Global Indemnity Group, LLC (GBLI) has reported that Belmont Core gross written premiums (GWP) grew 7% year on year to $117.3 million in the second quarter of 2026 from $109.8 million, supported by 79% growth in its assumed reinsurance business.
Belmont Core is GBLI’s primary operating segment, focusing on specialty property and casualty insurance and assumed reinsurance products. It comprises Wholesale Commercial, Vacant Express and Collectibles, Assumed Reinsurance, and Specialty Products.
Assumed Reinsurance GWP increased 79% to $21.5 million from $12.0 million, more than offsetting a 35.7% decline in Specialty Products GWP to $7.8 million from $12.1 million. Meanwhile, Wholesale Commercial GWP rose 1.5% to $70.1 million from $69.1 million, Vacant Express increased 5.6% to $13.1 million from $12.4 million, and Collectibles grew 13.7% to $4.8 million from $4.2 million.
For the quarter, GBLI’s net income increased 8% to $11.1 million from $10.3 million.
Operating income declined to $8.7 million from $10.2 million the year prior.
Underwriting income decreased to $5.5 million from $5.8 million, with the combined ratio increasing to 95.0% from 94.4%. This reflected a lower loss ratio of 53.8% versus 55.6%, offset by a higher expense ratio of 41.2% versus 38.8%.
Net investment income totalled $16.4 million, up from $14.7 million.
For the six months ended June 30, 2026, Belmont Core GWP grew 3% to $213.7 million from $208.2 million in H1’25.
In H1’26, Assumed Reinsurance GWP grew 42.5% to $32.7 million, Wholesale Commercial declined 1.8% to $131.6 million, Vacant Express grew 5.3% to $24.5 million, Collectibles rose 13.2% to $9.4 million, and Specialty Products decreased 21% to $15.5 million.
Net income increased to $15.3 million from $6.4 million. Operating income grew to $16.9 million from $6.2 million.
Underwriting income improved to $10.8 million from a loss of $4.7 million a year earlier, driving an improved combined ratio of 95.0% versus 103.0%.
Net investment income stood at $28.6 million, compared with $29.5 million, resulting from increased allocation to U.S. Treasuries.
