Global Indemnity Group, LLC reported a net loss available to common shareholders of $4.1 million, or ($0.30) per share, for the first quarter ended March 31, 2025. This loss includes a significant impact of $12.2 million after tax, attributed to California Wildfire events that occurred in January 2025. Excluding the impact of these wildfires, the company would have reported a net income of $8.1 million, or $0.58 per share.
The consolidated combined ratio for Q1 2025 was 111.7%, a notable increase from 94.9% in Q1 2024, primarily due to the wildfire losses. However, the current accident year combined ratio, excluding the 16.7 percentage point impact of the California Wildfires, was 94.8%, which is comparable to 94.9% in Q1 2024. Gross written premiums for the quarter increased to $98.7 million from $93.5 million in the prior year period.
Effective Q1 2025, the company implemented a new segment structure, now reporting under three segments: Agency and Insurance Services, Belmont Core, and Belmont Non-Core. The Agency and Insurance Services segment generated $1.8 million in underwriting income. The Belmont Core segment reported an underwriting loss of $11.6 million, but would have shown $4.0 million in underwriting income excluding the California Wildfires. Direct written premiums for Wholesale Commercial and InsurTech grew by 8.6%, while Specialty Products declined by 57.0%.
Net investment income for the quarter was $14.8 million, a slight increase from $14.5 million in Q1 2024. Book value per share decreased to $47.85 as of March 31, 2025, from $49.98 at December 31, 2024, reflecting the net loss, the issuance of new A-2 shares, and dividend payments.
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