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 2020-06-30 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 2020-08-25 Shareholder Vote
8-K 2020-08-10 Earnings, Exhibits
8-K 2020-07-15 Other Events, Exhibits
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_10.htm
EX-31.2 gbli-ex312_7.htm
EX-32.1 gbli-ex321_9.htm
EX-32.2 gbli-ex322_6.htm

Global Indemnity Earnings 2020-06-30

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_20200630.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 June 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 LIMITED

(Exact name of registrant as specified in its charter)

 

 

Cayman Islands

98-1304287

(State or other jurisdiction

of incorporation or organization)

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

27 HOSPITAL ROAD

GEORGE TOWN, GRAND CAYMAN

KY1-9008

Cayman Islands

(Address of principal executive office including zip code)

Registrant's telephone number, including area code:  (345) 949-0100

 

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

A Ordinary Shares

GBLI

NASDAQ Global Select Market

7.75% Subordinated Notes due 2045

GBLIZ

NASDAQ Global Select Market

7.875% Subordinated Notes due 2047

GBLIL

NASDAQ Global Select Market

 

As of July 28, 2020, the registrant had outstanding 10,213,436 A Ordinary Shares and 4,133,366 B Ordinary Shares.

 

 

 

 

TABLE OF CONTENTS

 

 

 

 

 

Page

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements:

 

3

 

 

 

 

 

 

 

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

 

3

 

 

 

 

 

 

 

Consolidated Statements of Operations
Quarters and Six Months Ended June 30, 2020 (Unaudited) and June 30, 2019 (Unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income
Quarters and Six Months Ended June 30, 2020 (Unaudited) and June 30, 2019 (Unaudited)

 

5

 

 

 

 

 

 

 

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

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows
Six Months Ended June 30, 2020 (Unaudited) and June 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

 

49

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

70

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

70

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

71

 

 

 

 

 

Item 1A.

 

Risk Factors

 

71

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

71

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

71

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

71

 

 

 

 

 

Item 5.

 

Other Information

 

71

 

 

 

 

 

Item 6.

 

Exhibits

 

72

 

 

 

 

 

Signature

 

73

 

 

2

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements

GLOBAL INDEMNITY LIMITED

Consolidated Balance Sheets

(In thousands, except share amounts)

 

 

 

(Unaudited)

June 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Fixed maturities:

 

 

 

 

 

 

 

 

Available for sale, at fair value (amortized cost: $1,236,356 and $1,231,568; net of allowance of: 2020 - $0)

 

$

1,280,116

 

 

$

1,253,159

 

Equity securities, at fair value

 

 

220,184

 

 

 

263,104

 

Other invested assets

 

 

35,463

 

 

 

47,279

 

Total investments

 

 

1,535,763

 

 

 

1,563,542

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

76,393

 

 

 

44,271

 

Premiums receivable, net of allowance for credit losses of $2,931 at June 30, 2020

 

 

125,300

 

 

 

118,035

 

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

 

 

91,089

 

 

 

83,938

 

Funds held by ceding insurers

 

 

47,820

 

 

 

48,580

 

Federal income taxes receivable

 

 

5,511

 

 

 

10,989

 

Deferred federal income taxes

 

 

33,967

 

 

 

31,077

 

Deferred acquisition costs

 

 

70,119

 

 

 

70,677

 

Intangible assets

 

 

21,227

 

 

 

21,491

 

Goodwill

 

 

6,521

 

 

 

6,521

 

Prepaid reinsurance premiums

 

 

15,854

 

 

 

16,716

 

Receivable for securities sold

 

 

21,252

 

 

 

—

 

Other assets

 

 

62,332

 

 

 

60,048

 

Total assets

 

$

2,113,148

 

 

$

2,075,885

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

651,073

 

 

$

630,181

 

Unearned premiums

 

 

314,061

 

 

 

314,861

 

Ceded balances payable

 

 

23,660

 

 

 

20,404

 

Payable for securities purchased

 

 

—

 

 

 

850

 

Contingent commissions

 

 

8,676

 

 

 

11,928

 

Debt

 

 

297,730

 

 

 

296,640

 

Other liabilities

 

 

82,754

 

 

 

74,212

 

Total liabilities

 

 

1,377,954

 

 

 

1,349,076

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 11)

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Ordinary shares, $0.0001 par value, 900,000,000 ordinary shares authorized; A ordinary shares issued: 10,333,540 and 10,282,277 respectively; A ordinary shares outstanding: 10,213,436 and 10,167,056, respectively; B ordinary shares issued and outstanding: 4,133,366 and 4,133,366, respectively

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

445,173

 

 

 

442,403

 

Accumulated other comprehensive income, net of taxes

 

 

37,693

 

 

 

17,609

 

Retained earnings

 

 

256,442

 

 

 

270,768

 

A ordinary shares in treasury, at cost: 120,104 and 115,221 shares, respectively

 

 

(4,116

)

 

 

(3,973

)

Total shareholders’ equity

 

 

735,194

 

 

 

726,809

 

Total liabilities and shareholders’ equity

 

$

2,113,148

 

 

$

2,075,885

 

 

See accompanying notes to consolidated financial statements.

3

GLOBAL INDEMNITY LIMITED

Consolidated Statements of Operations

(In thousands, except shares and per share data)

 

 

 

(Unaudited)

Quarters Ended June 30,

 

 

(Unaudited)

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

164,549

 

 

$

179,321

 

 

$

320,273

 

 

$

321,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums

 

$

147,264

 

 

$

159,069

 

 

$

286,376

 

 

$

282,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

141,847

 

 

$

128,201

 

 

$

286,315

 

 

$

250,290

 

Net investment income (loss)

 

 

(2,359

)

 

 

13,826

 

 

 

7,770

 

 

 

21,045

 

Net realized investment gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other than temporary impairment losses on investments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,897

)

Other net realized investment gains (losses)

 

 

38,507

 

 

 

3,590

 

 

 

(29,655

)

 

 

15,877

 

Total net realized investment gains (losses)

 

 

38,507

 

 

 

3,590

 

 

 

(29,655

)

 

 

13,980

 

Other income

 

 

766

 

 

 

522

 

 

 

931

 

 

 

1,010

 

Total revenues

 

 

178,761

 

 

 

146,139

 

 

 

265,361

 

 

 

286,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

67,297

 

 

 

70,075

 

 

 

144,944

 

 

 

128,396

 

Acquisition costs and other underwriting expenses

 

 

53,578

 

 

 

50,534

 

 

 

109,990

 

 

 

100,277

 

Corporate and other operating expenses

 

 

8,618

 

 

 

4,639

 

 

 

12,841

 

 

 

7,844

 

Interest expense

 

 

4,712

 

 

 

5,042

 

 

 

9,577

 

 

 

10,065

 

Income (loss) before income taxes

 

 

44,556

 

 

 

15,849

 

 

 

(11,991

)

 

 

39,743

 

Income tax expense (benefit)

 

 

7,005

 

 

 

1,186

 

 

 

(4,964

)