Company Quick10K Filing
⚲
Global Indemnity
Financials
Price28.49 EPS-2
Shares14 P/E-13
MCap408 P/FCF9
Net Debt234 EBIT-12
TEV642 TEV/EBIT-53
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-14
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-09
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
Reports
8-K 2021-02-14 Other Events, Exhibits
8-K 2021-01-14 Officers, Exhibits
8-K 2020-12-10 Officers, Exhibits
8-K 2020-12-05 Officers
8-K 2020-12-01 Officers, Other Events, Exhibits
8-K 2020-11-09
8-K 2020-09-13
8-K 2020-08-25
8-K 2020-08-10
8-K 2020-07-15
8-K 2020-06-23
8-K 2020-06-17
8-K 2020-06-07
8-K 2020-05-29
8-K 2020-05-07
8-K 2020-03-12
8-K 2020-02-20
8-K 2020-02-09
8-K 2019-12-08
8-K 2019-12-08
8-K 2019-11-05
8-K 2019-09-16
8-K 2019-09-15
8-K 2019-08-07
8-K 2019-06-12
8-K 2019-06-02
8-K 2019-05-03
8-K 2019-03-08
8-K 2019-02-10
8-K 2018-12-02
8-K 2018-11-07
8-K 2018-09-18
8-K 2018-09-16
8-K 2018-09-16
8-K 2018-08-07
8-K 2018-06-13
8-K 2018-06-03
8-K 2018-05-08
8-K 2018-04-25
8-K 2018-03-05
8-K 2018-02-28

GBLI 10Q Quarterly Report

Content
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-31.1 gbli-ex311_6.htm
EX-31.2 gbli-ex312_9.htm
EX-32.1 gbli-ex321_7.htm
EX-32.2 gbli-ex322_8.htm

Global Indemnity Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.41.91.41.00.50.02012201420172020
Assets, Equity
 0.20.10.0-0.1-0.2-0.32012201420172020
Rev, G Profit, Net Income
 0.30.20.0-0.1-0.3-0.42012201420172020
Ops, Inv, Fin
gbli-10q_20200930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2020

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from                to

001-34809

Commission File Number

 

GLOBAL INDEMNITY GROUP, LLC

(Exact name of registrant as specified in its charter)

 

 

Delaware

85-2619578

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer Identification No.)

Three Bala Plaza East, Suite 300

Bala Cynwyd, PA

19004 

(Address of principal executive office including zip code)

Registrant's telephone number, including area code:  (610) 664-1500

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files.).  Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

 

Large accelerated filer

☐;

 

Accelerated filer

☒;

 

 

 

 

 

Non-accelerated filer

☐;

 

Smaller reporting company

☐;

 

 

 

 

 

Emerging growth company

☐

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Shares

GBLI

NASDAQ Global Select Market

7.875% Subordinated Notes due 2047

GBLIL

NASDAQ Global Select Market

 

As of October 29, 2020, the registrant had outstanding 10,242,703 Class A Common Shares, 4,133,366 Class B Common Shares, and 4,000 Series A Cumulative Fixed Rate Preferred Shares.

 

 

 

 

TABLE OF CONTENTS

 

 

 

 

 

Page

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements:

 

3

 

 

 

 

 

 

 

Consolidated Balance Sheets
As of September 30, 2020 (Unaudited) and December 31, 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Operations
Quarters and Nine Months Ended September 30, 2020 (Unaudited) and September 30, 2019 (Unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss)
Quarters and Nine Months Ended September 30, 2020 (Unaudited) and September 30, 2019 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity
Quarters and Nine Months Ended September 30, 2020 (Unaudited) and September 30, 2019 (Unaudited)

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2020 (Unaudited) and September 30, 2019 (Unaudited)

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

8

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

56

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

78

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

79

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

80

 

 

 

 

 

Item 1A.

 

Risk Factors

 

80

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

81

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

81

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

81

 

 

 

 

 

Item 5.

 

Other Information

 

81

 

 

 

 

 

Item 6.

 

Exhibits

 

82

 

 

 

 

 

Signature

 

84

 

 

2

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements

GLOBAL INDEMNITY GROUP, LLC

Consolidated Balance Sheets

(In thousands, except share amounts)

 

 

 

(Unaudited)

September 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Fixed maturities:

 

 

 

 

 

 

 

 

Available for sale, at fair value (amortized cost: $1,260,439 and $1,231,568; net of allowance of: 2020 - $0)

 

$

1,303,775

 

 

$

1,253,159

 

Equity securities, at fair value

 

 

75,941

 

 

 

263,104

 

Other invested assets

 

 

37,749

 

 

 

47,279

 

Total investments

 

 

1,417,465

 

 

 

1,563,542

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

37,211

 

 

 

44,271

 

Premiums receivable, net of allowance for credit losses of $2,869 at September 30, 2020

 

 

109,820

 

 

 

118,035

 

Reinsurance receivables, net of allowance for credit losses of $8,992 at September 30, 2020

 

 

112,633

 

 

 

83,938

 

Funds held by ceding insurers

 

 

46,894

 

 

 

48,580

 

Federal income taxes receivable

 

 

—

 

 

 

10,989

 

Deferred federal income taxes

 

 

35,300

 

 

 

31,077

 

Deferred acquisition costs

 

 

67,470

 

 

 

70,677

 

Intangible assets

 

 

21,094

 

 

 

21,491

 

Goodwill

 

 

6,521

 

 

 

6,521

 

Prepaid reinsurance premiums

 

 

15,558

 

 

 

16,716

 

Other assets

 

 

69,791

 

 

 

60,048

 

Total assets

 

$

1,939,757

 

 

$

2,075,885

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

669,930

 

 

$

630,181

 

Unearned premiums

 

 

304,074

 

 

 

314,861

 

Ceded balances payable

 

 

9,576

 

 

 

20,404

 

Payable for securities purchased

 

 

5,630

 

 

 

850

 

Contingent commissions

 

 

11,329

 

 

 

11,928

 

Debt

 

 

126,253

 

 

 

296,640

 

Other liabilities

 

 

92,252

 

 

 

74,212

 

Total liabilities

 

$

1,219,044

 

 

$

1,349,076

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 11)

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 0 shares, respectively, liquidation preference: $1,000 per share and $0, respectively

 

 

4,000

 

 

 

—

 

Common shares, par value: no par at September 30, 2020 and $0.0001 at December 31, 2019, 900,000,000 common shares authorized; class A common shares issued: 10,242,703 and 10,282,277 respectively; class A common shares outstanding: 10,242,703 and 10,167,056, respectively; class B common shares issued and outstanding: 4,133,366 and 4,133,366, respectively

 

 

—

 

 

 

2

 

Additional paid-in capital

 

 

443,437

 

 

 

442,403

 

Accumulated other comprehensive income, net of taxes

 

 

35,720

 

 

 

17,609

 

Retained earnings

 

 

237,556

 

 

 

270,768

 

Class A common shares in treasury, at cost: 0 and 115,221 shares, respectively

 

 

—

 

 

 

(3,973

)

Total shareholders’ equity

 

 

720,713

 

 

 

726,809

 

Total liabilities and shareholders’ equity

 

$

1,939,757

 

 

$

2,075,885

 

 

See accompanying notes to consolidated financial statements.

3

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Operations

(In thousands, except shares and per share data)

 

 

 

(Unaudited)

Quarters Ended September 30,

 

 

(Unaudited)

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

143,749

 

 

$

157,177

 

 

$

464,022

 

 

$

478,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums

 

$

130,611

 

 

$

138,836

 

 

$

416,987

 

 

$

421,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

140,302

 

 

$

133,312

 

 

$

426,617

 

 

$

383,602

 

Net investment income

 

 

11,746

 

 

 

11,348

 

 

 

19,516

 

 

 

32,393

 

Net realized investment gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other than temporary impairment losses on investments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,897

)

Other net realized investment gains (losses)

 

 

7,323

 

 

 

(2,690

)

 

 

(22,332

)

 

 

13,187

 

Total net realized investment gains (losses)

 

 

7,323

 

 

 

(2,690

)

 

 

(22,332

)

 

 

11,290

 

Other income

 

 

542

 

 

 

264

 

 

 

1,473

 

 

 

1,274

 

Total revenues

 

 

159,913

 

 

 

142,234

 

 

 

425,274

 

 

 

428,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

97,148

 

 

 

73,583

 

 

 

242,092

 

 

 

201,979

 

Acquisition costs and other underwriting expenses

 

 

53,268

 

 

 

53,366

 

 

 

163,258

 

 

 

153,643

 

Corporate and other operating expenses

 

 

21,196

 

 

 

3,858

 

 

 

34,037

 

 

 

11,702

 

Interest expense

 

 

3,620

 

 

 

5,023

 

 

 

13,197

 

 

 

15,088

 

Loss on extinguishment of debt

 

 

3,060

 

 

 

—

 

 

 

3,060

 

 

 

—

 

Income (loss) before income taxes

 

 

(18,379

)

 

 

6,404

 

 

 

(30,370

)

 

 

46,147

 

Income tax expense (benefit)

 

 

(3,209

)

 

 

(317

)