S. subsidiaries of Global Indemnity Group. The outlook for these ratings is stable. Factors influencing the ratings include the company's strong balance sheet, with risk-adjusted capitalization at the strongest level, and stable operating performance despite some volatility in certain segments. The company has no long-term debt following the redemption of $130 million subordinated debt in April 2022.

Global Indemnity Group (GBLI) reported a net loss of $14.9 million for Q1 2022, contrasting with a net income of $5.4 million in Q1 2021. Gross written premiums rose by 27.3% to $191 million. The combined ratio improved to 95.0% from 101.2%, with a reduced loss ratio of 56.9%. Adjusted operating income reached $5.4 million, up from $2.3 million the previous year. However, book value decreased by $36.9 million, falling to $669.7 million. The company also prepaid $130 million in debt.