Global Indemnity Group, LLC (GBLI), a specialty property and casualty (P&C) insurance holding company, has announced its financial results for the third quarter of 2026, reporting $8.9 million in net income, down from $12.5 million in the same period last year.
Operating income in the quarter stood at $9.5 million, compared to $15.7 million in Q3 2025. The decline was largely driven by lower accident year underwriting income, which dropped to $5.6 million from $10.2 million last year.
This decrease was attributed to a $1.3 million decline in net earned premiums and a $3 million impact from a higher loss ratio, which rose to 53% from 50.1% in 2025 – a period that benefited from unusually low severe property losses.
In the company’s core insurance framework, Belmont Core, gross written premiums fell 5.5% year over year to $102.6 million. Pretax adjusted operating contribution was $20.1 million and adjusted return on equity was 12.8%.
Despite the softer third quarter, Global Indemnity’s performance for the first nine months of 2026 remained significantly ahead of 2025. Net income for the period was $24.2 million, compared to $18.9 million in 2025. Operating income climbed to $26.4 million for 9M 2026, from $21.8 million reported for 9M 2025.
Current accident year underwriting income increased to $16.9 million from $5.4 million in 2025, which included $15.8 million of losses from California Wildfires. 9M 2026 saw a loss ratio of 53.8% and a current accident year combined ratio of 94.7%.
Belmont Core gross written premiums of $316.4 million were in line with 2025. Excluding terminated business, Belmont Core gross written premiums grew 1.5% for the nine months ended September 30, 2026.
Jessica E. Buss, CEO of Global Indemnity, commented: “I joined GBLI as CEO this week. I studied this company closely before accepting the role, and I came in knowing exactly where we stand and what we can become. Our results for the first nine months ran well ahead of last year. The third quarter came in softer, as we held to our underwriting standards while competitors cut property rates, and we owe our shareholders a plain account of that. We also owe them a plan. I am confident that, under my leadership, Katalyx will expand its distribution substantially over the next five years; in my first 48 hours, I set that expansion in motion for 2027.
“We will put Kaleidoscope to work for our wholesalers, agents and underwriters, and Belmont will materially improve its operating efficiency. Yes, the specialty market is softening, but GBLI meets it with 23 years of top-quartile loss ratios, industry-leading capital reserves, no debt, extremely modest operating leverage and long-standing agency relationships. Many leading E&S wholesalers are now eager to work with Katalyx and its Kaleidoscope technology. Going forward, we will hold ourselves to one measure: sustained growth in premiums, earnings and book value per share at rates far beyond anything GBLI achieved since its founding.”
