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Global Indemnity reports $5.4mn net income for the quarter

7th May 2021 - Author: Charlie Wood

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.

globalindemnitylimitedHowever, 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.

RMS

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.

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