Global Indemnity Group, LLCs Gross Written and Net Written Premiums Results by Segment for the
Three and Nine Months Ended September 30, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
Gross Written Premiums |
|
|
Net Written Premiums |
|
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
Commercial Specialty |
|
$ |
87,029 |
|
|
$ |
96,056 |
|
|
|
(9.4 |
%) |
|
$ |
84,103 |
|
|
$ |
93,172 |
|
|
|
(9.7 |
%) |
Reinsurance Operations |
|
|
11,864 |
|
|
|
43,055 |
|
|
|
(72.4 |
%) |
|
|
11,864 |
|
|
|
43,055 |
|
|
|
(72.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Lines |
|
|
98,893 |
|
|
|
139,111 |
|
|
|
(28.9 |
%) |
|
|
95,967 |
|
|
|
136,227 |
|
|
|
(29.6 |
%) |
Exited Lines |
|
|
33 |
|
|
|
36,716 |
|
|
|
(99.9 |
%) |
|
|
(344 |
) |
|
|
6,608 |
|
|
|
(105.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
98,926 |
|
|
$ |
175,827 |
|
|
|
(43.7 |
%) |
|
$ |
95,623 |
|
|
$ |
142,835 |
|
|
|
(33.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
Gross Written Premiums |
|
|
Net Written Premiums |
|
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
Commercial Specialty |
|
$ |
277,884 |
|
|
$ |
303,914 |
|
|
|
(8.6 |
%) |
|
$ |
267,233 |
|
|
$ |
291,002 |
|
|
|
(8.2 |
%) |
Reinsurance Operations |
|
|
50,124 |
|
|
|
130,575 |
|
|
|
(61.6 |
%) |
|
|
50,124 |
|
|
|
130,575 |
|
|
|
(61.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Lines |
|
|
328,008 |
|
|
|
434,489 |
|
|
|
(24.5 |
%) |
|
|
317,357 |
|
|
|
421,577 |
|
|
|
(24.7 |
%) |
Exited Lines |
|
|
4,003 |
|
|
|
129,144 |
|
|
|
(96.9 |
%) |
|
|
123 |
|
|
|
47,898 |
|
|
|
(99.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
332,011 |
|
|
$ |
563,633 |
|
|
|
(41.1 |
%) |
|
$ |
317,480 |
|
|
$ |
469,475 |
|
|
|
(32.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Specialty: Gross written premiums and net written premiums decreased 9.4% and 9.7%, respectively, for the
three months ended September 30, 2023 as compared to the same period in 2022. Gross written premiums and net written premiums decreased 8.6% and 8.2%, respectively, for the nine months ended September 30, 2023 as compared to the same
period in 2022. The decrease in gross written premiums and net written premiums was primarily driven by the non-renewal of a restaurant book of business as well as actions taken to improve underwriting results
by nonrenewing underperforming business partially offset by increased pricing.
Package Specialty E&S, the Companys primary division within its
Commercial Specialty segment, increased gross written premiums excluding terminated business1 by 6.1% and 12.4% for the three and nine months ended September 30, 2023, respectively, as
compared to the same periods in 2022 driven by new agency appointments, strong rate increases as well as exposure growth in both property and general liability.
Targeted Specialty E&S, a division within the Companys Commercial Specialty segment, decreased gross written premiums excluding terminated business1 by 21.7% and 20.4% for the three and nine months ended September 30, 2023, respectively, as compared to the same periods in 2022. Targeted Specialty includes the Companys InsurTech
business and its class specific business.
|
|
|
Targeted Specialty InsurTech increased gross written premiums by 22.7% and 16.8% for the three and nine months
ended September 30, 2023, respectively, as compared to the same periods in 2022 primarily due to new agent appointments and focused marketing efforts. |
|
|
|
Targeted Specialty Class Specific decreased gross written premiums excluding terminated business by 36.9%
and 31.9% for the three and nine months ended September 30, 2023, respectively, as compared to the same periods in 2022 primarily due to actions taken to improve underwriting results through increased rates, reduced exposures to catastrophe
prone business and non-renewal of underperforming business. |
Reinsurance Operations:
Gross written premiums and net written premiums both decreased 72.4% for the three months ended September 30, 2023 as compared to the same period in 2022. Gross written premiums and net written premiums both decreased 61.6% for the nine
months ended September 30, 2023 as compared to the same period in 2022. The reduction in gross written premiums and net written premiums was primarily due to the non-renewal of a casualty treaty.
Exited Lines: Gross written premiums and net written premiums decreased 99.9% and 105.2%, respectively, for the three months ended September 30,
2023 as compared to the same period in 2022. Gross written premiums and net written premiums decreased 96.9% and 99.7%, respectively, for the nine months ended September 30, 2023 as compared to the same period in 2022. The decrease in gross
written premiums and net written premiums was primarily due to selling the manufactured home & dwelling and farm businesses.
1 |
Represents Non-GAAP financial measures or ratios. See Reconciliation of Non-GAAP Financial Measures and
Ratios at the end of this press release. |