Global Indemnity Group, LLC (GBLI) has announced its financial results for the third quarter of 2025, reporting 54% growth in current accident year underwriting income and a 19% increase in operating income.
Operating income was $15.7 million for Q3 2025 compared to $13.2 million in Q3 2024. Current accident year underwriting income increased to $10.2 million in the quarter from $6.6 million for the same period in 2024, driven by strong property loss ratio performance.
Current accident year combined ratio was 90.4% for 2025 compared to 93.5% Q3 2024.
Furthermore, net losses and loss adjustment expenses related to prior accident years saw a marginal decrease of less than $0.1 million for 2025.
GBLI also reported gross written premiums (GWP) increased 9%, reaching $108.4 million compared to $99.8 million in the same period last year.
Excluding terminated products, GWP increased 13% to $108.5 million compared to $96.4 million for the same period in 2024. This overall premium growth was driven by performance across multiple segments:
Vacant Express and Collectibles collectively grew 5% to $16.4 million, resulting from organic agency growth, new agency appointments, and new products.
Wholesale Commercial grew 10% to $67.9 million in 2025 from premium rate increases, organic agency growth, new agency appointments, and new products.
Assumed Reinsurance saw the most significant rise, increasing 58% to $15.6 million due to new treaties incepting during 2024 and 2025 and organic growth from existing treaties.
In terms of investment performance, net investment income increased 9% to $17.9 million compared to $16.5 million in Q3 2024, resulting in an annualized investment return of 4.0% for 2025.
For Q3 2025 GBLI also noted a number of business highlights, including the acquisition of Sayata, an AI-enabled digital distribution marketplace and agency operations for commercial insurance.
The firm also highlighted that its rebranded Penn-America Underwriters, LLC as Katalyx Holdings and Katalyx Holdings launched Valyn Re, its inaugural reinsurance MGA, as part of its new reinsurance platform expansion.
Additionally, credit rating company AM Best affirmed Global Indemnity Group, LLC’s A (Excellent) rating for its U.S. insurance subsidiaries on August 8, 2025, this quarter.
Moreover, the firm also announced the transfer of listing of its class A common shares to Nasdaq Global Select Market; expected to begin trading November 4, 2025 under “GBLI”.
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