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Global Indemnity Group LLC Class A (DE) (GBLI+1.81%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting a net income of $43.2 million, or $3.12 per diluted share, which is an increase of $17.8 million from the previous year. This improvement was attributed to strong underwriting results in the Penn-America segment.
Gross written premiums for the year were $389.8 million, a decrease of 6.4% from the prior year, primarily due to runoff in the Non-Core Operations segment. However, Penn-America's gross written premiums increased by 8.2% to $400.0 million.
Net investment income rose by 12.5% to $62.4 million, driven by strategies that took advantage of rising interest rates, resulting in an increased book yield on the fixed maturities portfolio.
The filing also notes that the company's total assets remained stable at $1.7 billion, while shareholders' equity increased by 6.2% to $689.1 million.
During 2024, the company paid dividends totaling $19.6 million and repurchased shares worth $34.0 million under its share repurchase program, which has a remaining authorization of $101.0 million.
The report outlines the company's business segments, with Penn-America focusing on specialty property and casualty insurance in the excess and surplus lines market, while the Non-Core Operations segment includes lines of business that are being de-emphasized or no longer written.
Global Indemnity Group LLC's insurance subsidiaries are licensed in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, and the company operates through a wide distribution network of wholesale and retail agents.
The filing also addresses the company's risk management strategies, including its reinsurance arrangements and the purchase of reinsurance to limit liability on individual risks and protect against property catastrophe and casualty clash losses.
Additionally, the company highlighted its investment strategy, which includes a focus on maintaining a high-quality bond portfolio with a relatively short duration to reduce the effect of interest rate changes on book value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Indemnity Group LLC Class A (DE) annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.