Global Indemnity (GBLI)
Market Price (6/20/2026): $25.91 | Market Cap: $371.8 MilSector: Financials | Industry: Property & Casualty Insurance
Global Indemnity (GBLI)
Market Price (6/20/2026): $25.91Market Cap: $371.8 MilSector: FinancialsIndustry: Property & Casualty Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 5.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -342% Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Insurance Industry Transformation. Themes include Specialty Lines Underwriting, and Digital Claims Management. | Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -86% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.5% Key risksGBLI key risks include [1] a heavy reliance on independent agents and brokers who possess significant bargaining power and [2] the potential to lose customers to competitors with superior or more specialized solutions. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 5.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -342% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Insurance Industry Transformation. Themes include Specialty Lines Underwriting, and Digital Claims Management. |
| Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -86% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.5% |
| Key risksGBLI key risks include [1] a heavy reliance on independent agents and brokers who possess significant bargaining power and [2] the potential to lose customers to competitors with superior or more specialized solutions. |
Qualitative Assessment
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Updated on 6/1/2026
Global Indemnity (GBLI) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Mixed Q1 2026 Financial Performance: Global Indemnity reported a return to profitability in Q1 2026, with operating income of $8.3 million ($0.57 per share) compared to an operating loss of $4.1 million ($-0.30 per share) in Q1 2025. This was significantly driven by a sharp improvement in the calendar year combined ratio to 95.1% from 111.7% in the prior year, largely due to the absence of California wildfire losses. However, this positive was partially offset by flat gross written premiums and a decline in net investment income.
2. Stagnant Gross Written Premiums and Reduced Investment Income: Despite a 5.4% growth in net earned premiums to $98.4 million, overall gross written premiums remained essentially flat at $96.5 million compared to $98.7 million in Q1 2025. This was primarily due to a 5.2% decline in wholesale commercial premiums amid increased market competition. Concurrently, net investment income decreased to $12.2 million from $14.8 million in the previous year's quarter, impacted by losses in limited partnership investments and a defensive, short-duration investment strategy in an uncertain global economic environment.
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Global Indemnity (GBLI) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Mixed Q1 2026 Financial Performance: Global Indemnity reported a return to profitability in Q1 2026, with operating income of $8.3 million ($0.57 per share) compared to an operating loss of $4.1 million ($-0.30 per share) in Q1 2025. This was significantly driven by a sharp improvement in the calendar year combined ratio to 95.1% from 111.7% in the prior year, largely due to the absence of California wildfire losses. However, this positive was partially offset by flat gross written premiums and a decline in net investment income.
2. Stagnant Gross Written Premiums and Reduced Investment Income: Despite a 5.4% growth in net earned premiums to $98.4 million, overall gross written premiums remained essentially flat at $96.5 million compared to $98.7 million in Q1 2025. This was primarily due to a 5.2% decline in wholesale commercial premiums amid increased market competition. Concurrently, net investment income decreased to $12.2 million from $14.8 million in the previous year's quarter, impacted by losses in limited partnership investments and a defensive, short-duration investment strategy in an uncertain global economic environment.
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Updated on 6/1/2026
Global Indemnity (GBLI) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Mixed Q1 2026 Financial Performance: Global Indemnity reported a return to profitability in Q1 2026, with operating income of $8.3 million ($0.57 per share) compared to an operating loss of $4.1 million ($-0.30 per share) in Q1 2025. This was significantly driven by a sharp improvement in the calendar year combined ratio to 95.1% from 111.7% in the prior year, largely due to the absence of California wildfire losses. However, this positive was partially offset by flat gross written premiums and a decline in net investment income.
2. Stagnant Gross Written Premiums and Reduced Investment Income: Despite a 5.4% growth in net earned premiums to $98.4 million, overall gross written premiums remained essentially flat at $96.5 million compared to $98.7 million in Q1 2025. This was primarily due to a 5.2% decline in wholesale commercial premiums amid increased market competition. Concurrently, net investment income decreased to $12.2 million from $14.8 million in the previous year's quarter, impacted by losses in limited partnership investments and a defensive, short-duration investment strategy in an uncertain global economic environment.
3. Stable Underlying Underwriting Countered by Modest Book Value Decline: The company maintained consistent underlying underwriting performance, achieving a current accident year underwriting income of $5.5 million (4% growth year-over-year, excluding wildfires) with a stable combined ratio of 94.9%. However, book value per share experienced a slight reduction, falling to $47.92 at March 31, 2026, from $48.96 at December 31, 2025. This decline was primarily attributed to $2.6 million of unrealized losses in the fixed-income portfolio due to increased Treasury rates, alongside the payout of $0.35 per common share in dividends.
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Global Indemnity (GBLI) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Mixed Q1 2026 Financial Performance: Global Indemnity reported a return to profitability in Q1 2026, with operating income of $8.3 million ($0.57 per share) compared to an operating loss of $4.1 million ($-0.30 per share) in Q1 2025. This was significantly driven by a sharp improvement in the calendar year combined ratio to 95.1% from 111.7% in the prior year, largely due to the absence of California wildfire losses. However, this positive was partially offset by flat gross written premiums and a decline in net investment income.
2. Stagnant Gross Written Premiums and Reduced Investment Income: Despite a 5.4% growth in net earned premiums to $98.4 million, overall gross written premiums remained essentially flat at $96.5 million compared to $98.7 million in Q1 2025. This was primarily due to a 5.2% decline in wholesale commercial premiums amid increased market competition. Concurrently, net investment income decreased to $12.2 million from $14.8 million in the previous year's quarter, impacted by losses in limited partnership investments and a defensive, short-duration investment strategy in an uncertain global economic environment.
3. Stable Underlying Underwriting Countered by Modest Book Value Decline: The company maintained consistent underlying underwriting performance, achieving a current accident year underwriting income of $5.5 million (4% growth year-over-year, excluding wildfires) with a stable combined ratio of 94.9%. However, book value per share experienced a slight reduction, falling to $47.92 at March 31, 2026, from $48.96 at December 31, 2025. This decline was primarily attributed to $2.6 million of unrealized losses in the fixed-income portfolio due to increased Treasury rates, alongside the payout of $0.35 per common share in dividends.
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Stock Movement Drivers
Fundamental Drivers
The -6.8% change in GBLI stock from 2/28/2026 to 6/19/2026 was primarily driven by a -22.2% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.18 | 25.34 | -6.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 442 | 451 | 2.0% |
| Net Income Margin (%) | 6.3% | 7.4% | 18.0% |
| P/E Multiple | 13.9 | 10.8 | -22.2% |
| Shares Outstanding (Mil) | 14 | 14 | -0.4% |
| Cumulative Contribution | -6.8% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| GBLI | -6.8% | |
| Market (SPY) | 9.2% | 2.0% |
| Sector (XLF) | 4.7% | -13.2% |
Fundamental Drivers
The -6.0% change in GBLI stock from 11/30/2025 to 6/19/2026 was primarily driven by a -21.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.96 | 25.34 | -6.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 442 | 451 | 2.0% |
| Net Income Margin (%) | 6.3% | 7.4% | 18.0% |
| P/E Multiple | 13.8 | 10.8 | -21.6% |
| Shares Outstanding (Mil) | 14 | 14 | -0.4% |
| Cumulative Contribution | -6.0% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| GBLI | -6.0% | |
| Market (SPY) | 9.9% | 6.0% |
| Sector (XLF) | 1.3% | 2.6% |
Fundamental Drivers
The -10.4% change in GBLI stock from 5/31/2025 to 6/19/2026 was primarily driven by a -23.0% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.30 | 25.34 | -10.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 438 | 451 | 3.0% |
| Net Income Margin (%) | 6.4% | 7.4% | 16.9% |
| P/E Multiple | 14.1 | 10.8 | -23.0% |
| Shares Outstanding (Mil) | 14 | 14 | -3.4% |
| Cumulative Contribution | -10.4% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| GBLI | -10.4% | |
| Market (SPY) | 28.1% | 5.5% |
| Sector (XLF) | 6.7% | 3.0% |
Fundamental Drivers
The 6.9% change in GBLI stock from 5/31/2023 to 6/19/2026 was primarily driven by a 194.5% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.70 | 25.34 | 6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 649 | 451 | -30.6% |
| Net Income Margin (%) | 2.5% | 7.4% | 194.5% |
| P/E Multiple | 19.7 | 10.8 | -45.1% |
| Shares Outstanding (Mil) | 14 | 14 | -4.7% |
| Cumulative Contribution | 6.9% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| GBLI | 6.9% | |
| Market (SPY) | 85.7% | 5.5% |
| Sector (XLF) | 77.0% | 3.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GBLI Return | -9% | -3% | 43% | 17% | -18% | -7% | 12% |
| Peers Return | 27% | 11% | 16% | 31% | 13% | -2% | 140% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| GBLI Win Rate | 50% | 42% | 50% | 67% | 42% | 33% | |
| Peers Win Rate | 57% | 53% | 62% | 68% | 60% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GBLI Max Drawdown | -20% | -24% | -23% | -16% | -26% | -12% | |
| Peers Max Drawdown | -12% | -21% | -21% | -12% | -18% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HIG, FNF, CB, PGR, TRV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | GBLI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.9% | -18.8% |
| % Gain to Breakeven | 26.4% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.6% | -9.5% |
| % Gain to Breakeven | 20.0% | 10.5% |
| Time to Breakeven | 119 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.4% | -6.7% |
| % Gain to Breakeven | 14.2% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -15.6% | -24.5% |
| % Gain to Breakeven | 18.4% | 32.4% |
| Time to Breakeven | 23 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.8% | -33.7% |
| % Gain to Breakeven | 40.4% | 50.9% |
| Time to Breakeven | 390 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.4% | -19.2% |
| % Gain to Breakeven | 15.5% | 23.8% |
| Time to Breakeven | 79 days | 105 days |
In The Past
Global Indemnity's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | GBLI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.9% | -18.8% |
| % Gain to Breakeven | 26.4% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.8% | -33.7% |
| % Gain to Breakeven | 40.4% | 50.9% |
| Time to Breakeven | 390 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.0% | -17.9% |
| % Gain to Breakeven | 38.9% | 21.8% |
| Time to Breakeven | 370 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.0% | -15.4% |
| % Gain to Breakeven | 37.1% | 18.2% |
| Time to Breakeven | 134 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -81.8% | -53.4% |
| % Gain to Breakeven | 450.7% | 114.4% |
| Time to Breakeven | 3000 days | 1085 days |
In The Past
Global Indemnity's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Global Indemnity (GBLI)
Global Indemnity Group, LLC (GBLI) is a global provider of specialty property and casualty insurance and reinsurance products. The company focuses on serving distinct markets that require tailored coverage solutions, operating through three primary segments: Commercial Specialty; Farm, Ranch, & Stable; and Reinsurance Operations.
The Commercial Specialty segment delivers core coverages including property, general liability, casualty, and professional lines to a variety of commercial businesses, distributing its products via wholesale general agents and program administrators. Its Farm, Ranch, & Stable segment is dedicated to the agriculture industry, offering commercial farm auto and excess/umbrella coverage, alongside specialized insurance for equine mortality and major medical needs, which are sold through wholesalers and retail agents.
Additionally, GBLI's Reinsurance Operations segment provides third-party treaty reinsurance services to other casualty insurance and reinsurance companies. This segment also extends professional liability products to companies through brokers. Through these focused offerings, Global Indemnity addresses specialized insurance and reinsurance demands across various industries and client types worldwide.
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- It's like a specialized Chubb or Travelers, focused exclusively on niche commercial, agricultural, and equine insurance risks.
- It also operates as a reinsurer, essentially acting as an 'insurer for insurers,' much like a division within a larger diversified insurer such as AIG.
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- Commercial Specialty Insurance: Provides property, general liability, casualty, and professional lines insurance products for various businesses.
- Agricultural & Equine Insurance: Offers specialized insurance products including commercial farm auto, excess/umbrella coverage for agriculture, and equine mortality and major medical insurance.
- Reinsurance Services: Provides third-party treaty reinsurance for casualty and other reinsurance companies, as well as professional liability products.
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Global Indemnity (GBLI) primarily sells its insurance and reinsurance products to other companies rather than directly to individuals. Based on the company's description, its major customers are categories of corporate entities within the insurance and reinsurance industries. The specific names of individual customer companies (e.g., named wholesale agencies or specific reinsurance buyers) are not provided in the background information, which is common for companies operating in the insurance sector where distribution networks and reinsurance treaties are often proprietary.
Based on its operating segments, GBLI's major categories of corporate customers and distribution partners include:
- Wholesale General Agents and Program Administrators: These companies distribute Global Indemnity's Commercial Specialty property, general liability, casualty, and professional lines products.
- Wholesalers and Retail Agents: These companies distribute Global Indemnity's Farm, Ranch, & Stable segment products, including commercial farm auto, excess/umbrella coverage for agriculture, and specialized equine insurance products.
- Casualty Insurance and Reinsurance Companies: These companies directly purchase third-party treaty reinsurance from Global Indemnity's Reinsurance Operations segment.
- Companies (Professional Liability): Businesses that purchase professional liability products offered through Global Indemnity's Reinsurance Operations segment, typically through brokers.
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Joseph W. Brown, Chief Executive Officer
Joseph W. Brown has served as a director of Global Indemnity since December 2015. He was named CEO in October 2022. Mr. Brown has nearly five decades of experience in the insurance industry. His prior tenures include serving as a director, chairman, and chief executive officer of MBIA, Inc. He also held positions as chairman of the board of Safeco, chairman of the board of Talegen Holdings, Inc., chairman of Noblr, and president and chief executive officer of Fireman's Fund Insurance Company. Mr. Brown rejoined MBIA, Inc. in February 2008 as Chairman and Chief Executive Officer, serving as Chairman until May 2009, and as CEO until September 2017.
Brian Riley, Chief Financial Officer
Brian Riley was appointed Chief Financial Officer of Global Indemnity on April 1, 2024. He has been with Global Indemnity and its predecessor entities in the Finance Department since 1995, holding progressively responsible roles including controller, treasurer, and Chief Financial Officer of Penn-America Group, Incorporated, a part of GBLI. Mr. Riley has over 30 years of experience in the insurance industry, focusing on corporate and insurance financial planning & analysis, financial reporting, and treasury. Before joining the company, he was a senior accountant with KPMG International Limited from 1991 to 1995.
Evan Kasowitz, President, Belmont Holdings
Evan Kasowitz brings over 15 years of insurance and leadership experience, specializing in underwriting, operations, and strategy.
Bill Balderston, Chief Marketing Officer
Bill Balderston has more than 17 years of experience in the insurance sector, with expertise in business development, distribution, marketing, brokerage, and product management.
Alan Hirst, Chief Information Officer
Alan Hirst possesses over 20 years of diverse experience in information technology within financial industries.
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Here are the key risks to Global Indemnity's business:
- Underwriting and Actuarial Reserve Risk: Global Indemnity's financial performance relies heavily on its ability to accurately assess the risks associated with the insurance and reinsurance policies it writes and to establish adequate reserves for future claims. If actual claims payments exceed the company's reserves for losses and loss adjustment expenses, its financial condition and results of operations could be significantly affected. Recent adverse reserve development, such as the $9 million increase in prior accident year losses from 2020-2022, directly impacts profitability.
- Catastrophe Losses: As a property and casualty insurer, Global Indemnity is exposed to significant losses from natural and man-made disasters, including events like wildfires. For example, the company reported a major California wildfire loss in 2025, resulting in $15.7 million pre-tax net losses and significantly impacting its operating income and combined ratio for the year. Such disasters can also disrupt public and private infrastructure, affecting the company's operations and potentially increasing the cost of services it relies on.
- Investment Performance and Capital Market Volatility: A substantial portion of Global Indemnity's income is derived from its invested assets. Consequently, the company's operating results are partly dependent on the performance of its investment portfolio. Adverse developments or significant volatility in financial markets could negatively impact the market value and liquidity of its investments, thereby affecting its financial condition and overall results of operations.
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Insurtech companies leveraging advanced technology and direct-to-consumer models to offer specialty property and casualty insurance products, potentially disintermediating Global Indemnity's traditional distribution channels.
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Global Indemnity Group, LLC (GBLI) operates in several specialty insurance and reinsurance markets. Here are the addressable market sizes for its main products and services:
Commercial Specialty Segment
- Commercial Property Insurance: The global commercial property insurance market was valued at approximately USD 298 billion in 2023 and is projected to reach USD 621 billion by 2032. North America is expected to dominate this market. Another estimate places the global market at USD 332.1 billion in 2025, expected to reach USD 711.4 billion by 2034.
- General Liability Insurance: The global general liability insurance market was estimated at USD 152.8 billion in 2024 and is projected to grow to USD 224.1 billion by 2031. The broader global liability insurance market, which includes general liability, was valued at USD 290.45 billion in 2024 and is expected to reach USD 462.93 billion by 2032, with North America holding the largest revenue share of 38.5% in 2024.
- Casualty Insurance: Often combined with property insurance. The global property and casualty insurance market size was estimated at USD 3,674.46 billion in 2023 and is projected to reach USD 6,180.14 billion by 2030. North America accounted for the largest share of this market in 2023. The U.S. property and casualty insurance market is valued at USD 1.10 trillion in 2025 and is projected to reach USD 1.33 trillion by 2030.
- Professional Lines Products (Professional Liability Insurance): The global professional liability insurance market size is estimated at USD 51.41 billion in 2026 and is expected to rise to USD 69.23 billion by 2035. North America leads this market, with the United States alone accounting for over 11 million active policies in 2024. Another source indicates the global market was approximately USD 45 billion in 2023 and is expected to reach around USD 75 billion by 2032.
Farm, Ranch, & Stable Segment
- Agriculture Insurance: The global agriculture insurance market size reached USD 46.0 billion in 2025 and is expected to reach USD 73.8 billion by 2034. North America holds more than 40% of the global market share. In 2024, the global agriculture insurance market size was estimated at USD 41.47 billion and is projected to reach USD 70.02 billion by 2033, with North America dominating with a 40.68% revenue share.
- Equine Mortality and Equine Major Medical (Horse Insurance): The global horse insurance market was valued at USD 550.9 million in 2023 and is anticipated to reach USD 1.5 billion by 2032. North America held the largest share of over 35% in 2023. Another report estimates the global horse insurance market size to be worth around USD 1,770.1 million by 2033, with North America holding a 36.7% share, totaling USD 212.93 million.
Reinsurance Operations Segment
- Third-Party Treaty Reinsurance (Property & Casualty Reinsurance): The global property and casualty reinsurance market was valued at USD 427.4 billion in 2022 and is anticipated to reach USD 718.8 billion by 2028. North America was the largest region in this market in 2025. Another source indicates the global property & casualty reinsurance market size is expected to grow from USD 509.34 billion in 2025 to USD 889.04 billion in 2030. Property and Casualty accounted for 62.40% of the overall reinsurance market in 2025, which was valued at USD 477.69 billion and is estimated to grow to USD 691.13 billion by 2031.
- Professional Liability Products (Reinsurance): While a separate market size for professional liability reinsurance is not distinctly available, it falls under the broader professional liability and reinsurance markets. Professional liability insurance market sizes are noted above. Within the global reinsurance market, specialty lines, which include professional liability, are projected to grow at an 11.18% CAGR, adding more than USD 20 billion in ceded premium by 2031.
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Global Indemnity Group, LLC (GBLI) is expected to drive future revenue growth over the next two to three years through several strategic initiatives:
- Expansion of Niche Specialty Insurance Lines: The company focuses on underserved niche markets within its Commercial Specialty and Farm, Ranch, & Stable segments. Specific areas like Vacant Express and Collectibles have shown significant growth, with Vacant Express increasing by 15.5% and Collectibles by 8.4% in 2025. This growth is attributed to organic expansion, new agency appointments, and new product offerings in these specialized sectors.
- Growth in Assumed Reinsurance Operations: Global Indemnity's Reinsurance Operations segment is a key growth area, with assumed written premiums growing by 76.7% in 2025. This expansion is driven by the inception of new treaties during 2024 and 2025 and the scaling of its Valyn Re platform. The broader global property and casualty (P&C) reinsurance market is also projected to see continued growth.
- Strategic Pricing and Underwriting Discipline: Global Indemnity is implementing disciplined underwriting practices and premium rate increases. For example, Wholesale Commercial premiums grew by 3.0% in 2025, primarily due to these rate increases. The company aims to achieve a combined ratio in the low 90s, indicating a focus on profitable premium growth rather than just volume.
- Leveraging Digital Transformation and the Katalyx Platform: The company is making significant investments in digital transformation and building out its Katalyx platform. While these investments initially lead to elevated corporate expenses, the long-term objective is to enhance efficiency, service levels, and responsiveness. This modernization is expected to enable the organization to benefit from scale over the next few years, supporting future organic revenue growth and allowing for scalability without substantial staffing increases.
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Share Repurchases
- Global Indemnity has a history of share repurchase programs, including a significant $135 million program and various employee share repurchase activities initiated between January and June 2023, and April 2024.
- As of March 2026, management indicated a prioritization of reinvestment and strategic opportunities over immediate large-scale share repurchases, despite having $284 million in discretionary capital.
- Since its 2003 IPO, the company has returned $522.2 million to shareholders through share repurchases.
Outbound Investments
- In 2025, Global Indemnity completed the acquisition of Sayata and launched Valyn Re reinsurance agency as strategic transactions.
- Corporate expenses were elevated in 2025, partly due to professional fees and personnel costs associated with mergers and acquisition activity.
Capital Expenditures
- The company's expense ratio increased in 2025 (to 39.9% from 39.0% in 2024) due to investments in personnel for the build-out of the Katalyx platform.
- A primary focus of capital expenditures involves ongoing digital transformation, including migrating 98% of data center servers to cloud configurations and moving all internal data to a cloud-based lakehouse, with full integration of three direct product groups targeted by the end of 2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Global Indemnity Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 166.56 |
| Mkt Cap | 50.8 |
| Rev LTM | 38,696 |
| Op Inc LTM | - |
| FCF LTM | 8,632 |
| FCF 3Y Avg | 7,790 |
| CFO LTM | 8,713 |
| CFO 3Y Avg | 7,859 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 9.8% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 20.3% |
| FCF/Rev LTM | 21.9% |
| FCF/Rev 3Y Avg | 20.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Belmont Core | 388 | 371 | 356 | 361 | 333 |
| Net investment income | 63 | 62 | 55 | 28 | 37 |
| Agency and Insurance Services | 59 | 0 | |||
| Belmont Non-Core | 0 | 7 | 119 | 243 | |
| Net realized investment gains (losses) | -4 | 0 | |||
| Elimination | -56 | 0 | |||
| Net realized investment losses | -2 | -33 | 16 | ||
| Other income | 30 | 28 | |||
| Exited Lines | 188 | ||||
| Reinsurance Operations | 77 | ||||
| Total | 450 | 441 | 528 | 629 | 678 |
| $ Mil | 2015 | 2014 | 2013 |
|---|---|---|---|
| Commercial Lines | 19 | ||
| Reinsurance | 19 | 17 | 18 |
| Unallocated Items | 2 | 49 | 47 |
| Personal Lines | -7 | ||
| Insurance Operations | 5 | -2 | |
| Total | 33 | 71 | 63 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate assets | 1,470 | 1,468 | 144 | 39 | 385 |
| Belmont Core | 147 | 168 | 982 | 938 | 915 |
| Belmont Non-Core | 78 | 96 | 603 | 824 | |
| Agency and Insurance Services | 43 | 0 | |||
| Elimination | -17 | 0 | |||
| Exited Lines | 465 | ||||
| Reinsurance Operations | 247 | ||||
| Total | 1,721 | 1,731 | 1,730 | 1,801 | 2,013 |
Price Behavior
Price Behavior
| Market Price | $25.34 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 12/16/2003 | |
| Distance from 52W High | -21.5% | |
| 50 Days | 200 Days | |
| DMA Price | $26.31 | $27.50 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -3.7% | -7.9% |
| 3M | 1YR | |
| Volatility | 23.1% | 27.6% |
| Downside Capture | 60.56 | 37.75 |
| Upside Capture | -7.71 | 1.88 |
| Correlation (SPY) | 3.2% | 6.9% |
GBLI Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.55 | 0.18 | -0.04 | 0.06 | 0.11 | 0.11 |
| Up Beta | -1.37 | -0.24 | -0.30 | -0.29 | 0.04 | -0.00 |
| Down Beta | -0.60 | -0.05 | -0.38 | -0.29 | -0.26 | 0.25 |
| Up Capture | -43% | 20% | 7% | 23% | 14% | 2% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 18 | 29 | 54 | 103 | 320 |
| Down Capture | 2% | 111% | 27% | 44% | 46% | 24% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 17 | 28 | 55 | 109 | 323 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GBLI | |
|---|---|---|---|---|
| GBLI | -8.8% | 27.3% | -0.44 | - |
| Sector ETF (XLF) | 8.3% | 14.6% | 0.33 | 4.2% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 6.4% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 8.7% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | 7.1% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | -6.9% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 7.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GBLI | |
|---|---|---|---|---|
| GBLI | 6.6% | 31.2% | 0.28 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.37 | 6.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 6.2% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 9.5% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 2.5% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 5.7% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 1.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GBLI | |
|---|---|---|---|---|
| GBLI | 4.4% | 36.9% | 0.23 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 32.8% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 30.6% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 4.4% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 11.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 27.7% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 6.3% |
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Returns Analyses
Earnings Returns History
Updated 6/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -2.6% | 0.2% | -3.4% |
| 3/12/2026 | 1.2% | -0.4% | -2.8% |
| 10/30/2025 | 1.7% | 1.5% | -1.9% |
| 8/6/2025 | -2.6% | -8.9% | -2.1% |
| 5/7/2025 | -4.6% | 3.0% | 7.4% |
| 3/11/2025 | 3.5% | 1.8% | -13.7% |
| 11/7/2024 | -0.9% | 0.4% | 4.1% |
| 8/7/2024 | 1.8% | -3.5% | 1.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 11 |
| # Negative | 10 | 11 | 13 |
| Median Positive | 1.7% | 2.0% | 3.1% |
| Median Negative | -2.5% | -2.9% | -2.8% |
| Max Positive | 7.5% | 8.7% | 10.9% |
| Max Negative | -4.6% | -8.9% | -17.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -2.6% | 0.2% | -3.4% |
| 3/12/2026 | 1.2% | -0.4% | -2.8% |
| 10/30/2025 | 1.7% | 1.5% | -1.9% |
| 8/6/2025 | -2.6% | -8.9% | -2.1% |
| 5/7/2025 | -4.6% | 3.0% | 7.4% |
| 3/11/2025 | 3.5% | 1.8% | -13.7% |
| 11/7/2024 | -0.9% | 0.4% | 4.1% |
| 8/7/2024 | 1.8% | -3.5% | 1.6% |
| 5/8/2024 | 0.5% | 2.0% | -4.4% |
| 3/13/2024 | 0.7% | -2.9% | 10.1% |
| 11/8/2023 | -2.7% | -4.3% | -17.8% |
| 8/8/2023 | 1.6% | 5.6% | 1.5% |
| 5/10/2023 | 2.1% | -0.1% | -3.0% |
| 3/9/2023 | 1.2% | -2.9% | -2.4% |
| 11/8/2022 | 7.5% | 8.7% | 10.9% |
| 8/9/2022 | -2.5% | -1.3% | -1.1% |
| 5/9/2022 | -0.0% | 0.3% | 2.8% |
| 3/10/2022 | 0.8% | 0.5% | 1.7% |
| 11/9/2021 | 0.0% | -2.1% | -3.0% |
| 8/4/2021 | -0.5% | 2.9% | -1.6% |
| 5/6/2021 | -1.0% | -3.2% | 4.0% |
| 3/8/2021 | -3.9% | -5.1% | -1.1% |
| 11/9/2020 | 4.0% | 3.1% | 3.1% |
| 8/10/2020 | 5.7% | 3.2% | 0.8% |
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 11 |
| # Negative | 10 | 11 | 13 |
| Median Positive | 1.7% | 2.0% | 3.1% |
| Median Negative | -2.5% | -2.9% | -2.8% |
| Max Positive | 7.5% | 8.7% | 10.9% |
| Max Negative | -4.6% | -8.9% | -17.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/16/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/06/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Market value recovery on limited partnership position | 2.30 Mil | ||||||
| 2026 Belmont core gross premiums growth | 15.0% | 17.5% | 20.0% | ||||
| 2026 Expense Ratio | 0.41 | ||||||
| 2026 Book Value Growth | 6.0% | 6.5% | 7.0% | ||||
| 2027 Book Value Growth | 6.0% | 6.5% | 7.0% | ||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lederman, Bruce R | Direct | Buy | 4022026 | 32.78 | 503 | 16,500 | 2,437,238 | Form | |
| 2 | Brown, Joseph W | Chief Executive Officer | Direct | Buy | 11262025 | 25.98 | 5,000 | 129,900 | 4,673,906 | Form |
| 3 | Brown, Joseph W | Chief Executive | Direct | Buy | 8222025 | 30.00 | 2,000 | 60,000 | 5,247,120 | Form |
| 4 | Balderston, William V | Chief Marketing Officer | Direct | Buy | 8152025 | 28.57 | 105 | 3,000 | 3,000 | Form |
| 5 | Reilly, Nicole Francois | Sr. Vice President--HR | Direct | Buy | 8142025 | 28.79 | 100 | 2,879 | 2,879 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lederman, Bruce R | Direct | Buy | 4022026 | 32.78 | 503 | 16,500 | 2,437,238 | Form | |
| 2 | Brown, Joseph W | Chief Executive Officer | Direct | Buy | 11262025 | 25.98 | 5,000 | 129,900 | 4,673,906 | Form |
| 3 | Brown, Joseph W | Chief Executive | Direct | Buy | 8222025 | 30.00 | 2,000 | 60,000 | 5,247,120 | Form |
| 4 | Balderston, William V | Chief Marketing Officer | Direct | Buy | 8152025 | 28.57 | 105 | 3,000 | 3,000 | Form |
| 5 | Reilly, Nicole Francois | Sr. Vice President--HR | Direct | Buy | 8142025 | 28.79 | 100 | 2,879 | 2,879 | Form |
| 6 | Brown, Joseph W | Chief Executive | Direct | Buy | 8132025 | 28.00 | 500 | 14,000 | 4,841,312 | Form |
| 7 | Brown, Joseph W | Chief Executive | Direct | Buy | 8132025 | 29.50 | 5,000 | 147,500 | 5,085,918 | Form |
| 8 | Kasowitz, Evan Jacob | President, Belmont Holdings | Direct | Buy | 8112025 | 29.18 | 106 | 3,093 | 3,093 | Form |
| 9 | Fox, Saul A | See Footnote | Buy | 8112025 | 28.88 | 13,101 | 378,357 | 53,649,048 | Form | |
| 10 | Reddy, Praveen Kotha | Pres/CEO, Penn-America UW LLC | Direct | Buy | 8112025 | 28.30 | 2,000 | 56,600 | 144,330 | Form |
| 11 | Reddy, Praveen Kotha | Pres/CEO, Penn-America UW LLC | Direct | Buy | 6022025 | 30.50 | 1,600 | 48,800 | 94,550 | Form |
| 12 | Fox, Saul A | See Footnote | Buy | 5212025 | 31.72 | 10,000 | 317,152 | 58,314,318 | Form | |
| 13 | Fox, Saul A | See Footnote | Buy | 5212025 | 31.79 | 10,000 | 317,864 | 58,127,262 | Form | |
| 14 | Fox, Saul A | See Footnote | Buy | 5152025 | 30.31 | 22,400 | 678,944 | 55,124,342 | Form | |
| 15 | Brown, Joseph W | Chief Executive | Direct | Buy | 5152025 | 30.00 | 5,000 | 150,000 | 5,022,120 | Form |
| 16 | Fox, Saul A | See Footnote | Buy | 5152025 | 29.19 | 11,400 | 332,808 | 52,440,177 | Form | |
| 17 | Brown, Joseph W | Chief Executive | Direct | Buy | 5142025 | 28.45 | 5,000 | 142,273 | 4,621,141 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Property & Casualty Insurance Resources |
| Insurance Journal |
| Business Insurance |
| PropertyCasualty360 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/19/2026