10-K · March 10, 2026
Global Indemnity (GBLI) completed a December 2024 reorganization creating the Katalyx intermediary platform and in 2025 reported Belmont Core gross written premiums of $401,412,000. Q4 2025 revenue was $116,729,000 with…
Earnings analysis · 10-Q
GBLI earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Global Indemnity Group, LLC (GBLI) reported Q1 2026 results with revenue of $109.2 million and diluted earnings per share (EPS) of $0.57, compared to prior year's revenue of $108.7 million and a net loss of $4.0 million…
Read full summary
Global Indemnity Group, LLC (GBLI) reported Q1 2026 results with revenue of $109.2 million and diluted earnings per share (EPS) of $0.57, compared to prior year's revenue of $108.7 million and a net loss of $4.0 million or an EPS of -$0.30. There was improved underwriting income driven by reduced losses, although investment income declined significantly. The outlook remains stable with ongoing pressures primarily from competitive market conditions.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.57
- Segment
- Belmont Core
- Segment
- Belmont Non-Core
What stood out
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Revenue Slightly Increases YoY
Q1 2026 revenue was $109.2 million, up from $108.7 million in Q1 2025, reflecting a growth of 0.5%.
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Improved EPS from Loss
EPS improved from a loss of -$0.30 in Q1 2025 to a profit of $0.57 in Q1 2026.
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Significant Reduction in Combined Ratio
The current accident year combined ratio improved to 94.9% in Q1 2026 from 111.5% in Q1 2025, highlighting better underwriting performance.
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Underwriting Income Turns Positive
Current accident year underwriting income was $5.5 million for Q1 2026 versus a loss of $10.3 million last year.
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Net Losses and Loss Adjustment Expenses Decrease
Net losses fell to $53.9 million in Q1 2026, down 19.3% from $66.7 million in Q1 2025.
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Cash & Investments Remain Stable
Total cash and investments stood at $1.4 billion as of March 31, 2026, unchanged from December 31, 2025.
What to watch
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Declining Investment Income
Net investment income decreased to $12.2 million in Q1 2026 from $14.8 million in Q1 2025, a decrease of 17.3%.
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Segment Revenue Declines
Gross written premiums decreased to $96.5 million in Q1 2026 from $98.7 million in Q1 2025, down 2.3%.
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Increased Operating Expenses
Corporate expenses rose to $9.0 million in Q1 2026 from $9.5 million in Q1 2025, reflecting higher severance and bonus compensation.
Management's outlook
Stable outlook with ongoing pressures, no explicit numeric guidance provided.
Earlier filings 4
10-Q · October 31, 2025
Q3 2025 results: revenues increased modestly to $114,198,000 (Q3 2024: $111,761,000) while diluted EPS declined to $0.86 (Q3 2024: $0.92). Operating profitability was roughly stable (income before income taxes $16.064M…
10-Q · August 6, 2025
Global Indemnity reported Q2 2025 revenue of $110.52M (+~1.4% vs prior quarter and +~1.4% vs Q2 2024) and diluted EPS of $0.71 (slightly below Q2 2024's $0.73 and below consensus). Cash and invested liquidity…
10-Q · May 7, 2025
Global Indemnity reported Q1 2025 revenues of $108,651,000, down from $112,291,000 in Q1 2024, and swung to a net loss: diluted EPS of $(0.30) versus $0.82 a year earlier. Underwriting results weakened materially as net…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.