Global Indemnity's Third-Quarter Profit Falls After Premium Drop

The Tip Desk · November 11, 2026 · 4 min read

Net income was $8.9 million, or $0.61 a share, as Belmont Core written premiums fell 5.5% and the loss ratio rose to 53.0%.

Global Indemnity Group, LLC (GBLI), a holding company for property and casualty insurers and agencies, reported net income of $8.9 million, or $0.61 a share, for the three months ended September 30, 2026, down from $12.5 million, or $0.86 a share, a year earlier.

Current accident year underwriting income fell to $5.6 million from $10.2 million in the year-ago quarter. The company said a $1.3 million decline in net earned premiums and a $3.0 million effect of a higher loss ratio drove the decrease. The loss ratio rose to 53.0% from 50.1%, a year-ago quarter it described as having unusually few severe property losses. The current accident year combined ratio was 94.8%.

Belmont Core gross written premiums were $102.6 million, 5.5% lower than $108.5 million a year earlier. Wholesale Commercial, the largest line, was $62.1 million, down 8.6% from $67.9 million a year earlier after a 2% increase to $70.1 million in the second quarter. The company said it maintained pricing and return standards amid competitive conditions, especially in property, and that overall rates decreased 3% for the third quarter.

Assumed E&S Reinsurance premiums were $15.5 million, essentially unchanged from $15.6 million a year earlier, after a 79% increase to $21.5 million in the second quarter. Vacant Express was $11.5 million, up 1% from $11.3 million a year earlier. Collectibles were $5.8 million, up 14% from $5.1 million a year earlier. Specialty Products were $7.7 million, down 9.5% from $8.6 million a year earlier, which the company attributed to run-off of terminated products and competitive conditions.

Pretax Adjusted Operating Contribution was $20.1 million. Adjusted Return on Equity was 12.8%. Operating income was $9.5 million, or $0.65 a share.

Net investment income was $14.5 million, down from $17.9 million a year earlier, as annualized investment return fell to 0.3% from 4.0%. The company said the decline resulted from lower limited partnership returns and lower average yields on the fixed income portfolio due to lower U.S. Treasury rates. In September 2026 it began lengthening duration by redeploying U.S. Treasuries into higher-yielding securities, lifting the fixed income portfolio book yield to 4.8% and duration to 1.5 years at September 30, 2026, from 4.3% and 1.0 years at December 31, 2025. Average credit quality remained AA-.

Common shareholders’ equity was $700.9 million at September 30, 2026. Book value per share was $47.87, down 2.2% from $48.96 at December 31, 2025, after $1.05 a share of common dividends and a $0.89 a share unrealized decline in the fixed income portfolio. Book value per share plus cumulative dividends and excluding AOCI rose 1.4% to $58.86. Dividends of $15.4 million were paid during the nine months ended September 30, 2026. AM Best affirmed an “A” (Excellent) rating for the company’s U.S. insurance subsidiaries in August 2026.

For the nine months ended September 30, 2026, net income was $24.2 million, or $1.65 a share, compared with $18.9 million, or $1.30 a share, in 2025. Current accident year underwriting income increased to $16.9 million from $5.4 million in 2025, a period that included $15.8 million of losses from California wildfires. Belmont Core gross written premiums of $316.4 million were in line with 2025. Excluding terminated business, those premiums grew 1.5%. Pretax Adjusted Operating Contribution was $60.0 million and Adjusted Return on Equity was 12.6%.

Jessica E. Buss, who joined as chief executive the week of the release, said the third quarter came in softer as the company held underwriting standards while competitors cut property rates. She said she is confident Katalyx will expand distribution substantially over the next five years and that she set that expansion in motion for 2027 in her first 48 hours. She said the company will put Kaleidoscope to work for wholesalers, agents and underwriters, and that Belmont will materially improve operating efficiency. Going forward, she said, the company will hold itself to sustained growth in premiums, earnings and book value per share at rates far beyond anything GBLI achieved since its founding.