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GBLI

Global Indemnity Group, LLC

GBLI

Global Indemnity Group, LLC • NASDAQ
$28.02 ▼ -0.92% (-0.26)
Market Cap $401.36 M
52w High $37.00
52w Low $25.88
Dividend Yield 1.40%
P/E 14.44
Volume 1.90K
Outstanding Shares 14.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $114.198M ▲ $7.844M ▲ $12.523M ▲ 10.966% ▲ $0.87 ▲ $17.366M ▲
Q2-2025 $110.52M ▲ $7.528M ▼ $10.344M ▲ 9.359% ▲ $0.72 ▲ $14.52M ▲
Q1-2025 $108.651M ▲ $9.5M ▲ $-3.989M ▼ -3.671% ▼ $-0.3 ▼ $-3.651M ▼
Q4-2024 $108.448M ▼ $7.017M ▲ $9.022M ▼ 8.319% ▼ $0.65 ▼ $13.886M ▼
Q3-2024 $111.761M $5.923M $12.76M 11.417% $0.93 $17.219M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.112B ▼ $1.734B ▲ $1.03B ▲ $704.135M ▲
Q2-2025 $1.124B ▲ $1.721B ▲ $1.025B ▼ $695.288M ▲
Q1-2025 $1.096B ▼ $1.714B ▼ $1.027B ▼ $687.051M ▼
Q4-2024 $1.201B ▼ $1.731B ▼ $1.042B ▼ $689.149M ▲
Q3-2024 $1.256B $1.761B $1.074B $686.726M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.523M ▲ $5.695M ▼ $2.431M ▲ $-110K ▲ $8.016M ▲ $5.695M ▼
Q2-2025 $10.344M ▲ $7.001M ▲ $-15.696M ▼ $-5.107M ▼ $-13.802M ▼ $7.001M ▲
Q1-2025 $-3.989M ▼ $2.397M ▲ $66.84M ▲ $-5.1M ▲ $64.137M ▲ $2.397M ▲
Q4-2024 $9.022M ▼ $-13.415M ▼ $9.088M ▲ $-9.683M ▼ $-14.01M ▲ $-13.415M ▼
Q3-2024 $12.76M $16.01M $-31.496M $-263.765K $-15.712M $16.01M

Revenue by Products

Product Q4-2022Q1-2023Q2-2023Q3-2023
Commercial Specialty Segment
Commercial Specialty Segment
 $90.00M ▲$90.00M ▲$90.00M ▲$80.00M ▼
Exited Lines Segment
Exited Lines Segment
 $20.00M ▲$10.00M ▼$10.00M ▲$0 ▼
Reinsurance Operations
Reinsurance Operations
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Over the past few years, Global Indemnity’s revenue has drifted slightly lower, but profitability has improved. Recent results show consistent, positive earnings after a period of more erratic performance that included a small loss and at least one year that likely benefited from special or non‑recurring items. The latest year looks cleaner and stronger, with healthier margins and solid earnings per share, suggesting that underwriting discipline and business mix adjustments are starting to show through. That said, the history still shows that results can swing, which is typical in specialty property and casualty insurance, where catastrophe losses and reserve changes can create volatility from year to year.

Balance Sheet

Balance Sheet The balance sheet looks conservative and steady. Total assets have been broadly stable over the last several years, while shareholders’ equity has held up well, indicating a solid capital cushion for an insurer. Debt has come down sharply from earlier levels and is now quite low, pointing to modest financial leverage and reduced interest burden. Cash is not large but appears adequate when viewed in the context of a regulated insurance business that also holds sizable investment portfolios. Overall, the company appears to be operating with a relatively strong capital position and a prudent approach to borrowing.

Cash Flow

Cash Flow Cash generation has been a quiet strength. Operating cash flow has been consistently positive each year, even when accounting profits were under pressure. Free cash flow closely tracks operating cash flow, because capital spending needs are minimal, which is typical for an insurance company that is not heavily asset‑intensive. There was one particularly strong year for cash generation, but even the more normal years still show dependable inflows. This pattern suggests that, beneath the earnings volatility that comes with insurance, the underlying cash economics of the business are sound and stable.

Competitive Edge

Competitive Edge Global Indemnity competes as a niche specialty property and casualty insurer rather than a broad, mass‑market carrier. Its edge comes from deep expertise in underserved areas such as vacant property, collectibles, and cannabis coverage, combined with a disciplined underwriting culture that prioritizes profitability over volume. The company benefits from an “A” financial strength rating for its insurance subsidiaries and a wide network of wholesale agents and brokers that gives it broad distribution reach. The recent restructuring under “Project Manifest” aims to sharpen focus, make capital use more efficient, and give its business units clearer identities. However, GBLI is still much smaller than the largest insurers, which can limit scale advantages, and its concentration in specialized markets exposes it to regulatory, legal, and competitive shifts in those niches.

Innovation and R&D

Innovation and R&D Rather than traditional R&D, GBLI is investing in technology and organizational design. Project Manifest separated its insurance, technology, and claims activities into distinct businesses, which should allow each to specialize and move faster. The creation of Kaleidoscope Insurance Technologies focuses the company on building its own underwriting and policy systems, likely using data analytics and automation to improve risk selection and efficiency. The acquisition of Sayata, an AI‑driven digital distribution marketplace, adds modern tools for online quoting, risk assessment, and placement in the commercial segment. A dedicated claims entity, Liberty Insurance Adjustment Agency, is intended to refine claims handling in its niche lines. These moves, along with automated and embedded insurance offerings, position GBLI as a more tech‑enabled specialty carrier. The key uncertainty is execution: integrating these platforms, achieving real efficiency gains, and turning innovation spending into better margins and growth will be important to watch.

Summary

Global Indemnity today looks like a cautiously run, niche‑focused insurer that is emerging from a period of uneven results with cleaner, more consistent profitability. The income statement now shows steady positive earnings, the balance sheet is conservatively financed with low debt and solid equity, and cash flow has been reliably positive for several years. Strategically, the company is leaning into its strengths in specialized markets while overhauling its structure and investing in technology, data, and AI‑enabled distribution through initiatives like Project Manifest, Kaleidoscope, and Sayata. The opportunity lies in using these tools to deepen its niche franchises, improve underwriting quality, and grow efficiently without sacrificing discipline. The main risks are typical for a smaller specialty insurer: exposure to loss volatility, reliance on specific niche segments, and the challenge of successfully integrating and scaling new technology platforms. Overall, GBLI appears to be transitioning from a more traditional specialty carrier toward a more tech‑enabled, focused insurer, with financials that suggest a firmer footing than in the recent past but still subject to the natural swings of the insurance cycle.

NEWS

October 30, 2025 · 8:00 AM UTC

Global Indemnity Group, LLC Reports Third Quarter 2025 Financial Results Highlighted by 54% Growth in Current Accident Year Underwriting Income and 19% Increase in Operating Income

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October 21, 2025 · 6:45 AM UTC

Global Indemnity Group, LLC Announces Transfer to Nasdaq Stock Exchange

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October 13, 2025 · 6:45 AM UTC

Global Indemnity Group Q3 2025 Earnings Release & Conference Call

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October 3, 2025 · 6:45 AM UTC

Penn-America Underwriters Launches Reinsurance MGA: First De Novo Venture in MGA Platform Expansion

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September 11, 2025 · 4:05 PM UTC

Global Indemnity Group, LLC Announces Quarterly Distribution

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