Market Overview

Global Indemnity Limited Reports Third Quarter 2019 Financial Results


GEORGE TOWN, Cayman Islands, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Global Indemnity Limited (NASDAQ:GBLI) today reported net income for the nine months ended September 30, 2019 of $41.0 million or $2.86 per share, an increase of $24.4 million or 146.6%, compared to the same period in 2018. Gross Premiums Written increased by 14.3% to $478.7 million for the nine months ended September 30, 2019, compared to $418.7 million for the same period in 2018. The combined ratio for the first nine months of 2019 was 92.8%, a 5.5 point improvement over the same period in 2018 and total investment return was 6.2%.  Book value per share increased by 12.0% (net of Company dividends of $0.75 per share to shareholders) during the nine months, from $44.21 per share at December 31, 2018 to $49.53 per share at September 30, 2019.

Selected Operating and Balance Sheet Information 
(Dollars in millions, except per share data)
  For the Nine Months
Ended September 30,
  As of
September 30,
  As of
December 31,
    2019     2018
Gross Premiums Written $ 478.7     $ 418.7   Book value per share (1) $ 49.53   $ 44.21
Net Premiums Written $ 421.3     $ 360.6   Shareholders' equity $ 707.4   $ 629.1
                Cash and invested assets (2) $ 1,614.2   $ 1,510.2
Net income $ 41.0     $ 16.6              
Net income per share $ 2.86     $ 1.16   (1) Net of cumulative Company dividends to shareholders totaling $1.75 per share and $1.00 per share as of September 30, 2019 and December 31, 2018, respectively.
                (2) Including receivable/(payable) for securities sold/(purchased)
Combined ratio analysis:                      
Loss ratio   52.7 %     57.1 %        
Expense ratio   40.1 %     41.2 %        
Combined ratio   92.8 %     98.3 %        

About Global Indemnity Limited and its subsidiaries

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

  • United States Based Commercial Specialty
  • United States Based Specialty Property
  • United States Based Farm, Ranch, & Stable
  • Bermuda Based Reinsurance

The Company's Commercial Specialty segment was formerly known as Commercial Lines. During the 1st quarter of 2019, the Company re-evaluated its Personal Lines segment and determined that Personal Lines should be bifurcated into two reportable segments: Specialty Property and Farm, Ranch, & Stable.

For more information, visit the Global Indemnity Limited's website at

Forward-Looking Information

The forward-looking statements contained in this press release [1] 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.

Global Indemnity Limited's Combined Ratio for the Nine Months Ended September 30, 2019 and 2018           

For the nine months ended September 30, 2019, the Company recorded a combined ratio of 92.8% (Loss Ratio 52.7% and Expense Ratio 40.1%) compared to 98.3% (Loss Ratio 57.1% and Expense Ratio 41.2%)  for the nine months ended September 30, 2018.

  • The current accident year property loss ratio improved by 7.5 points to 59.5% in 2019 from 67.0% in 2018 primarily due to lower claims frequency and severity in the U.S. Insurance Operations.
  • The current accident year casualty loss ratio improved by 3.8 points to 56.9% in 2019 compared to 60.7% in 2018 primarily due to lower claims frequency and severity in the U.S. Insurance Operations.     

Calendar year results for the nine months ended September 30, 2019 include $23.0 million in favorable loss development mainly from the U.S. Insurance Operations. 
Global Indemnity Limited's Gross and Net Premiums Written Results by Segment for the Nine Months Ended September 30, 2019 and 2018

  Nine Months Ended September 30,
  Gross Premiums Written   Net Premiums Written
    2019     2018   %
    2019     2018   %
Commercial Specialty $ 214,467   $ 186,923   14.7 %   $ 185,202   $ 165,817   11.7 %
Specialty Property   128,771     132,286   (2.7 %)
View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at