---
title: "Global Indemnity Group posts underwriting improvement; accident-year combined ratio 92.2% in 2025"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278927397.md"
description: "Global Indemnity Group reported improved underwriting results for 2025, with an accident-year combined ratio of 92.2% and a Q4 underwriting profit of $11 million. Operating income was $40.2 million, while investment income reached $62.7 million. The company noted strong growth in core premiums and ongoing digital transformation investments. Despite challenges from a Q1 wildfire, quarterly combined ratios improved sequentially. Management anticipates stable expense ratios in 2026, with improvements expected in 2027."
datetime: "2026-03-12T18:23:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278927397.md)
  - [en](https://longbridge.com/en/news/278927397.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278927397.md)
---

# Global Indemnity Group posts underwriting improvement; accident-year combined ratio 92.2% in 2025

**Global Indemnity Group** reported improved underwriting results in 2025, with the current accident-year combined ratio falling to 92.2% and an underwriting profit of $11 million in Q4. The company said operating income (excluding unrealized equity losses) was $40.2 million for the year and investment income was $62.7 million. Management highlighted continued short-duration, high-quality investments and ongoing digital transformation investments tied to its Katalyx distribution platform.

**Financial Highlights**

-   Q4 accident-year combined ratio: 89.3%; quarterly underwriting profit: $11 million.
-   Full-year current accident-year combined ratio: 92.2%; full-year reported accident-year combined ratio: 96.2% (including Q1 California wildfire impact).
-   Operating income (excluding after-tax unrealized losses on equity securities): $40.2 million for 2025 versus $42.9 million in 2024.
-   Investment income: $62.7 million in 2025 (average yield ~4.4%); net investment income for the quarter: $15.3 million.
-   Discretionary capital (consolidated equity in excess of rating-agency requirements): $284 million at year end.

**Business Highlights**

-   Underwriting trends improved sequentially after a large Q1 wildfire loss; excluding that event, quarterly accident-year combined ratios improved each quarter (94.8%, 94.7%, 93.2%, 92.2%).
-   Core Belmont gross written premiums (excluding terminated products) grew 9% to $401 million; notable segment growth: assumed reinsurance up 77% to $45 million, Vacant Express up 16%, Collectibles up 8%, Penn-America up 3%.
-   Retention at Penn-America remained strong at 70% despite heightened competition and reduced new business submissions in the fourth quarter.
-   Ongoing three-year digital transformation: year-two investments in software, infrastructure and data; 98% of data center servers moved to cloud and internal data migrated to a cloud-based Fabric Lakehouse to support future AI initiatives.
-   Restructuring and build-out costs remain elevated due to investments in Katalyx and talent; management expects expense ratio to remain level in 2026 with improvement beginning in 2027.

Original SEC Filing: Global Indemnity Group, LLC \[ GBLI \] - 8-K - Mar. 12, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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