Global Indemnity Group, LLC reported a net income of $43.2 million, or $3.12 per diluted share, for the fiscal year ending December 31, 2024, marking a significant increase of $17.8 million compared to the previous year. The company's underwriting income also saw a notable rise, reaching $17.8 million, up from $3.0 million in 2023, primarily driven by strong performance in its Penn-America segment. The accident year combined ratio for Penn-America improved to 94.4% from 95.2% in the prior year, reflecting enhanced underwriting results. Gross written premiums for the Penn-America segment increased by 8.2% to $400.0 million, contributing to the overall growth in revenues.
In terms of operational changes, Global Indemnity underwent a significant internal reorganization in December 2024, which included the establishment of Penn-America Underwriters, LLC. This restructuring aimed to enhance operational efficiency and growth by creating distinct business divisions within the Penn-America segment, such as Wholesale Commercial and InsurTech. The reorganization also resulted in a de-stacked holding company structure under Belmont Holdings GX, Inc., which improved the consolidated surplus of the insurance companies and allowed for more efficient capital management.
The company’s total cash and investments reached $1.4 billion at the end of 2024, a 3.6% increase from the previous year. Total assets remained stable at $1.7 billion, with shareholders' equity rising by 6.2% to $689.1 million. The company maintained a strong liquidity position, with no outstanding debt as of December 31, 2024. Additionally, the company declared a dividend of $0.35 per common share, reflecting a 40% increase from the previous year, and continued its share repurchase program, having repurchased 1,357,082 shares for approximately $34.0 million since its initiation in October 2022.
Looking ahead, Global Indemnity's management expressed confidence in the company's strategic direction and operational improvements. The company aims to leverage its enhanced structure to capitalize on growth opportunities in the specialty property and casualty insurance market. However, management acknowledged potential risks, including market volatility and regulatory changes, which could impact future performance. The company’s financial strength was reaffirmed by AM Best, which maintained an "A" (Excellent) rating for its U.S. operating subsidiaries, underscoring its ability to meet ongoing obligations to policyholders.
About Global Indemnity Group, LLC
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