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Global Indemnity plc Reports First Quarter 2014 Financial Results

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News provided by

Global Indemnity plc

05 May, 2014, 20:36 GMT

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DUBLIN, May 5, 2014 /PRNewswire/ -- Global Indemnity plc (NASDAQ:GBLI) today reported net income for the three months ended March 31, 2014 of $8.8 million or $0.35 per share. As of March 31st, book value per share was $34.82, an increase of 0.5% compared to book value per share of $34.65 at December 31, 2013.    

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,



As of

 March 31,


As of

December 31,



2014


2013



2014


2013











Gross Premiums Written


$ 77.2


$  74.9


Book value per share

$  34.82


$  34.65

Net Premiums Written


$ 72.9


$  71.5


Shareholders' equity

$  880.8


$  873.3







Cash and invested assets

$ 1,559.4


$ 1,567.4

Net income


$  8.8


$  12.4






Net income per share


$ 0.35


$  0.49
















Operating income


$  9.8


$   8.5






Operating income per share


$ 0.39


$  0.34

















Cynthia Y. Valko, Chief Executive Officer, commented:  "Operating income has increased 14% compared to 2013.  Premium growth was realized in both Insurance Operations and Reinsurance Operations.  The loss ratio has improved due to improved underwriting and pricing and the expense ratio has declined as earned premiums increased. We have continued to realize price increases in most lines; however, we are seeing price pressure in larger property accounts and in the property catastrophe market.  The overall combined ratio improved to 96% compared to 101% for the same period in 2013.

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 worldwide.  Global Indemnity plc's two primary segments 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, 2014 and 2013

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




Three Months Ended
March 31,



2014


2013

Loss Ratio:





Current Accident Year





   Excluding Catastrophes


50.4


53.1

   Catastrophes


9.8


8.4

   Current Accident Year


60.2


61.5

Changes to Prior Accident Year


(3.1)


(4.7)

Loss Ratio – Calendar Year


57.1


56.8

Expense Ratio


39.2


43.7

Combined Ratio


96.3


100.5


For the three months ended March 31st, the accident year loss ratio decreased by 1.3 points to 60.2 in 2014 from 61.5 in 2013.

For the three months ended March 31, 2014, the current accident year loss ratio improved to 60.2 compared to 61.5 for the same period in 2013.  The property loss ratio decreased 1.3 points to 54.6 in 2014 from 55.9 in 2013.  The casualty loss ratio decreased 0.6 points to 71.4 in 2014 from 72.0 in 2013.

Total calendar year results in 2014 include a 3.1 point reduction in the loss ratio related to prior accident years, which was primarily driven by better than expected emergence in the professional and general liability lines. 

For the three months ended March 31st, the expense ratio decreased from 43.7 in 2013 to 39.2 in 2014.

The decrease is primarily due to growth in earned premiums in both the Insurance and Reinsurance Operations.

Global Indemnity plc's Gross and Net Premiums Written Results by Segment


(Dollars in thousands)

Three Months Ended March 31,


Gross Premiums Written


Net Premiums Written


2014


2013


2014


2013

Insurance Operations

$ 52,992


$ 51,088


$ 48,656


$ 47,628

Reinsurance Operations

24,205


23,851


24,205


23,850

Total

$ 77,197


$ 74,939


$ 72,861


$ 71,478


Insurance Operations:  For the three months ended March 31, 2014, gross premiums written and net premiums written increased 3.7% and 2.2%, respectively, compared to the same period in 2013 primarily due to growth in small business binding authority lines.

Reinsurance Operations:  For the three months ended March 31, 2014, gross premiums written and net premiums written both increased 1.5%, compared to the same periods in 2013. 

Note: Tables Follow


Global Indemnity plc

Consolidated Statements of Operations

(Unaudited)

(Dollars and shares in thousands, except per share data)



For the Three Months

Ended March 31,


2014


2013





Gross premiums written

$ 77,197


$ 74,939





Net premiums written

$ 72,861


$ 71,478





Net premiums earned

$ 67,544


$ 55,996

Net investment income

8,284


10,034

Net realized investment gains (losses)

(813)


5,757

Other income (loss)

168


54

     Total revenues

75,183


71,841





Net losses and loss adjustment expenses

38,572


31,788

Acquisition costs and other underwriting expenses

26,485


24,477

Corporate and other operating expenses

2,961


2,345

Interest expense

191


1,173

     Income before income taxes

6,974


12,058

Income tax (benefit)

(1,849)


(307)

     Net income

$ 8,823


$ 12,365





Weighted average shares outstanding–basic

25,123


25,055





Weighted average shares outstanding–diluted

25,279


25,099





Net income per share – basic

$  0.35


$  0.49





Net income per share – diluted

$  0.35


$  0.49





Combined ratio analysis: (1)




Loss ratio

57.1


56.8

Expense ratio

39.2


43.7

Combined ratio

96.3


100.5


(1)    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

 (Dollars in thousands)







ASSETS


(Unaudited)

March 31, 2014


December 31, 2013

Fixed Maturities:






Available for sale securities, at fair value

(amortized cost: 2014 - $1,180,713 and 2013 - $1,187,685)


$ 1,196,858


$  1,204,364

Equity securities:






Available for sale, at fair value

(cost: 2014 - $197,088 and 2013 - $191,425)


257,940


254,070

Other invested assets:






Available for sale securities, at fair value

(cost: 2014 - $5,167 and 2013 - $3,065)


5,364


3,489


      Total investments


1,460,162


1,461,923






Cash and cash equivalents


99,223


105,492

Premiums receivable, net


57,853


49,888

Reinsurance receivables, net


198,967


197,887

Funds held by ceding insurers


23,764


18,662

Federal income taxes receivable


422


-

Deferred federal income taxes


6,444


4,206

Deferred acquisition costs


24,237


22,177

Intangible assets


17,901


17,990

Goodwill


4,820


4,820

Prepaid reinsurance premiums


4,840


5,199

Receivable for securities sold


-


723

Other assets


25,456


22,812


Total assets


$ 1,924,089


$ 1,911,779






LIABILITIES AND SHAREHOLDERS' EQUITY





Liabilities:





Unpaid losses and loss adjustment expenses


$   779,047


$ 779,466

Unearned premiums


121,588


116,629

Federal income taxes payable


-


1,595

Ceded balances payable


2,719


5,177

Contingent commissions


11,819


12,677

Payable for securities purchased


6,595


-

Margin borrowing facility


100,000


100,000

Other liabilities


21,520


22,955


Total liabilities


1,043,288


1,038,499






Shareholders' equity:





Ordinary shares, $0.0001 par value, 900,000,000 ordinary shares authorized; A ordinary shares issued: 16,298,226 and 16,200,406 respectively; A ordinary shares outstanding: 13,233,411 and 13,141,035, respectively; B ordinary  shares issued and outstanding: 12,061,370 and 12,061,370, respectively


3


3

Additional paid-in capital


517,466


516,653

Accumulated other comprehensive income, net of taxes


52,052


54,028

Retained earnings


412,684


403,861

A ordinary shares in treasury, at cost: 3,064,815 and 3,059,371 shares, respectively


(101,404)


(101,265)


Total shareholders' equity


880,801


873,280







Total liabilities and shareholders' equity


1,924,089


$ 1,911,779








GLOBAL INDEMNITY PLC

SELECTED INVESTMENT DATA

(Dollars in millions)


Market Value as of


(Unaudited)

March 31, 2014


 December 31, 2013





Fixed Maturities

$ 1,196.9


$ 1,204.4

Cash and cash equivalents

99.2


105.5

Total bonds and cash and cash equivalents

1,296.1


1,309.9

Equities and other invested assets

263.3


257.5

Total cash and invested assets, gross

1,559.4


1,567.4

Receivable / (payable) for securities

(6.6)


0.7

Total cash and invested assets, net 

$ 1,552.8


$ 1,568.1




(Unaudited)

Three Months Ended March 31, 2014 (a)



Net investment income

$    8.3



Net realized investment gains (losses)

(0.8)

Net unrealized investment gains (losses)

(2.6)

Net realized and unrealized investment returns

(3.4)



   Total investment return

$    4.9



   Average total cash and invested assets (b)

$ 1,560.5



   Total investment return %

0.3%


(a)    Amounts in this table are shown on a pre-tax basis.

(b)    Simple average of beginning and end of period, net of payable/receivable 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,


2014


2013





Operating income

$ 9,764


$  8,537

Adjustments:




Net realized investment gains (losses), net of tax

(941)


3,828

Total after-tax adjustments

(941)


3,828





Net income

$ 8,823


$ 12,365





Weighted average shares outstanding – basic

25,123


25,055





Weighted average shares outstanding – diluted

25,279


25,099





Operating income per share – basic

$  0.39


$  0.34





Operating income per share – diluted

$  0.39


$  0.34






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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