GEORGE TOWN, Cayman Islands, May 07, 2020 (GLOBE NEWSWIRE) — Global Indemnity Limited (NASDAQ:GBLI) today reported that for the three months ended March 31, 2020, the Company’s Gross Written Premiums increased 9.5% to $155.7 million and Net Written Premiums increased 12.7% to $139.1 million. Adjusted Operating Income for the quarter declined by $1.6 million, or 13.2%, to $10.0 million as compared to the first quarter of 2019, which quarter included a $7.9 million release of excess reserves as compared to a $0.6 million release in the current quarter. The Company’s Combined Ratio for the period was 92.7%. The Company’s $1.6 billion Investment Portfolio declined $56.4 million, or 3.5%, over the quarter as a result of the steep (approx. 20%) decline in U.S. equity markets related to the Covid-19 pandemic. As a result, the Company incurred a $44.6 million net loss for the quarter and a 6.8% pre-dividend decline in book value per share from $50.82 at December 31, 2019, to $47.12 at March 31, 2020. In light of the Covid-19 pandemic, the Company also reported that all of its in force business interruption insurance coverages contain a specific exclusion in respect of virus and bacteria.Selected Operating and Balance Sheet Information
(Dollars in millions, except per share data)(1) Net Income exclusive of investment portfolio gains and losses.
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 ReinsuranceFor more information, visit the Global Indemnity Limited’s website at http://www.globalindemnity.ky.Forward-Looking InformationThe forward-looking statements contained in this press release1 do not address a number of risks and uncertainties including COVID-19. 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 Three Months Ended March 31, 2020 and 2019 For the three months ended March 31, 2020, the Company recorded a combined ratio of 92.7% (Loss Ratio 53.7% and Expense Ratio 39.0%) as compared to 88.5% (Loss Ratio 47.8% and Expense Ratio 40.7%) for the three months ended March 31, 2019.
The Company’s accident year property loss ratio for the period of 50.8% improved by 1.8 points from the 2019 first quarter primarily as a result of a reductions in claims frequency and severity within the Specialty Property and Farm, Ranch, and Stable segments.
The accident year casualty loss ratio for the period of 59.1% as compared to 58.1% in the comparable 2019 period reflects the addition of a new casualty reinsurance treaty.
Global Indemnity Limited’s Gross and Net Written Premiums Results by Segment for the Three Months Ended March 31, 2020 and 2019
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