XML 50 R36.htm IDEA: XBRL DOCUMENT v3.22.4

Condensed Financial Information of Registrant (Parent Only)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant (Parent Only)

GLOBAL INDEMNITY GROUP, LLC

SCHEDULE II – Condensed Financial Information of Registrant

(Parent Only)

Balance Sheets

(Dollars in thousands, except share data)

ASSETS		December 31, 2022				December 31, 2021
Fixed maturities		$	86,310			$	59,113
Equity securities, at fair value			1,694				77,264
Other invested assets			23,573				86,234
Total investments			111,577				222,611
Cash and cash equivalents			4,775				3,389
Intercompany note receivable (1)			69,400				—
Interest receivable – affiliates			627				—
Equity in unconsolidated subsidiaries (1)			444,517				480,866
Receivable for securities			—				332
Other assets			1,130				4,978
Total assets		$	632,026			$	712,176
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Note payable - affiliates (1)		$	—			$	2,800
Payable for securities			49				—
Due to affiliates (1)			4,623				1,622
Other liabilities			1,125				1,133
Total liabilities			5,797				5,555
Commitments and contingencies			—				—
Shareholders’ equity:
Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 4,000 shares, respectively, liquidation preference: $1,000 per share and $1,000 per share, respectively			4,000				4,000
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 10,876,041 and 10,574,589, respectively; class A common shares outstanding: 10,073,660 and 10,557,093, respectively; class B common shares issued and outstanding: 3,793,612 and 3,947,206, respectively			—				—
Additional paid-in capital			451,305				447,406
Accumulated other comprehensive income, net of tax			(43,058	)			6,404
Retained earnings			233,468				249,301
Class A common shares in treasury, at cost: 802,381 and 17,496 shares, respectively			(19,486	)			(490	)
Total shareholders' equity			626,229				706,621
Total liabilities and shareholders’ equity		$	632,026			$	712,176

(1)This item has been eliminated in the Company’s Consolidated Financial Statements.

See Notes to Consolidated Financial Statements included in Item 8.

GLOBAL INDEMNITY GROUP, LLC

SCHEDULE II – Condensed Financial Information of Registrant (continued)

(Parent Only)

Statement of Operations and Comprehensive Income

(Dollars in thousands)

		Years Ended December 31,
		2022				2021				2020 (1)
Revenues:
Net investment income		$	(1,980	)		$	6,763			$	2,876
Intercompany interest income (2)			627				—				57
Net realized investment gains (losses)			(4,620	)			13,563				(1,444	)
Other income			—				—				1
Total revenues			(5,973	)			20,326				1,490
Expenses:
Intercompany interest expense (2)			2				1				550
Interest expense			41				142				218
Corporate and other operating expenses			723				864				23,641
Loss on extinguishment of debt			3,529				—				3,060
Income (loss) before equity in earnings of unconsolidated subsidiaries			(10,268	)			19,319				(25,979	)
Equity in earnings of unconsolidated subsidiaries (2)			9,418				10,035				4,973
Net income (loss)			(850	)			29,354				(21,006	)
Other comprehensive income (loss), net of tax:
Unrealized holdings losses arising during the period			(8,274	)			(3,568	)			(4,581	)
Equity in other comprehensive income (loss) of unconsolidated subsidiaries (2)			(45,764	)			(24,300	)			21,657
Recognition of previously unrealized holding (gains) losses			4,576				(36	)			(377	)
Other comprehensive income (loss), net of tax			(49,462	)			(27,904	)			16,699
Comprehensive income (loss), net of tax		$	(50,312	)		$	1,450			$	(4,307	)

(1)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 December 31, 2020

(2)This item has been eliminated in the Company’s Consolidated Financial Statements.

See Notes to Consolidated Financial Statements included in Item 8.

GLOBAL INDEMNITY GROUP, LLC

Condensed Financial Information of Registrant – (continued)

(Parent Only)

Statements of Cash Flows

(Dollars in thousands)

		Years Ended December 31,
		2022				2021				2020 (1)
Net cash provided by (used in) operating activities		$	7,720			$	7,264			$	(23,602	)
Cash flows from investing activities:
Proceeds from sale of fixed maturities			70,151				84,070				126,834
Proceeds from sale of equity securities			76,466				27,600				137,533
Proceeds from maturity of fixed maturities			438				1,087				423
Proceeds from other invested assets			58,577				—				1,700
Purchases of fixed maturities			(105,025	)			(60,800	)			(202,664	)
Purchases of equity securities			(939	)			(30,956	)			(168,795	)
Purchases of other invested assets			—				(25,000	)			(60,000	)
Net cash provided by (used in) investing activities			99,668				(3,999	)			(164,969	)
Cash flows from financing activities:
Distributions paid to common shareholders			(14,366	)			(14,431	)			(14,252	)
Distributions paid to preferred shareholders			(440	)			(440	)			(133	)
Issuance of note receivable to affiliates			(69,400	)			—				—
Proceeds from the repayment of a note receivable from affiliate			—				11,283				—
Proceeds from issuance of note payable to affiliates			—				2,800				—
Repayment of note payable to affiliates			(2,800	)			—				—
Issuance of series A cumulative fixed rate preferred shares			—				—				4,000
Dividends from subsidiaries			—				—				226,000
Capital contribution			—				—				(26,466	)
Purchase of class A common shares			(22,335	)			(490	)			(153	)
Issuance of class A common shares			3,339				—				—
Net cash provided by (used in) financing activities			(106,002	)			(1,278	)			188,996
Net change in cash and equivalents			1,386				1,987				425
Cash and cash equivalents at beginning of period			3,389				1,402				977
Cash and cash equivalents at end of period		$	4,775			$	3,389			$	1,402

(1)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 December 31, 2020

See Notes to Consolidated Financial Statements included in Item 8.

X

- References

No definition available.

+ Details

Name:	srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix:	srt_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

+ Details

Name:	us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration