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Condensed Financial Information of Registrant (Parent Only)

12 Months Ended

Dec. 31, 2024

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, 2024			December 31, 2023
Fixed maturities	$	66,824		$	70,464
Equity securities, at fair value		483			436
Other invested assets		17,903			26,016
Total investments		85,210			96,916
Cash and cash equivalents		110			40
Intercompany note receivable (1)		69,400			69,400
Interest receivable – affiliates		633			1,501
Equity in unconsolidated subsidiaries (1)		576,394			482,653
Other assets		388			997
Total assets	$	732,135		$	651,507
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Due to affiliates (1)	$	42,919		$	2,411
Other liabilities		67			343
Total liabilities		42,986			2,754
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: 11,202,355 and 11,042,670, respectively; class A common shares outstanding: 9,914,587 and 9,771,429, respectively; class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively		—			—
Additional paid-in capital		459,578			454,791
Accumulated other comprehensive income (loss), net of tax		(10,410	)		(22,863	)
Retained earnings		268,673			244,988
Class A common shares in treasury, at cost: 1,287,768 and 1,271,241 shares, respectively		(32,692	)		(32,163	)
Total shareholders' equity		689,149			648,753
Total liabilities and shareholders’ equity	$	732,135		$	651,507

(1)

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

See Notes to the 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,
	2024		2023			2022
Revenues:
Net investment income	$	4,067	$	6,141		$	(1,980	)
Intercompany interest income (1)		880		874			627
Net realized investment gains (losses)		14		(416	)		(4,620	)
Total revenues		4,961		6,599			(5,973	)
Expenses:
Intercompany interest expense (1)		—		—			2
Interest expense		—		—			41
Corporate and other operating expenses		1,015		601			723
Loss on extinguishment of debt		—		—			3,529
Income (loss) before equity in earnings of unconsolidated subsidiaries		3,946		5,998			(10,268	)
Equity in earnings of unconsolidated subsidiaries (1)		39,295		19,431			9,418
Net income (loss)		43,241		25,429			(850	)
Other comprehensive income (loss), net of tax:
Unrealized holdings gain (losses) arising during the period		973		1,287			(8,274	)
Equity in other comprehensive income (loss) of unconsolidated subsidiaries (1)		11,446		18,703			(45,764	)
Recognition of previously unrealized holding losses		34		205			4,576
Other comprehensive income (loss), net of tax		12,453		20,195			(49,462	)
Comprehensive income (loss), net of tax	$	55,694	$	45,624		$	(50,312	)

(1)

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

See Notes to the 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,
	2024			2023			2022
Net cash provided by operating activities	$	7,124		$	4,388		$	7,720
Cash flows from investing activities:
Proceeds from sale of fixed maturities		709			17,226			70,151
Proceeds from sale of equity securities		—			1,158			76,466
Proceeds from maturity of fixed maturities		91,213			240			438
Proceeds from other invested assets		8,113			—			58,577
Purchases of fixed maturities		(86,731	)		(271	)		(105,025	)
Purchases of equity securities		—			(111	)		(939	)
Net cash provided by investing activities		13,304			18,242			99,668
Cash flows from financing activities:
Distributions paid to common shareholders		(19,389	)		(14,248	)		(14,366	)
Distributions paid to preferred shareholders		(440	)		(440	)		(440	)
Issuance of note receivable to affiliates		—			—			(69,400	)
Repayment of note payable to affiliates		—			—			(2,800	)
Purchase of class A common shares		(529	)		(12,677	)		(22,335	)
Issuance of class A common shares		—			—			3,339
Net cash used in financing activities		(20,358	)		(27,365	)		(106,002	)
Net change in cash and equivalents		70			(4,735	)		1,386
Cash and cash equivalents at beginning of period		40			4,775			3,389
Cash and cash equivalents at end of period	$	110		$	40		$	4,775

Supplemental Non-Cash Disclosure:

In connection with the internal reorganization in December 2024, Global Indemnity Group, LLC entered into the following non-cash transactions in 2024:

•

Global Indemnity Group, LLC transferred all of the issued and outstanding common shares of Penn-Patriot Insurance Company with a value of $498 million to Belmont Holdings GX, Inc. for 750 common shares of Belmont Holdings GX, Inc.

•

Global Indemnity Group, LLC’s capital contribution of $43 million to Penn-America Underwriters, LLC effective on December 31, 2024 was settled in February of 2025.

All of these transactions are eliminated in the Company’s Consolidated Financial Statements.

See Notes to the Consolidated Financial Statements included in Item 8.