Global Indemnity Group has announced its financial results for the first quarter of 2025, reporting a net loss available to common shareholders of $4.1 million, which includes $12.2 million after tax of net loss attributed to California Wildfire events in January.
Excluding California Wildfires, the company reported a net income available to common shareholders of $8.1 million for Q1 2025.
Gross written premiums increased 6% to $98.7 million in the quarter. Excluding terminated products, gross written premiums increased 16% to $98.4 million, compared to $85.0 million in Q1 2024.
A significant driver of growth was Global Indemnity’s InsurTech division, which experienced a 20% increase, reaching $15.0 million in Q1 2025, up from $12.5 million in Q1 2024. This increase was mainly from organic agency growth, new agency appointments and new products.
The Wholesale Commercial segment grew 6% to $64.9 million compared to $61.1 million in Q1 2024; excluding audit premiums, policy year premiums are higher by 14% in 2025.
Assumed Reinsurance increased 275% to $10.9 million in Q1 2025, a significant increase when compared to the $2.9 million seen in Q1 2024. This growth was attributed to new treaties incepting during 2024 and 2025.
Global Indemnity also highlighted a current accident year underwriting loss of $10.3 million for this year’s first quarter, which compares to $5.3 million of underwriting income for the same period in 2024.
Excluding California Wildfires, the current accident year underwriting income would have been in line with 2024 at $5.3 million in 2025.
Consequently, the current accident year combined ratio stood at 111.5% compared to 94.9% in Q1 2024. Excluding the impact of the California Wildfires, the current accident year combined ratio would have been a more stable 94.8%, closely mirroring the 94.9% reported in the first quarter of 2024.
Net losses and loss adjustment expenses related to prior accident years were less than $0.1 million in 2025 and 2024.
The firm also reported net investment income growth of 2%, to $14.8 million this year’s first quarter, compared to the same period in 2024. Book yield on the fixed maturities portfolio increased to 4.5% at March 31, 2025 from 4.3% at March 31, 2024.
Global Indemnity’s Q1 2025 results also reflected the previously announced internal business reorganization, which has resulted in the company’s reportable segments being structured under two holding companies: Penn-America Underwriters and Belmont Holdings GX.
In the first quarter of 2025, the company realigned the composition of its reportable segments to reflect changes in how it now manages its operations.
This resulted in three reportable segments: Agency and Insurance Services, which sae total revenues of $14.4 million, total losses and expenses of $12.6 million and underwriting income on $1.8 million; Belmont Core saw $92.3 million in revenues, total losses and expenses were $103.9 million and underwriting income loss of $11.6 million (which included California Wildfire losses); and Belmont Non-Core has total revenue of $1.0 million, total losses and expenses of $1.7 million and underwriting income loss of $0.7 million (which included California Wildfire losses).
