Global Indemnity has reported a net income of $37.6 million for the second quarter, compared to $14.7 million for the same period of 2019.
Underwriting income was $21.7 million compared to $8.1 million for the comparable period in 2019.
Combined Ratio was 85.2% while Investment Portfolio increased $82.8 million, or 5.3%, and book value per share increased 8.7%, from $47.12 to $51.24, during the second quarter of 2020.
Gross written premiums decreased 49.9% and net earned premiums increased 5.2% for the three months ended June 30, 2020, as compared to the same period in 2019.
The accident year casualty loss ratio improved 5.7 points to 52.1% in 2020 as compared to 57.8% in 2019 primarily as a result of lower claims frequency within the U.S. Insurance Operations partially offset by an increase in the Reinsurance Operations’ casualty loss ratio due to the addition of a new casualty reinsurance treaty.
The Company’s accident year property loss ratio increased by 4.3 points to 66.9% in 2020 from 62.6% in 2019 primarily as a result of an increase in frequency and severity of catastrophe claims partially offset by reductions in frequency on non-catastrophe claims.
Gross written premiums decreased 32.3% and net earned premiums increased 30.4% for the six months ended June 30, 2020, as compared to the same period in 2019.
The decrease in gross written premiums was primarily due to the non-renewal of property catastrophe treaties. The increase in net earned premiums was primarily due to the growth of the new casualty treaty entered into during 2019.
