GEORGE TOWN, Cayman Islands, Aug. 10, 2020 (GLOBE NEWSWIRE) — Global Indemnity Limited (NASDAQ:GBLI) today reported net income of $37.6 million for the three months ended June 30, 2020 compared to $14.7 million for the same period of 2019. Underwriting income was $21.7 million for the three months ended June 30, 2020 compared to $8.1 million for the comparable period in 2019. The Company’s Combined Ratio for the three months ended June 30, 2020 was 85.2%. The Company’s Investment Portfolio increased $82.8 million, or 5.3%, and book value per share increased 8.7%, from $47.12 to $51.24, during the second quarter of 2020. Selected Operating and Balance Sheet Information
(Dollars in millions, except per share data)
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:Commercial Specialty
Specialty Property
Farm, Ranch, & Stable
Reinsurance OperationsFor 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, risks and uncertainties related to the proposed redomestication of Global Indemnity Limited, and risks and uncertainties related to the proposed redemption of the 7.75% Subordinated Notes due 2045. 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 and Six Months Ended June 30, 2020 and 2019 For the three months ended June 30, 2020, the Company recorded a combined ratio of 85.2% (Loss Ratio 47.4% and Expense Ratio 37.8%) as compared to 94.0% (Loss Ratio 54.6% and Expense Ratio 39.4%) for the three months ended June 30, 2019. The accident year casualty loss ratio improved 5.7 points to 52.1% in 2020 as compared to 57.8% in 2019 primarily as a result of lower claims frequency within the U.S. Insurance Operations partially offset by an increase in the Reinsurance Operations’ casualty loss ratio due to the addition of a new casualty reinsurance treaty.
The Company’s accident year property loss ratio increased by 4.3 points to 66.9% in 2020 from 62.6% in 2019 primarily as a result of an increase in frequency and severity of catastrophe claims partially offset by reductions in frequency on non-catastrophe claims. For the six months ended June 30, 2020, the Company recorded a combined ratio of 89.0% (Loss Ratio 50.6% and Expense Ratio 38.4%) as compared to 91.4% (Loss Ratio 51.3% and Expense Ratio 40.1%) for the six months ended June 30, 2019. The accident year casualty loss ratio improved 2.3 points to 55.7% in 2020 as compared to 58.0% in 2019 period primarily as a result of lower claims frequency within the U.S. Insurance Operations partially offset by an increase in the Reinsurance Operations’ casualty loss ratio due to the addition of a new casualty reinsurance treaty.
The Company’s accident year property loss ratio increased by 1.2 points to 58.8% in 2020 from 57.6% in 2019 primarily as a result of an increase in frequency and severity of catastrophe claims partially offset by reductions in frequency and severity on non-catastrophe claims. Global Indemnity Limited’s Gross and Net Written Premiums Results by Segment for the Three and Six Months Ended June 30, 2020 and 2019
Bay Street News