# EDGAR Filing Document

**Accession Number:** 0001494904
**File Stem:** 0001193125-25-257526
**Filing Date:** 2025-10
**Character Count:** 34433
**Document Hash:** b604cfdea173597e05b1e34f0ed19f01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-257526.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001193125-25-257526

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34809
- **FILM NUMBER:** 251432369

**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'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

------

## FORM 8-K

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** October 30, 2025<br>

------

GLOBAL INDEMNITY GROUP, LLC

**(Exact name of Registrant as Specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Delaware | 001-34809 | 85-2619578 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 112 S. French Street<br>Suite 105 |  |  |
| Wilmington**,** Delaware |  | 19801 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (302) 691-6276<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Class A Common Shares, no par value | GBLI | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

------

## Item 2.02 Results of Operations and Financial Condition.
On October 30, 2025, Global Indemnity Group, LLC (the "Company") issued a press release announcing the Company's financial results for the third quarter ended September 30, 2025.

The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

## Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

99.1 [<u>Press Release dated October 30, 2025.</u>](gbli-ex99_1.htm)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

------

**SIGNATURES**

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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Global Indemnity Group, LLC | Global Indemnity Group, LLC |
| *Date: October 30, 2025* | *By:*  | */s/ Brian J. Riley* |
|  |  | *Name: Brian J. Riley*  |
|  |  | *Title: Chief Financial Officer*  |

---

------

## Exhibit 99.1

**Exhibit 99.1**

![img266282701_0.jpg](img266282701_0.jpg)

**For release:** October 30, 2025

**Global Indemnity Group, LLC Reports Third Quarter 2025 Financial Results Highlighted by 54% Growth in Current Accident Year Underwriting Income and 19% Increase in Operating Income** 

*Wilmington, Del., (October 30, 2025)* – Global Indemnity Group, LLC (NYSE:GBLI) (the "Company") today reported financial results for the three and nine months ended September 30, 2025.

**<u>Third Quarter 2025 Consolidated Results and Business Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operating income increased 19% to $15.7 million or $1.08 per share for 2025 compared to $13.2 million or $0.95 per share for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income available to common shareholders was $12.4 million or $0.86 per share for 2025 compared to $12.7 million or $0.92 per share for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Current accident year underwriting income increased 54% to $10.2 million for 2025 compared to $6.6 million for the same period in 2024 driven by strong property loss ratio performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross written premiums increased 9% to $108.4 million in 2025 compared to $99.8 million for the same period in 2024; Excluding terminated products, gross written premiums increased 13% to $108.5 million in 2025 compared to $96.4 million for the same period in 2024.

oVacant Express and Collectibles, in aggregate, grew 5% to $16.4 million in 2025 from organic agency growth, new agency appointments, and new products.

oWholesale Commercial grew 10% to $67.9 million in 2025 from premium rate increases, organic agency growth, new agency appointments, and new products.

oAssumed Reinsurance increased 58% to $15.6 million in 2025 due to new treaties incepting during 2024 and 2025 and organic growth from existing treaties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Current accident year combined ratio was 90.4% for 2025 compared to 93.5% for same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net losses and loss adjustment expenses related to prior accident years were a decrease of less than $0.1 million for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annualized investment return was 4.0% for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net investment income increased 9% to $17.9 million in 2025 compared to $16.5 million for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Book value per share increased to $48.88 at September 30, 2025 from $48.35 at June 30, 2025; an increase of 1.8% including dividends paid of $0.35 per share for the three months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shareholders' equity increased to $704.1 million at September 30, 2025 compared to $695.3 million at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•AM Best affirmed Global Indemnity Group, LLC's A (Excellent) rating for its U.S. insurance subsidiaries on August 8, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acquired Sayata, an AI-enabled digital distribution marketplace and agency operations for commercial insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rebranded Penn-America Underwriters, LLC as Katalyx Holdings and Katalyx Holdings launched Valyn Re, its inaugural reinsurance managing general agency ("MGA"), as part of its new reinsurance platform expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Announced transfer of listing of its class A common shares to Nasdaq Global Select Market; expected to begin trading November 4, 2025 under "GBLI".

------

**Selected Consolidated Operating and Balance Sheet Information**

(Dollars in millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| ***Select Operating Data:*** |  |  |  |  |
| Gross written premiums | $108.4 | $99.8 | $313.8 | $294.0 |
| Investment income | $17.9 | $16.5 | $47.4 | $46.3 |
| Annualized investment return | 4.0% | 7.9% | 4.8% | 6.1% |
| Underwriting income | $10.0 | $5.8 | $5.3 | $14.6 |
| Underwriting income, current accident year | $10.2 | $6.6 | $5.4 | $15.3 |
| Underwriting income, current accident year, excluding California Wildfires | $10.2 | $6.6 | $21.2 | $15.3 |
| Corporate expenses | $7.8 | $5.9 | $24.9 | $18.7 |
| Operating income | $15.7 | $13.2 | $21.8 | $33.8 |
| Operating income excluding California Wildfires | $15.7 | $13.2 | $34.1 | $33.8 |
| Net income available to common shareholders | $12.4 | $12.7 | $18.5 | $33.9 |
| Net income available to common shareholders excluding California Wildfires | $12.4 | $12.7 | $30.9 | $33.9 |
| ***Per Share Data:*** |  |  |  |  |
| Net income available to common shareholders per share | $0.86 | $0.92 | $1.30 | $2.48 |
| Net income available to common shareholders per share excluding California Wildfires | $0.86 | $0.92 | $2.17 | $2.48 |
| Operating income per share | $1.08 | $0.95 | $1.51 | $2.45 |
| Operating income per share excluding California Wildfires | $1.08 | $0.95 | $2.38 | $2.45 |
| **Combined ratio analysis:** |  |  |  |  |
| Loss ratio | 50.1% | 54.9% | 58.8% | 56.0% |
| Expense ratio | 40.5% | 39.4% | 39.9% | 39.2% |
| Combined ratio | 90.6% | 94.3% | 98.7% | 95.2% |
| Combined ratio, current accident year | 90.4% | 93.5% | 98.7% | 95.0% |
| Combined ratio, current accident year excluding California Wildfires | 90.4% | 93.5% | 93.2% | 95.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of June 30, 2025** | **As of March 31, 2025** | **As of December 31, 2024** |
| ***Select Balance Sheet Data:*** |  |  |  |  |
| Cash and invested assets, net | $1435.2 | $1433.0 | $1431.8 | $1440.7 |
| Total assets | $1734.1 | $1720.6 | $1713.6 | $1731.3 |
| Shareholders' equity | $704.1 | $695.3 | $687.1 | $689.1 |
| Book value per share | $48.88 | $48.35 | $47.85 | $49.98 |
| Book value per share plus cumulative |  |  |  |  |
| &nbsp;&nbsp;&nbsp;dividends and excluding AOCI | $57.62 | $56.78 | $56.08 | $58.14 |
| Shares Outstanding (in millions) | 14.3 | 14.3 | 14.3 | 13.7 |

---

**Changes in Common Shareholders' Equity and Book Value per Share**

(Dollars and shares in millions, except per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | **Common Shareholders' Equity** | **Common Shares** | **Book Value Per Share** |
| Balance at December 31, 2024 | $685.1 | 13.7 | $49.98 |
| Net income | 18.9 |  | 1.30 |
| Fair value of fixed maturities | 6.2 |  | 0.45 |
| Stock compensation / share issuance (1) | 5.2 | 0.6 | (1.80) |
| Dividends | (15.3) |  | (1.05) |
| Balance at September 30, 2025 | $700.1 | 14.3 | $48.88 |

---

(1) includes 550,000 class A common shares designated as class A-2 common shares issued on March 6, 2025 for services performed in connection with the Company's internal corporate reorganization.

------

**Segment Data for the Three and Nine Months Ended September 30, 2025 and 2024**

**<u>Segment Income for the Three Months Ended September 30,</u>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Agency and <br>Insurance <br>Services** | **Agency and <br>Insurance <br>Services** | **Belmont Core** | **Belmont Core** | **Belmont <br>Non-Core** | **Belmont <br>Non-Core** | **Eliminations** | **Eliminations** | **Consolidated** | **Consolidated** |
| **(Dollars in millions)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums | $— | $— | $99.4 | $94.0 | $0.3 | $1.4 | $— | $— | $99.7 | $95.4 |
| Commissions and fee income | 15.0 |  |  | 0.3 | 0.1 | 0.1 | (14.5) |  | 0.6 | 0.4 |
| **Total revenues** | $15.0 | $— | $99.4 | $94.3 | $0.4 | $1.5 | $(14.5) | $— | $100.3 | $95.8 |
| **Losses and expenses** |  |  |  |  |  |  |  |  |  |  |
| Loss and loss adjustment expenses | $— | $— | $52.7 | $51.4 | $(2.4) | $1.0 | $(0.4) | $— | $49.9 | $52.4 |
| Underwriting expenses | 13.8 |  | 40.2 | 35.6 | 0.5 | 2.0 | (14.1) |  | 40.4 | 37.6 |
| **Total losses and expenses** | $13.8 | $— | $92.9 | $87.0 | $(1.9) | $3.0 | $(14.5) | $— | $90.3 | $90.0 |
| Underwriting income (loss) | $1.2 | $— | $6.5 | $7.3 | $2.3 | $(1.5) | $— | $— | $10.0 | $5.8 |

---

**<u>Segment Income for the Nine Months Ended September 30,</u>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Agency and <br>Insurance <br>Services** | **Agency and <br>Insurance <br>Services** | **Belmont Core** | **Belmont Core** | **Belmont <br>Non-Core** | **Belmont <br>Non-Core** | **Eliminations** | **Eliminations** | **Consolidated** | **Consolidated** |
| **(Dollars in millions)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |
| Net earned premiums | $— | $— | $289.1 | $272.5 | $(1.0) | $12.3 | $— | $— | $288.1 | $284.8 |
| Commissions and fee income | 44.8 |  |  | 1.0 | 0.1 | 0.1 | (43.3) |  | 1.6 | 1.1 |
| **Total revenues** | $44.8 | $— | $289.1 | $273.5 | $(0.9) | $12.4 | $(43.3) | $— | $289.7 | $285.9 |
| **Losses and expenses** |  |  |  |  |  |  |  |  |  |  |
| Loss and loss adjustment expenses | $— | $— | $175.2 | $151.4 | $(4.6) | $8.0 | $(1.0) | $— | $169.6 | $159.4 |
| Underwriting expenses | 39.5 |  | 116.2 | 104.5 | 1.4 | 7.4 | (42.3) |  | 114.8 | 111.9 |
| **Total losses and expenses** | $39.5 | $— | $291.4 | $255.9 | $(3.2) | $15.4 | $(43.3) | $— | $284.4 | $271.3 |
| Underwriting income (loss) | $5.3 | $— | $(2.3) | $17.6 | $2.3 | $(3.0) | $— | $— | $5.3 | $14.6 |
| Underwriting income (loss) excluding California Wildfires | $5.3 | $— | $13.4 | $17.6 | $2.3 | $(3.0) | $— | $— | $21.1 | $14.6 |

---

------

**Segment Data for the Three and Nine Months Ended September 30, 2025 and 2024**

(Dollars in thousands)

**<u>Segment Written Premiums</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **Belmont Core** | **Belmont Core** | **Belmont Non-Core** | **Belmont Non-Core** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Direct written premiums | $92916 | $93338 | $43 | $(40) | $92959 | $93298 |
| Assumed written premiums | 15625 | 9906 | (215) | (3437) | 15410 | 6469 |
| Gross written premiums | $108541 | $103244 | $(172) | $(3477) | $108369 | $99767 |
| Net written premiums | $105708 | $100712 | $(165) | $(3535) | $105543 | $97177 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **Belmont Core** | **Belmont Core** | **Belmont Non-Core** | **Belmont Non-Core** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Direct written premiums | $278156 | $278527 | $161 | $63 | $278317 | $278590 |
| Assumed written premiums | 38593 | 19317 | (3065) | (3946) | 35528 | 15371 |
| Gross written premiums | $316749 | $297844 | $(2904) | $(3883) | $313845 | $293961 |
| Net written premiums | $308215 | $290910 | $(2894) | $(3897) | $305321 | $287013 |

---

**<u>Direct Written Premiums Produced by Agency and Insurance Services Segment</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** |  | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |  |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Wholesale Commercial | $67931 | $61938 | 9.7% | $201888 | $186870 | 8.0% |
| Vacant Express | 11341 | 11219 | 1.1% | 34632 | 29804 | 16.2% |
| Collectibles | 5087 | 4471 | 13.8% | 13372 | 12139 | 10.2% |
| Direct written premiums excluding Specialty Products | 84359 | 77628 | 8.7% | 249892 | 228813 | 9.2% |
| Specialty Products | 8557 | 15710 | (45.5%) | 28264 | 49714 | (43.1%) |
| Total direct written premiums | $92916 | $93338 | (0.5%) | $278156 | $278527 | (0.1%) |

---

**<u>Assumed Written Premiums Produced by Belmont Segments</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** | **%** | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** | **%** |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Belmont Core | $15625 | $9906 | 57.7% | $38593 | $19317 | 99.8% |
| Belmont Non-Core | (215) | (3437) | (93.7%) | (3065) | (3946) | (22.3%) |
| Total assumed written premiums | $15410 | $6469 | 138.2% | $35528 | $15371 | 131.1% |

---

------

**Global Indemnity Group, LLC**

**Consolidated Statements of Operations**

(Unaudited)

(Dollars and shares in thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Gross written premiums | $108369 | $99767 | $313845 | $293961 |
| Net written premiums | $105543 | $97177 | $305321 | $287013 |
| Net earned premiums | $99670 | $95413 | $288132 | $284806 |
| Net investment income | 17911 | 16488 | 47400 | 46319 |
| Net realized investment gains (losses) | (3994) | (512) | (3731) | 540 |
| Other income | 611 | 372 | 1568 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 114198 | 111761 | 333369 | 332739 |
| Net losses and loss adjustment expenses | 49875 | 52400 | 169561 | 159446 |
| Acquisition costs and other underwriting expenses | 40415 | 37553 | 114837 | 111790 |
| Corporate expenses | 7844 | 5923 | 24872 | 18679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 16064 | 15885 | 24099 | 42824 |
| Income tax expense | 3541 | 3125 | 5221 | 8605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 12523 | 12760 | 18878 | 34219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: preferred stock distributions | 110 | 110 | 330 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available to common shareholders | $12413 | $12650 | $18548 | $33889 |
| **Per share data:** |  |  |  |  |
| Net income available to common shareholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.87 | $0.93 | $1.31 | $2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.86 | $0.92 | $1.30 | $2.48 |
| Weighted-average number of shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 14297 | 13665 | 14148 | 13618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 14358 | 13801 | 14223 | 13684 |
| Cash distributions declared per common share | $0.35 | $0.35 | $1.05 | $1.05 |
| Combined ratio analysis: |  |  |  |  |
| Loss ratio | 50.1% | 54.9% | 58.8% | 56.0% |
| Expense ratio | 40.5% | 39.4% | 39.9% | 39.2% |
| Combined ratio | 90.6% | 94.3% | 98.7% | 95.2% |

---

------

**GLOBAL INDEMNITY GROUP, LLC**

**CONSOLIDATED BALANCE SHEETS**

(Dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **(Unaudited)<br>September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Fixed maturities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available for sale, at fair value (amortized cost: $1,314,418 and $1,394,639; net of allowance for expected credit losses of $0 at September 30, 2025 and December 31, 2024) | $1309379 | $1381908 |
| Equity securities, at fair value | 33625 | 12284 |
| Other invested assets | 19084 | 29413 |
| Total investments | 1362088 | 1423605 |
| Cash and cash equivalents | 75360 | 17009 |
| Premium receivables, net of allowance for expected credit losses of |  |  |
| &nbsp;&nbsp;&nbsp;$3,476 at September 30, 2025 and $3,530 at December 31, 2024 | 75870 | 75088 |
| Reinsurance receivables, net of allowance for expected credit losses |  |  |
| &nbsp;&nbsp;&nbsp;of $8,992 at September 30, 2025 and December 31, 2024 | 64262 | 66855 |
| Funds held by ceding insurers | 23919 | 30026 |
| Deferred income taxes | 17947 | 22459 |
| Deferred acquisition costs | 45523 | 41136 |
| Intangible assets | 17000 | 14103 |
| Goodwill | 4820 | 4820 |
| Prepaid reinsurance premiums | 3661 | 3320 |
| Receivable for securities |  | 52 |
| Income tax receivable | 6071 | 825 |
| Lease right of use assets | 8424 | 9295 |
| Other assets | 29143 | 22660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1734088 | $1731253 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Liabilities:** |  |  |
| Unpaid losses and loss adjustment expenses | $761681 | $800391 |
| Unearned premiums | 200941 | 183411 |
| Reinsurance balances payable | 2700 | 8181 |
| Payable for securities | 2227 |  |
| Contingent commissions | 5606 | 6826 |
| Lease liabilities | 8922 | 10371 |
| Other liabilities | 47876 | 32924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $1029953 | $1042104 |
| **Shareholders' equity:** |  |  |
| Series A cumulative fixed rate preferred shares, $1,000 par value; |  |  |
| &nbsp;&nbsp;&nbsp;100,000,000 shares authorized, shares issued and outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;4,000 and 4,000 shares, respectively, liquidation preference: |  |  |
| &nbsp;&nbsp;&nbsp;$1,000 per share and $1,000 per share, respectively | 4000 | 4000 |
| Common shares: no par value; 900,000,000 common shares |  |  |
| &nbsp;&nbsp;&nbsp;authorized; class A common shares issued: 11,818,110 and 11,202,355, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, |  |  |
| &nbsp;&nbsp;&nbsp; respectively); class A common shares outstanding: 10,530,342 and 9,914,587, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, |  |  |
| &nbsp;&nbsp;&nbsp;respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively |  |  |
| Additional paid-in capital (1) | 464796 | 459578 |
| Accumulated other comprehensive income (loss), net of tax | (4200) | (10410) |
| Retained earnings (1) | 272231 | 268673 |
| Class A common shares in treasury, at cost: 1,287,768 and |  |  |
| &nbsp;&nbsp;&nbsp;1,287,768 shares, respectively | (32692) | (32692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 704135 | 689149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $1734088 | $1731253 |

---

*(1) Since the Company's initial public offering in 2003, the Company has returned $644 million to shareholders, including $522 million in share repurchases and $122 million in dividends/distributions.* 

------

**GLOBAL INDEMNITY GROUP, LLC**

**SELECTED INVESTMENT DATA**

(Dollars in millions)

---

| | | |
|:---|:---|:---|
|  | **Market Value as of** | **Market Value as of** |
|  | **(Unaudited)<br>September 30, 2025** | **December 31, 2024** |
| Fixed maturities | $1309.4 | $1381.9 |
| Cash and cash equivalents | 75.3 | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities and cash and cash equivalents | 1384.7 | 1398.9 |
| Equities and other invested assets | 52.7 | 41.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets, gross | 1437.4 | 1440.6 |
| Receivable/(payable) for securities | (2.2) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets, net | $1435.2 | $1440.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Pre-Tax Investment Return** | **Total Pre-Tax Investment Return** | **Total Pre-Tax Investment Return** | **Total Pre-Tax Investment Return** |
|  | **For the Three Months Ended<br>September 30,<br>(Unaudited)** | **For the Three Months Ended<br>September 30,<br>(Unaudited)** | **For the Nine Months Ended<br>September 30,<br>(Unaudited)** | **For the Nine Months Ended<br>September 30,<br>(Unaudited)** |
|  | **2025** | **2024** | **2025** | **2024** |
| Fixed maturities | $15.2 | $15.8 | $45.1 | $44.2 |
| Equities | 0.7 | 0.2 | 1.0 | 0.6 |
| Limited partnerships | 2.0 | 0.5 | 1.3 | 1.5 |
| Net investment income | 17.9 | 16.5 | 47.4 | 46.3 |
| Net realized investment gains (losses) | (4.0) | (0.5) | (3.7) | 0.5 |
| Net unrealized investment gains | 0.6 | 12.8 | 7.8 | 18.8 |
| Net realized and unrealized investment return | (3.4) | 12.3 | 4.1 | 19.3 |
| Total investment return | $14.5 | $28.8 | $51.5 | $65.6 |
| Average total cash and invested assets | $1434.1 | $1451.6 | $1437.9 | $1429.3 |
| Total annualized investment return % | 4.0% | 7.9% | 4.8% | 6.1% |

---

**SUMMARY OF OPERATING INCOME**

(Dollars and shares in thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br>September 30,<br>(Unaudited)** | **For the Three Months Ended<br>September 30,<br>(Unaudited)** | **For the Nine Months Ended<br>September 30,<br>(Unaudited)** | **For the Nine Months Ended<br>September 30,<br>(Unaudited)** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating income, net of tax (1) | $15663 | $13162 | $21810 | $33790 |
| Net realized investment gains (losses), net of tax | (3140) | (402) | (2932) | 429 |
| Net income | $12523 | $12760 | $18878 | $34219 |
| Weighted average shares outstanding – diluted | 14358 | 13801 | 14223 | 13684 |
| Operating income per share – diluted (2) | $1.08 | $0.95 | $1.51 | $2.45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Operating income, net of tax, excludes preferred shareholder distributions of $0.1 million for each of the three months ended September 30, 2025 and 2024 and $0.3 million for each of the nine months ended September 30, 2025 and 2024.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The operating income per share calculation is net of preferred shareholder distributions of $0.1 million for each of the three months ended September 30, 2025 and 2024 and $0.3 million for each of the nine months ended September 30, 2025 and 2024.*

------

**Note Regarding Operating Income** 

Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment gains (losses) and other unique charges not related to operations. Operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.

***Reconciliation of non-GAAP financial measures and ratios***

The tables below reconcile the non-GAAP financial measures or ratios, which excludes the impact of prior accident year adjustments and the California Wildfires, 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 its most directly comparable GAAP measure or ratio and do not reflect the overall underwriting profitability of the Company.

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
| **(Dollars in thousands)** | **2025** | **2024** |
| **<u>Consolidated current accident year underwriting income excluding California Wildfires</u>** |  |  |
| Underwriting income (1) | $5302 | $14644 |
| Effect of prior accident year | 130 | 703 |
| Current accident year underwriting income (2) | 5432 | 15347 |
| California Wildfires net losses and loss adjustment expenses | 15757 |  |
| Current accident year underwriting income excluding California Wildfires (2) | $21189 | $15347 |
| **<u>Belmont Core underwriting income excluding California Wildfires</u>** |  |  |
| Underwriting income (loss) (1) | $(2345) | $17616 |
| California Wildfires net losses and loss adjustment expenses | 15757 |  |
| Underwriting income excluding California Wildfires (2) | $13412 | $17616 |
| **<u>Consolidated underwriting income excluding California Wildfires</u>** |  |  |
| Underwriting income (1) | $5302 | $14644 |
| California Wildfires net losses and loss adjustment expenses | 15757 |  |
| Underwriting income excluding California Wildfires (2) | $21059 | $14644 |
| **<u>Net income available to common shareholders excluding California Wildfires</u>** |  |  |
| Net income available to common shareholders (1) | $18548 | $33889 |
| California Wildfires net losses and loss adjustment expenses (net of tax) (3) | 12338 |  |
| Net income available to common shareholders excluding California Wildfires (2) | $30886 | $33889 |
| **<u>Operating income excluding California Wildfires</u>** |  |  |
| Operating income (4) | $21810 | $33790 |
| California Wildfires net losses and loss adjustment expenses (net of tax) (3) | 12338 |  |
| Operating income excluding California Wildfires (2) | $34148 | $33790 |
| **<u>Current accident year combined ratio excluding California Wildfires</u>** |  |  |
| Combined ratio (1) | 98.7% | 95.2% |
| Effect of prior accident year |  | (0.2%) |
| Current accident year combined ratio (2) | 98.7% | 95.0% |
| Impact of California Wildfires | (5.5%) |  |
| Current accident year combined ratio excluding California Wildfires (2) | 93.2% | 95.0% |

---

(1) Most directly comparable GAAP measure / ratio

(2) Non-GAAP financial measure / ratio

(3) Represents net losses and loss adjustment expenses of $15.8 million less tax benefit of $3.5 million.

(4) See previous table for reconciliation of operating income (loss) to net income (loss) which is the most directly comparable GAAP measure.

------

**About Global Indemnity Group, LLC and its subsidiaries**

Global Indemnity Group, LLC (NYSE: GBLI) is a publicly traded holding company with a diversified portfolio of property and casualty insurance-related entities.

Katalyx Holdings LLC includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Four managing general agencies focused on sourcing, underwriting, and servicing primary and reinsurance business: Penn-America Insurance Services, LLC; Valyn Re LLC; J.H. Ferguson & Associates, LLC (including Vacant Express); and Collectibles Insurance Services, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Three specialized insurance product and service entities: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx's MGAs and broader digital initiatives; Sayata, an AI-enabled insurance marketplace; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services.

Belmont Holdings GX, Inc. includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Five statutory insurance carriers, each rated "A" (Excellent) by AM Best:<br>Penn-America Insurance Company, United National Insurance Company, Penn-Patriot Insurance Company, Diamond State Insurance Company, and Penn-Star Insurance Company.

For more information, visit the Company's website at www.gbli.com.

***Forward-Looking Information***

The forward-looking statements in this press release are made pursuant to the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934 and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements. These statements are based on management's current expectations and information available as of the date of this release.

Factors that could cause actual results to differ include, among others, risks related to the timing and execution of the Company's strategy, and other operational or strategic risks. Additional details regarding these and other risks and uncertainties can be found in the Company's filings with the Securities and Exchange Commission. Global Indemnity undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

---

| | |
|:---|:---|
| **Contact:** | Scott Eckstein / Patrick Federle |
|  | KCSA Strategic Communications |
|  | (212) 896-1210 |
|  | GBLI@kcsa.com |

---

------