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Global Indemnity plc Reports First Quarter 2011 Financial Results


News provided by

Global Indemnity plc

05 May, 2011, 21:43 GMT

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DUBLIN, May 5, 2011 /PRNewswire/ -- Global Indemnity plc (NASDAQ: GBLI) today reported net income for the three months ended March 31, 2011 of $13.8 million or $0.45 per share. As of March 31st, book value per share increased to $30.96 or 1.2% from $30.59 per share at December 31, 2010.

(Logo: http://photos.prnewswire.com/prnh/20100803/LT45156LOGO )

Selected Operating and Balance Sheet Data (Dollars in millions, except per share data)

    
                                                       For the Three Months
                                                          Ended March 31,
                                                          ---------------
                                                      2011             2010
                                                      ----             ----
    
    Gross Premiums Written                           $87.7            $92.9
    Net Premiums Written                             $83.1            $81.5
    
    Net income                                       $13.8            $18.9
    Net income per share                             $0.45            $0.63
    
    Operating income                                  $5.0             $7.9
    Operating income per share                       $0.17            $0.26
    


                                                    As of            As of
                                                  March 31,      December 31,
                                                    2011             2010
                                                  -------------------------
    
    Book value per share                            $30.96           $30.59
    Shareholders' equity                            $941.4           $928.7
    Cash and invested assets                      $1,739.3         $1,717.2

Larry A. Frakes, President & Chief Executive Officer stated, "We continue to see improvements in the fundamentals of our business. We experienced written premium growth in our core US Insurance Operations of 4.4% in the quarter over the same period in 2010. Our brokerage property and casualty lines continued to grow while we also saw positive premium production from our agency businesses. Production trends in our Penn-America small business unit, while still down, were markedly improved from the 1st quarter of 2010. The Profitability Enhancement executed in the 4th quarter of 2010 is contributing to the 3.3 point decrease in our operating expenses. We also saw an additional $2.1 million reduction in corporate expenses again related to our expense control efforts and the completion of our re-domestication to Ireland in 2010. Operating cash flow of $7.2 million was an $18 million improvement over the same period last year. Our 1st quarter results were impacted by major worldwide catastrophes. Our Wind River Reinsurance Operations incurred $8.8 million in losses from the Japan earthquake and $3.0 million from the New Zealand earthquake. Even with these events, shareholders' equity increased by $12.7 million or 1.4% and book value per share grew at 1.2%".

About Global Indemnity plc and its subsidiaries

Global Indemnity plc (NASDAQ: GBLI), through its several direct and indirect wholly owned subsidiary insurance and reinsurance companies, provides both admitted and non-admitted specialty property and casualty insurance coverages in the United States, as well as reinsurance throughout the world. Global Indemnity plc's two primary divisions are:

    
    - United States Based Insurance Operations

    - Bermuda Based Reinsurance Operations

For more information, visit the Global Indemnity plc website at http://www.globalindemnity.ie.

Forward-Looking Information

Forward-looking statements contained in this press release are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. We caution investors that our actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. Please see our periodic reports filed with the Securities and Exchange Commission for a discussion of the risks and uncertainties which may affect us and for a more detailed discussion of our cautionary note regarding forward-looking statements.

Global Indemnity plc's Combined Ratio for the Three Months Ended March 31, 2011 and 2010

The combined ratio is a key measure of insurance profitability. The components comprising the combined ratio are as follows:

    
                                         Three Months Ended
                                             March 31,
                                         ------------------
                                         2011          2010
                                         ----          ----
    Loss Ratio:
    Current Accident Year
       Excluding Catastrophes            65.5          57.1
       Catastrophes                      18.3           5.9
                                         ----           ---
       Current Accident Year             83.8          63.0
    Changes to Prior Accident Year       (7.0)         (4.0)
                                         ----          ----
    Loss Ratio - Calendar Year           76.8          59.0
    Expense Ratio                        39.3          42.6
                                         ----          ----
    Combined Ratio                      116.1         101.6
                                        =====         =====

For the three months ended March 31st, the calendar year loss ratio increased by 17.8 points to 76.8 in 2011 from 59.0 in 2010.

    
    - Excluding catastrophes, the current accident year loss ratio
      increased by 8.4 points to 65.5 in 2011 from 57.1 in 2010.

        - Excluding catastrophes, the property loss ratio increased from 
          41.3 in the first quarter of 2010 to 53.0 in the first quarter of 
          2011. Severity from fire losses and a tornado contributed to the 
          increase. Including catastrophes, the property loss ratio increased 
          by 39.6 points to 95.9 in 2011 from 56.3 in 2010. This increase was 
          driven primarily from catastrophe losses in our Reinsurance 
          Operations including $3.0 million and $8.8 million related to 
          earthquakes in New Zealand and Japan, respectively.

        - The casualty loss ratio increased 7.3 points to 74.7 in 2011 from 
          67.4 in 2010. The increase is attributable to changes in the mix 
          of business from our Reinsurance Operations, a large loss in 
          professional lines from a class of business that we are exiting, 
          and increased loss trends in several of our casualty classes.

    - Current year results include a 7.0 point reduction in the loss ratio
      related to prior accident years. For 2011 we reduced prior accident
      years by $5.3 million primarily relating to general liability within
      our Insurance Operations for accident years 2004 through 2010, offset
      partially by an increase to prior accident year 2010 at our Reinsurance
      Operations within the general liability, auto liability and workers'
      compensation lines.

For the three months ended March 31st, the expense ratio decreased from 42.6 in 2010 to 39.3 in 2011.

    
    - The expense ratio decreased from 42.6 in 2010 to 39.3 in 2011 primarily
      due to lower employee costs from our previously disclosed Profit
      Enhancement Initiative and a decrease in contingent commissions related
      to increases in loss ratios described above.

    - Corporate expenses also decreased $2.1 million on a quarter over
      quarter basis. The decrease is due to completing the redomestication to
      Ireland and the Profit Enhancement Initiative.

Global Indemnity plc's three months ended March 31, 2011 and 2010 Gross and Net Premiums Written Results by Business Unit

    
    (Dollars in thousands) 
                                      Three Months Ended March 31,
                                        Gross Premiums Written
                                        ----------------------
                                        2011              2010
                                        ----              ----
    Insurance Operations             $56,467           $54,071
    Reinsurance Operations            31,199            38,782
            Total                    $87,666           $92,853
                                     =======           =======

                                         Net Premiums Written
                                         --------------------
                                       2011               2010
                                       ----               ----
    Insurance Operations            $52,411            $43,478
    Reinsurance Operations           30,697             38,003
            Total                   $83,108            $81,481
                                    =======            =======

Insurance Operations: For the three months ended March 31, 2011, gross premiums written increased 4.4%, and net premiums written increased 20.5%, compared to the same period in 2010. The increase in gross premiums is mainly due to growth in Diamond State's property and casualty brokerage units, Collectibles Insurance Services LLC, which was acquired in April of 2010, and our Vacant Express product, offset partially by decreases in Penn-America. However, we are seeing signs that the small business market where Penn-America competes is improving. The increase in net written premiums is primarily due to the cancellation of a property quota share reinsurance treaty effective January 1, 2011 and an increase in retention related to the US property excess of loss treaty which renewed on January 1, 2011.

Reinsurance Operations: For the three months ended March 31, 2011, gross premiums written decreased 19.6%, and net premiums written decreased 19.2%, compared to the same period in 2010. Timing of new treaties and non-renewals can cause gross premiums written to vary widely in this segment. The decrease in gross and net premiums written is primarily due to cancellations of non-standard auto and workers' compensation treaties in 2011 that were not replaced, offset partially by several new casualty treaties written in 2011.

    
                            GLOBAL INDEMNITY PLC
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (Unaudited)
          (Dollars and shares in thousands, except per share data)
    
                                                  For the Three Months
                                                     Ended March 31,
                                                     ---------------
                                                 2011              2010
                                                 ----              ----
    Gross premiums written                    $87,666           $92,853
                                              =======           =======
    
    Net premiums written                      $83,108           $81,481
                                              =======           =======
    
    Net premiums earned                       $75,969           $70,788
    Investment income, net                     14,414            14,579
    Net realized investment gains              11,997            14,204
    Other income                               11,669                 -
                                               ------               ---
         Total revenues                       114,049            99,571
    
    Net losses and loss adjustment expenses    58,342            41,789
    Acquisition costs and other underwriting
     expenses                                  29,852            30,148
    Corporate and other operating expenses      2,780             4,896
    Interest expense                            1,752             1,739
                                                -----             -----
         Income before income taxes            21,323            20,999
    Income tax expense                          7,591             2,069
                                                -----             -----
    Net income before equity in net income
     (loss) of partnership                     13,732            18,930
    Equity in net income (loss) of
     partnership, net of tax                       53               (29)
                                                  ---               ---
         Net income                           $13,785           $18,901
                                              =======           =======
    
    Weighted average shares outstanding-basic
     (1)                                       30,301            30,185
                                               ======            ======
    
    Weighted average shares
     outstanding-diluted (1)                   30,338            30,204
                                               ======            ======
    
    Net income per share - basic (1)            $0.45             $0.63
                                                =====             =====
    
    Net income per share - diluted (1)          $0.45             $0.63
                                                =====             =====
    
    Combined ratio analysis: (2)
    Loss ratio                                   76.8              59.0
    Expense ratio                                39.3              42.6
                                                 ----              ----
    Combined ratio                              116.1             101.6
    
    
    (1) Shares outstanding and per share amounts for 2010 have been
    restated to reflect the 1-for-2 stock exchange effective July 2,
    2010 when the Company completed its redomestication to Ireland.
    
    (2) The loss ratio, expense ratio and combined ratio are non-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
    premiums earned.  The expense ratio is the ratio of acquisition
    costs and other underwriting expenses to net premiums earned.  The
    combined ratio is the sum of the loss and expense ratios.
    
    
                                      GLOBAL INDEMNITY PLC
                                  CONSOLIDATED BALANCE SHEETS
                                          (Unaudited)
                    (Dollars and shares in thousands, except per share data)
    
               
    ASSETS                                             As of         As of                                         
                                                      March 31,  December 31,
                                                        2011          2010
                                                        ----          ----
    Fixed Maturities:
      Available for sale securities, at fair value  $1,457,717    $1,444,392
      (amortized cost: 2011 -$1,414,836 and 2010
       -$1,393,655)
    Preferred shares:
      Available for sale securities, at fair value       2,346         2,252
      (cost: 2011 - $930 and 2010 - $930)
    Common shares:
      Available for sale securities, at fair value     154,325       145,274
      (cost: 2011 -$126,691 and 2010 -$120,674)
    Other invested assets:
      Available for sale securities, at fair value
      (cost: 2011 - $14,126 and 2010 - $4,255)
      Securities classified as trading, at fair
       value                                            16,724         4,268
      (cost: 2011 - $0 and 2010 - $1,112)               ------         -----
    
    
                                                             -         1,112
                                                           ---         -----
            Total investments                        1,631,112     1,597,298
    

    Cash and cash equivalents                          108,170       119,888
    Accounts receivable, net                            68,097        56,657
    Reinsurance receivables                            390,574       422,844
    Deferred federal income taxes                        8,044         6,926
    Deferred acquisition costs                          38,037        35,344
    Goodwill                                             4,820         4,820
    Intangible assets                                   18,987        19,082
    Prepaid reinsurance premiums                         8,046        11,104
    Other assets                                        25,911        20,720
                                                        ------        ------
      Total assets                                  $2,301,798    $2,294,683
                                                    ==========    ==========
    
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Liabilities:
    Unpaid losses and loss adjustment expenses      $1,035,088    $1,052,743
    Unearned premiums                                  139,957       135,872
    Federal income taxes payable                         8,128            55
    Ceded balances payable                               9,531        12,376
    Contingent commissions                               4,819         9,260
    Notes and debentures payable                       121,214       121,285
    Payable for securities                              10,916         4,768
    Other liabilities                                   30,780        29,655
                                                        ------        ------
      Total liabilities                              1,360,433     1,366,014
                                                     ---------     ---------
    
    Shareholders' equity:
    Ordinary shares, $0.0001 par value,
     900,000,000 ordinary shares authorized;
     Class A ordinary shares issued: 21,388,550
     and 21,340,821 respectively; Class A
     ordinary shares outstanding: 18,341,910 and
     18,300,544, respectively; Class B ordinary
     shares issued and outstanding: 12,061,370
     and 12,061,370, respectively                            3             3
    Additional paid-in capital                         623,181       622,725
    Accumulated other comprehensive income              55,787        57,211
    Class A ordinary shares in treasury, at
     cost: 3,046,640 and 3,040,277 shares,
     respectively                                     (101,033)     (100,912)
    Retained earnings                                  363,427       349,642
                                                       -------       -------
      Total shareholders' equity                       941,365       928,669
                                                       -------       -------
    
      Total liabilities and shareholders' equity    $2,301,798    $2,294,683
                                                    ==========    ==========
    
                                GLOBAL INDEMNITY PLC
                              SELECTED INVESTMENT DATA
                                    (Unaudited)
                               (Dollars in millions)
    
                                                   Market Value as of
                                                   ------------------
                                           March 31, 2011       Dec. 31, 2010
                                           --------------       -------------
    
    Fixed Maturities                             $1,457.7            $1,444.4
    Cash and cash equivalents                       108.2               119.9
                                                    -----               -----
    Total bonds and cash and cash equivalents     1,565.9             1,564.3
    Equities and other invested assets              173.4               152.9
                                                    -----               -----
    Total cash and invested assets               $1,739.3            $1,717.2
                                                 ========            ========
 


    
    
                                              Three Months Ended
                                              March 31, 2011 (a)
    
    Net investment income                                   $12.5
                                                            -----
    
    Net realized investment gains                             8.8
    Net unrealized investment losses                         (1.4)
    Net realized and unrealized
     investment returns                                       7.4
                                                              ---
    
       Total investment return                              $19.9
                                                            =====
    
       Average total cash and invested
        assets (b)                                       $1,720.4
                                                         ========
    
       Total investment return % annualized                   4.6%
    
    
    (a)  Amounts in this table are shown on an after-tax basis.
    (b)  Simple average of beginning and end of period, net of payable
         for securities.




                         GLOBAL INDEMNITY PLC
                      SUMMARY OF OPERATING INCOME
                              (Unaudited)
        (Dollars and shares in thousands, except per share data)
   
                                                    For the Three Months
                                                    --------------------
                                                       Ended March 31,
                                                       ---------------
                                                     2011           2010
                                                     ----           ----
    
    Operating income                               $5,030         $7,908
    Adjustments:
    Net realized investment gains, net of
     tax                                            8,755         10,993
    
    Total after-tax adjustments                     8,755         10,993
                                                    -----         ------
    Net income                                    $13,785        $18,901
                                                  =======        =======
    Weighted average shares outstanding -
     basic (1)                                     30,301         30,185
                                                   ======         ======
    Weighted average shares outstanding -
     diluted (1)                                   30,338         30,204
                                                   ======         ======
    Operating income per share - basic (1)          $0.17          $0.26
                                                    =====          =====
    Operating income per share - diluted (1)        $0.17          $0.26
                                                    =====          =====
    
    
    
    (1) Shares outstanding and per share amounts for 2010 have been
    restated to reflect the 1-for-2 stock exchange effective July 2,
    2010 when the Company completed its redomestication to Ireland.

Note Regarding Operating Income

Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment gains (losses). Operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.

    
    Contact: Media
             Linda Hohn
             Associate General Counsel
             +1-610-660-6862
             lhohn@global-indemnity.com

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