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  • Global Indemnity Group, LLC Reports Year Ended 2020 Results
    GlobeNewswire

    Global Indemnity Group, LLC Reports Year Ended 2020 Results

    BALA CYNWYD, Pa., March 08, 2021 (GLOBE NEWSWIRE) -- Global Indemnity Group, LLC (NASDAQ:GBLI) (the “Company”) today reported a net loss available to shareholders of $21.2 million for the year ended December 31, 2020 compared to net income available to shareholders of $70.0 million for the corresponding period in 2019. Adjusted operating income was $12.4 million for the year ended December 31, 2020 compared to $41.4 million for the corresponding period in 2019. Selected Operating and Balance Sheet Information (Dollars in millions, except per share data) For the Twelve Months Ended December 31, 2020 2019 Gross Written Premiums $606.6 $636.9 Net Earned Premiums $567.7 $525.3 Net income (loss) available to shareholders $(21.2) $ 70.0 Net income (loss) available to shareholders per share $(1.48) $4.88 Adjusted operating income $12.4 $ 41.4 Adjusted operating income per share $0.86 $ 2.89 Combined ratio analysis: Loss ratio 59.2% 52.5% Expense ratio 38.0% 39.7% Combined ratio 97.2% 92.2% As ofDecember 31,2020 As ofDecember 31,2019 Book value per share (1)$49.62 $50.82Shareholders’ equity (2)$718.3 $726.8Cash and invested assets (3)$1,449.9 $1,607.0 (1) Net of cumulative Company dividends to common shareholders totaling $3.00 per share and $2.00 per share as of December 31, 2020 and December 31, 2019, respectively.(2) December 31, 2020 shareholders’ equity includes $4 million of series A cumulative fixed rate preferred shares.(3) Including receivable/(payable) for securities sold/(purchased). Selected Financial Data for the Twelve Months Ended December 31, 2020: Underwriting income - $17.9 million in 2020 compared to $43.3 million in 2019. The decrease is primarily due to an increase in the frequency and severity of catastrophes.Investment Income - $28.4 million in 2020 compared to $42.1 million in 2019. In 2020, alternative investments performed poorly in the early part of the year and book yields on the fixed income portfolio have declined. Realized gains/(loss) – ($14.7) million in 2020 related to derivatives and sales of equity securities in early 2020 partly offset by fixed income gains compared to $35.3 million in 2019.Corporate expenses - $42.0 million in 2020 compared to $18.9 million in 2019 mainly due to expenses incurred related to the redomestication of the Company completed on August 28, 2020.Loss on extinguishment of debt – $3.1 million of prepaid debt issuance costs were written off when $100 million of subordinated debt was retired on August 15, 2020.Tax benefit/(expense) - $8.1 million in 2020 compared to ($11.7) million in 2019. About Global Indemnity Group, LLC and its subsidiaries Global Indemnity Group, LLC (NASDAQ:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. Global Indemnity Group, LLC’s four primary segments are: Commercial Specialty Specialty Property Farm, Ranch & Stable Reinsurance Operations Forward-Looking Information The forward-looking statements contained in this press release1 do not address a number of risks and uncertainties including COVID-19. Investors are cautioned that Global Indemnity’s actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnity’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. [1] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934. Global Indemnity Group, LLC’s Combined Ratio for the Twelve Months Ended December 31, 2020 and 2019 For the twelve months ended December 31, 2020, the Company recorded a combined ratio of 97.2% (Loss Ratio 59.2% and Expense Ratio 38.0%) as compared to 92.2% (Loss Ratio 52.5% and Expense Ratio 39.7%) for the twelve months ended December 31, 2019. The Company’s accident year casualty loss ratio was 57.0% in 2020 and 2019. The Company’s accident year property loss ratio increased by 10.6 points to 70.1% in 2020 from 59.5% in 2019 primarily as a result of an increase in frequency and severity of catastrophes. Global Indemnity Group, LLC’s Gross Written and Net Earned Premiums Results by Segment for the Twelve Months Ended December 31, 2020 and 2019 Twelve Months Ended December 31, Gross Written Premiums Net Earned Premiums 2020 2019 %Change 2020 2019 %ChangeCommercial Specialty$321,879 $297,332 8.3% $285,694 $237,758 20.2%Specialty Property 138,401 163,503 (15.4%) 131,474 140,232 (6.2%)Farm, Ranch & Stable 85,646 87,745 (2.4%) 76,166 71,312 6.8%Reinsurance Operations 60,677 88,281 (31.3%) 74,365 75,960 (2.1%)Total$606,603 $636,861 (4.8%) $567,699 $525,262 8.1% Commercial Specialty: Gross written premiums and net earned premiums increased 8.3% and 20.2%, respectively, for the twelve months ended December 31, 2020 as compared to the same period in 2019. The growth in gross written premiums and net earned premiums was primarily driven by organic growth in the Company’s excess and surplus lines business from existing agents as well as increased pricing, and several new programs. Specialty Property: Gross written premiums and net earned premiums decreased by 15.4% and 6.2%, respectively, for the twelve months ended December 31, 2020 as compared to the same period in 2019. The decreases are primarily due to a continued reduction of catastrophe exposed business. Farm, Ranch & Stable: Gross written premiums decreased 2.4% and net earned premiums increased 6.8% for the twelve months ended December 31, 2020 as compared to the same period in 2019. The decrease in gross written premiums was primarily due to an effort to reduce exposure in catastrophe prone areas to improve overall profitability. The increase in net earned premiums was primarily due to an increase in pricing and new agent appointments. Reinsurance Operations: Gross written premiums and net earned premiums decreased 31.3% and 2.1% for the twelve months ended December 31, 2020, as compared to the same period in 2019. The decrease in gross written premiums and net earned premiums was primarily due to the non-renewal of its property catastrophe treaties partially offset by the growth of a casualty treaty entered into during 2019. Note: Tables Follow GLOBAL INDEMNITY GROUP, LLCCONSOLIDATED STATEMENTS OF OPERATIONS (Dollars and shares in thousands, except per share data) For the Twelve MonthsEnded December 31, 2020 2019 Gross written premiums $606,603 $636,861 Net written premiums $548,167 $562,089 Net earned premiums $567,699 $525,262 Net investment income 28,392 42,052 Net realized investment gains (losses) (14,662) 35,342 Other income 2,118 1,816 Total revenues 583,547 604,472 Net losses and loss adjustment expenses 336,201 275,402 Acquisition costs and other underwriting expenses 215,607 208,403 Corporate and other operating expenses 41,998 18,888 Interest expense 15,792 20,022 Loss on extinguishment of debt 3,060 - Income (loss) before income taxes (29,111) 81,757 Income tax expense (benefit) (8,105) 11,742 Net income (loss) (21,006) 70,015 Less: Preferred stock distributions 152 - Net income (loss) available to common shareholders $(21,158) $70,015 Per share data: Net income (loss) available to common shareholders Basic $(1.48) $4.93 Diluted (1) $(1.48) $4.88 Weighted-average number of shares outstanding Basic 14,291 14,192 Diluted (1) 14,291 14,335 Cash dividends/distributions declared per common share $1.00 $1.00 Combined ratio analysis: (2) Loss ratio 59.2% 52.5%Expense ratio 38.0% 39.7%Combined ratio 97.2% 92.2% (1) For the twelve months ended December 31, 2020, weighted-average number of shares outstanding – basic was used to calculate diluted earnings per share due to a net loss for the period. (2) The loss ratio, expense ratio and combined ratio are GAAP financial measures that are generally viewed in the insurance industry as indicators of underwriting profitability. The loss ratio is the ratio of net losses and loss adjustment expenses to net earned premiums. The expense ratio is the ratio of acquisition costs and other underwriting expenses to net earned premiums. The combined ratio is the sum of the loss and expense ratios. GLOBAL INDEMNITY GROUP, LLCCONSOLIDATED BALANCE SHEETS (Dollars in thousands) ASSETS December 31, 2020 December 31, 2019Fixed Maturities: Available for sale, at fair value(amortized cost: 2020 - $1,149,009 and 2019 - $1,231,568; net of allowance of: 2020 - $0) $1,191,186 $1,253,159 Equity securities, at fair value 98,990 263,104 Other invested assets 97,018 47,279 Total investments 1,387,194 1,563,542 Cash and cash equivalents 67,359 44,271 Premiums receivable, net of allowance for credit losses of $2,900 at December 31, 2020 109,431 118,035 Reinsurance receivables, net of allowance for credit losses of $8,992 at December 31, 2020 88,708 83,938 Funds held by ceding insurers 45,480 48,580 Federal income taxes receivable - 10,989 Deferred federal income taxes 34,265 31,077 Deferred acquisition costs 65,195 70,677 Intangible assets 20,962 21,491 Goodwill 6,521 6,521 Prepaid reinsurance premiums 12,881 16,716 Other assets 66,912 60,048 Total assets $1,904,908 $2,075,885 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities: Unpaid losses and loss adjustment expenses $662,811 $630,181 Unearned premiums 291,495 314,861 Ceded balances payable 8,943 20,404 Payable for securities purchased 4,667 850 Contingent commissions 10,832 11,928 Debt 126,288 296,640 Other liabilities 81,548 74,212 Total liabilities 1,186,584 1,349,076 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 December 31, 2020 and $0.0001 at December 31, 2019, 900,000,000 common shares authorized; class A common shares issued: 10,263,722 and 10,282,277 respectively; class A common shares outstanding: 10,263,722 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 (1) 445,051 442,403 Accumulated other comprehensive income, net of taxes 34,308 17,609 Retained earnings (1) 234,965 270,768 Class A common shares in treasury, at cost: 0 and 115,221 shares, respectively - (3,973) Total shareholders’ equity 718,324 726,809 Total liabilities and shareholders’ equity $1,904,908 $2,075,885 (1) Since the Company’s initial public offering in 2003, the Company repurchased 20.2 million shares for a total of $488 million. These share repurchases are reflected by a $488 million reduction of the Company’s additional paid-in capital and retained earnings as of December 31, 2020 and December 31, 2019. Retained earnings are also net of $43 million and $29 million of cumulative historic Company dividends/distributions to shareholders as of December 31, 2020 and December 31, 2019, respectively. GLOBAL INDEMNITY GROUP, LLCSELECTED INVESTMENT DATA (Dollars in millions) Market Value as of December 31, 2020 December 31, 2019 Fixed maturities $1,191.2 $1,253.2 Cash and cash equivalents 67.4 44.3 Total bonds and cash and cash equivalents 1,258.6 1,297.5 Equities and other invested assets 196.0 310.4 Total cash and invested assets, gross 1,454.6 1,607.9 Payable for securities purchased (4.7) (0.9)Total cash and invested assets, net $1,449.9 $1,607.0 Total Investment Return (1) For the Twelve Months Ended December 31, 2020 2019 Net investment income $28.4 $42.1 Net realized investment gains (losses) (14.7) 35.3 Net unrealized investment gains 21.8 44.6 Net realized and unrealized investment gains 7.1 79.9 Total net investment income and gains $35.5 $122.0 Average total cash and invested assets $1,528.4 $1,558.6 Total investment return % 2.3% 7.8% (1) Amounts in this table are shown on a pre-tax basis. GLOBAL INDEMNITY GROUP, LLCSUMMARY OF ADJUSTED OPERATING INCOME (Dollars and shares in thousands, except per share data) For the Twelve MonthsEnded December, 2020 2019 Adjusted operating income, net of tax $ 12,418 $ 41,439 Adjustments: Net realized investment gains (losses) (12,395) 28,576 Expenses related to redomestication (21,181) - Net income (loss) available to common shareholders $ (21,158) $ 70,015 Weighted average shares outstanding – basic 14,291 14,192 Weighted average shares outstanding – diluted 14,458 14,335 Adjusted operating income per share – basic $ 0.87 $ 2.92 Adjusted operating income per share – diluted $ 0.86 $ 2.89 Note Regarding Adjusted Operating Income Adjusted operating income, a non-GAAP financial measure, is equal to net income (loss) excluding after-tax net realized investment gains (losses) and other unique charges not related to operations. Adjusted operating income is not a substitute for net income (loss) determined in accordance with GAAP, and investors should not place undue reliance on this measure. Contact: MediaStephen W. RiesSenior Corporate Counsel(610) 668-3270 sries@global-indemnity.com