Global Indemnity Group, LLC

What they do

Global Indemnity operates through two primary subsidiaries. Katalyx Holdings LLC, formed in a December 2024 internal reorganization, is a specialty insurance intermediary comprising four agencies (Wholesale Commercial, Vacant Express, Collectibles and Specialty Products) plus three service businesses providing technology, an AI-enabled marketplace and claims services. Belmont Holdings GX, Inc. owns five statutory carriers — Penn-Patriot, Diamond State, Penn-Star, Penn-America and United National — licensed in all 50 states, D.C., Puerto Rico and the U.S. Virgin Islands. The company conducts business in the excess and surplus lines marketplace and earns premiums and investment income.

Revenue drivers

• Wholesale Commercial — Largest Belmont Core line; gross written premiums of $131.6 million for the six months ended June 30, 2026, down 2% from $134.0 million, and $70.1 million in Q2 2026, up 2%.
• Assumed Reinsurance — Fastest-growing line; up 79% to $21.5 million in Q2 2026 and 43% to $32.7 million for the six months ended June 30, 2026, driven by new treaties incepting during 2025 and 2026.
• Vacant Express and Collectibles — Vacant Express gross written premiums of $24.5 million (up 5%) and Collectibles $9.4 million (up 13%) for the six months ended June 30, 2026, attributed to new agency appointments, organic growth and rate increases.
• Net investment income — Total investments of $1.4 billion at June 30, 2026, 98% fixed-income securities and cash; net investment income was $28.6 million for the six months ended June 30, 2026 versus $29.5 million a year earlier.

Recent performance

For Q2 2026, net income was $11.1 million, or $0.76 per share, versus $10.3 million, or $0.71 per share, in Q2 2025; gross written premiums rose 9.6% to $117.1 million. Current accident year underwriting income was $5.8 million with a 53.8% loss ratio and 94.7% combined ratio. For the six months ended June 30, 2026, net income was $15.3 million, or $1.05 per share, versus $6.4 million, or $0.43 per share; current accident year underwriting income was $11.2 million against a $4.7 million loss in 2025, and the current accident year combined ratio was 94.8%. Full-year 2025 net income was $25.3 million, or $1.75 per diluted share, including $15.7 million of California Wildfire losses; excluding those losses, 2025 net income would have been $37.3 million.

Strategy

The December 2024 reorganization established Katalyx Holdings LLC as a distinct intermediary platform with separately branded agency businesses and stand-alone technology (Kaleidoscope Insurance Technologies) and claims (Liberty Insurance Adjustment Agency) units positioned to serve other industry participants. The company also de-stacked the insurance companies within Belmont Holdings, which it says increased consolidated surplus and improved capital and liquidity management. In Q1 2025 it realigned reporting into three segments: Agency and Insurance Services, Belmont Core and Belmont Non-Core. Management cites maintaining pricing and return standards amid competitive property rate conditions. No debt was outstanding at December 31, 2025 or June 30, 2026, and capital return since the 2003 IPO totals $659.8 million.

Risks

• Catastrophe exposure — California Wildfires in January 2025 produced $15.7 million of net losses and loss adjustment expenses, cutting 2025 calendar year underwriting income to $7.3 million and net income to $25.3 million.
• Competitive property pricing — The company states it is maintaining pricing and return standards amidst competitive market conditions, particularly property rate reductions, as Wholesale Commercial six-month gross written premiums fell 2%.
• Run-off of terminated business — Specialty Products gross written premiums were $15.5 million for the six months ended June 30, 2026, down 21% from $19.7 million, reflecting run-off of terminated business.
• Investment portfolio concentration — Fixed maturities and cash comprised 98% of investments at June 30, 2026, with a fixed-income duration of 1.08 years and a $2.8 million after-tax fair value decline recognized in the first six months of 2026.

Outlook

Management highlights six-month 2026 current accident year underwriting income of $11.2 million versus a $4.7 million loss in the prior-year period, a 94.8% current accident year combined ratio and 5% net earned premium growth to $197.0 million. The earnings release cites new agency appointments, organic growth and rate increases in Vacant Express and Collectibles, and new assumed reinsurance treaties incepting during 2025 and 2026. Book value per share was $48.28 at June 30, 2026 versus $48.96 at December 31, 2025, with common shareholders' equity up 2% before $10.3 million of shareholder returns. Operating cash flow fell to $9.1 million in 2025 from $38.8 million in 2024.