# EDGAR Filing Document

**Accession Number:** 0001494904
**File Stem:** 0001193125-26-206792
**Filing Date:** 2026-5
**Character Count:** 174229
**Document Hash:** 789326bb58703e45a709a6b59d62b23a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-206792.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001193125-26-206792

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global Indemnity Group, LLC
- **CENTRAL INDEX KEY:** 0001494904
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 981304287
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34809
- **FILM NUMBER:** 26944686

**BUSINESS ADDRESS:**
- **STREET 1:** 3 BALA PLAZA EAST
- **STREET 2:** SUITE 300
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004
- **BUSINESS PHONE:** 610-664-1500

**MAIL ADDRESS:**
- **STREET 1:** 3 BALA PLAZA EAST
- **STREET 2:** SUITE 300
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Global Indemnity Ltd
- **DATE OF NAME CHANGE:** 20161107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Global Indemnity plc
- **DATE OF NAME CHANGE:** 20100622

?xml version='1.0' encoding='ASCII'? 10-Q

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 10-Q

------

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Quarterly Period Ended** **March 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Transition Period from to**

001-34809

Commission File Number

------

GLOBAL INDEMNITY GROUP, LLC

**(Exact name of registrant as specified in its charter)**

------

---

| | |
|:---|:---|
| Delaware | 85-2619578 |
| **(State or other jurisdiction** <br>**of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |

---

112 S. French Street**,** Suite 105

Wilmington**,** DE 19801

**(Address of principal executive office including zip code)**

**Registrant's telephone number, including area code: (**302**)** 691-6276

------

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files.). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer  | ☐; | Accelerated filer  | ☒; |
| Non-accelerated filer  | ☐; | Smaller reporting company  | ☐; |
| Emerging growth company  | ☐ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

<u>Title of each class</u> <u>Trading Symbol</u> <u>Name of each exchange on which registered</u> <br> <u>Class A Common Shares</u> <u>GBLI</u> <u>Nasdaq Global Select Market</u>

As of May 5, 2026, the registrant had outstanding 10,815,515 class A common shares (including 780,000 class A common shares designated as class A-2 common shares) and 3,793,612 class B common shares.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | [**<u>PART I – FINANCIAL INFORMATION</u>**](#part_i_financial_information) |  |
| Item 1. | [<u>Financial Statements:</u>](#item_1_financial_statements) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Balance Sheets <br>As of March 31, 2026 (Unaudited) and December 31, 2025</u>](#consolidated_balance_sheets) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations <br>Quarters Ended March 31, 2026 (Unaudited) and March 31, 2025 (Unaudited)</u>](#consolidated_statements_operations) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Comprehensive Income (Loss)</u>](#consolidated_statements_comprehensive_in)[<u><br>Quarters Ended March 31, 2026 (Unaudited) and March 31, 2025 (Unaudited)</u>](#consolidated_statements_comprehensive_in) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Shareholders' Equity <br>Quarters Ended March 31, 2026 (Unaudited) and March 31, 2025 (Unaudited)</u>](#consolidated_statements_changes_in_share) | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows <br>Quarters Ended March 31, 2026 (Unaudited) and March 31, 2025 (Unaudited)</u>](#consolidated_statements_cash_flows) | 7 |
|  | [<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#principles_consolidation_basis_presentat) | 8 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_analysis_f) | 27 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item_3_quantitative_qualitative_disclosu) | 40 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_procedures) | 41 |
|  | [**<u>PART II – OTHER INFORMATION</u>**](#part_iior_information) |  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 42 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 42 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_equity_securit) | 42 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 42 |
| Item 4.  | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 42 |
| Item 5. | [<u>Other Information</u>](#item_5_or_information) | 42 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 43 |
| [<u>Signature</u>](#signature) | [<u>Signature</u>](#signature) | 44 |

---

------

**PART I – FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**GLOBAL INDEMNITY GROUP, LLC**

**Consolidated Balance Sheets**

(In thousands, except share amounts)

---

| | | |
|:---|:---|:---|
|  | **(Unaudited)<br>March 31, 2026** | **December 31, 2025** |
| **ASSETS** |  |  |
| Fixed maturities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Available for sale, at fair value (amortized cost: $1,331,715 and $1,330,310; net of allowance for expected credit losses of $0 at March 31, 2026 and December 31, 2025) | $1323562 | $1325502 |
| Equity securities, at fair value | 26409 | 33673 |
| Other invested assets | 10183 | 17097 |
| Total investments | 1360154 | 1376272 |
| Cash and cash equivalents | 34830 | 65542 |
| Premium receivables, net of allowance for expected credit losses of $3,687 at March 31, 2026 and $3,640 at December 31, 2025 | 71411 | 66969 |
| Reinsurance receivables, net of allowance for expected credit losses of $1,488 at March 31, 2026 and December 31, 2025 | 64416 | 62595 |
| Funds held by ceding insurers | 21979 | 22114 |
| Deferred income taxes | 21818 | 20076 |
| Deferred acquisition costs | 40226 | 41183 |
| Intangible assets | 16729 | 16845 |
| Goodwill | 4820 | 4820 |
| Prepaid reinsurance premiums | 4196 | 3607 |
| Income tax receivable |  | 2617 |
| Lease right of use assets | 7806 | 8166 |
| Other assets | 31731 | 29956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1680116 | $1720762 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Liabilities:** |  |  |
| Unpaid losses and loss adjustment expenses | $747143 | $750191 |
| Unearned premiums | 177530 | 182728 |
| Reinsurance balances payable | 3098 | 1860 |
| Payable for securities | 4467 | 21594 |
| Contingent commissions | 2828 | 7159 |
| Income tax payable | 196 |  |
| Lease liabilities | 7902 | 8331 |
| Other liabilities | 32842 | 42309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $976006 | $1014172 |
| Commitments and contingencies (Note 9) |  |  |
| **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 | 4000 | 4000 |
| Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 12,103,283 and 11,844,995, respectively, (inclusive of class A common shares designated as class A-2 common shares of 780,000 and 550,000, respectively); class A common shares outstanding: 10,815,515 and 10,557,227, respectively (inclusive of class A common shares designated as class A-2 common shares of 780,000 and 550,000, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively |  |  |
| Additional paid-in capital | 466723 | 465720 |
| Accumulated other comprehensive income (loss), net of tax | (6596) | (4000) |
| Retained earnings | 272675 | 273562 |
| Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively | (32692) | (32692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 704110 | 706590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $1680116 | $1720762 |

---

See accompanying notes to the consolidated financial statements.

------

**GLOBAL INDEMNITY GROUP, LLC**

**Consolidated Statements of Operations**

(In thousands, except shares and per share data)

---

| | | |
|:---|:---|:---|
|  | **(Unaudited)<br>Quarters Ended March 31,** | **(Unaudited)<br>Quarters Ended March 31,** |
|  | **2026** | **2025** |
| **Revenues:** |  |  |
| Gross written premiums | $96450 | $98675 |
| Ceded written premiums | (3882) | (2811) |
| Net written premiums | 92568 | 95864 |
| Change in net unearned premiums | 5787 | (2548) |
| Net earned premiums | 98355 | 93316 |
| Net investment income | 12218 | 14782 |
| Net realized investment gains (losses) | (2243) | 136 |
| Other income | 847 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 109177 | 108651 |
| **Losses and Expenses:** |  |  |
| Net losses and loss adjustment expenses | 53861 | 66738 |
| Acquisition costs and other operating expenses | 40763 | 37507 |
| Corporate expenses | 9038 | 9500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 5515 | (5094) |
| Income tax expense (benefit) | 1269 | (1105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $4246 | $(3989) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: preferred stock distributions | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to common shareholders | $4136 | $(4099) |
| **Per share data:** |  |  |
| Net income (loss) available to common shareholders (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.29 | $(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.29 | $(0.30) |
| Weighted-average number of shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 14351153 | 13867271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 14405235 | 13867271 |
| Cash distributions declared per common share | $0.35 | $0.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For the quarter ended March 31, 2025, "weighted average shares outstanding - basic" was used to calculate "diluted earnings per share" due to a net loss for the period.

See accompanying notes to the consolidated financial statements.

------

**GLOBAL INDEMNITY GROUP, LLC**

**Consolidated Statements of Comprehensive Income (Loss)**

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **(Unaudited)<br>Quarters Ended March 31,** | **(Unaudited)<br>Quarters Ended March 31,** |
|  | **2026** | **2025** |
| Net income (loss) | $4246 | $(3989) |
| Other comprehensive income (loss), net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) | (2622) | 3571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for gains included in net income (loss) | (15) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | 41 | (64) |
| Other comprehensive income (loss), net of tax | (2596) | 3497 |
| Comprehensive income (loss), net of tax | $1650 | $(492) |

---

See accompanying notes to the consolidated financial statements.

------

**GLOBAL INDEMNITY GROUP, LLC**

**Consolidated Statements of Changes in Shareholders' Equity**

(In thousands, except share amounts)

---

| | | |
|:---|:---|:---|
|  | **(Unaudited)<br>Quarters Ended March 31,** | **(Unaudited)<br>Quarters Ended March 31,** |
|  | **2026** | **2025** |
| **Number of Series A Cumulative Fixed Rate Preferred Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number at beginning and end of period | 4000 | 4000 |
| **Number of class A common shares issued:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number at beginning of period | 11844995 | 11202355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares designated as class A-2 common shares issued under share incentive plans | 230000 | 550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares issued to directors | 28288 | 16489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number at end of period | 12103283 | 11768844 |
| **Number of class B common shares issued:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number at beginning and end of period | 3793612 | 3793612 |
| **Par value of Series A Cumulative Fixed Rate Preferred Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning and end of period | $4000 | $4000 |
| **Additional paid-in capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of period | $465720 | $459578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share compensation plans | 1003 | 3494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | $466723 | $463072 |
| **Accumulated other comprehensive income (loss), net of deferred income tax:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of period | $(4000) | $(10410) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized holding gains | (2637) | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | 41 | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income | (2596) | 3497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | $(6596) | $(6913) |
| **Retained earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of period | $273562 | $268673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 4246 | (3989) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred share distributions | (110) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders ($0.35 per share per quarter in 2026 and 2025) | (5023) | (4990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | $272675 | $259584 |
| **Number of treasury shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number at beginning and end of period | 1287768 | 1287768 |
| **Treasury shares, at cost:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning and end of period | $(32692) | $(32692) |
| **Total shareholders' equity** | $704110 | $687051 |

---

See accompanying notes to the consolidated financial statements.

------

**GLOBAL INDEMNITY GROUP, LLC**

**Consolidated Statements of Cash Flows**

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **(Unaudited)<br>Quarters Ended March 31,** | **(Unaudited)<br>Quarters Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $4246 | $(3989) |
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 1588 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock and stock option expense | 1003 | 3494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (1045) | (1326) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of bond premium and discount, net | (844) | 10555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized investment losses (gains) | 2243 | (136) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from equity method investments, net of distributions | 1962 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium receivables, net | (4442) | 7244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance receivables, net | (1821) | (2687) |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds held by ceding insurers | 188 | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpaid losses and loss adjustment expenses | (3048) | (5543) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | (5198) | 2665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance balances payable | 1238 | (5395) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (12784) | (5303) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent commissions | (4331) | (3440) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable / payable | 2813 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 957 | (553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid reinsurance premiums | (589) | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) operating activities | (17864) | 2397 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of fixed maturities | 73231 | 39984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equity securities | 3550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturity of fixed maturities | 623075 | 705938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturity of preferred stock | 1450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from other invested assets | 4952 | 5259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of fixed maturities | (713973) | (684341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) investing activities | (7715) | 66840 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to common shareholders | (5023) | (4990) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to preferred shareholders | (110) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (5133) | (5100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | (30712) | 64137 |
| Cash and cash equivalents at beginning of period | 65542 | 17009 |
| Cash and cash equivalents at end of period | $34830 | $81146 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax refunds received | $501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid |  |  |

---

See accompanying notes to the consolidated financial statements.

------

**1.** **Principles of Consolidation and Basis of Presentation**

Global Indemnity Group, LLC ("Global Indemnity" or "the Company") is a Delaware limited liability company. As of March 31, 2026, Global Indemnity Group, LLC's class A common shares (excluding the 780,000 class A common shares designated as class A-2 common shares) are publicly traded on the Nasdaq Global Select Market under the ticker symbol GBLI. Global Indemnity Group, LLC's predecessors have been publicly traded since 2003.

The interim consolidated financial statements are unaudited, but have been prepared in conformity with United States of America generally accepted accounting principles ("GAAP"), which differs in certain respects from those principles followed in reports to insurance regulatory authorities. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The unaudited consolidated financial statements include all adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair statement of results for the interim periods. Results of operations for the quarters ended March 31, 2026 and 2025 are not necessarily indicative of the results of a full year. The accompanying notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company's 2025 Annual Report on Form 10-K.

The consolidated financial statements include the accounts of Global Indemnity Group, LLC and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

**2. Investments**

The amortized cost and estimated fair value of the Company's fixed maturities securities were as follows as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Dollars in thousands)** | **Amortized <br>Cost** | **Allowance for Expected Credit Losses** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated <br>Fair Value** |
| As of March 31, 2026 |  |  |  |  |  |
| Fixed maturities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasuries | $675406 | $— | $22 | $(165) | $675263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 14493 |  |  | (384) | 14109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 198081 |  | 1112 | (3510) | 195683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 148969 |  | 838 | (3828) | 145979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 56197 |  | 400 | (1457) | 55140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 169967 |  | 343 | (980) | 169330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate bonds | 68602 |  | 192 | (736) | 68058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities | $1331715 | $— | $2907 | $(11060) | $1323562 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Dollars in thousands)** | **Amortized <br>Cost** | **Allowance for Expected Credit Losses** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated <br>Fair Value** |
| As of December 31, 2025 |  |  |  |  |  |
| Fixed maturities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasuries | $640533 | $— | $216 | $(120) | $640629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 14515 |  |  | (350) | 14165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 199901 |  | 2610 | (3451) | 199060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 139690 |  | 1227 | (3649) | 137268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 58202 |  | 89 | (1463) | 56828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 198970 |  | 1090 | (867) | 199193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate bonds | 78499 |  | 425 | (565) | 78359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities | $1330310 | $— | $5657 | $(10465) | $1325502 |

---

As of March 31, 2026 and December 31, 2025, the Company's investments in equity securities consist of the following:

---

| | | |
|:---|:---|:---|
| **(Dollars in thousands)** | **March 31, 2026** | **December 31, 2025** |
| Common stock | $15259 | $21006 |
| Preferred stock | 11150 | 12667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $26409 | $33673 |

---

Excluding U.S. treasuries and limited partnerships, the Company did not hold any debt securities or equity investments in a single issuer in excess of 2.7% of shareholders' equity at March 31, 2026 and December 31, 2025, respectively.

The amortized cost and estimated fair value of the Company's fixed maturities portfolio classified as available for sale at March 31, 2026, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
| **(Dollars in thousands)** | **Amortized <br>Cost** | **Estimated <br>Fair Value** |
| Due in one year or less | $818421 | $818354 |
| Due in one year through five years | 98157 | 97281 |
| Due in five years through ten years | 2930 | 2818 |
| Due after ten years | 8960 | 8307 |
| Mortgage-backed securities | 198081 | 195683 |
| Asset-backed securities | 148969 | 145979 |
| Commercial mortgage-backed securities | 56197 | 55140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1331715 | $1323562 |

---

------

The following table contains an analysis of the Company's fixed income securities with gross unrealized losses that are not deemed to have credit losses, categorized by the period that the securities were in a continuous loss position as of March 31, 2026. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 3.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** | **Total** | **Total** |
| **(Dollars in thousands)** | **Fair Value** | **Gross<br>Unrealized<br>Losses** | **Fair Value** | **Gross<br>Unrealized<br>Losses** | **Fair Value** | **Gross<br>Unrealized<br>Losses** |
| Fixed maturities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasuries | $398716 | $(56) | $7652 | $(109) | $406368 | $(165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 1450 |  | 12660 | (384) | 14110 | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 43065 | (771) | 23099 | (2739) | 66164 | (3510) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 49616 | (1982) | 30351 | (1846) | 79967 | (3828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 10838 | (65) | 31862 | (1392) | 42700 | (1457) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 31341 | (107) | 38166 | (873) | 69507 | (980) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate bonds | 4626 | (43) | 19787 | (693) | 24413 | (736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities | $539652 | $(3024) | $163577 | $(8036) | $703229 | $(11060) |

---

The following table contains an analysis of the Company's fixed income securities with gross unrealized losses that are not deemed to have credit losses, categorized by the period that the securities were in a continuous loss position as of December 31, 2025. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 3.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** | **Total** | **Total** |
| **(Dollars in thousands)** | **Fair Value** | **Gross<br>Unrealized<br>Losses** | **Fair Value** | **Gross<br>Unrealized<br>Losses** | **Fair Value** | **Gross<br>Unrealized<br>Losses** |
| Fixed maturities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasuries | $21804 | $(1) | $7643 | $(119) | $29447 | $(120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions |  |  | 12714 | (350) | 12714 | (350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | 15293 | (716) | 24918 | (2735) | 40211 | (3451) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 24080 | (1872) | 31604 | (1777) | 55684 | (3649) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 13954 | (96) | 32183 | (1367) | 46137 | (1463) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 2509 | (26) | 48935 | (841) | 51444 | (867) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate bonds | 1580 | (17) | 24411 | (548) | 25991 | (565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities | $79220 | $(2728) | $182408 | $(7737) | $261628 | $(10465) |

---

The Company regularly performs various analytical valuation procedures with respect to its investments, including reviewing each available for sale debt security in an unrealized loss position to assess whether the decline in fair value below amortized cost basis has resulted from a credit loss or other factors. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for expected credit losses is recorded. Subsequent changes in the allowances are recorded in the period of change as either credit loss expense or reversal of credit loss expense. Any declines in value related to factors other than credit losses and the intent to sell are recorded through other comprehensive income, net of taxes.

------

For fixed maturities, the factors considered in reaching the conclusion that a credit loss exists include, among others, whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the extent to which the fair value is less than the amortized cost basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the issuer is in financial distress;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the investment is secured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)a significant credit rating action occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)scheduled interest payments were delayed or missed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)changes in laws or regulations have affected an issuer or industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)the investment has an unrealized loss and was identified by the Company's investment manager as an investment to be sold before recovery or maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)the investment failed cash flow projection testing to determine if anticipated principal and interest payments will be realized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)changes in US Treasury rates and/or credit spreads since original purchase to identify whether the unrealized loss is simply due to interest rate movement.

According to accounting guidance for debt securities in an unrealized loss position, the Company is required to assess whether it has the intent to sell the debt security or more likely than not will be required to sell the debt security before the anticipated recovery. If either of these conditions is met, any allowance for expected credit losses is written off and the amortized cost basis is written down to the fair value of the fixed maturity security with any incremental impairment reported in earnings. The new amortized cost basis shall not be adjusted for subsequent recoveries in fair value. Subject to the risks and uncertainties in evaluating the potential impairment of a security's value, the impairment evaluation conducted by the Company as of March 31, 2026 and December 31, 2025 concluded the unrealized losses in the tables above are non-credit losses on securities where management does not intend to sell, and it is more likely than not that the Company will not be required to sell the security before recovery.

The Company elected the practical expedient to exclude accrued interest from both the fair value and the amortized cost basis of the available for sale debt securities for the purposes of identifying and measuring an impairment and to not measure an allowance for expected credit losses for accrued interest receivables. Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. The Company made an accounting policy election to present the accrued interest receivable balance with other assets on the Company's consolidated statements of financial position. Accrued interest receivable related to fixed maturities was $4.0 million and $4.8 million as of March 31, 2026 and December 31, 2025, respectively.

The following is a description, by asset type, of the methodology and significant inputs that the Company used to measure the amount of credit loss recognized in earnings, if any:

**U.S. treasuries** – As of March 31, 2026, gross unrealized losses related to U.S. treasuries were $0.165 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, macroeconomic and market analysis is conducted in evaluating these securities. Consideration is given to the interest rate environment, duration and yield curve management of the portfolio, sector allocation and security selection. Based on the analysis performed, the Company did not recognize a credit loss on U.S. treasuries during the period.

**Obligations of states and political subdivisions –** As of March 31, 2026, gross unrealized losses related to obligations of states and political subdivisions were $0.384 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, elements that may influence the performance of the municipal bond market are considered in evaluating these securities such as investor expectations, supply and demand patterns, and current versus historical yield and spread relationships. The analysis relies on the output of fixed income credit analysts, as well as dedicated municipal bond analysts who perform extensive in-house fundamental analysis on each issuer, regardless of their rating by the major agencies. Based on the analysis performed, the Company did not recognize a credit loss on obligations of states and political subdivisions during the period.

------

**Mortgage-backed securities ("MBS") –** As of March 31, 2026, gross unrealized losses related to mortgage-backed securities were $3.510 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, mortgage-backed securities are modeled to project principal losses under downside, base, and upside scenarios for the economy and home prices. The primary assumption that drives the security and loan level modeling is the Home Price Index ("HPI") projection. These forecasts incorporate not just national macro-economic trends, but also regional impacts to arrive at the most granular and detailed and comprehensive projections. These assumptions are incorporated into the model as a basis to generate delinquency probabilities, default curves, loss severity curves, and voluntary prepayment curves at the loan level within each deal. The model utilizes HPI-adjusted current loan to value, payment history, loan terms, loan modification history, and borrower characteristics as inputs to generate expected cash flows and principal loss for each bond under various scenarios. Based on the analysis performed, the Company did not recognize a credit loss on mortgage-backed securities during the period.

**Asset backed securities ("ABS") -** As of March 31, 2026, gross unrealized losses related to asset backed securities were $3.828 million. The weighted average credit enhancement for the Company's asset backed portfolio is 34.6. This represents the percentage of pool losses that can occur before an asset backed security will incur its first dollar of principal losses. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, every ABS transaction is analyzed on a stand-alone basis. This analysis involves a thorough review of the collateral, prepayment, and structural risk in each transaction. Additionally, the analysis includes an in-depth credit analysis of the originator and servicer of the collateral. The analysis projects an expected loss for a deal given a set of assumptions specific to the asset type. These assumptions are used to calculate at what level of losses the deal will incur its first dollar of principal loss. The major assumptions used to calculate this ratio are loss severities, recovery lags, and no advances on principal and interest. Based on the analysis performed, the Company did not recognize a credit loss on asset backed securities during the period.

**Commercial mortgage-backed securities ("CMBS") -** As of March 31, 2026, gross unrealized losses related to the CMBS portfolio were $1.457 million. The weighted average credit enhancement for the Company's CMBS portfolio is 40.8. This represents the percentage of pool losses that can occur before a commercial mortgage-backed security will incur its first dollar of principal loss. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, a loan level analysis is utilized where every underlying CMBS loan is re-underwritten based on a set of assumptions reflecting expectations for the future path of the economy. Each loan is analyzed over time using a series of tests to determine if a credit event will occur during the life of the loan. Inherent in this process are several economic scenarios and their corresponding rent/vacancy and capital market states. The five primary credit events that frame the analysis include loan modifications, term default, balloon default, extension, and ability to pay off the balloon. The resulting output is the expected loss adjusted cash flows for each bond under base case and distressed scenarios. Based on the analysis performed, the Company did not recognize a credit loss on commercial mortgage-backed securities during the period.

**Corporate bonds -** As of March 31, 2026, gross unrealized losses related to corporate bonds were $0.980 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, analysis for this asset class includes maintaining detailed financial models that include a projection of each issuer's future financial performance, including prospective debt servicing capabilities, capital structure composition, and the value of the collateral. The analysis incorporates the macroeconomic environment, industry conditions in which the issuer operates, the issuer's current competitive position, its vulnerability to changes in the competitive and regulatory environment, issuer liquidity, issuer commitment to bondholders, issuer creditworthiness, and asset protection. Part of the process also includes running downside scenarios to evaluate the expected likelihood of default as well as potential losses in the event of default. Based on the analysis performed, the Company did not recognize a credit loss on corporate bonds during the period.

**Foreign bonds –** As of March 31, 2026, gross unrealized losses related to foreign bonds were $0.736 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, detailed financial models are maintained that include a projection of each issuer's future financial performance, including prospective debt servicing capabilities, capital structure composition, and the value of the collateral. The analysis incorporates the macroeconomic environment, industry conditions in which the issuer operates, the issuer's current competitive position, its vulnerability to changes in the competitive and regulatory environment, issuer liquidity, issuer commitment to bondholders, issuer creditworthiness, and asset protection. Part of the process also includes running downside scenarios to evaluate the expected likelihood of default as well as potential losses in the event of default. Based on the analysis performed, the Company did not recognize a credit loss on foreign bonds during the period.

------

The Company has evaluated its investment portfolio and has determined that an allowance for expected credit losses on its investments is not required.

***Accumulated Other Comprehensive Income (Loss), Net of Tax***

Accumulated other comprehensive income (loss), net of tax, as of March 31, 2026 and December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **(Dollars in thousands)** | **March 31, 2026** | **December 31, 2025** |
| Net unrealized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities | $(8153) | $(4808) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency fluctuations | (88) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 1645 | 948 |
| Accumulated other comprehensive income (loss), net of tax | $(6596) | $(4000) |

---

The following tables present the changes in accumulated other comprehensive income (loss), by components, for the quarters ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Quarter Ended March 31, 2026<br>(Dollars in thousands)** | **Unrealized Gains and Losses on Available for Sale Securities** | **Foreign Currency Items** | **Accumulated Other Comprehensive Income (Loss)** |
| Beginning balance, net of tax | $(3889) | $(111) | $(4000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income before reclassification, before tax | (3324) | 52 | (3272) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income (loss), before tax | (21) |  | (21) |
| Other comprehensive income (loss), before tax | (3345) | 52 | (3293) |
| Income tax benefit (expense) | 708 | (11) | 697 |
| Ending balance, net of tax | $(6526) | $(70) | $(6596) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Quarter Ended March 31, 2025<br>(Dollars in thousands)** | **Unrealized Gains and Losses on Available for Sale Securities** | **Foreign Currency Items** | **Accumulated Other Comprehensive Income (Loss)** |
| Beginning balance, net of tax | $(10205) | $(205) | $(10410) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassification, before tax | 4477 | (81) | 4396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income (loss), before tax | (13) |  | (13) |
| Other comprehensive income (loss), before tax | 4464 | (81) | 4383 |
| Income tax benefit (expense) | (903) | 17 | (886) |
| Ending balance, net of tax | $(6644) | $(269) | $(6913) |

---

The reclassifications out of accumulated other comprehensive income (loss) for the quarters ended March 31, 2026 and 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Amounts Reclassified from<br>Accumulated Other<br>Comprehensive Income (Loss)** | **Amounts Reclassified from<br>Accumulated Other<br>Comprehensive Income (Loss)** |
| **(Dollars in thousands)** |  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| **Details about Accumulated Other<br>Comprehensive Income (Loss) Components** | **Affected Line Item in the Consolidated<br>Statements of Operations** | **2026** | **2025** |
| Unrealized gains and losses on available for sale securities | Other net realized investment gains | $(21) | $(13) |
|  | Income tax expense | 6 | 3 |
|  | Total reclassifications, net of tax | $(15) | $(10) |

---

------

***Net Realized Investment Gains (Losses)***

The components of net realized investment gains (losses) for the quarters ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| Fixed maturities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross realized gains | $24 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross realized losses | (3) | (1) |
| Net realized gains (losses) | 21 | 13 |
| Equity securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross realized gains | 5 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross realized losses | (2269) |  |
| Net realized gains (losses) | (2264) | 123 |
| Total net realized investment gains (losses) | $(2243) | $136 |

---

The following table shows the calculation of the portion of realized gains and losses related to equity securities held as of March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| Net gains (losses) recognized during the period on equity securities | $(2264) | $123 |
| Less: net gains (losses) recognized during the period on equity securities sold during the period | (1075) |  |
| Unrealized gains (losses) recognized during the reporting period on equity securities still held | $(1189) | $123 |

---

The proceeds from sales and redemptions of available for sale and equity securities resulting in net realized investment gains (losses) for the quarters ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| Fixed maturities | $73231 | $39984 |
| Equity securities | 3550 |  |

---

***Net Investment Income***

The sources of net investment income for the quarters ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| Fixed maturities | $13766 | $14387 |
| Equity securities | 587 | 116 |
| Cash and cash equivalents | 376 | 856 |
| Other invested assets | (1962) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 12767 | 15273 |
| Investment expense | (549) | (491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $12218 | $14782 |

---

------

The Company's total investment return on a pre-tax basis for the quarters ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| Net investment income | $12218 | $14782 |
| Net realized investment gains (losses) | (2243) | 136 |
| Change in unrealized holding gains (losses) | (3293) | 4383 |
| Net realized and unrealized investment returns | (5536) | 4519 |
| Total investment return | $6682 | $19301 |
| Total investment return % (1) | 0.5% | 1.3% |
| Average investment portfolio (2) | $1405369 | $1436218 |

---

(1)Not annualized.

(2)Average of total cash and invested assets, net of receivable/payable for securities, as of the beginning and end of the period.

As of March 31, 2026 and December 31, 2025, the Company did not own any fixed maturity securities that were non-income producing for the preceding twelve months.

***Bonds Held on Deposit***

Certain cash and cash equivalents and bonds available for sale were deposited with various governmental authorities in accordance with statutory requirements, were held as collateral, or were held in trust. The fair values were as follows as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Estimated Fair Value** | **Estimated Fair Value** |
| **(Dollars in thousands)** | **March 31, 2026** | **December 31, 2025** |
| On deposit with governmental authorities | $19812 | $19919 |
| Held in trust pursuant to assumed reinsurance contracts | 106723 | 105756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total (1) | $126535 | $125675 |

---

(1)Includes cash and cash equivalents of $3.8 million and $5.8 million at March 31, 2026 and December 31, 2025, respectively, with the remainder related to bonds available for sale.

***Variable Interest Entities***

A Variable Interest Entity ("VIE") refers to an investment in which an investor holds a controlling interest that is not based on the majority of voting rights. Under the VIE model, the party that has the power to exercise significant management influence and maintain a controlling financial interest in the entity's economics is said to be the primary beneficiary, and is required to consolidate the entity within their results. Other entities that participate in a VIE, for which their financial interests fluctuate with changes in the fair value of the investment entity's net assets but do not have significant management influence and the ability to direct the VIE's significant economic activities are said to have a variable interest in the VIE but do not consolidate the VIE in their financial results.

The Company has interests in three limited partnership investments with an aggregate carrying value approximating fair value of $10.2 million and $17.1 million as of March 31, 2026 and December 31, 2025. These investments are accounted for under the equity method. The Company has a variable interest in two of these limited partnership investments (each with an ownership interest exceeding 3%), for which it is not the primary beneficiary.

The carrying value of one of the Company's VIEs, the European Non-Performing Loan Fund, LP, which invests in distressed securities and assets, was $1.6 million and $1.7 million as of March 31, 2026 and December 31, 2025, respectively. The Company's maximum loss exposure from this VIE, which factors in future funding commitments of $11.2 million, was $12.9 million as of March 31, 2026 and December 31, 2025, respectively. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively. The carrying value and maximum loss exposure of a second VIE, the Mortgage Debt Fund, LP, which invests in Real Estate Investment Trust ("REIT") qualifying assets was $6.1 million and $6.0 million as of March 31, 2026 and December 31, 2025, respectively. The Company's investment in VIEs is

------

included in other invested assets on the consolidated balance sheets with changes in carrying value recorded in the consolidated statements of operations.

**3.** **Fair Value Measurements**

The accounting standards related to fair value measurements define fair value, establish a framework for measuring fair value, outline a fair value hierarchy based on inputs used to measure fair value, and enhance disclosure requirements for fair value measurements. These standards do not change existing guidance as to whether or not an instrument is carried at fair value. The Company has determined that its fair value measurements are in accordance with the requirements of these accounting standards.

The Company's invested assets are carried at their fair value and are categorized based upon a fair value hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – inputs utilize quoted prices (unadjusted) in active markets for identical assets that the Company has the ability to access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – inputs utilize other than quoted prices included in Level 1 that are observable for similar assets, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – inputs are unobservable for the asset, and include situations where there is little, if any, market activity for the asset.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset.

The following table presents information about the Company's invested assets measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
| **As of March 31, 2026 <br>(Dollars in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Fixed maturities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasuries | $675263 | $— | $— | $675263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions |  | 14109 |  | 14109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities |  | 195683 |  | 195683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities |  | 55140 |  | 55140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities |  | 145979 |  | 145979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds |  | 169330 |  | 169330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate bonds |  | 68058 |  | 68058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities | 675263 | 648299 |  | 1323562 |
| Equity securities | 15259 | 11150 |  | 26409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets measured at fair value | $690522 | $659449 | $— | $1349971 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
| **As of December 31, 2025 <br>(Dollars in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Fixed maturities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasuries | $640629 | $— | $— | $640629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions |  | 14165 |  | 14165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities |  | 199060 |  | 199060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities |  | 56828 |  | 56828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities |  | 137268 |  | 137268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds |  | 199193 |  | 199193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign corporate bonds |  | 78359 |  | 78359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities | 640629 | 684873 |  | 1325502 |
| Equity securities | 21006 | 12667 |  | 33673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets measured at fair value | $661635 | $697540 | $— | $1359175 |

---

The securities classified as Level 1 in the above tables consist of U.S. treasuries and equity securities actively traded on an exchange.

The securities classified as Level 2 in the above tables consist primarily of fixed maturities and preferred stocks. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities and preferred stocks, security prices are derived through recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information. If there are no recent reported trades, matrix or model processes are used to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Included in the pricing of asset-backed securities, collateralized mortgage obligations, and mortgage-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment speeds previously experienced at the interest rate levels projected for the underlying collateral.

***Financial Instruments not Carried at Fair Value***

Other invested assets consist of limited partnerships whose carrying value approximates fair value. The Company uses the equity method to account for investments in limited partnerships, which requires that its cost basis be updated to account for the income or loss earned on the investment. These investments are booked on a one quarter lag due to non-availability of data at the time the financial statements are prepared. The investment loss associated with the limited partnerships is reflected in the consolidated statements of operations in the amounts of $2.0 million and $0.1 million for the quarters ended March 31, 2026 and 2025, respectively. This investment loss of $2.0 million was attributable to the decline in market value in one of the Company's limited partnership investments during the first quarter of 2026.

------

The following table provides the carrying value and future funding commitments related to these investments at March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **(Dollars in thousands)** | **Carrying Value** | **Future Funding<br>Commitment** | **Carrying Value** | **Future Funding<br>Commitment** |
| European Non-Performing Loan Fund, LP (1) | $1639 | $11214 | $1728 | $11214 |
| Mortgage Debt Fund, LP (2) | 6126 |  | 6036 |  |
| Global Debt Fund, LP (3) | 2418 |  | 9333 |  |
| Total | $10183 | $11214 | $17097 | $11214 |

---

(1)This limited partnership invests in distressed securities and assets through senior and subordinated, secured and unsecured debt and equity, in both public and private large-cap and middle-market companies. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. As of March 31, 2026, the Company has an unfunded commitment of $11.2 million. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively.

(2)This limited partnership invests in REIT qualifying assets such as mortgage loans, investor property loans, and commercial mortgage loans. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets.

(3)This limited partnership invests in performing, stressed or distressed securities and loans across the global fixed income markets as well as other securities that offer attractive investment opportunities. The Company does have the contractual option to withdraw all or a portion of its limited partnership interest by providing notice to the fund. On July 31, 2023, the Company provided the Global Debt Fund, LP with a formal withdrawal request to fully redeem the partnership interest. Partial redemption proceeds of $4.9 million and $4.4 million were received during the quarters ended March 31, 2026 and 2025, respectively.

***Pricing***

The Company's pricing vendors provide prices for all investment categories except for investments in limited partnerships. Two primary vendors are utilized to provide prices for equity and fixed maturity securities.

The following is a description of the valuation methodologies used by the Company's pricing vendors for investment securities carried at fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity security prices are received from primary and secondary exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Corporate and agency bonds, as well as preferred stock, are evaluated by utilizing a spread to a benchmark curve. Bonds with similar characteristics are grouped into specific sectors. Inputs for both asset classes consist of trade prices, broker quotes, the new issue market, and prices on comparable securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Data from commercial vendors is aggregated with market information, then converted into an option adjusted spread ("OAS") matrix and prepayment model used for collateralized mortgage obligations ("CMO"). CMOs are categorized with mortgage-backed securities in the tables listed above. For asset-backed securities, spread data is derived from trade prices, dealer quotations, and research reports. For both asset classes, evaluations utilize standard inputs plus new issue data, and collateral performance. The evaluated pricing models incorporate cash flows, broker quotes, market trades, historical prepayment speeds, and dealer projected speeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For obligations of state and political subdivisions, an attribute-based modeling system is used. The pricing model incorporates trades, market clearing yields, market color, and fundamental credit research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. treasuries are evaluated by obtaining feeds from a number of live data sources including primary and secondary dealers as well as inter-dealer brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For mortgage-backed securities, various external analytical products are utilized and purchased from commercial vendors.

------

The Company performs certain procedures to validate whether the pricing information received from the pricing vendors is reasonable, to ensure that the fair value determination is consistent with accounting guidance, and to ensure that its assets are properly classified in the fair value hierarchy. The Company's procedures include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewing periodic reports provided by the Investment Manager that provides information regarding rating changes and securities placed on watch. This procedure allows the Company to understand why a particular security's market value may have changed or may potentially change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Understanding and periodically evaluating the various pricing methods and procedures used by the Company's pricing vendors to ensure that investments are properly classified within the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On a quarterly basis, the Company corroborates investment security prices received from its pricing vendors by obtaining pricing from a second pricing vendor for a sample of securities.

During the quarters ended March 31, 2026 and 2025, the Company has not adjusted quotes or prices obtained from the pricing vendors.

**4. Allowance for Expected Credit Losses - Premium Receivables and Reinsurance Receivables**

For premium receivables, the allowance is based upon the Company's ongoing review of key aspects of amounts outstanding, including but not limited to, length of collection periods, direct placement with collection agencies, solvency of insured, agents, or reinsurers on assumed reinsurance, terminated agents, and other relevant factors.

The following table is an analysis of the allowance for expected credit losses related to the Company's premium receivables for the quarters ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| Beginning balance | $3640 | $3530 |
| Current period provision for expected credit losses | 93 | (13) |
| Write-offs | (46) | (42) |
| Ending balance | $3687 | $3475 |

---

For reinsurance receivables, the allowance is based upon the Company's ongoing review of key aspects of amounts outstanding, including but not limited to, length of collection periods, disputes, applicable coverage defenses, insolvent reinsurers, financial strength of solvent reinsurers based on AM Best Ratings and other relevant factors.

The allowance for expected credit losses related to the Company's reinsurance receivables was $1.5 million at March 31, 2026 and December 31, 2025.

**5. Income Taxes** 

Global Indemnity Group, LLC is a publicly traded partnership for U.S. federal income tax purposes and meets the qualifying income exception to maintain partnership status. As a publicly traded partnership, Global Indemnity Group, LLC is generally not subject to federal income tax and most state income taxes. However, income earned by the subsidiaries of Global Indemnity Group, LLC is subject to corporate tax in the United States and certain foreign jurisdictions.

The Company conducts business in the United States where the statutory income tax rate is 21% and performs certain functions in Ireland where the statutory income tax rate is 12.5% on trading income, and in Israel, where the statutory income tax rate is 23%. The statutory income tax rate of each country is applied against the expected annual taxable income of the Company in each country to estimate the annual income tax expense.

The Company uses the estimated annual effective tax rate method for calculating its interim tax provision. These rates are revised, if necessary, at the end of each successive interim period to reflect current estimates of the annual effective tax rates.

------

The effective tax rate was 23.0% for the quarter ended March 31, 2026. The effective tax rate is higher than the statutory tax rate of 21% primarily due to state income taxes and non-deductible executive compensation offset partially by Global Indemnity Group, LLC's income being treated as a partnership for tax.

The effective tax rate was 21.7% for the quarter ended March 31, 2025. The effective tax rate is higher than the statutory tax rate of 21% primarily due to non-deductible executive compensation offset partially by Global Indemnity Group, LLC's income being treated as a partnership for tax.

**6. Liability for Unpaid Losses and Loss Adjustment Expenses** 

Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| Balance at beginning of period | $750191 | $800391 |
| Less: ceded reinsurance receivables | 60898 | 60754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net balance at beginning of period | 689293 | 739637 |
| Net losses and loss adjustment expenses related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year | 53861 | 66735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior years |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net losses and loss adjustment expenses | 53861 | 66738 |
| Paid net losses and loss adjustment expenses related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year | 10491 | 17991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior years | 48309 | 56267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total paid net losses and loss adjustment expenses | 58800 | 74258 |
| Net balance at end of period | 684354 | 732117 |
| Plus: ceded reinsurance receivables | 62789 | 62731 |
| Balance at end of period | $747143 | $794848 |

---

When analyzing unpaid losses and loss adjustment expenses ("loss reserves") and prior year development, the Company considers many factors, including the frequency and severity of claims, loss trends, case reserve settlements that may have resulted in significant development, and any other additional or pertinent factors that may impact reserve estimates.

**7. Share-Based Compensation Plans** 

**Options**

The Company granted 50,000 time-based stock options during each of the quarters ended March 31, 2026 and 2025 at an exercise price of $28.74 and $36.25 per share, respectively, and both stock option grants will vest on December 31, 2028. No unvested stock options were forfeited during the quarters ended March 31, 2026 or 2025.

**Restricted Shares** 

During the quarters ended March 31, 2026 and 2025, the Company granted 28,288 and 16,489 class A common shares, respectively, at a weighted average grant date value of $28.19 and $35.09 per share, respectively, to non-employee directors of the Company under the Global Indemnity Group, LLC 2023 Share Incentive Plan. All shares granted to non-employee directors of the Company are fully vested but are subject to certain restrictions.

------

***Class A Common Shares Designated as Class A-2 Common Shares*** 

The Company granted 230,000 non-vested class A common shares designated as class A-2 common shares to officers and a director of the Company during the quarter ended March 31, 2026. These shares represent an interest in the profits of the Company in excess of a threshold amount of $391.2 million. These shares vest solely upon the occurrence of a change of control subject to continued service and have an aggregate grant date fair value of $2.4 million. Compensation expense of $2.4 million will be recognized only upon the occurrence of a change of control. No compensation cost was recognized during the quarter ended March 31, 2026.

The Company granted 550,000 class A common shares designated as class A-2 common shares with a threshold amount of $475.3 million to Fox Paine & Company, LLC during the quarter ended March 31, 2025. These shares have a grant date fair value of $11.0 million and additional consideration of $0.2 million in cash. Of the grant date fair value, $2.7 million was recorded in the first quarter of 2025. The remaining $8.3 million will be recognized, if at all, upon the occurrence of a change of control transaction. See Note 8 for additional information regarding the 550,000 class A common shares designated as class A-2 common shares issued to Fox Paine & Company, LLC.

Please see Note 13 of the notes to the consolidated financial statements in Item 8 of Part II of the Company's 2025 Annual Report on Form 10-K for additional information on class A common shares designated as class A-2 common shares.

**8. Related Party Transactions** 

***Fox Paine Entities***

Pursuant to Global Indemnity Group, LLC's Third Amended and Restated Limited Liability Company Agreement ("LLCA"), as amended, Fox Paine Capital Fund II International, L.P. (the "Fox Paine Fund"), together with Fox Mercury Investments, L.P. and certain of its affiliates (the "FM Entities"), and Fox Paine & Company LLC (collectively, the "Fox Paine Entities") currently constitute a Class B Majority Shareholder (as defined in the LLCA) and, as such, have the right to appoint a number of Global Indemnity Group, LLC's directors equal in aggregate to the pro rata percentage of the voting power in Global Indemnity Group, LLC beneficially held by the Fox Paine Entities, rounded up to the nearest whole number of directors. The Fox Paine Entities beneficially own shares representing approximately 83.4% of the voting power of Global Indemnity Group, LLC as of March 31, 2026. The Fox Paine Entities control the appointment or election of all of Global Indemnity Group, LLC's Directors due to the LLCA and their controlling share ownership. Global Indemnity Group, LLC's Chairman is the Chief Executive and founder of Fox Paine & Company, LLC.

Management fee expense of $0.8 million was incurred during each of the quarters ended March 31, 2026 and 2025. Prepaid management fees, which were included in other assets on the consolidated balance sheets, were $1.4 million and $2.3 million as of March 31, 2026 and December 31, 2025, respectively.

In addition, Fox Paine & Company, LLC may also propose and negotiate transaction fees with the Company subject to the provisions of the Company's related party transaction and conflict matter policies, including approval of Global Indemnity Group, LLC's Conflicts Committee of the Board of Directors, for those services from time to time. Each of the Company's transactions with Fox Paine & Company, LLC are reviewed and approved by Global Indemnity Group, LLC's Conflicts Committee, which is composed of Disinterested Directors (as defined in the LLCA), and upon the recommendation of the Conflicts Committee, the Board of Directors (Saul A. Fox, Chairman of the Board of Directors of Global Indemnity Group, LLC and Chief Executive of Fox Paine & Company, LLC, is not a member of the Conflicts Committee and recused himself from deliberations related to fees paid to Fox Paine & Company, LLC or its affiliates).

***Advisory Fee related to Internal Reorganization*** 

Fox Paine & Company, LLC conceived, designed, and directed the Company's successful completion of an extensive reorganization of its business in December 2024. The reorganization was designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Establish separate, distinctly branded agency businesses for each business division (Wholesale Commercial, Vacant Express, Collectibles and Specialty Products) to strengthen branding, attract talent and deepen distribution relationships.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Create stand-alone business for technology (Kaleidoscope Insurance Technologies, Inc.), and claims services (Liberty Insurance Adjustment Agency, Inc.) that support Belmont Holdings and are positioned to offer services to other insurance industry participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•De-stack the insurance companies within Belmont Holdings, resulting in an increased consolidated surplus and more efficient management of capital and liquidity.

On March 6, 2025, upon the recommendation of the Conflicts Committee of the Board of Directors, Global Indemnity Group, LLC's Board of Directors (other than Joseph Brown, Chief Executive Officer of Global Indemnity Group, LLC, who recused himself due to his inherent conflict of interest in approving a compensation matter for Fox Paine) approved the issuance of 550,000 class A common shares designated as class A-2 common shares with a grant date fair value of $11.0 million and additional consideration of $0.2 million in cash for services performed in connection with the Company's internal corporate reorganization. Of the grant date fair value of the class A common shares designated as class A-2 common shares, $2.7 million was recorded in the first quarter of 2025. The remaining $8.3 million will be recognized, if at all, upon a Change of Control Transaction. See Note 7 for additional information regarding the 550,000 class A common shares designated as class A-2 common shares.

**9. Commitments and Contingencies** 

***Legal Proceedings***

The Company is, from time to time, involved in various legal proceedings in the ordinary course of business. The Company maintains insurance and reinsurance coverage for such risks in amounts that it considers adequate. However, there can be no assurance that the insurance and reinsurance coverage that the Company maintains is sufficient or will be available in adequate amounts or at a reasonable cost. The Company does not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material adverse effect on its business, results of operations, cash flows, or financial condition.

There is a greater potential for disputes with reinsurers who are in runoff. Some of the Company's reinsurers have operations that are in runoff, and therefore, the Company closely monitors those relationships. The Company anticipates that, similar to the rest of the insurance and reinsurance industry, it will continue to be subject to litigation and arbitration proceedings in the ordinary course of business.

***Commitments***

In 2014, the Company entered into a $50 million commitment to purchase an alternative investment vehicle which is comprised of European non-performing loans. As of March 31, 2026, the Company has an unfunded commitment of $11.2 million. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively.

***Other Commitments***

The Company is party to a Management Agreement, as amended, with Fox Paine & Company, LLC, whereby in connection with certain management services provided to it by Fox Paine & Company, LLC, the Company agreed to pay an annual management fee to Fox Paine & Company, LLC. See Note 8 above for additional information pertaining to this management agreement.

**10. Shareholders' Equity**

***Repurchases of the Company's class A common shares***

No class A common shares were surrendered, repurchased, or redeemed during the quarters ended March 31, 2026 and 2025. As of March 31, 2026, the Company's remaining authorization to repurchase shares is $101.0 million.

Please see Note 13 of the notes to the consolidated financial statements in Item 8 of Part II of the Company's 2025 Annual Report on Form 10-K for more information on the Company's repurchase program.

------

***Distributions***

Quarterly distribution payments of $0.35 per common share were declared during the quarter ended March 31, 2026 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Approval Date** | **Record Date** | **Payment Date** | **Total Distributions Declared <br>(Dollars in thousands)** |
| March 5, 2026 | March 20, 2026 | March 30, 2026 | $5023 |
| Total |  |  | $5023 |

---

Quarterly distribution payments of $0.35 per common share were declared during the quarter ended March 31, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Approval Date** | **Record Date** | **Payment Date** | **Total Distributions Declared <br>(Dollars in thousands)** |
| March 6, 2025 | March 21, 2025 | March 28, 2025 | $4990 |
| Total |  |  | $4990 |

---

In addition, distributions paid to Global Indemnity Group, LLC's preferred shareholder were $0.1 million in each of the quarters ended March 31, 2026 and 2025.

There were no accrued distributions related to common shares as of March 31, 2026 and December 31, 2025. Accrued preferred distributions were less than $0.1 million as of both March 31, 2026 and December 31, 2025 and were included in other liabilities on the consolidated balance sheets.

Please see Note 13 of the notes to the consolidated financial statements in Item 8 of Part II of the Company's 2025 Annual Report on Form 10-K for more information on the Company's distribution program.

**11. Earnings Per Share**

Earnings per share was computed using the weighted average number of common shares and common share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share attributable to class A common shares, class A common shares designated as class A-2 common shares, and class B common shares:

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended<br>March 31,** | **Quarters Ended<br>March 31,** |
| **(Dollars in thousands, except share and per share data)** | **2026** | **2025** |
| Numerator: |  |  |
| &nbsp;&nbsp;Net income (loss) | $4246 | $(3989) |
| &nbsp;&nbsp;Less: preferred stock distributions | 110 | 110 |
| &nbsp;&nbsp;Net income (loss) available to common shareholders | $4136 | $(4099) |
| Denominator: |  |  |
| &nbsp;&nbsp;Weighted average shares for basic earnings per share | 14351153 | 13867271 |
| &nbsp;&nbsp;Options | 54082 |  |
| &nbsp;&nbsp;Weighted average shares for diluted earnings per share | 14405235 | 13867271 |
| Net income (loss) per share available to common shareholders (1) |  |  |
| &nbsp;&nbsp;Basic | $0.29 | $(0.30) |
| &nbsp;&nbsp;Diluted | $0.29 | $(0.30) |

---

(1)For the quarter ended March 31, 2025, "weighted average shares outstanding - basic" was used to calculate "diluted earnings per share" due to a net loss for the period.

------

If the Company had not incurred a loss during the quarter ended March 31, 2025, 13,986,069 weighted average shares would have been used to compute the diluted loss per share calculation. In addition to the basic shares, weighted average shares for the diluted calculation for the quarter ended March 31, 2025 would have included 118,798 share equivalents for options.

The weighted average shares used to compute basic and diluted earnings per share for the quarter ended March 31, 2026 do not include 230,000 non-vested class A common shares designated as class A-2 common shares. Holders of these shares are not entitled to distributions or participation in earnings prior to vesting and therefore are excluded from basic earnings per share. In addition, these shares vest only upon the occurrence of a change of control transaction subject to continued service. Because no change of control occurred during the quarter ended March 31, 2026, the vesting contingency was not satisfied and the shares were excluded from diluted earnings per share. Additionally, the weighted average shares outstanding used to determine dilutive earnings per share does not include options of 650,000 and 166,669 for the quarters ended March 31, 2026 and 2025, respectively, which were deemed to be anti-dilutive.

**12. Segment Information** 

The Company manages its operations through three reportable segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Agency and Insurance Services*** includes (i) four agencies focused on sourcing, underwriting, and servicing primary and assumed reinsurance business; and (ii) three specialized insurance service businesses providing technology, AI-enabled marketplace and claims services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Belmont Insurance Companies - Core ("Belmont Core")*** - insurance company operations for ongoing direct insurance and assumed reinsurance products written in the excess and surplus lines marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Belmont Insurance Companies - Non-Core ("Belmont Non-Core")*** *-* insurance company operations for lines of business that have been de-emphasized or are no longer being written.

Certain entities within the Agency and Insurance Services segment executed new affiliated service agreements with Belmont Holdings GX, Inc. and its insurance company subsidiaries effective January 1, 2025.

The Company's segments are reported on a stand-alone basis. Intercompany transactions are eliminated in consolidation.

The Company analyzes the operating performance of each segment using the segment's income (loss). Segment income (loss) does not equate to "net income (loss)" as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company's Chief Operating Decision Maker ("CODM"), the Chief Executive Officer of Global Indemnity Group, LLC, to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below.

------

The following are tabulations of business segment information for the quarters ended March 31, 2026 and 2025. Corporate information is included to reconcile segment data to the consolidated financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quarter Ended March 31, 2026<br>(Dollars in thousands)** | **Agency and Insurance Services** | **Belmont Core** | **Belmont <br>Non-Core** | **Elimination** | **Total** |
| **Revenues:** |  |  |  |  |  |
| Gross written premiums | $— | $96507 | $(57) | $— | $96450 |
| Net written premiums | $— | $92625 | $(57) | $— | $92568 |
| Net earned premiums | $— | $98371 | $(16) | $— | $98355 |
| Commission and service fee income (1) | 12778 |  |  | (12390) | 388 |
| Policy and installment fee income | 461 |  | (2) |  | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total segment revenues | 13239 | 98371 | (18) | (12390) | 99202 |
| **Reconciliation of revenue** |  |  |  |  |  |
| Net investment income |  |  |  |  | 12218 |
| Net realized investment gains (losses) |  |  |  |  | (2243) |
| Total consolidated revenues |  |  |  |  | $109177 |
| **Less: (2)** |  |  |  |  |  |
| Net losses and loss adjustment expenses |  | 54304 | (2) | (441) | 53861 |
| Net commission expenses |  | 32695 | 167 | (9524) | 23338 |
| Other operating expenses (3) | 13633 | 6130 | 87 | (2425) | 17425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from segments | $(394) | $5242 | $(270) | $— | $4578 |
| **Reconciliation of segment profit (loss)** |  |  |  |  |  |
| **Unallocated items:** |  |  |  |  |  |
| Net investment income |  |  |  |  | 12218 |
| Net realized investment gains (losses) |  |  |  |  | (2243) |
| Corporate expenses |  |  |  |  | (9038) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes |  |  |  |  | 5515 |
| Income tax expense (benefit) |  |  |  |  | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | $4246 |
| Segment assets | $44924 | $154957 | $74995 | $(16106) | 258770 |
| Corporate assets |  |  |  |  | 1421346 |
| Total assets |  |  |  |  | $1680116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of intersegment revenues of $12.4 million, which are eliminated in consolidation, and third party commission and service fee income of $0.4 million in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting and distribution activities.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quarter Ended March 31, 2025<br>(Dollars in thousands)** | **Agency and Insurance Services** | **Belmont Core** | **Belmont <br>Non-Core** | **Elimination** | **Total** |
| **Revenues:** |  |  |  |  |  |
| Gross written premiums | $— | $98389 | $286 | $— | $98675 |
| Net written premiums | $— | $95634 | $230 | $— | $95864 |
| Net earned premiums | $— | $92260 | $1056 | $— | $93316 |
| Commission and service fee income (1) | 14049 |  |  | (14049) |  |
| Policy and installment fee income | 387 |  | 30 |  | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total segment revenues | 14436 | 92260 | 1086 | (14049) | 93733 |
| **Reconciliation of revenue** |  |  |  |  |  |
| Net investment income |  |  |  |  | 14782 |
| Net realized investment gains (losses) |  |  |  |  | 136 |
| Total consolidated revenues |  |  |  |  | $108651 |
| **Less: (2)** |  |  |  |  |  |
| Net losses and loss adjustment expenses |  | 66452 | 619 | (333) | 66738 |
| Net commission expenses |  | 32404 | 501 | (10571) | 22334 |
| Other operating expenses (3) | 12632 | 4986 | 700 | (3145) | 15173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from segments | $1804 | $(11582) | $(734) | $— | $(10512) |
| **Reconciliation of segment profit (loss)** |  |  |  |  |  |
| **Unallocated items:** |  |  |  |  |  |
| Net investment income |  |  |  |  | 14782 |
| Net realized investment gains (losses) |  |  |  |  | 136 |
| Corporate expenses |  |  |  |  | (9500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes |  |  |  |  | (5094) |
| Income tax expense (benefit) |  |  |  |  | (1105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | $(3989) |
| Segment assets | $41886 | $153788 | $86130 | $(29871) | 251933 |
| Corporate assets |  |  |  |  | 1461673 |
| Total assets |  |  |  |  | $1713606 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of intersegment revenues of $14.0 million, which are eliminated in consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.

**13. New Accounting Pronouncements**

***Accounting Standards Adopted in 2026***

In July 2025, the Financial Accounting Standards Board issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which permits a practical expedient for estimating expected credit losses on certain current receivables and current contract assets arising from ASC 606 revenue transactions by assuming that current conditions as of the balance sheet date do not change over the remaining life of the asset. The Company adopted ASU 2025-05 effective January 1, 2026 and elected this practical expedient. The adoption of this new accounting guidance did not have an impact on the consolidated financial statements for the quarter ended March 31, 2026

Please see Note 21 of the notes to the consolidated financial statements in Item 8 of Part II of the Company's 2025 Annual Report on Form 10-K for more information on accounting pronouncements issued but not yet adopted.

------

**Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes of the Company included elsewhere in this report. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to the Company's plans and strategy, constitutes forward-looking statements that involve risks and uncertainties. Please see "Cautionary Note Regarding Forward-Looking Statements" at the end of this Item 2 for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained herein. For more information regarding the Company's business and operations, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**Financial Highlights**

**2026 First Quarter Results of Operations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Current accident year underwriting income was $5.5 million for 2026 compared to a current accident year underwriting loss of $10.3 million for the same period in 2025. The current accident year underwriting loss for 2025 includes net losses and loss adjustment expenses related to California Wildfire events in January 2025 ("California Wildfires") totaling $15.6 million. Excluding California Wildfires in 2025, the current accident year underwriting income increased 4.0% from $5.3 million in 2025 to $5.5 million in 2026.

oCurrent accident year combined ratio was 94.9% in 2026 compared to 111.5% for the same period in 2025. Excluding California Wildfires, the current accident year combined ratio would have been 94.8% in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Excluding California Wildfires in 2025, calendar year underwriting income increased from $5.1 million in 2025 to $5.3 million for 2026.

oCalendar year combined ratio was 95.1% in 2026 compared to 111.7% for the same period in 2025. Excluding California Wildfires, the calendar year combined ratio would have been 95.0% in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross written premiums were $96.5 million in 2026 compared to $98.7 million for the same period in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net earned premiums grew 5.4% to $98.4 million in 2026 from $93.3 million in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net investment income decreased to $12.2 million in 2026 from $14.8 million in 2025 attributable to a $1.9 million reduction in income from investments in limited partnerships (the Company expects a full recovery to be recorded in the 2<sup>nd</sup> quarter of 2026) and $0.6 million reduction in investment income on the fixed maturities portfolio due to an increase in allocation to U.S. Treasuries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income of $4.2 million, or $0.29 per share diluted, in 2026 compared to net loss of $4.0 million, or ($0.30) per share diluted, for the same period in 2025. Excluding California Wildfires, net income would have been $8.2 million or $0.58 per share in 2025.

**2026 First Quarter Consolidated Financial Condition**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total cash and investments of $1.4 billion at March 31, 2026 and December 31, 2025; fixed maturities and cash comprise 98% of total investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total assets of $1.7 billion at March 31, 2026 and December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No debt at March 31, 2026 and December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Since the Company's initial public offering in 2003, the total capital returned to shareholders was $654.6 million, comprising $522.2 million of share repurchases and $132.4 million of distributions / dividends. This includes $5.1 million of distributions during 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shareholders' equity was $704.1 million at March 31, 2026 compared to $706.6 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Book value per common share was $47.92 at March 31, 2026 compared to $48.96 at December 31, 2025.

------

**Results of Operations**

The following table summarizes the Company's results for the quarters ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarters Ended<br>March 31,** | **Quarters Ended<br>March 31,** | **%** |
| **(Dollars in thousands)** | **2026** | **2025** | **Change** |
| Gross written premiums | $96450 | $98675 | (2.3%) |
| Net written premiums | $92568 | $95864 | (3.4%) |
| Net earned premiums | $98355 | $93316 | 5.4% |
| Other income | 847 | 417 | 103.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment revenues | 99202 | 93733 | 5.8% |
| Losses and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net losses and loss adjustment expenses | 53861 | 66738 | (19.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs and other operating expenses (1) | 40763 | 37507 | 8.7% |
| Segment income (loss) | 4578 | (10512) | 143.6% |
| Net investment income | 12218 | 14782 | (17.3%) |
| Net realized investment gains (losses) | (2243) | 136 | NM |
| Corporate expenses | (9038) | (9500) | (4.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 5515 | (5094) | 208.3% |
| Income tax (expense) benefit | (1269) | 1105 | 214.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $4246 | $(3989) | 206.4% |
| Underwriting Ratios: |  |  |  |
| Loss ratio (2): | 54.8% | 71.5% |  |
| Expense ratio (3) | 40.3% | 40.2% |  |
| Combined ratio (4) | 95.1% | 111.7% |  |

---

NM - not meaningful

(1)Includes third-party distribution expenses of $1.1 million in 2026. There were no third-party distribution expenses in 2025.

(2)The loss ratio is a GAAP financial measure that is generally viewed in the insurance industry as an indicator of underwriting profitability and is calculated by dividing net losses and loss adjustment expenses by net earned premiums.

(3)The expense ratio is a GAAP financial measure that is calculated by dividing the sum of acquisition costs and other operating expenses excluding distribution expenses by net earned premiums.

(4)The combined ratio is a GAAP financial measure and is the sum of the Company's loss and expense ratios.

**<u>Premiums</u>**

The following table summarizes the change in premium volume by reportable segment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
|  | **Belmont Core** | **Belmont Core** | **Belmont Non-Core** | **Belmont Non-Core** | **Total** | **Total** |
| **<br> (Dollars in thousands)** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| Gross written premiums (1) | $96507 | $98389 | $(57) | $286 | $96450 | $98675 |
| Net written premiums (2) | $92625 | $95634 | $(57) | $230 | $92568 | $95864 |

---

(1)Gross written premiums equal the sum of direct and assumed written premiums.

(2)Net written premiums equal gross written premiums less ceded written premiums.

------

Gross written premiums for Belmont Core decreased 1.9%:

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |  |
| **<br> (Dollars in thousands)** | **2026** | **2025** | **% Change** |
| Wholesale Commercial | $61495 | $64884 | (5.2%) |
| Vacant Express | 11452 | 10922 | 4.9% |
| Collectibles | 4616 | 4098 | 12.6% |
| Specialty Products | 7747 | 7563 | 2.4% |
| Assumed Reinsurance | 11197 | 10922 | 2.5% |
| Total gross written premiums | $96507 | $98389 | (1.9%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Wholesale Commercial gross written premiums declined 5.2% during the first quarter of 2026 as the Company maintained its pricing and return standards amidst competitive market conditions, particularly as regards property rate reductions. Wholesale Commercial's property rate change was flat for the first quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Vacant Express and Collectibles' direct written premiums grew by 4.9% and 12.6%, respectively. This growth was driven by premium rate increases, new agency appointments, and organic growth of existing agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Direct written premiums for Specialty Products grew by 2.4% due to new products and organic growth from existing products partially offset by a decline in premiums for products terminated in 2025 due to not meeting profitability expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Belmont Core's assumed business grew to $11.2 million for the quarter ended March 31, 2026 from $10.9 million for the same period in 2025 due to new treaties incepting during 2025 and 2026 and organic growth from existing treaties.

Belmont Non-Core's business represents run-off premium from non-renewed treaties.

------

**<u>Segment Income (Loss)</u>**

The components of income (loss) from the Company's reportable segments and corresponding underwriting ratios are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
|  | **Agency and Insurance Services** | **Agency and Insurance Services** | **Belmont Core** | **Belmont Core** | **Belmont Non-Core** | **Belmont Non-Core** | **Eliminations** | **Eliminations** | **Total** | **Total** |
| **<br> (Dollars in thousands)** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums | $— | $— | $98371 | $92260 | $(16) | $1056 | $— | $— | $98355 | $93316 |
| Commission and service fee income | 12778 | 14049 |  |  |  |  | (12390) | (14049) | 388 |  |
| Policy and installment fee income | 461 | 387 |  |  | (2) | 30 |  |  | 459 | 417 |
| &nbsp;&nbsp;Total revenues | 13239 | 14436 | 98371 | 92260 | (18) | 1086 | (12390) | (14049) | 99202 | 93733 |
| **Losses and expenses:** |  |  |  |  |  |  |  |  |  |  |
| Net losses and loss adjustment expenses |  |  | 54304 | 66452 | (2) | 619 | (441) | (333) | 53861 | 66738 |
| Net commission expenses |  |  | 32695 | 32404 | 167 | 501 | (9524) | (10571.0) | 23338 | 22334 |
| Other operating expenses (1) | 13633 | 12632 | 6130 | 4986 | 87 | 700 | (2425) | (3145) | 17425 | 15173 |
| &nbsp;&nbsp;Total losses and expenses | 13633 | 12632 | 93129 | 103842 | 252 | 1820 | (12390) | (14049) | 94624 | 104245 |
| Segment income (loss) | $(394) | $1804 | $5242 | $(11582) | $(270) | $(734) | $— | $— | $4578 | $(10512) |
| Underwriting Ratios: |  |  |  |  |  |  |  |  |  |  |
| Loss ratio: |  |  |  |  |  |  |  |  |  |  |
| Current accident year |  |  | 55.2% | 72.0% | 12.5% | 61.5% |  |  | 54.8% | 71.5% |
| Prior accident year |  |  |  |  |  | (2.9%) |  |  |  |  |
| Calendar year loss ratio |  |  | 55.2% | 72.0% | 12.5% | 58.6% |  |  | 54.8% | 71.5% |
| Expense ratio |  |  | 39.5% | 40.6% | (1587.5%) | 113.7% |  |  | 40.3% | 40.2% |
| Combined ratio |  |  | 94.7% | 112.6% | (1575.0%) | 172.3% |  |  | 95.1% | 111.7% |
| Accident year combined ratio |  |  | 94.7% | 112.5% | (381.3%) | 162.3% |  |  | 94.9% | 111.5% |

---

(1) Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting and distribution activities.

------

***Agency and Insurance Services segment***

Agency and Insurance Services' segment loss was $0.4 million for the quarter ended March 31, 2026 compared to segment income of $1.8 million for the same period in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Direct written premiums produced for Belmont Core was $80.1 million and $87.5 million for the quarters ended March 31, 2026 and 2025, respectively. Commission income on premiums produced for Belmont Core was $9.5 million and $10.6 million for the quarters ended March 31, 2026 and 2025, respectively, and service fee income for technology and claims services provided to Belmont Core and Non-Core segments was $2.9 million and $3.5 million for the quarters ended March 31, 2026 and 2025, respectively. These amounts are eliminated in the Company's Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Third-party commission and service fee income of $0.4 million for the quarter ended March 31, 2026. There was no third-party commission and service fee income for the quarter ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Policy and installment fee income was $0.5 million and $0.4 million during the quarters ended March 31, 2026 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other operating expenses increased $1.0 million to $13.6 million for the quarter ended March 31, 2026 compared to $12.6 million for the same period in 2025 primarily due to $1.1 million in third-party distribution expenses. There were no third-party distribution expenses in the first quarter of 2025.

***Belmont Core segment***

Belmont Core's segment income increased 145.3% to $5.2 million for the quarter ended March 31, 2026 compared to a segment loss of $11.6 million for the same period in 2025. Excluding California Wildfires losses of $15.6 million in 2025, Belmont Core's segment income increased from $4.0 million for the quarter ended March 31, 2025 to $5.2 million for the quarter ended March 31, 2026. The current accident year combined ratio improved 17.8 points to 94.7% for quarter ended March 31, 2026 from 112.5% for the same period in 2025 mainly due to the California Wildfires which impacted the combined ratio by 16.9 points in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net earned premiums within the Belmont Core segment increased by 6.6% to $98.4 million for the quarter ended March 31, 2026 compared to $92.3 million for the same period in 2025. Property net earned premiums were $39.3 million and $37.7 million for the quarters ended March 31, 2026 and 2025, respectively. Casualty net earned premiums were $59.1 million and $54.6 million for the quarters ended March 31, 2026 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The current accident year loss ratio improved by 16.8 points to 55.2% for the quarter ended March 31, 2026 compared to 72.0% for the same period in 2025 primarily driven by an improvement in the catastrophe loss ratio. The California Wildfires impacted the 2025 current accident year loss ratio by 16.9 points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net losses and loss adjustment expenses related to prior accident years was less than $0.1 million for the quarters ended March 31, 2026 and 2025.

------

The current accident year net losses and loss adjustment expenses and loss ratio are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarters Ended<br>March 31,** | **Quarters Ended<br>March 31,** |  | **Quarters Ended<br>March 31,** | **Quarters Ended<br>March 31,** |  |
| **(Dollars in thousands)** | **2026** | **2025** | **% Change** | **2026** | **2025** | **Point Change** |
| Property losses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-catastrophe | $17012 | $17085 | (0.4%) | 43.3% | 45.3% | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Catastrophe | 2200 | 17867 | (87.7%) | 5.6% | 47.4% | (41.8) |
| Property losses | 19212 | 34952 | (45.0%) | 48.9% | 92.7% | (43.8) |
| Casualty losses | 35092 | 31467 | 11.5% | 59.4% | 57.7% | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accident year losses | $54304 | $66419 | (18.2%) | 55.2% | 72.0% | (16.8) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The current accident year non-catastrophe property loss ratio was 43.3% for the quarter ended March 31, 2026 compared to 45.3% for the same period in 2025, an improvement of 2.0 points, driven by lower claims frequency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The current accident year catastrophe net losses and loss adjustment expenses decreased to $2.2 million for the quarter ended March 31, 2026 compared to $17.9 million for the same period in 2025 which included $15.6 million of catastrophe losses related to the California Wildfires. Excluding California Wildfires in 2025, the current accident year catastrophe loss ratio improved from 6.0% for the quarter ended March 31, 2025 to 5.6% for the quarter ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The current accident year casualty loss ratio increased by 1.7 points during the quarter ended March 31, 2026 mainly driven by a change in mix of business.

The following table summarizes the components of the expense ratio:

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Point** |
|  | **2026** | **2025** | **Change** |
| Net commission expenses | 33.3% | 35.2% | (1.9) |
| Other underwriting expenses | 6.2% | 5.4% | 0.8 |
| Expense Ratio | 39.5% | 40.6% | (1.1) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reduction in net commission expense ratio is primarily due to a change in mix of business, and effective February 1, 2026, the distribution of Specialty Products is managed directly by Belmont Core.

***Belmont Non-Core segment***

Belmont Non-Core segment comprises lines of business that have been de-emphasized or are no longer being written. Belmont Non-Core recognized a segment loss of $0.3 million and $0.7 million during the quarters ended March 31, 2026 and 2025, respectively.

------

**<u>Net investment income</u>**

Net investment income decreased 17.3% to $12.2 million for the quarter ended March 31, 2026 from $14.8 million for the same period in 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarters Ended<br>March 31,** | **Quarters Ended<br>March 31,** |  |
| **(Dollars in thousands)** | **2026** | **2025** | **Change** |
| Fixed maturities | $13593 | $14752 | $(1159) |
| Equities | 587 | 116 | 471 |
| Limited partnerships | (1962) | (86) | (1876) |
| Net investment income | $12218 | $14782 | $(2564) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net investment income from the Company's fixed maturities portfolio decreased by 7.9% for the quarter ended March 31, 2026 as compared to the same period in 2025 primarily due to a lower average yield in 2026 as compared to 2025 due to an increase in allocation to U.S. Treasuries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net investment income from equities increased by $0.5 million to $0.6 million for the quarter ended March 31, 2026 as compared to the same period in 2025 primarily driven by the Company's $25 million investment in common equities during the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Income from limited partnerships decreased by $1.9 million for the quarter ended March 31, 2026 which was attributable to the decline in market value in one of the Company's limited partnership investments during the first quarter of 2026. We expect a full recovery related to this investment to be recorded in the second quarter of 2026.

The Company's fixed maturities portfolio continues to maintain high quality with an AA- average rating, duration of 1.0 years, and consists of the following:

---

| | | |
|:---|:---|:---|
| **(Dollars in thousands)** | **March 31,<br>2026** | **December 31,<br>2025** |
| Structured bonds (1) | $396802 | $393156 |
| Other fixed maturities | 251497 | 291717 |
| U.S. treasuries | 675263 | 640629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities | $1323562 | $1325502 |

---

(1) Structured bonds include asset-backed, mortgage-backed, commercial mortgage-backed and collateralized mortgage obligations.

Excluding the structured bonds, the average duration of the Company's fixed maturities portfolio was 0.4 years as of March 31, 2026 compared with 0.5 years as of December 31, 2025. Structured bonds are subject to conditional prepayment rates whereas the remaining bonds have a set maturity date. Changes in interest rates can cause principal payments on structured bonds to extend or shorten which can impact duration.

**<u>Net Realized Investment Gains (Losses)</u>**

The components of net realized investment gains (losses) for the quarters ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended<br>March 31,** | **Quarters Ended<br>March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | $(2264) | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities | 21 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized investment gains (losses) | $(2243) | $136 |

---

See Note 2 of the notes to the consolidated financial statements in Item 1 of Part I of this report for an analysis of total investment return on a pre-tax basis for the quarters ended March 31, 2026 and 2025.

------

**<u>Corporate Expenses</u>**

Corporate expenses consist of outside legal fees, other professional fees, directors' fees, management fees & advisory fees, salaries and benefits for holding company personnel, development costs for new products, impairment losses, and taxes incurred which are not directly related to operations.

Corporate expenses decreased $0.5 million to $9.0 million for the quarter ended March 31, 2026 from $9.5 million for the same period in 2025 primarily due to a reduction in professional and advisory fees partially offset by an increase in severance related compensation.

**<u>Income Tax Expense (Benefit)</u>**

Income tax expense was $1.3 million on net income before tax of $5.5 million for the quarter ended March 31, 2026. This compares to income tax benefit of $1.1 million on net loss before tax of $5.1 million for the same period in 2025.

See Note 5 of the notes to the consolidated financial statements in Item 1 of Part I of this report for a comparison of income tax between periods.

**<u>Net Income (Loss)</u>**

The Company had net income of $4.2 million during the quarter ended March 31, 2026 compared to net loss of $4.0 million for the same period in 2025.

**<u>Reserves</u>**

Amounts recorded for unpaid losses and loss adjustment expenses represent management's best estimate at March 31, 2026. Management's best estimate is as of a particular point in time and is based upon known facts, the Company's actuarial analyses, current law, and the Company's judgment. This resulted in carried gross reserves of $747.1 million and $750.2 million as of March 31, 2026 and December 31, 2025, respectively, and net reserves of $684.4 million and $689.3 million as of March 31, 2026 and December 31, 2025, respectively. A breakout of the Company's gross and net reserves is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Gross Reserves** | **Gross Reserves** | **Gross Reserves** | **Net Reserves (2)** | **Net Reserves (2)** | **Net Reserves (2)** |
| **(Dollars in thousands)** | **Case** | **IBNR (1)** | **Total** | **Case** | **IBNR (1)** | **Total** |
| Belmont Core | $155526 | $314211 | $469737 | $152806 | $305830 | $458636 |
| Belmont Non-Core | 101992 | 175414 | 277406 | 71125 | 154593 | 225718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $257518 | $489625 | $747143 | $223931 | $460423 | $684354 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Gross Reserves** | **Gross Reserves** | **Gross Reserves** | **Net Reserves (2)** | **Net Reserves (2)** | **Net Reserves (2)** |
| **(Dollars in thousands)** | **Case** | **IBNR (1)** | **Total** | **Case** | **IBNR (1)** | **Total** |
| Belmont Core | $153062 | $308084 | $461146 | $152468 | $300278 | $452746 |
| Belmont Non-Core | 102432 | 186613 | 289045 | 71673 | 164874 | 236547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $255494 | $494697 | $750191 | $224141 | $465152 | $689293 |

---

(1)Net losses and loss adjustment expenses incurred but not reported, including the expected future emergence of case reserves.

(2)Does not include reinsurance receivables on paid net losses and loss adjustment expenses.

Gross and net reserves related to Belmont Non-Core are declining as it services the run-off of policies/treaties on de-emphasized and terminated business.

Each reserve category has an implicit frequency and severity for each accident year as a result of the various assumptions made. If the actual levels of frequency and severity are higher or lower than expected, the ultimate net losses and loss adjustment expenses will be different than management's best estimate. For most of its reserve categories, the Company believes that frequency can be predicted with greater accuracy than severity. Therefore, the Company believes management's best estimate is more likely influenced by changes in severity than frequency. The following table, which the

------

Company believes reflects a reasonable range of variability around its best estimate based on historical loss experience and management's judgment, reflects the impact of changes (which could be favorable or unfavorable) in frequency and severity on the Company's current accident year net losses and loss adjustment expenses estimate of $53.9 million for claims occurring during the quarter ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Severity Change** | **Severity Change** | **Severity Change** | **Severity Change** | **Severity Change** |
| **(Dollars in thousands)** | **(Dollars in thousands)** | **-10%** | **-5%** | **0%** | **5%** | **10%** |
| **Frequency Change** | **-5%** | (7810) | (5251) | (2693) | (135) | 2424 |
|  | **-3%** | (6840) | (4228) | (1616) | 996 | 3609 |
|  | **-2%** | (6356) | (3716) | (1077) | 1562 | 4201 |
|  | **-1%** | (5871) | (3205) | (539) | 2128 | 4794 |
|  | **0%** | (5386) | (2693) |  | 2693 | 5386 |
|  | **1%** | (4901) | (2181) | 539 | 3259 | 5979 |
|  | **2%** | (4417) | (1670) | 1077 | 3824 | 6571 |
|  | **3%** | (3932) | (1158) | 1616 | 4390 | 7164 |
|  | **5%** | (2962) | (135) | 2693 | 5521 | 8348 |

---

The Company's net reserves for losses and loss adjustment expenses of $684.4 million as of March 31, 2026 relate to multiple accident years. Therefore, the impact of changes in loss frequency and severity for more than one accident year could be higher or lower than the amounts reflected above.

------

**<u>Reconciliation of non-GAAP financial measures and ratios</u>**

The tables below reconcile the non-GAAP financial measures or ratios, which excludes the impact of prior accident year adjustments in the first table and excludes the impact of prior accident year adjustments and the California Wildfires in the second table, to its most directly comparable GAAP measure or ratio. The Company believes the non-GAAP financial measures or ratios are useful to investors when evaluating the Company's underwriting performance as trends in the Company's segments may be obscured by prior accident year adjustments and the California Wildfires. These non-GAAP financial measures or ratios should not be considered as a substitute for the most directly comparable GAAP measures or ratios and do not reflect the overall underwriting profitability of the Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
| **(Dollars in thousands)** | **Net losses and loss adjustment expenses** | **Loss<br>Ratio** | **Net losses and loss adjustment expenses** | **Loss<br>Ratio** |
| **<u>Property - Belmont Core</u>** |  |  |  |  |
| Non catastrophe property (1) | $16984 | 43.2% | $16649 | 44.2% |
| Effect of prior accident year | 28 | 0.1% | 436 | 1.1% |
| Non catastrophe property excluding the effect of prior accident year (2) | $17012 | 43.3% | $17085 | 45.3% |
| Catastrophe (1) | $2207 | 5.6% | $17990 | 47.7% |
| Effect of prior accident year | (7) |  | (123) | (0.3%) |
| Catastrophe excluding the effect of prior accident year (2) | $2200 | 5.6% | $17867 | 47.4% |
| Total property (1) | $19191 | 48.8% | $34639 | 91.9% |
| Effect of prior accident year | 21 | 0.1% | 313 | 0.8% |
| Total property excluding the effect of prior accident year (2) | $19212 | 48.9% | $34952 | 92.7% |
| **<u>Casualty - Belmont Core</u>** |  |  |  |  |
| Total casualty (1) | $35113 | 59.4% | $31813 | 58.3% |
| Effect of prior accident year | (21) |  | (346) | (0.6%) |
| Total casualty excluding the effect of prior accident year (2) | $35092 | 59.4% | $31467 | 57.7% |
| **<u>Total - Belmont Core</u>** |  |  |  |  |
| Total property and casualty (1) | $54304 | 55.2% | $66452 | 72.0% |
| Effect of prior accident year |  |  | (33) |  |
| Total property and casualty excluding the effect of prior accident year (2) | $54304 | 55.2% | $66419 | 72.0% |

---

(1)Most directly comparable GAAP measure / ratio.

(2)Non-GAAP financial measure / ratio.

------

**<u>Reconciliation of non-GAAP financial measures and ratios continued</u>**

---

| | | |
|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| **<u>Consolidated current accident year underwriting income excluding California Wildfires</u>** |  |  |
| Underwriting income (loss) (1) | $5323 | $(10512) |
| Effect of prior accident year (5) | 159 | 184 |
| Current accident year underwriting income (loss) (2) | 5482 | (10328) |
| California Wildfires net losses and loss adjustment expenses |  | 15600 |
| Current accident year underwriting income excluding California Wildfires (2) | $5482 | $5272 |
| **<u>Net income excluding California Wildfires</u>** |  |  |
| Net income (loss) (1) | $4246 | $(3989) |
| California Wildfires net losses and loss adjustment expenses (net of tax) (3) |  | 12216 |
| Net income excluding California Wildfires (2) | $4246 | $8227 |
| **<u>Consolidated calendar year underwriting income (loss) excluding California Wildfires net losses and loss adjustment expenses</u>** |  |  |
| Underwriting income (loss) (1) | $5323 | $(10512) |
| California Wildfires net losses and loss adjustment expenses |  | 15600 |
| Underwriting income excluding California Wildfires (2) | $5323 | $5088 |
| **<u>Belmont Core segment income excluding California Wildfires</u>** |  |  |
| Belmont Core segment income (loss) (1) | $5242 | $(11582) |
| Impact of California Wildfires |  | 15600 |
| Belmont Core segment income excluding California Wildfires (2) | $5242 | $4018 |
| **<u>Consolidated current accident year combined ratio excluding California Wildfires</u>** |  |  |
| Combined ratio (1) | 95.1% | 111.7% |
| Effect of prior accident year (5) | (0.2%) | (0.2%) |
| Current accident year combined ratio (2) | 94.9% | 111.5% |
| Impact of California Wildfires |  | (16.7%) |
| Current accident year combined ratio excluding California Wildfires (2) | 94.9% | 94.8% |
| **<u>Consolidated calendar year combined ratio excluding California Wildfires</u>** |  |  |
| Combined ratio (1) | 95.1% | 111.7% |
| Impact of California Wildfires |  | (16.7%) |
| Calendar year combined ratio excluding California Wildfires (2) | 95.1% | 95.0% |
| **<u>Belmont Core current accident year catastrophe loss ratio excluding California Wildfires</u>** |  |  |
| Belmont Core current accident year catastrophe loss ratio (4) | 5.6% | 47.4% |
| Impact of California Wildfires |  | (41.4%) |
| Belmont Core current accident year catastrophe loss ratio excluding California Wildfires (2) | 5.6% | 6.0% |

---

(1) Most directly comparable GAAP measure / ratio.

(2) Non-GAAP financial measure / ratio.

(3) Represents net losses and loss adjustment expenses of $15.6 million less tax benefit of $3.4 million.

(4) See previous table for reconciliation of non-GAAP financial measures or ratios to its most directly comparable GAAP measure or ratio for current accident year catastrophe net losses and loss adjustment expenses.

(5) Includes prior accident year adjustments for net losses and loss adjustment expenses and net commission expenses.

------

**Critical Accounting Estimates and Policies**

The Company's consolidated financial statements are prepared in conformity with GAAP, which require it to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions.

The most critical accounting policies involve significant estimates and include those used in determining the liability for unpaid losses and loss adjustment expenses, recoverability of reinsurance receivables, investments, fair value measurements, goodwill and intangible assets, deferred acquisition costs, and taxation. For a detailed discussion on each of these policies, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to any of these policies or underlying methodologies during the current year.

**Liquidity and Capital Resources**

***Sources and Uses of Funds***

Global Indemnity Group, LLC is a holding company. Its principal assets are its ownership in the shares of (i) Belmont Holdings GX, Inc., an insurance holding company that owns the following insurance companies: United National Insurance Company, Diamond State Insurance Company, Penn-America Insurance Company, Penn-Star Insurance Company, and Penn-Patriot Insurance Company, and (ii) Katalyx Holdings LLC, an agency and specialized service holding company.

Global Indemnity Group, LLC's current short-term and long-term liquidity needs include but are not limited to the payment of corporate expenses, distributions to shareholders, capital contributions to subsidiaries, and share repurchases. In order to meet its current short-term and long-term needs, its principal sources of cash include investment income, interest and principal payments on intercompany debt with Belmont Holdings GX, Inc., and reimbursement for equity awards granted to employees of Belmont Holdings GX, Inc. and Katalyx Holdings LLC.

Katalyx Holdings LLC includes four agencies, three specialized insurance service businesses, and one service company. Collectively, current short-term and long-term liquidity needs include but are not limited to the payment of corporate expenses, operating expenses, capital expenditures in developing and integrating information technology platforms and operations, federal and state taxes, and payment for equity awards granted to its employees by Global Indemnity Group, LLC. In order to meet its current short-term and long-term needs, its principal sources of cash include commissions and fees from third parties, commissions / service fees from Belmont Holdings GX, Inc., and capital contributions from Global Indemnity Group, LLC.

Belmont Holdings GX, Inc.'s current short-term and long-term liquidity needs include but are not limited to the payment of corporate expenses, payment of interest and principal on intercompany debt, federal and state taxes, and payment for equity awards granted to its employees by Global Indemnity Group, LLC. In order to meet its current short-term and long-term needs, its principal sources of cash include dividends from insurance company subsidiaries and investment income.

The insurance companies' current short-term and long-term liquidity needs include but are not limited to the payment of claims, commissions, operating expenses, federal and state taxes, and dividends. Their principal sources of funds include cash from direct and assumed business written, investment income, and proceeds from sales and maturities of investments.

The Company continuously reviews and assesses the short-term and long-term needs of each of its holding companies, service companies, and insurance companies. In addition, the Company periodically reviews opportunities related to business acquisitions and the incubation and launch of new products and services. As a result, liquidity needs may arise in the future.

Belmont Holdings GX, Inc. is dependent on dividends from its insurance subsidiaries which are restricted by statute as to the amount of dividends that they may pay without the prior approval of regulatory authorities. The dividend limitations imposed by state laws are based on the statutory financial results of each insurance company that are determined by using statutory accounting practices that differ in various respects from accounting principles used in financial statements prepared in conformity with GAAP. See "Regulation - Statutory Accounting Principles" in Item 1 of Part I of the Company's 2025 Annual Report on Form 10-K. Key differences relate to, among other items, deferred acquisition costs, limitations on deferred income taxes, reserve calculation assumptions and surplus notes. See Note 19 of the notes to the consolidated

------

financial statements in Item 8 of Part II of the Company's 2025 Annual Report on Form 10-K for further information on dividend limitations related to the insurance companies. There were no dividends declared by the Company's insurance subsidiaries during the quarter ended March 31, 2026.

***Cash Flows***

Sources of operating cash consist primarily of net written premiums and investment income which are used to pay claims, operating expenses, and corporate expenses. Operating cash flows are generally used for investing and financing activities. Funds may be used to pay distributions to the Company's shareholders.

Net cash provided by (used for) operating activities was $17.9 million and $2.4 million for the quarters ended March 31, 2026 and 2025, respectively, consisting of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarters Ended March 31,** | **Quarters Ended March 31,** |  |
| **(Dollars in thousands)** | **2026** | **2025** | **Change** |
| Net premiums collected | $89552 | $108751 | $(19199) |
| Net losses and loss adjustment expenses paid | (60409) | (80851) | 20442 |
| Operating and corporate expenses | (61769) | (49498) | (12271) |
| Net investment income | 14261 | 23995 | (9734) |
| Income tax refund received | 501 |  | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) operating activities | $(17864) | $2397 | $(20261) |

---

The decrease in cash flows of $20.3 million in 2026 compared to the same period in 2025 consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$11 million from non-investment cashflows driven by (i) decline in cash from premiums on discontinued assumed reinsurance and discontinued specialty product business and (ii) operating expenses due to higher severance and bonus related compensation, higher contingent commissions, and capital outlays for the Company's multi-year investment to develop a proprietary cloud-hosted, multi-tenant platform for its property and casualty insurance products offset partially by a decline in net losses and loss adjustment expenses mainly driven by California Wildfires in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$9 million from investment income mainly due to the timing of maturities on its U.S. Treasury bills.

The reconciliation of net income to net cash provided by (used for) operating activities is generally influenced by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of the Company's collection of premiums and payment of commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of the Company's settlements with its reinsurers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of the Company's payments of net losses and loss adjustment expenses.

See the consolidated statements of cash flows in the consolidated financial statements in Item 1 of Part I of this report for details concerning the Company's investing and financing activities.

***Liquidity***

The Board of Directors approved a quarterly distribution payment of $0.35 per common share to all shareholders of record on the close of business on March 20, 2026. Distributions paid to common shareholders were $5.0 million during the quarter ended March 31, 2026. In addition, distributions of $0.1 million were paid to Global Indemnity Group, LLC's preferred shareholder during the quarter ended March 31, 2026.

***Investment Portfolio***

On July 31, 2023, the Company provided the Global Debt Fund, LP with a formal withdrawal request to fully redeem the partnership interest. Partial redemption proceeds of $4.9 million were received during the quarter ended March 31, 2026. The Global Debt Fund, LP had a fair market value of $2.4 million at March 31, 2026.

------

Other than the items discussed in the preceding paragraphs, there have been no material changes to the Company's liquidity during the quarter ended March 31, 2026. Please see Item 7 of Part II in the Company's 2025 Annual Report on Form 10-K for information regarding the Company's liquidity.

***Capital Resources*** 

There have been no material changes to the Company's capital resources during the quarter ended March 31, 2026. Please see Item 7 of Part II in the Company's 2025 Annual Report on Form 10-K for information regarding the Company's capital resources.

**Off Balance Sheet Arrangements**

The Company has no off balance sheet arrangements.

**Cautionary Note Regarding Forward-Looking Statements** 

Some of the statements under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this report are forward-looking statements within the meaning of Section 21E of the Security Exchange Act of 1934, as amended. These forward-looking statements reflect the Company's current views as of the date of this report. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives, expectations or consequences of identified transactions or natural disasters, and statements about the future, including future performance, operations, products and services of the companies.

The forward-looking statements contained in this report are primarily based on the Company's current expectations and projections about future events and trends that it believes may affect the Company's business, financial condition, results of operations, prospects, business strategy and financial needs. The outcome of the events described in these forward-looking statements, such as the Company's ability to execute on its strategy following its corporate reorganization, is subject to risks, uncertainties, assumptions, including, but not limited to, the impact of legislative or regulatory actions, the impact of natural or man-made disasters, the sufficiency of the Company's reserves, the impact of emerging claims issues, adverse capital market developments impacting investment performance, ability to effectively start-up or integrate new product opportunities, such as the ability to successfully integrate and develop acquired businesses and to establish a reinsurance agency, adverse effect of cyber-attacks, and other factors described in the section captioned "Risk Factors" in Item 1A of Part I in the Company's 2025 Annual Report on Form 10-K. These risks are not exhaustive, and new risks and uncertainties emerge from time to time. It is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this report. The Company cannot provide assurance that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. Forward-looking statements are inherently uncertain and investors are cautioned not to unduly rely upon such statements.

The Company's forward-looking statements speak only as of the date of this report or as of the date they were made. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

**Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in interest rates, equity prices, credit risk, illiquidity, foreign exchange rates and commodity prices. The Company's consolidated balance sheets include the estimated fair values of assets that are subject to market risk. The Company's primary market risks are interest rate risk and credit risks associated with investments in fixed maturities, equity price risk associated with investments in equity securities, and foreign exchange risk associated with premium received that is denominated in foreign currencies. The Company has no commodity risk.

------

There have been no material changes to the Company's market risk since December 31, 2025. The Company's fixed income portfolio continues to maintain high quality with an AA- average rating and a duration of 1.0 years.

Please see Item 7A of Part II in the Company's 2025 Annual Report on Form 10-K for information regarding the Company's market risk.

**Item 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures** 

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are designed to ensure that information required to be disclosed in the Company's reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures as of March 31, 2026. Based upon that evaluation, and subject to the foregoing, the Company's Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2026, the design and operation of the Company's disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

**Changes in Internal Control over Financial Reporting**

There have been no changes in the Company's internal controls over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

------

**PART II-OTHER INFORMATION**

**Item 1. Legal Proceedings**

The Company is, from time to time, involved in various legal proceedings in the ordinary course of business. The Company maintains insurance and reinsurance coverage for risks in amounts that it considers adequate. However, there can be no assurance that the insurance and reinsurance coverage that the Company maintains is sufficient or will be available in adequate amounts or at a reasonable cost. The Company does not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material adverse effect on its business, results of operations, cash flows, or financial condition.

There is a greater potential for disputes with reinsurers who are in runoff. Some of the Company's reinsurers' have operations that are in runoff, and therefore, the Company closely monitors those relationships. The Company anticipates that, similar to the rest of the insurance and reinsurance industry, it will continue to be subject to litigation and arbitration proceedings in the ordinary course of business.

**Item 1A. Risk Factors**

The Company's results of operations and financial condition are subject to numerous risks and uncertainties described in Item 1A of Part I in the Company's 2025 Annual Report on Form 10-K, filed with the SEC on March 10, 2026. The risk factors identified therein have not materially changed.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

There were no sales of unregistered equity securities during the quarter ended March 31, 2026.

Global Indemnity Group, LLC did not repurchase any shares from third parties under its repurchase program during the quarter ended March 31, 2026.

There were no shares surrendered by the Company's employees during the quarter ended March 31, 2026.

**Item 3. Defaults upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

None.

**Item 5. Other Information**

***Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements***

None of the Company's directors or Section 16 officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement, as each term is defined by Item 408 of Regulation S-K, during the quarter ended March 31, 2026.

------

**Item 6. Exhibits**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;10.31\*+ | [<u>Form of Class A-2 Common Share Grant Agreement (2026 Grant)</u>](gbli-ex10_31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1+ | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14 (a) / 15d-14 (a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](gbli-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2+ | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14 (a) / 15d-14 (a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](gbli-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1+ | [<u>Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](gbli-ex32_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.2+ | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](gbli-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbases Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

+ Filed or furnished herewith, as applicable.

\* Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Form 10Q.

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | GLOBAL INDEMNITY GROUP, LLC | GLOBAL INDEMNITY GROUP, LLC |
|  | Registrant | Registrant |
| Dated: May 5, 2026 | By: | /s/ Brian J. Riley |
|  |  | Brian J. Riley |
|  |  | Chief Financial Officer |
|  |  | (Authorized Signatory and Principal Financial and Accounting Officer) |

---

------

## Exhibit 10.31

**Exhibit 10.31**

**GLOBAL INDEMNITY GROUP, LLC**

**2023 SHARE INCENTIVE PLAN**

**CLASS A-2 COMMON SHARE GRANT AGREEMENT**

This CLASS A-2 COMMON SHARE GRANT AGREEMENT (this "**Agreement**"), dated [●] (the "**Grant Date**"), is delivered by Global Indemnity Group, LLC (the "**Company**") to [●] (the "**Grantee**").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Global Indemnity Group, LLC 2023 Share Incentive Plan (the "**Plan**") provides for the grant of Awards, including Other Share-Based Awards, to officers, directors, employees and certain consultants and other service providers of the Company and its Affiliates, in accordance with the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Board, acting as the Committee pursuant to its authority under the Plan, has determined that it is to the advantage and interest of the Company and its shareholders to make a grant of Class A-2 Common Shares (as defined in the Limited Liability Company Agreement) provided for herein to the Grantee pursuant to the Plan and terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This grant, which shall constitute an Award, including an "Other Share-Based Award" as defined under the Plan (which, for the avoidance of doubt, is not contingent upon the attainment of Performance Goals) is subject to the terms of the Plan, which are hereby incorporated into this Agreement by this reference. Capitalized terms used but not defined herein shall have the meaning set forth in the Plan.

NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Grant of Class A-2 Common Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company hereby grants to the Grantee [●] Class A-2 Common Shares (the "**Award Shares**"), which represents an interest in the profits of the Company in excess of the Threshold Amount (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Award Shares shall be subject to the terms and conditions set forth in this Agreement, in the Plan and in the Limited Liability Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Award Shares shall have a threshold amount equal to the product of (i) the volume weighted average closing sale price of a Class A Common Share on the Nasdaq Global Select Market as reported on Bloomberg L.P. under the function "VWAP" (or, if not reported therein, in another authoritative source mutually selected by the parties) for the thirty (30) consecutive calendar days ending on and including the Grant Date, *multiplied by* (ii) the total number of outstanding Class A Common Shares and Class B Common Shares (as such terms are defined in the Limited Liability Company Agreement) on the Grant Date (such

------

amount, the "**Threshold Amount**"), subject to adjustment pursuant to Section 3(c) of this Agreement. The Threshold Amount may also be adjusted from time to time, in the sole discretion of the Board, to take into account any new capital contributions to, or share issuances or repurchases by, the Company. The Company shall maintain a record of the Threshold Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Vesting; Forfeiture</u>. In the event of a Change of Control Transaction, if Grantee is employed by, or serving as a director of, the Company or any of its Subsidiaries in good standing through the date of the closing of such Change of Control Transaction, the Award Shares will fully vest on the closing of such Change of Control Transaction. If Grantee ceases employment with the Company and its Subsidiaries at any time and for any reason prior to the date of a Change of Control Transaction, the Award Shares will immediately forfeit without consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Award Shares will not have any value (or be entitled to any payment or distribution) in the event of the dissolution or liquidation of the Company, unless such dissolution or liquidation also constitutes a Change of Control Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Certificates</u>. The Award Shares will not be certificated but the ownership of the Award Shares by the Grantee will be entered into the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Shareholder Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Voting</u>. The Grantee shall be entitled to cast one (1) vote for each Award Share in any matter submitted for consent or approval of Shareholders (as defined in the Limited Liability Company Agreement) under the Limited Liability Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Cash Dividends and Distributions</u>. Notwithstanding anything to the contrary in the Limited Liability Company Agreement, as a condition to the issuance by the Company of the Award Shares to the Grantee, the Grantee hereby irrevocably waives any and all right that the Grantee has or may in the future have to receive any ordinary dividends or other regular distributions with respect to the Award Shares; <u>provided</u>, for the avoidance of doubt, that such waiver shall not apply with respect to any distributions in connection with a Change of Control Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Effect of an Equity Restructuring.</u> In the event of an Equity Restructuring, the Award Shares shall continue to be subject to the same terms and conditions, other than adjustments to the number or type or class of Award Shares and the Threshold Amount in accordance with the Plan, relating to the Award Shares as were applicable immediately prior to the Equity Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Non-assignability of Rights; Non-Transferability</u>. Notwithstanding anything to the contrary in the Plan or the Limited Liability Company Agreement, unless otherwise determined by the Board and the Conflicts Committee of the Company, the Award Shares may not be assigned, sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner until the occurrence of a Change of Control Transaction. Upon a Change of Control Transaction, the Award Shares (to the extent vested) shall receive any liquidating distributions or other consideration paid or provided to Company shareholders in accordance with <u>Exhibit A</u> and shall

------

otherwise be treated in the same manner as Class A Common Shares (based on an equivalent number of Class A Common Shares) in accordance with the Limited Liability Company Agreement. The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company's Parents, Subsidiaries, and Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Grant Subject to Plan Provisions</u>. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. This grant is subject to the provisions of the Plan and to interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification or listing of the Award Shares, (iii) changes in capitalization of the Company, and (iv) compliance with Applicable Laws. The Committee shall have the authority to interpret and construe this grant pursuant to the terms of the Plan, and its decisions shall be conclusive and binding as to any questions arising hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>No Employment or Other Rights</u>. This grant shall not confer upon the Grantee any right to be retained by or in the employ or service of the Company or any of its Subsidiaries and shall not interfere in any way with the right of the Company to terminate the Grantee's service pursuant to any plan, program, agreement or arrangement by and between the Grantee and the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Securities Representations</u>. Upon the Grant Date, the Grantee makes the following representations and warranties and the grant of Award Shares by the Company hereunder shall be made in reliance upon such representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Grantee is acquiring and will hold the Award Shares for investment for the Grantee's account only and not with a view to, or for resale in connection with, any "distribution" thereof within the meaning of the Securities Act of 1933 (the "**Securities Act**") or other applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Grantee is aware of the adoption of Rule 144 by the United States Securities and Exchange Commission under the Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions. The Grantee acknowledges that the Grantee is familiar with the conditions for resale set forth in Rule 144 and acknowledges and understands that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Grantee will not transfer the Award Shares in violation of the Limited Liability Company Agreement, this Agreement, the Securities Act (or the rules and regulations promulgated thereunder) or under any other applicable securities laws; <u>provided</u> that the foregoing shall in no way limit the Grantee's ability to transfer the Award Shares pursuant to Section 4 of this Agreement and the terms and conditions of the Limited Liability Company Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Grantee has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Award Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Tax Consequences</u>. The Company shall not be liable or responsible in any way for any tax consequences to the Grantee relating to the grant, ownership or transfer of the Award Shares hereunder. The Grantee agrees to determine and be responsible for any and all tax consequences to the Grantee related to the grant, ownership and transfer of the Award Shares. By accepting the Award Shares, the Grantee acknowledges that the Company is treated as a partnership for U.S. federal and state income tax purposes and that the Grantee will continue to be treated as a partner for such purposes with respect to the Award Shares. Accordingly, the Grantee acknowledges that, among other things, the Grantee will be required to report and pay tax on the Grantee's individual tax return the Grantee's distributive share of the Company's income, gain, loss, deductions and credits, regardless of whether the Grantee has received a distribution from the Company, and accordingly, the ownership of the Award Shares may give rise to an out-of-pocket expense for the Grantee. The Company has not made and will not make any statements or representations to the Grantee concerning the U.S. federal, state and local or non-U.S. tax consequences arising from the grant, holding or transferring of the Award Shares contemplated by this Agreement and will have no obligation to indemnify or hold harmless the Grantee for any claims or liabilities arising from such consequences. The parties hereto acknowledge and agree that upon the Grant Date, the Award Shares will have a liquidation value of $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Section 83(b) Election</u>. Within thirty (30) days following the receipt of the Award Shares, Grantee agrees to make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the "**Code**") and to deliver to the Company a copy of the election authorized by Section 83(b) of the Code in the form attached hereto as <u>Exhibit B</u> with respect to such Award Shares promptly after its filing. Grantee acknowledges that it is Grantee's sole responsibility, and not the Company's, to file a timely election under Code Section 83(b), even if Grantee requests the Company or its representatives to make this filing on Grantee's behalf. Grantee acknowledges Grantee is not relying on the Company or any of its Subsidiaries with respect to any tax information or advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Successors in Interest</u>. This Agreement shall inure to the benefit of and be binding upon any successor to the Company. This Agreement shall inure to the benefit of the Grantee's legal representatives. All obligations imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the Grantee's heirs, executors, administrators and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Modification of this Agreement</u>. This Agreement may be modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument executed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Entire Agreement</u>. This Agreement and the terms and conditions of the Plan and the Limited Liability Company Agreement constitute the entire understanding between the

------

Grantee and the Company, and supersede all other agreements, whether written or oral, with respect to the Award Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Applicable Law</u>. The validity, construction, interpretation and effect of this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions thereof.

IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest to this Agreement, and the Grantee has placed his signature hereon, effective as of the Grant Date.

---

| |
|:---|
| &nbsp;&nbsp;**GLOBAL INDEMNITY GROUP, LLC** |
| &nbsp;&nbsp;By: |

---

------

I hereby accept the grant of Award Shares described in this Agreement. I have read the Global Indemnity Group, LLC 2023 Share Incentive Plan, the Limited Liability Company Agreement and agree to be bound by the terms of the Plan, this Agreement and the Limited Liability Company Agreement.

*Grantee accepts and agrees as of the date first above written:*

&nbsp;&nbsp;[●]<br>

------

<u>EXHIBIT A</u>

<u>Change of Control Transaction Payment Mechanics</u>

Notwithstanding anything in the Limited Liability Company Agreement to the contrary, upon a Change of Control Transaction, the Grantee shall be entitled to receive distributions (if any) from the proceeds of the sale of the Company or the Company's assets with respect to the Award Shares (the extent vested) in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)first, holders of Series A Cumulative Fixed Rate Perpetual Preferred Shares shall have the right to receive the aggregate Change of Control Redemption Price (each as defined in the share designation applicable to such Series A Cumulative Fixed Rate Perpetual Preferred Shares) for their Series A Cumulative Fixed Rate Perpetual Preferred Shares, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)second, holders of Class A Common Shares (other than Class A-2 Common Shares) and Class B Common Shares receive distributions equal to the Threshold Amount *less* the total amount of any special distributions or special dividends paid by the Company to holders of Class A Common Shares (other than Class A-2 Common Shares) and Class B Common Shares following the Grant Date that relate solely to the capital (not profits) of the Company (which amount shall be determined by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)third, the Grantee receives 100% of distributions until the Award Shares are "caught up" to the amount received per Award Share is equal to the amount received under step (2) by each Class A Common Share (which for the avoidance of doubt, is currently expected to be the same as received by each Class B Common Share); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)fourth, the Award Shares participate in distributions of profits, pro-rata with other shareholders (otherwise in accordance with the Limited Liability Company Agreement) as if the Award Shares were Class A Common Shares (which for the avoidance of doubt, is currently expected to be the same as for Class B Common Shares).

------

<u>EXHIBIT B</u>

<u>Election Under Section 83(b) of the Internal Revenue Code</u>

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code, as amended, to include in taxpayer's gross income for the current taxable year, the amount of any compensation taxable to taxpayer in connection with taxpayer's receipt of the property described below:

1. The name, address, taxpayer identification number of the undersigned are as follows:

---

| |
|:---|
| &nbsp;&nbsp;NAME OF TAXPAYER: |
| &nbsp;&nbsp;ADDRESS: |
| &nbsp;&nbsp;ADDRESS: |
| &nbsp;&nbsp;ADDRESS: |
| &nbsp;&nbsp;IDENTIFICATION NO.: |

---

2. The property with respect to which the election is made is described as follows:

_____ Class A-2 Common Shares (the "**Award Shares**") of Global Indemnity Group, LLC, a Delaware limited liability company (the "**Company**").

3. The date on which the property was transferred is: [●], 2026

4. The taxable year for which such election is made is: 2026

5. The property is subject to the following restrictions:

*Vesting in accordance with the terms set forth in the Class A-2 Common Share Grant Agreement and other terms and conditions, including restrictions on transfer, in accordance with the Third Amended and Restated Limited Liability Company Agreement of the Company, effective as of January 16, 2025 (as it may be amended and/or restated from time to time, the "****LLC Agreement****"), the Class A-2 Common Share Grant Agreement and the Global Indemnity Group, LLC 2023 Share Incentive Plan. The property will be, at all times, subject to the LLC Agreement, except as otherwise set forth in writing between the Company and the taxpayer.*

6. The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is: **$0.00 per Award Share**

7. The amount (if any) paid for such property: **$0.00 per Award Share**

------

8. The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned's receipt of the above-described property. The transferee of such property is the person performing the services in connection with the transfer of said property.

<u>The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner</u>.

Dated: _________________________ <br>Signature of Taxpayer

------

## Exhibit 31.1

# Exhibit 31.1
**CERTIFICATION PURSUANT TO**

**RULE 13a-14(a)/15d-14(a), AS ADOPTED PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Joseph W. Brown, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Global Indemnity Group, LLC;

2. Based on my knowledge, this Quarterly Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this Quarterly Report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's independent registered public accounting firm and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 5, 2026

 <u>/s/ Joseph W. Brown</u> 

Joseph W. Brown

Chief Executive Officer

------

## Exhibit 31.2

# Exhibit 31.2
**CERTIFICATION PURSUANT TO**

**RULE 13a-14(a)/15d-14(a), AS ADOPTED PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Brian J. Riley, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Global Indemnity Group, LLC;

2. Based on my knowledge, this Quarterly Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this Quarterly Report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's independent registered public accounting firm and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 5, 2026

<u>/s/ Brian J. Riley</u>

Brian J. Riley

Chief Financial Officer

------

## Exhibit 32.1

# Exhibit 32.1
**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906**

## OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Global Indemnity Group, LLC (the "Company") on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Joseph W. Brown, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 5, 2026

<u>/s/ Joseph W. Brown</u> 

Joseph W. Brown

Chief Executive Officer

------

## Exhibit 32.2

# Exhibit 32.2
**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906**

## OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Global Indemnity Group, LLC (the "Company") on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Brian J. Riley, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 5, 2026

<u>/s/ Brian J. Riley</u>

Brian J. Riley

Chief Financial Officer

------