Global Indemnity Group has reported net income of $5.4 million for the first quarter of 2020, compared to net loss of $44.6 million in the prior year period.
However, adjusted operating income fell to $1.3 million from $10 million in 2020.
An underwriting loss of $1.4 million compares to $10.6 million in the perior year quarter, a decrease primarily due to catastrophes, mainly from Texas winter storms, as well as an increase in the frequency and severity of property non-catastrophe losses.
Gross written premiums and net written premiums increased 5.0% and 6.2%, respectively.
Investment income of $9.8 million in 2021 compares to $10.1 million in 2020, primarily due to a decrease in yield within the fixed maturities portfolio and a smaller investment portfolio.
Within reinsurance, gross written premiums and net written premiums increased 24.8% and 24.8% for the period, as compared to the same period in 2020.
The growth was primarily organic growth of an existing casualty treaty and the assumption of two smaller casualty treaties.
