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Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries | 9 Months Ended
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Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries | 16.Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries The following tables present condensed consolidating balance sheets at September 30, 2020 and December 31, 2019, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the quarters and nine months ended September 30, 2020 and 2019 and condensed consolidating statements of cash flows for the nine months ended September 30, 2020 and 2019. GBLI Holdings, LLC is a 100% owned subsidiary of the Company. See Note 9 for information on the Company’s debt obligations.
Condensed Consolidating Balance Sheets at September 30, 2020 (Dollars in thousands) |  | Global Indemnity Group, LLC (Parent co- obligor) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Group, LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Group, LLC Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 212,050 |  |  | $ | 48,940 |  |  | $ | 1,156,475 |  |  | $ | — |  |  | $ | 1,417,465 |
Cash and cash equivalents |  |  | 13,765 |  |  |  | 2,575 |  |  |  | 20,871 |  |  |  | — |  |  |  | 37,211 |
Investments in subsidiaries |  |  | 491,851 |  |  |  | 387,913 |  |  |  | 339,384 |  |  |  | (1,219,148 | ) |  |  | — |
Due from subsidiaries and affiliates |  |  | (3,999 | ) |  |  | (7,522 | ) |  |  | 11,521 |  |  |  | — |  |  |  | — |
Notes receivable – affiliate |  |  | 11,283 |  |  |  | — |  |  |  | — |  |  |  | (11,283 | ) |  |  | — |
Interest receivable – affiliate |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | (16 | ) |  |  | — |
Premiums receivable, net |  |  | — |  |  |  | — |  |  |  | 109,820 |  |  |  | — |  |  |  | 109,820 |
Reinsurance receivables, net |  |  | — |  |  |  | — |  |  |  | 112,633 |  |  |  | — |  |  |  | 112,633 |
Funds held by ceding insurers |  |  | — |  |  |  | — |  |  |  | 46,894 |  |  |  | — |  |  |  | 46,894 |
Federal income taxes receivable |  |  | — |  |  |  | 2,892 |  |  |  | (2,892 | ) |  |  | — |  |  |  | — |
Deferred federal income taxes |  |  | — |  |  |  | 38,805 |  |  |  | (3,505 | ) |  |  | — |  |  |  | 35,300 |
Deferred acquisition costs |  |  | — |  |  |  | — |  |  |  | 67,470 |  |  |  | — |  |  |  | 67,470 |
Intangible assets |  |  | — |  |  |  | — |  |  |  | 21,094 |  |  |  | — |  |  |  | 21,094 |
Goodwill |  |  | — |  |  |  | — |  |  |  | 6,521 |  |  |  | — |  |  |  | 6,521 |
Prepaid reinsurance premiums |  |  | — |  |  |  | — |  |  |  | 15,558 |  |  |  | — |  |  |  | 15,558 |
Other assets |  |  | 13,240 |  |  |  | 19,444 |  |  |  | 40,854 |  |  |  | (3,747 | ) |  |  | 69,791 |
Total assets |  | $ | 738,206 |  |  | $ | 493,047 |  |  | $ | 1,942,698 |  |  | $ | (1,234,194 | ) |  | $ | 1,939,757 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unpaid losses and loss adjustment expenses |  | $ | — |  |  | $ | — |  |  | $ | 669,930 |  |  | $ | — |  |  | $ | 669,930 |
Unearned premiums |  |  | — |  |  |  | — |  |  |  | 304,074 |  |  |  | — |  |  |  | 304,074 |
Ceded balances payable |  |  | — |  |  |  | — |  |  |  | 9,576 |  |  |  | — |  |  |  | 9,576 |
Payable for Securities |  |  | 2,207 |  |  |  | — |  |  |  | 3,423 |  |  |  | — |  |  |  | 5,630 |
Contingent commissions |  |  | — |  |  |  | — |  |  |  | 11,329 |  |  |  | — |  |  |  | 11,329 |
Debt |  |  | — |  |  |  | 130,000 |  |  |  | — |  |  |  | (3,747 | ) |  |  | 126,253 |
Notes payable – affiliates |  |  | — |  |  |  | — |  |  |  | 11,283 |  |  |  | (11,283 | ) |  |  | — |
Accrued interest payable – affiliates |  |  | — |  |  |  | — |  |  |  | 16 |  |  |  | (16 | ) |  |  | — |
Other liabilities |  |  | 15,286 |  |  |  | 23,663 |  |  |  | 53,303 |  |  |  | — |  |  |  | 92,252 |
Total liabilities |  |  | 17,493 |  |  |  | 153,663 |  |  |  | 1,062,934 |  |  |  | (15,046 | ) |  |  | 1,219,044 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total shareholders’ equity |  |  | 720,713 |  |  |  | 339,384 |  |  |  | 879,764 |  |  |  | (1,219,148 | ) |  |  | 720,713 |
Total liabilities and shareholders’ equity |  | $ | 738,206 |  |  | $ | 493,047 |  |  | $ | 1,942,698 |  |  | $ | (1,234,194 | ) |  | $ | 1,939,757 |
(1) | Includes all other subsidiaries of Global Indemnity Group, LLC and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
Condensed Consolidating Balance Sheets at December 31, 2019 (Dollars in thousands) |  | Global Indemnity Limited (Parent co-obligor) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Limited Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 44,468 |  |  | $ | 257,317 |  |  | $ | 1,261,757 |  |  | $ | — |  |  | $ | 1,563,542 |
Cash and cash equivalents |  |  | 977 |  |  |  | 2,663 |  |  |  | 40,631 |  |  |  | — |  |  |  | 44,271 |
Investments in subsidiaries |  |  | 1,218,491 |  |  |  | 355,777 |  |  |  | 434,278 |  |  |  | (2,008,546 | ) |  |  | — |
Due from subsidiaries and affiliates |  |  | (3,612 | ) |  |  | (3,965 | ) |  |  | 7,577 |  |  |  | — |  |  |  | — |
Notes receivable – affiliate |  |  | — |  |  |  | 80,049 |  |  |  | 445,498 |  |  |  | (525,547 | ) |  |  | — |
Interest receivable – affiliate |  |  | — |  |  |  | 5,014 |  |  |  | 17,258 |  |  |  | (22,272 | ) |  |  | — |
Premiums receivable, net |  |  | — |  |  |  | — |  |  |  | 118,035 |  |  |  | — |  |  |  | 118,035 |
Reinsurance receivables, net |  |  | — |  |  |  | — |  |  |  | 83,938 |  |  |  | — |  |  |  | 83,938 |
Funds held by ceding insurers |  |  | — |  |  |  | — |  |  |  | 48,580 |  |  |  | — |  |  |  | 48,580 |
Federal income taxes receivable |  |  | — |  |  |  | 14,197 |  |  |  | (3,208 | ) |  |  | — |  |  |  | 10,989 |
Deferred federal income taxes |  |  | — |  |  |  | 31,833 |  |  |  | (756 | ) |  |  | — |  |  |  | 31,077 |
Deferred acquisition costs |  |  | — |  |  |  | — |  |  |  | 70,677 |  |  |  | — |  |  |  | 70,677 |
Intangible assets |  |  | — |  |  |  | — |  |  |  | 21,491 |  |  |  | — |  |  |  | 21,491 |
Goodwill |  |  | — |  |  |  | — |  |  |  | 6,521 |  |  |  | — |  |  |  | 6,521 |
Prepaid reinsurance premiums |  |  | — |  |  |  | — |  |  |  | 16,716 |  |  |  | — |  |  |  | 16,716 |
Other assets |  |  | 9,394 |  |  |  | 12,622 |  |  |  | 45,021 |  |  |  | (6,989 | ) |  |  | 60,048 |
Total assets |  | $ | 1,269,718 |  |  | $ | 755,507 |  |  | $ | 2,614,014 |  |  | $ | (2,563,354 | ) |  | $ | 2,075,885 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unpaid losses and loss adjustment expenses |  | $ | — |  |  | $ | — |  |  | $ | 630,181 |  |  | $ | — |  |  | $ | 630,181 |
Unearned premiums |  |  | — |  |  |  | — |  |  |  | 314,861 |  |  |  | — |  |  |  | 314,861 |
Ceded balances payable |  |  | — |  |  |  | — |  |  |  | 20,404 |  |  |  | — |  |  |  | 20,404 |
Payable for securities purchased |  |  | — |  |  |  | — |  |  |  | 850 |  |  |  | — |  |  |  | 850 |
Contingent commissions |  |  | — |  |  |  | — |  |  |  | 11,928 |  |  |  | — |  |  |  | 11,928 |
Debt |  |  | — |  |  |  | 303,629 |  |  |  | — |  |  |  | (6,989 | ) |  |  | 296,640 |
Notes payable – affiliates |  |  | 520,498 |  |  |  | — |  |  |  | 5,049 |  |  |  | (525,547 | ) |  |  | — |
Accrued interest payable – affiliates |  |  | 20,343 |  |  |  | — |  |  |  | 1,929 |  |  |  | (22,272 | ) |  |  | — |
Other liabilities |  |  | 2,068 |  |  |  | 17,600 |  |  |  | 54,544 |  |  |  | — |  |  |  | 74,212 |
Total liabilities |  |  | 542,909 |  |  |  | 321,229 |  |  |  | 1,039,746 |  |  |  | (554,808 | ) |  |  | 1,349,076 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total shareholders’ equity |  |  | 726,809 |  |  |  | 434,278 |  |  |  | 1,574,268 |  |  |  | (2,008,546 | ) |  |  | 726,809 |
Total liabilities and shareholders’ equity |  | $ | 1,269,718 |  |  | $ | 755,507 |  |  | $ | 2,614,014 |  |  | $ | (2,563,354 | ) |  | $ | 2,075,885 |
(1) | Includes all other subsidiaries of Global Indemnity Limited and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
Condensed Consolidating Statements of Operations for the Quarter Ended September 30, 2020 (Dollars in thousands) |  | Global Indemnity Group, LLC (Parent co-obligor)(3) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Group, LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Group, LLC Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums |  | $ | — |  |  | $ | — |  |  | $ | 140,302 |  |  | $ | — |  |  | $ | 140,302 |
Net investment income |  |  | 1,300 |  |  |  | 4,642 |  |  |  | 5,976 |  |  |  | (172 | ) |  |  | 11,746 |
Net realized investment gains |  |  | 451 |  |  |  | 4,107 |  |  |  | 2,765 |  |  |  | — |  |  |  | 7,323 |
Other income (loss) |  |  | (1 | ) |  |  | — |  |  |  | 543 |  |  |  | — |  |  |  | 542 |
Total revenues |  |  | 1,750 |  |  |  | 8,749 |  |  |  | 149,586 |  |  |  | (172 | ) |  |  | 159,913 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | — |  |  |  | — |  |  |  | 97,148 |  |  |  | — |  |  |  | 97,148 |
Acquisition costs and other underwriting expenses |  |  | — |  |  |  | — |  |  |  | 53,268 |  |  |  | — |  |  |  | 53,268 |
Corporate and other operating expenses |  |  | 17,324 |  |  |  | 3,662 |  |  |  | 210 |  |  |  | — |  |  |  | 21,196 |
Interest expense |  |  | 179 |  |  |  | 3,569 |  |  |  | 44 |  |  |  | (172 | ) |  |  | 3,620 |
Loss on extinguishment of debt |  |  | 3,060 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,060 |
Income (loss) before equity in net income (loss) of subsidiaries and income taxes |  |  | (18,813 | ) |  |  | 1,518 |  |  |  | (1,084 | ) |  |  | — |  |  |  | (18,379 | )
Equity in net income (loss) of subsidiaries |  |  | 3,643 |  |  |  | (10,312 | ) |  |  | (5,784 | ) |  |  | 12,453 |  |  |  | — |
Loss before income taxes |  |  | (15,170 | ) |  |  | (8,794 | ) |  |  | (6,868 | ) |  |  | 12,453 |  |  |  | (18,379 | )
Income tax benefit |  |  | — |  |  |  | (3,010 | ) |  |  | (199 | ) |  |  | — |  |  |  | (3,209 | )
Net loss |  | $ | (15,170 | ) |  | $ | (5,784 | ) |  | $ | (6,669 | ) |  | $ | 12,453 |  |  | $ | (15,170 | )
(1) | Includes all other subsidiaries of Global Indemnity Group, LLC and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
(3) Includes activity for Global Indemnity Limited from July 1, 2020 to August 27, 2020 and activity for Global Indemnity Group, LLC from August 28, 2020 to September 30, 2020
Condensed Consolidating Statements of Operations for the Quarter Ended September 30, 2019 (Dollars in thousands) |  | Global Indemnity Limited (Parent co-obligor) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Limited Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums |  | $ | — |  |  | $ | — |  |  | $ | 133,312 |  |  | $ | — |  |  | $ | 133,312 |
Net investment income |  |  | 393 |  |  |  | 2,798 |  |  |  | 8,442 |  |  |  | (285 | ) |  |  | 11,348 |
Net realized investment gains (losses) |  |  | (101 | ) |  |  | (3,525 | ) |  |  | 936 |  |  |  | — |  |  |  | (2,690 | )
Other income |  |  | — |  |  |  | — |  |  |  | 264 |  |  |  | — |  |  |  | 264 |
Total revenues |  |  | 292 |  |  |  | (727 | ) |  |  | 142,954 |  |  |  | (285 | ) |  |  | 142,234 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | — |  |  |  | — |  |  |  | 73,583 |  |  |  | — |  |  |  | 73,583 |
Acquisition costs and other underwriting expenses |  |  | — |  |  |  | — |  |  |  | 53,366 |  |  |  | — |  |  |  | 53,366 |
Corporate and other operating expenses |  |  | 1,320 |  |  |  | 2,159 |  |  |  | 379 |  |  |  | — |  |  |  | 3,858 |
Interest expense |  |  | 278 |  |  |  | 4,957 |  |  |  | 73 |  |  |  | (285 | ) |  |  | 5,023 |
Income (loss) before equity in net income (loss) of subsidiaries and income taxes |  |  | (1,306 | ) |  |  | (7,843 | ) |  |  | 15,553 |  |  |  | — |  |  |  | 6,404 |
Equity in net income (loss) of subsidiaries |  |  | 8,027 |  |  |  | 1,699 |  |  |  | (4,462 | ) |  |  | (5,264 | ) |  |  | — |
Income (loss) before income taxes |  |  | 6,721 |  |  |  | (6,144 | ) |  |  | 11,091 |  |  |  | (5,264 | ) |  |  | 6,404 |
Income tax expense (benefit) |  |  | — |  |  |  | (1,682 | ) |  |  | 1,365 |  |  |  | — |  |  |  | (317 | )
Net income (loss) |  | $ | 6,721 |  |  | $ | (4,462 | ) |  | $ | 9,726 |  |  | $ | (5,264 | ) |  | $ | 6,721 |
(1) | Includes all other subsidiaries of Global Indemnity Limited and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2020 (Dollars in thousands) |  | Global Indemnity Group, LLC (Parent co-obligor)(3) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Group, LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Group, LLC Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums |  | $ | — |  |  | $ | — |  |  | $ | 426,617 |  |  | $ | — |  |  | $ | 426,617 |
Net investment income (loss) |  |  | 1,898 |  |  |  | (3,870 | ) |  |  | 22,203 |  |  |  | (715 | ) |  |  | 19,516 |
Net realized investment gains (losses) |  |  | (2,295 | ) |  |  | (36,600 | ) |  |  | 16,563 |  |  |  | — |  |  |  | (22,332 | )
Other income (loss) |  |  | (1 | ) |  |  | 19 |  |  |  | 1,455 |  |  |  | — |  |  |  | 1,473 |
Total revenues |  |  | (398 | ) |  |  | (40,451 | ) |  |  | 466,838 |  |  |  | (715 | ) |  |  | 425,274 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | — |  |  |  | — |  |  |  | 242,092 |  |  |  | — |  |  |  | 242,092 |
Acquisition costs and other underwriting expenses |  |  | — |  |  |  | — |  |  |  | 163,258 |  |  |  | — |  |  |  | 163,258 |
Corporate and other operating expenses |  |  | 23,466 |  |  |  | 10,143 |  |  |  | 428 |  |  |  | — |  |  |  | 34,037 |
Interest expense |  |  | 732 |  |  |  | 13,005 |  |  |  | 175 |  |  |  | (715 | ) |  |  | 13,197 |
Loss on extinguishment of debt |  |  | 3,060 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,060 |
Income (loss) before equity in net income (loss) of subsidiaries and income taxes |  |  | (27,656 | ) |  |  | (63,599 | ) |  |  | 60,885 |  |  |  | — |  |  |  | (30,370 | )
Equity in net income (loss) of subsidiaries |  |  | 5,459 |  |  |  | 22,509 |  |  |  | (25,649 | ) |  |  | (2,319 | ) |  |  | — |
Income (loss) before income taxes |  |  | (22,197 | ) |  |  | (41,090 | ) |  |  | 35,236 |  |  |  | (2,319 | ) |  |  | (30,370 | )
Income tax expense (benefit) |  |  | — |  |  |  | (15,441 | ) |  |  | 7,268 |  |  |  | — |  |  |  | (8,173 | )
Net income (loss) |  | $ | (22,197 | ) |  | $ | (25,649 | ) |  | $ | 27,968 |  |  | $ | (2,319 | ) |  | $ | (22,197 | )
(1) | Includes all other subsidiaries of Global Indemnity Group, LLC and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
(3) Includes activity for Global Indemnity Limited from January 1, 2020 to August 27, 2020 and activity for Global Indemnity Group, LLC from August 28, 2020 to September 30, 2020
Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2019 (Dollars in thousands) |  | Global Indemnity Limited (Parent co-obligor) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Limited Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earned premiums |  | $ | — |  |  | $ | — |  |  | $ | 383,602 |  |  | $ | — |  |  | $ | 383,602 |
Net investment income |  |  | 1,764 |  |  |  | 5,743 |  |  |  | 25,747 |  |  |  | (861 | ) |  |  | 32,393 |
Net realized investment gains |  |  | 298 |  |  |  | 7,969 |  |  |  | 3,023 |  |  |  | — |  |  |  | 11,290 |
Other income |  |  | — |  |  |  | 30 |  |  |  | 1,244 |  |  |  | — |  |  |  | 1,274 |
Total revenues |  |  | 2,062 |  |  |  | 13,742 |  |  |  | 413,616 |  |  |  | (861 | ) |  |  | 428,559 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | — |  |  |  | — |  |  |  | 201,979 |  |  |  | — |  |  |  | 201,979 |
Acquisition costs and other underwriting expenses |  |  | — |  |  |  | — |  |  |  | 153,643 |  |  |  | — |  |  |  | 153,643 |
Corporate and other operating expenses |  |  | 4,306 |  |  |  | 6,406 |  |  |  | 990 |  |  |  | — |  |  |  | 11,702 |
Interest expense |  |  | 829 |  |  |  | 14,875 |  |  |  | 245 |  |  |  | (861 | ) |  |  | 15,088 |
Income (loss) before equity in net income of subsidiaries and income taxes |  |  | (3,073 | ) |  |  | (7,539 | ) |  |  | 56,759 |  |  |  | — |  |  |  | 46,147 |
Equity in net income of subsidiaries |  |  | 44,057 |  |  |  | 16,597 |  |  |  | 10,903 |  |  |  | (71,557 | ) |  |  | — |
Income before income taxes |  |  | 40,984 |  |  |  | 9,058 |  |  |  | 67,662 |  |  |  | (71,557 | ) |  |  | 46,147 |
Income tax expense (benefit) |  |  | — |  |  |  | (1,845 | ) |  |  | 7,008 |  |  |  | — |  |  |  | 5,163 |
Net income |  | $ | 40,984 |  |  | $ | 10,903 |  |  | $ | 60,654 |  |  | $ | (71,557 | ) |  | $ | 40,984 |
(1) | Includes all other subsidiaries of Global Indemnity Limited and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Quarter Ended September 30, 2020 (Dollars in thousands) |  | Global Indemnity Group, LLC (Parent co-obligor)(3) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Group, LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Group, LLC Consolidated |
Net loss |  | $ | (15,170 | ) |  | $ | (5,784 | ) |  | $ | (6,669 | ) |  | $ | 12,453 |  |  | $ | (15,170 | )
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) |  |  | (1,310 | ) |  |  | (1,049 | ) |  |  | 1,911 |  |  |  | — |  |  |  | (448 | )
Equity in other comprehensive income of unconsolidated subsidiaries |  |  | (561 | ) |  |  | 1,596 |  |  |  | 603 |  |  |  | (1,638 | ) |  |  | — |
Reclassification adjustment for gains included in net income |  |  | (102 | ) |  |  | 56 |  |  |  | (2,058 | ) |  |  | — |  |  |  | (2,104 | )
Unrealized foreign currency translation gains |  |  | — |  |  |  | — |  |  |  | 579 |  |  |  | — |  |  |  | 579 |
Other comprehensive income, net of tax |  |  | (1,973 | ) |  |  | 603 |  |  |  | 1,035 |  |  |  | (1,638 | ) |  |  | (1,973 | )
Comprehensive loss, net of tax |  | $ | (17,143 | ) |  | $ | (5,181 | ) |  | $ | (5,634 | ) |  | $ | 10,815 |  |  | $ | (17,143 | )
(1) | Includes all other subsidiaries of Global Indemnity Group, LLC and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
(3) Includes activity for Global Indemnity Limited from July 1, 2020 to August 27, 2020 and activity for Global Indemnity Group, LLC from August 28, 2020 to September 30, 2020
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Quarter Ended September 30, 2019 (Dollars in thousands) |  | Global Indemnity Limited (Parent co-obligor) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Limited Consolidated |
Net income (loss) |  | $ | 6,721 |  |  | $ | (4,462 | ) |  | $ | 9,726 |  |  | $ | (5,264 | ) |  | $ | 6,721 |
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) |  |  | — |  |  |  | — |  |  |  | 9,421 |  |  |  | — |  |  |  | 9,421 |
Equity in other comprehensive income of unconsolidated subsidiaries |  |  | 8,772 |  |  |  | 4,711 |  |  |  | 4,703 |  |  |  | (18,186 | ) |  |  | — |
Portion of other-than-temporary impairment losses recognized in other comprehensive income |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Reclassification adjustment for gains included in net income |  |  | — |  |  |  | (8 | ) |  |  | (839 | ) |  |  | — |  |  |  | (847 | )
Unrealized foreign currency translation losses |  |  | — |  |  |  | — |  |  |  | 200 |  |  |  | — |  |  |  | 200 |
Other comprehensive income, net of tax |  |  | 8,772 |  |  |  | 4,703 |  |  |  | 13,483 |  |  |  | (18,186 | ) |  |  | 8,772 |
Comprehensive income, net of tax |  | $ | 15,493 |  |  | $ | 241 |  |  | $ | 23,209 |  |  | $ | (23,450 | ) |  | $ | 15,493 |
(1) | Includes all other subsidiaries of Global Indemnity Limited and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine Months Ended September 30, 2020 (Dollars in thousands) |  | Global Indemnity Group, LLC (Parent co-obligor)(3) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Group, LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Group, LLC Consolidated |
Net income (loss) |  | $ | (22,197 | ) |  | $ | (25,649 | ) |  | $ | 27,968 |  |  | $ | (2,319 | ) |  | $ | (22,197 | )
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains |  |  | 322 |  |  |  | (257 | ) |  |  | 30,683 |  |  |  | — |  |  |  | 30,748 |
Equity in other comprehensive income (loss) of unconsolidated subsidiaries |  |  | 17,891 |  |  |  | 8,643 |  |  |  | 8,405 |  |  |  | (34,939 | ) |  |  | — |
Reclassification adjustment for (gains) losses included in net income |  |  | (102 | ) |  |  | 19 |  |  |  | (13,122 | ) |  |  | — |  |  |  | (13,205 | )
Unrealized foreign currency translation gains |  |  | — |  |  |  | — |  |  |  | 568 |  |  |  | — |  |  |  | 568 |
Other comprehensive income, net of tax |  |  | 18,111 |  |  |  | 8,405 |  |  |  | 26,534 |  |  |  | (34,939 | ) |  |  | 18,111 |
Comprehensive income (loss), net of tax |  | $ | (4,086 | ) |  | $ | (17,244 | ) |  | $ | 54,502 |  |  | $ | (37,258 | ) |  | $ | (4,086 | )
(1) | Includes all other subsidiaries of Global Indemnity Group, LLC and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
(3) Includes activity for Global Indemnity Limited from January 1, 2020 to August 27, 2020 and activity for Global Indemnity Group, LLC from August 28, 2020 to September 30, 2020
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine Months Ended September 30, 2019 (Dollars in thousands) |  | Global Indemnity Limited (Parent co-obligor) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Consolidating Adjustments (2) |  |  | Global Indemnity Limited Consolidated |
Net income |  | $ | 40,984 |  |  | $ | 10,903 |  |  | $ | 60,654 |  |  | $ | (71,557 | ) |  | $ | 40,984 |
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains |  |  | 880 |  |  |  | 1,567 |  |  |  | 46,436 |  |  |  | — |  |  |  | 48,883 |
Equity in other comprehensive income (loss) of unconsolidated subsidiaries |  |  | 46,226 |  |  |  | 24,201 |  |  |  | 26,003 |  |  |  | (96,430 | ) |  |  | — |
Portion of other-than-temporary impairment losses recognized in other comprehensive losses |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | — |  |  |  | (4 | )
Reclassification adjustment for (gains) losses included in net income |  |  | (561 | ) |  |  | 235 |  |  |  | (2,339 | ) |  |  | — |  |  |  | (2,665 | )
Unrealized foreign currency translation gains |  |  | — |  |  |  | — |  |  |  | 331 |  |  |  | — |  |  |  | 331 |
Other comprehensive income, net of tax |  |  | 46,545 |  |  |  | 26,003 |  |  |  | 70,427 |  |  |  | (96,430 | ) |  |  | 46,545 |
Comprehensive income, net of tax |  | $ | 87,529 |  |  | $ | 36,906 |  |  | $ | 131,081 |  |  | $ | (167,987 | ) |  | $ | 87,529 |
(1) | Includes all other subsidiaries of Global Indemnity Limited and eliminations
(2) | Includes Parent co-obligor and subsidiary co-obligor consolidating adjustments
Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2020 (Dollars in thousands) |  | Global Indemnity Group, LLC (Parent co-obligor)(2) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Group, LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Global Indemnity Group, LLC Consolidated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used for) operating activities |  | $ | (10,423 | ) |  | $ | 1,526 |  |  | $ | 42,833 |  |  | $ | 33,936 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of fixed maturities |  |  | 18,451 |  |  |  | 36,898 |  |  |  | 545,613 |  |  |  | 600,962 |
Proceeds from sale of equity securities |  |  | 103,002 |  |  |  | 460,924 |  |  |  | — |  |  |  | 563,926 |
Proceeds from maturity of fixed maturities |  |  | 280 |  |  |  | — |  |  |  | 89,595 |  |  |  | 89,875 |
Proceeds from other invested assets |  |  | 1,700 |  |  |  | 123 |  |  |  | — |  |  |  | 1,823 |
Amounts paid in connection with derivatives |  |  | — |  |  |  | (20,130 | ) |  |  | — |  |  |  | (20,130 | )
Purchases of fixed maturities |  |  | (185,692 | ) |  |  | (50,283 | ) |  |  | (466,752 | ) |  |  | (702,727 | )
Purchases of equity securities |  |  | (107,228 | ) |  |  | (286,735 | ) |  |  | — |  |  |  | (393,963 | )
Purchases of other invested assets |  |  | — |  |  |  | (297 | ) |  |  | — |  |  |  | (297 | )
Net cash provided by (used for) investing activities |  |  | (169,487 | ) |  |  | 140,500 |  |  |  | 168,456 |  |  |  | 139,469 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings under margin borrowing facility |  |  | — |  |  |  | (73,629 | ) |  |  | — |  |  |  | (73,629 | )
Proceeds (repayment) of note to affiliates |  |  | — |  |  |  | 5,049 |  |  |  | (5,049 | ) |  |  | — |
Dividends paid to shareholders |  |  | (10,683 | ) |  |  | — |  |  |  | — |  |  |  | (10,683 | )
Issuance of series A cumulative fixed rate preferred shares |  |  | 4,000 |  |  |  | — |  |  |  | — |  |  |  | 4,000 |
Dividends from subsidiaries |  |  | 226,000 |  |  |  | — |  |  |  | (226,000 | ) |  |  | — |
Capital contribution |  |  | (26,466 | ) |  |  | 26,466 |  |  |  | — |  |  |  | — |
Purchase of class A common shares |  |  | (153 | ) |  |  | — |  |  |  | — |  |  |  | (153 | )
Redemption of subordinated notes |  |  | — |  |  |  | (100,000 | ) |  |  | — |  |  |  | (100,000 | )
Net cash provided by (used for) financing activities |  |  | 192,698 |  |  |  | (142,114 | ) |  |  | (231,049 | ) |  |  | (180,465 | )
Net change in cash and cash equivalents |  |  | 12,788 |  |  |  | (88 | ) |  |  | (19,760 | ) |  |  | (7,060 | )
Cash and cash equivalents at beginning of period |  |  | 977 |  |  |  | 2,663 |  |  |  | 40,631 |  |  |  | 44,271 |
Cash and cash equivalents at end of period |  | $ | 13,765 |  |  | $ | 2,575 |  |  | $ | 20,871 |  |  | $ | 37,211 |
| (1) | Includes all other subsidiaries of Global Indemnity Group, LLC and eliminations
| (2) | Includes activity for Global Indemnity Limited from January 1, 2020 to August 27, 2020 and activity for Global Indemnity Group, LLC from August 28, 2020 to September 30, 2020
Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2019 (Dollars in thousands) |  | Global Indemnity Limited (Parent co-obligor) |  |  | GBLI Holdings, LLC (Subsidiary co-obligor) |  |  | Other Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1) |  |  | Global Indemnity Limited Consolidated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities |  | $ | 1,718 |  |  | $ | 2,593 |  |  | $ | 41,619 |  |  | $ | 45,930 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of fixed maturities |  |  | 48,393 |  |  |  | 101,525 |  |  |  | 492,131 |  |  |  | 642,049 |
Proceeds from sale of equity securities |  |  | 7,300 |  |  |  | 198,912 |  |  |  | — |  |  |  | 206,212 |
Proceeds from maturity of fixed maturities |  |  | — |  |  |  | — |  |  |  | 113,480 |  |  |  | 113,480 |
Proceeds from other invested assets |  |  | 3,161 |  |  |  | 11,040 |  |  |  | — |  |  |  | 14,201 |
Amounts paid in connection with derivatives |  |  | — |  |  |  | (12,516 | ) |  |  | — |  |  |  | (12,516 | )
Purchases of fixed maturities |  |  | (10,548 | ) |  |  | (24,280 | ) |  |  | (666,856 | ) |  |  | (701,684 | )
Purchases of equity securities |  |  | (40,564 | ) |  |  | (285,408 | ) |  |  | — |  |  |  | (325,972 | )
Purchases of other invested assets |  |  | — |  |  |  | (3,500 | ) |  |  | — |  |  |  | (3,500 | )
Net cash provided by (used for) investing activities |  |  | 7,742 |  |  |  | (14,227 | ) |  |  | (61,245 | ) |  |  | (67,730 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings under margin borrowing facility |  |  | — |  |  |  | 8,561 |  |  |  | — |  |  |  | 8,561 |
Dividends paid to shareholders |  |  | (7,130 | ) |  |  | — |  |  |  | — |  |  |  | (7,130 | )
Purchase of class A common shares |  |  | (947 | ) |  |  | — |  |  |  | — |  |  |  | (947 | )
Net cash provided by (used for) financing activities |  |  | (8,077 | ) |  |  | 8,561 |  |  |  | — |  |  |  | 484 |
Net change in cash and cash equivalents |  |  | 1,383 |  |  |  | (3,073 | ) |  |  | (19,626 | ) |  |  | (21,316 | )
Cash and cash equivalents at beginning of period |  |  | 2,221 |  |  |  | 26,039 |  |  |  | 71,237 |  |  |  | 99,497 |
Cash and cash equivalents at end of period |  | $ | 3,604 |  |  | $ | 22,966 |  |  | $ | 51,611 |  |  | $ | 78,181 |
(1) | Includes all other subsidiaries of Global Indemnity Limited and eliminations

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