Global Indemnity Group, LLC (GBLI) 10-Year Financial Performance & Capital Metrics

GBLI • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceSpecialty & Excess Lines InsuranceExcess & Surplus Lines

AboutGlobal Indemnity Group, LLC, through its subsidiaries, provides specialty property and casualty insurance and reinsurance products worldwide. It operates through Commercial Specialty; Farm, Ranch, & Stable; and Reinsurance Operations segments. The Commercial Specialty segment distributes property, general liability, casualty, and professional lines products. This segment sells its products through a network of wholesale general agents and program administrators. The Farm, Ranch, & Stable segment offers commercial farm auto and excess/umbrella coverage for the agriculture industry, as well as specialized insurance products for the equine mortality and equine major medical industry on an admitted basis through wholesalers and retail agents. The Reinsurance Operations segment provides offer third-party treaty reinsurance for casualty insurance and reinsurance companies, as well as professional liability products to companies through brokers. Global Indemnity Group, LLC was founded in 2003 and is headquartered in Bala Cynwyd, Pennsylvania.Show more

Revenue $441M -16.5%
Combined Ratio 87.54% -6.6%
Net Income $43M +70.0%
Return on Equity 6.46% +62.0%
Medical Cost Ratio 81.72% -8.5%
Operating Margin 12.46% +99.5%
Net Margin 9.8% +103.6%
ROA 2.5% +73.4%
Equity / Assets 39.81% +6.1%
Book Value per Share 50.28 +5.9%
Tangible BV/Share 48.90 +6.2%
Debt/Equity 0.02 -23.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Profitable underwriting: 87.5% combined ratio
✓Healthy dividend yield of 4.9%
✓Trading at only 0.6x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.4%
✗High loss ratio of 81.7%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.83%

5Y-6.1%

3Y-13.36%

TTM-0.04%

Profit (Net Income) CAGR

10Y-3.67%

5Y-9.19%

3Y13.78%

TTM-30.45%

EPS CAGR

10Y2.32%

5Y-8.56%

3Y16.56%

TTM-33.79%

ROCE

10Y Avg0.93%

5Y Avg1.08%

3Y Avg1.73%

Latest3.18%

Peer Comparison

Excess & Surplus Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNSLKinsale Capital Group, Inc.	9.29B	399.49	22.47	29.65%	26.3%	25.42%	10.25%	0.12
RLIRLI Corp.	5.53B	60.19	16.09	17.09%	19.02%	18.84%	10.05%	0.07
MKLMarkel Corporation	26.28B	2084.14	10.46	6.6%	12.73%	11.18%	8.9%	0.25
GBLIGlobal Indemnity Group, LLC	304.22M	28.89	9.26	-16.46%	6.31%	3.96%	12.77%	0.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	538.78M	534.51M	485.51M	498.94M	604.47M	583.55M	678.27M	628.53M	528.13M	441.19M
Revenue Growth %	0.61%	-0.01%	-0.09%	0.03%	0.21%	-0.03%	0.16%	-0.07%	-0.16%	-0.16%
Medical Costs & Claims+	476.67M	460.65M	452.94M	525.4M	483.81M	551.81M	607.8M	595.61M	471.77M	360.54M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	62.11M	73.86M	32.57M	-26.46M	120.67M	31.74M	70.46M	32.92M	56.36M	80.65M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.28%	0.19%	-0.56%	-1.81%	5.56%	-0.74%	1.22%	-0.53%	0.71%	0.43%
Operating Expenses+	29.36M	26.24M	42.62M	49.46M	38.91M	60.85M	37.66M	30.95M	23.38M	25.7M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	5.28M	6.31M	6.5M	7.02M	7.1M	7.03M	10.41M	8.4M	6.2M	5.76M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	32.75M	47.62M	-10.05M	-75.92M	81.76M	-29.11M	32.8M	1.97M	32.98M	54.96M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.54%	0.45%	-1.21%	-6.55%	2.08%	-1.36%	2.13%	-0.94%	15.73%	0.67%
EBITDA+	38.03M	53.93M	-3.54M	-68.91M	88.86M	-22.08M	43.22M	10.37M	39.17M	60.72M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	4.91M	8.9M	16.91M	19.69M	20.02M	15.79M	10.48M	3M	0	0
Non-Operating Income	-4.91M	-8.9M	-16.91M	-19.69M	-20.02M	-15.79M	-10.48M	-3M	0	0
Pretax Income+	32.75M	47.62M	-10.05M	-75.92M	81.76M	-29.11M	32.8M	1.97M	32.98M	54.96M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-8.72M	-2.25M	-499K	-19.23M	11.74M	-8.11M	3.45M	2.82M	7.55M	11.71M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	41.47M	49.87M	-9.55M	-56.7M	70.02M	-21.01M	29.35M	-850K	25.43M	43.24M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.34%	0.2%	-1.19%	-4.94%	2.23%	-1.3%	2.4%	-1.03%	30.92%	0.7%
EPS (Diluted)+	1.69	2.84	-0.55	-4.02	4.88	-1.48	1.97	-0.09	1.83	3.12
EPS Growth %	-0.32%	0.68%	-1.19%	-6.31%	2.21%	-1.3%	2.33%	-1.05%	21.54%	0.7%
EPS (Basic)	1.71	2.89	-0.55	-4.02	4.93	-1.48	2.00	-0.09	1.84	3.14
Diluted Shares Outstanding	24.51M	17.55M	17.31M	14.09M	14.33M	14.29M	14.66M	14.48M	13.67M	13.71M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.96B	1.97B	2B	1.96B	2.08B	1.9B	2.01B	1.8B	1.73B	1.73B
Asset Growth %	0.01%	0.01%	0.01%	-0.02%	0.06%	-0.08%	0.06%	-0.11%	-0.04%	0%
Total Investment Assets+	1.45B	1.43B	1.46B	1.41B	2.77B	2.48B	2.5B	2.51B	1.04B	1.42B
Long-Term Investments	1.45B	1.36B	1.38B	1.36B	1.52B	1.29B	1.3B	1.27B	38.24M	1.39B
Short-Term Investments	1.45B	1.36B	1.38B	1.24B	1.25B	1.19B	1.2B	1.25B	1B	1.18B
Total Current Assets+	156.28M	167.2M	158.8M	1.55B	1.51B	1.46B	1.51B	1.54B	38.04M	0
Cash & Equivalents	67.04M	75.11M	74.41M	99.5M	44.27M	67.36M	78.28M	38.85M	38.04M	17.01M
Receivables	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	450.75M	324.74M	356.32M	385.09M	425.99M	-1.05B	-1.35B
Goodwill & Intangibles+	30.13M	29.6M	29.07M	28.54M	28.01M	27.48M	25.66M	19.63M	19.28M	18.92M
Goodwill	6.52M	6.52M	6.52M	6.52M	6.52M	6.52M	5.4M	4.82M	4.82M	4.82M
Intangible Assets	23.61M	23.08M	22.55M	22.02M	21.49M	20.96M	20.26M	14.81M	14.46M	14.1M
PP&E (Net)	0	0	0	1.34B	1.51B	1.28B	16.05M	11.74M	9.71M	9.29M
Other Assets	-1.45B	-1.36B	-1.38B	-1.39B	-1.54B	-1.32B	-37.33M	-47.1M	718.97M	-1.42B
Total Liabilities	1.21B	1.17B	1.28B	1.33B	1.35B	1.19B	1.31B	1.17B	1.08B	1.04B
Total Debt+	172.03M	163.14M	294.71M	288.56M	296.64M	149.24M	145.51M	15.7M	12.73M	10.37M
Net Debt	105M	88.03M	220.3M	189.07M	252.37M	81.88M	67.23M	-23.14M	-25.3M	-6.64M
Long-Term Debt	172.03M	163.14M	294.71M	288.56M	296.64M	126.29M	126.43M	0	0	0
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	4.59M	219K	10.85M	695.02M	31.08M	34.27M	37.33M	47.1M	2.64M	0
Accounts Payable	4.59M	18.39M	10.85M	14.99M	20.4M	8.94M	35.34M	17.24M	2.64M	8.18M
Deferred Revenue	-71.06M	0	0	0	0	34.27M	0	47.1M	0	0
Other Current Liabilities	-4.59M	-18.39M	-4.05M	-14.99M	9.82M	-13.61M	1.2M	-17.31M	-1.59M	-8.18M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0
Other Liabilities	-172.03M	1.01B	981.76M	1.04B	1.02B	1B	-145.51M	1.11B	1.07B	-10.37M
Total Equity+	749.93M	797.95M	718.39M	629.06M	726.81M	718.32M	706.62M	626.23M	648.75M	689.15M
Equity Growth %	-0.17%	0.06%	-0.1%	-0.12%	0.16%	-0.01%	-0.02%	-0.11%	0.04%	0.06%
Shareholders Equity	749.93M	797.95M	718.39M	629.06M	726.81M	718.32M	706.62M	626.23M	648.75M	689.15M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	318.42M	368.28M	275.84M	215.13M	270.77M	234.97M	249.3M	233.47M	244.99M	268.67M
Common Stock	3K	2K	2K	2K	2K	0	0	0	0	0
Accumulated OCI	4.08M	-618K	8.98M	-21.23M	17.61M	34.31M	6.4M	-43.06M	-22.86M	-10.41M
Return on Equity (ROE)	0.05%	0.06%	-0.01%	-0.08%	0.1%	-0.03%	0.04%	-0%	0.04%	0.06%
Return on Assets (ROA)	0.02%	0.03%	-0%	-0.03%	0.03%	-0.01%	0.01%	-0%	0.01%	0.02%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.23x	0.20x	0.41x	0.46x	0.41x	0.21x	0.21x	0.03x	0.02x	0.02x
Book Value per Share	30.60	45.47	41.50	44.65	50.70	50.26	48.19	43.24	47.47	50.28
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.75M	-24.4M	-23.65M	42.07M	32.38M	32.67M	90.8M	44.24M	42.89M	38.84M
Operating CF Growth %	1.31%	-7.51%	0.03%	2.78%	-0.23%	0.01%	1.78%	-0.51%	-0.03%	-0.09%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	41.47M	49.87M	-9.55M	-56.7M	70.02M	-21.01M	29.35M	-850K	25.43M	43.24M
Depreciation & Amortization	5.28M	6.31M	6.5M	7.02M	7.1M	7.03M	10.41M	8.4M	6.2M	-9.89M
Stock-Based Compensation	10.27M	3.53M	3.74M	3.45M	4.22M	6.77M	2.35M	3.9M	3.49M	0
Deferred Taxes	-7.2M	-2.73M	-1.02M	-19.55M	11.78M	-8.27M	3.4M	2.4M	5.33M	11.3M
Other Non-Cash Items	40.03M	-23.82M	1.81M	23.1M	-30.19M	31.24M	-35.14M	20.97M	-7.01M	3.73M
Working Capital Changes	-86.1M	-57.56M	-25.14M	84.75M	-30.55M	16.9M	80.42M	9.43M	9.46M	-9.54M
Cash from Investing+	197.24M	42.16M	-24.21M	5.32M	-80.24M	174.59M	-64.52M	80.13M	-16.33M	-39.51M
Capital Expenditures	-113.7M	-40.95M	-1.46M	-9.45M	-24.12M	-25.72M	0	0	0	0
Acquisitions	23.77M	12.25M	-6.96M	23.55M	3.47M	-56.09M	-52.92M	107.92M	0	0
Purchase of Investments	-673.04M	-548.64M	-1.11B	-406.79M	-1.5B	-1.26B	-1.25B	-1.18B	-448.58M	-1.14B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	113.7M	40.95M	1.46M	9.45M	24.12M	25.72M	28M	30M	0	0
Cash from Financing+	-192.78M	-9.69M	47.16M	-22.31M	-7.36M	-184.17M	-15.36M	-163.8M	-27.36M	-20.36M
Dividends Paid	0	0	0	-14.03M	-14.22M	-14.38M	-14.87M	-14.81M	-14.69M	-19.83M
Share Repurchases	-190.1M	-805K	-84.17M	-1.87M	-947K	-153K	-490K	-22.34M	-12.68M	-529K
Stock Issued	0	0	0	0	0	0	0	3.34M	0	0
Debt Issuance (Net)	973K	-1000K	1000K	-1000K	1000K	-1000K	0	-1000K	0	0
Other Financing	-3.65M	113K	-4.25M	0	0	-100M	0	0	0	0
Net Change in Cash+	8.21M	8.07M	-696K	25.08M	-55.23M	23.09M	10.92M	-39.43M	-809K	-21.03M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	58.82M	67.04M	75.11M	74.41M	99.5M	44.27M	67.36M	78.28M	38.85M	38.04M
Cash at End	67.04M	75.11M	74.41M	99.5M	44.27M	67.36M	78.28M	38.85M	38.04M	17.01M
Free Cash Flow+	-109.95M	-65.34M	-25.11M	32.62M	8.26M	6.95M	90.8M	44.24M	42.89M	38.84M
FCF Growth %	-2.08%	0.41%	0.62%	2.3%	-0.75%	-0.16%	12.06%	-0.51%	-0.03%	-0.09%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	-4.49	-3.72	-1.45	2.31	0.58	0.49	6.19	3.05	3.14	2.83

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	93.92%	91.09%	102.07%	115.22%	86.47%	104.99%	95.16%	99.69%	93.76%	87.54%
Medical Cost Ratio	88.47%	86.18%	93.29%	105.3%	80.04%	94.56%	89.61%	94.76%	89.33%	81.72%
Return on Equity (ROE)	5%	6.44%	-1.26%	-8.42%	10.33%	-2.91%	4.12%	-0.13%	3.99%	6.46%
Return on Assets (ROA)	2.13%	2.54%	-0.48%	-2.86%	3.47%	-1.06%	1.5%	-0.04%	1.44%	2.5%
Equity / Assets	38.31%	40.44%	35.89%	32.09%	35.01%	37.71%	35.11%	34.78%	37.51%	39.81%
Book Value / Share	30.6	45.47	41.5	44.65	50.7	50.26	48.19	43.24	47.47	50.28
Debt / Equity	0.23x	0.20x	0.41x	0.46x	0.41x	0.21x	0.21x	0.03x	0.02x	0.02x
Revenue Growth	61.43%	-0.79%	-9.17%	2.76%	21.15%	-3.46%	16.23%	-7.33%	-15.97%	-16.46%

Revenue by Segment

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Commercial Specialty	-	-	-	-	-	-	237.76M	285.69M	340.03M	377.95M
Commercial Specialty Growth	-	-	-	-	-	-	-	20.16%	19.02%	11.15%
Reinsurance Operations	104.84M	114.64M	-	82.91M	86.72M	51.4M	75.96M	74.56M	77.8M	141.29M
Reinsurance Operations Growth	-	9.35%	-	-	4.60%	-40.73%	47.78%	-1.85%	4.35%	81.60%
Exited Lines	-	-	-	-	-	-	-	-	105.88M	83.23M
Exited Lines Growth	-	-	-	-	-	-	-	-	-	-21.39%
Farm Ranch And Stable	-	-	-	-	-	-	71.31M	76.31M	71.9M	-
Farm Ranch And Stable Growth	-	-	-	-	-	-	-	7.01%	-5.78%	-
Specialty Property	-	-	-	-	-	-	140.23M	133.18M	-	-
Specialty Property Growth	-	-	-	-	-	-	-	-5.03%	-	-
Commercial Lines	-	-	-	388.93M	357.67M	218.36M	-	-	-	-
Commercial Lines Growth	-	-	-	-	-8.04%	-38.95%	-	-	-	-
Personal Lines	-	-	-	475.44M	438.25M	198.02M	-	-	-	-
Personal Lines Growth	-	-	-	-	-7.82%	-54.82%	-	-	-	-
Property and Casualty, Personal Insurance Product Line	-	-	508.97M	-	-	-	-	-	-	-
Property and Casualty, Personal Insurance Product Line Growth	-	-	-	-	-	-	-	-	-	-
Property and Casualty, Commercial Insurance Product Line	-	-	399.23M	-	-	-	-	-	-	-
Property and Casualty, Commercial Insurance Product Line Growth	-	-	-	-	-	-	-	-	-	-
Insurance Operations	398.4M	422.95M	-	-	-	-	-	-	-	-
Insurance Operations Growth	-	6.16%	-	-	-	-	-	-	-	-

Revenue by Geography

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
United States Subsidiaries	147.83M	152.04M	239.86M	307.86M	270.06M	344.94M	510.32M	525.84M	678.27M	-
United States Subsidiaries Growth	-	2.85%	57.76%	28.35%	-12.28%	27.73%	47.94%	3.04%	28.99%	-
Non U S Subsidiaries	-	-	326.85M	260.82M	257.63M	184.65M	108.22M	66.85M	-	-
Non U S Subsidiaries Growth	-	-	-	-20.20%	-1.22%	-28.33%	-41.39%	-38.23%	-	-

Frequently Asked Questions

Valuation & Price

Global Indemnity Group, LLC (GBLI) has a price-to-earnings (P/E) ratio of 9.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Global Indemnity Group, LLC (GBLI) saw revenue decline by 16.5% over the past year.

Yes, Global Indemnity Group, LLC (GBLI) is profitable, generating $27.9M in net income for fiscal year 2024 (9.8% net margin).

Dividend & Returns

Yes, Global Indemnity Group, LLC (GBLI) pays a dividend with a yield of 4.90%. This makes it attractive for income-focused investors.

Global Indemnity Group, LLC (GBLI) has a return on equity (ROE) of 6.5%. This is below average, suggesting room for improvement.

Industry Metrics

Global Indemnity Group, LLC (GBLI) has a combined ratio of 87.5%. A ratio below 100% indicates underwriting profitability.

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