Global Indemnity Group has reported a net income of $23.6 million for the third quarter of 2022, compared to a net loss of $7.8 million from the third quarter of 2021.
Gross written premiums rose to $175.8 million from $174.3 million in 2021. Gross written premiums for the year currently stand at $563.6 million, a major increase from $513.1 million from 2021.
Net written premiums fell to $142.8 million from $162.3 million from the third quarter of 2021, while net earned premiums also fell to $153.6 million from $157.6 million from the prior year quarter.
Furthermore, investment income for the quarter was $8.4 million in compared to $9.3 million in 2021. Global Indemnity noted that the decrease was primarily due to decreased returns from alternative investments and a decrease in dividend income as a result of the liquidation of the company’s common stock portfolio during the first quarter of 2022.
An underwriting income of $4.4 million for the quarter was an improvement compared to an underwriting loss of $0.7 million from the same period last year.
Additionally, Global Indemnity reported a combined ratio of 97.2% for the third quarter of 2022, an improvement compared to 107% from the third quarter of 2021.
At the same time, the Global Indemnity’s combined ratio for the year so far currently sits at 97%, compared to 102.5% from the same period last year.
Within reinsurance gross written premiums and net written premiums both increased 47% for the quarter, compared to the same period last year.
