On this page of StockholderLetter.com we present the latest annual shareholder letter from Global Indemnity Group, LLC — ticker symbol GBLI. Reading current and past GBLI letters to shareholders can bring important insights into the investment thesis.

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GBLI Shareholder/Stockholder Letter Transcript:

2024 Annual Report

Cover illustration generated by AI

MESSAGE FROM THE CHAIRMAN
Dear Fellow Shareholders,
Fiscal 2024 was an outstanding year.
Key financial highlights include:
    Net investment income increased to $62.4 million, a 128% increase
since year-end 2022.
    Underwriting income increased roughly 500% in 2024 to $17.8 million.
    Net income increased 70% to $43.2 million.
    Statutory capital of the regulated insurance companies increased 24%.
    Excess Capital increased to $250 million.
    Book value per share grew by 8.1%.
    Cash dividends to shareholders increased 40% from $1.00 per share in 2023 to $1.40 per share in 2024.
    Shareholders realized a 16% total return in 2024, including the increase in the market value of the Company   s
shares and the Company dividend distributions.
Investment Portfolio
Global Indemnity Group, LLC is a holding company with $1.7 billion in assets and no debt. Its principal assets are Penn-America
Underwriters, which owns three managing general agencies and two insurance product and service companies, and Belmont
Holdings GX, which owns five insurance companies. As of year-end 2024, Global Indemnity and its insurance subsidiaries maintained
a $1.4 billion investment portfolio, predominately comprised of fixed income investments with an average credit quality of AA and a
10-month duration. During 2024, the Company earned $62.4 million of investment income, a 128% increase over 2022, which was a
fitting reward for having revamped its investment strategy over the 2021-2022 period. In 2025, $1 billion or 70% of the portfolio will
mature and be available for reinvestment as well as for other Company endeavors.
Technology
Two years ago, Global Indemnity embarked on a five-year digital transformation program to create proprietary, state-of-the-art
underwriting and policy management software. During 2024, the Company introduced its newly developed Excess Liability and
Special Events products on this new technology, which were well received and readily adopted by our agency partners. In 2025, the
Company will introduce its Wholesale Commercial Small Business Package product on the new technology. In 2026, the Company
will roll out its remaining Wholesale Commercial, Insurtech, Collectibles, Specialty Products, and Vacant Express offerings.
Project Manifest
Also, importantly, on December 31, 2024, Global Indemnity executed the most extensive business reorganization in the Company   s
70-year history, code-named    Project Manifest   , which required three separate state regulatory approvals encompassing 23 individual
transactions, including entity formations, recapitalizations, spin-offs, dividends, mergers, and intercompany sales. As a result, the
Company legally, financially, and organizationally separated its regulated balance sheet insurance company operations from its
Penn-America Underwriters distribution and underwriting businesses: Wholesale Commercial, Insurtech, Collectibles, Vacant Express,
and Specialty Products. Project Manifest also legally, financially, and organizationally separated from the regulated balance sheet
insurance operations its fee-based service businesses, including Kaleidoscope Insurance Technologies, Inc., a proprietary insurance
software and services provider, and Liberty Insurance Adjustment Agency, a claims adjustment and claims servicing business. It is
anticipated that in the latter half of 2025, the Company will be positioned to take advantage of the business, operational, and strategic
opportunities made available by the reorganization, including the generation of third-party fee-based income and the enhancement of
insurance premium revenues. Global Indemnity   s reorganized structure, coupled with investments in products, technology, strategic
acquisitions, people, and a dynamic investment portfolio, will be the drivers that deliver strong growth in shareholder value in 2025
and beyond.
The Way Forward
In support of Global Indemnity   s long-term strategic plan to establish Penn-America Underwriters as an international, excess and
surplus lines, underwriting and distribution powerhouse, Global Indemnity is and will be investing heavily in talent, the development of
innovative insurance products and services, technology, and strategic acquisitions. These efforts will be duly reflected in the Company   s
reported financial results, including in fiscal 2025 and in subsequent periods.
Sincerely yours,
Saul A. Fox, Chairman
Global Indemnity Group, LLC
ANNUAL REPORT 2024| PG. 1

ABOUT GLOBAL INDEMNITY
Global Indemnity Group, LLC (NYSE: GBLI) (   Global Indemnity    or the    Company   )
is a publicly listed holding company for property & casualty insurance-related
businesses. Global Indemnity has $1.7 billion in assets and no debt. While very
profitable, the Company is a non-taxable pass-through entity for federal and state
income tax purposes. Global Indemnity provides the structure, capital, strategic
direction, and talent to enable its portfolio companies to execute their growth plans
and maximize their value.
Global Indemnity holds controlling interests in:
    Three managing general agencies (MGAs) that source, underwrite, and service
150,000 policies and generate $400 million in annual premiums: Penn-America
Insurance Services, LLC, J.H. Ferguson, LLC, which includes the Vacant Express
division, and Collectibles Insurance Services, LLC. The Company   s MGA distribution
network, which includes wholesale agents, program administrators, retail agents,
and direct-to-consumer sales, underwrites commercial and personal, admitted
and non-admitted coverages, including over 200 classes of property insurance
and more than 900 classes of casualty insurance.
    Two strategic insurance product and services businesses: Liberty Insurance
Adjustment Agency, Inc., a claims adjustment and claims servicing business, and
Kaleidoscope Insurance Technologies, Inc., a proprietary insurance software and
services provider.
    Five state-regulated insurance carriers: Penn-Patriot Insurance Company,
Diamond State Insurance Company, Penn-Star Insurance Company, Penn-America
Insurance Company, and United National Insurance Company, each of which
carries the prestigious    A    Excellent rating from AM Best (the insurance industry   s
most esteemed independent rating firm) reflecting the underwriting excellence and
financial stability of Global Indemnity   s constituent insurance-related businesses.
    Belmont Asset Management (   BAM   ), which works with property & casualty
insurance companies to enhance investment portfolio performance.
PG. 2 || ANNUAL
ANNUAL REPORT
REPORT 2024
2024

PENN-AMERICA UNDERWRITERS
COM M ER CI AL & S PEC I ALTY PROD UCTS
COL L ECT IBL ES
VACAN T EXPRES S
ANNUAL REPORT 2024 | PG. 3



 4/30/2025 Letter Continued (Full PDF)