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.

 •  4/29/2026 Letter Continued (Full PDF)
 •  4/30/2025 GBLI Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  GBLI Benford's Law Stock Score = 77

GBLI Shareholder/Stockholder Letter Transcript:

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MESSAGE FROM THE CHAIRMAN
Fellow Shareholders,
Global Indemnity delivered excellent growth and profitability in 2025. Our    fortress   
balance sheet and digital transformation have us ready to accelerate.
2025 Performance
We maintained underwriting discipline while hitting key milestones:



Gross Written Premium: $401.4 million (up 9.2%)*
Pre-Tax Adjusted Operating Contribution: $95.4 million (up 17.5%)
Accident Year Combined Ratio: 92.2%**
Adjusted ROE (Insurance): 14.7%
Net Investment Income: $62.7 million (up 127% since 2022)
*Excludes terminated products. **Excludes California wildfires.
Synergy in Action
A year ago, we separated distribution from capital to become more nimble. It is working.
Katalyx Holdings (Distribution & Underwriting)
    Placed 130,000 policies through 350 wholesale agents and 3,300 retail agents.
    Penn-America wrote $256 million in premium with an exceptional 49.6% loss ratio.
    Vacant Express & Collectibles expanded distribution and grew submissions double-digits.
    Founded Valyn Re, helping our Assumed E&S business grow by 76.7%.
Belmont Holdings (Capital)
    $700 million book value with zero debt.
    $284 million in discretionary capital   well above what is required for our    A    AM Best rating.
    $1.4 billion high-grade, liquid investment portfolio.
Operational Alpha: The Kaleidoscope Platform
We are chasing Operational Alpha   superior returns driven by internal e   ciency and our own
technology.
The rollout of our Kaleidoscope Platform in 2026 will drive our expense ratio from the high 30s down
to the low 30s. It allows us to integrate large wholesalers in days rather than months, providing the
foundation for double-digit premium growth.
The Way Forward
Since our 2003 IPO, we have returned $650 million to shareholders, fully repaid $300 million of debt,
and generated $284 million of discretionary capital, as well as grown book value from $114 million to
$703 million. We remain focused on the niches where our data and speed give us a winning edge.
Our investments in people and technology will continue to drive value through 2026 and beyond.
Sincerely,
Saul A. Fox, Chairman
Global Indemnity Group, LLC
2025 ANNUAL REPORT

ABOUT GLOBAL INDEMNITY
Global Indemnity Group, LLC (NASDAQ: GBLI) (   Global Indemnity    or the    Company   ) is a publicly listed holding
company for specialty property and casualty insurance-related businesses. We provide the structure, capital,
strategic direction and talent through our portfolio companies, Katalyx Holdings and Belmont Holdings GX, to
execute their growth plans and maximize their value.
Our portfolio companies are organized across two operating divisions:
Katalyx Holdings LLC
Belmont Holdings GX
A specialty insurance intermediary that
operates four managing general agencies
focused on sourcing, underwriting, and
servicing primary and reinsurance business
and three insurance product and services
entities:
A trusted specialty property and casualty
insurance and reinsurance holding
company backed by disciplined
underwriting and strong capital, dedicated
to covering both admitted and
non-admitted risks through five AM Best    A   
rated statutory insurance companies.



Penn America Insurance Services, LLC
J.H. Ferguson & Associates, LLC
Collectibles Insurance Services, LLC
Valyn Re, LLC
Kaleidoscope Insurance Technologies,
Inc.
    Sayata
    Liberty Insurance Adjustment Agency, Inc.



Penn-America Insurance Company
United National Insurance Company
Penn-Patriot Insurance Company
Diamond State Insurance Company
Penn-Star Insurance Company
2025 ANNUAL REPORT

K A T A LY X H O L D I N G S
Penn America
Insurance Services
J.H. Ferguson & Associates
(Vacant Express)
Valyn Re
Collectibles Insurance
Services
Valyn Re
2025 ANNUAL REPORT

4/29/2026 Letter Continued (Full PDF)

 

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