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Global Indemnity plc Reports Fourth Quarter 2011 Financial Results


News provided by

Global Indemnity plc

14 Feb, 2012, 01:35 GMT

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DUBLIN, Ireland, February 14, 2012 /PRNewswire/ --

Global Indemnity plc (NASDAQ:GBLI) today reported a net loss for the three months ended December 31, 2011 of $23.6 million or $0.79 per share and a net loss for the twelve months ended December 31, 2011 of $39.6 million or $1.31 per share. Book value per share was $29.15 at December 31, 2011, an increase of 1.1% compared to book value of $28.84 at September 30, 2011, and a decrease of 4.7% compared to book value of $30.59 at December 31, 2010. During the 4th quarter of 2011 the Company repurchased approximately 1.6 million of its own shares for $29.4 million at an average price of $18.69 per share.

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

    Selected Operating and Balance Sheet Data (Dollars in millions,
    except per share data)
 
                                    For the Three           For the Twelve
                                       Months                   Months
                                  Ended December 31,       Ended December 31,
                                  2011          2010       2011          2010
 
    Gross Premiums Written       $   52.2      $ 74.6     $ 307.9      $ 345.8
    Net Premiums Written         $   46.1      $ 62.3     $ 280.6      $ 296.5
 
    Net income (loss)            $  (23.6)     $ 21.7     $ (39.6)     $  84.9
    Net income (loss) per share  $  (0.79)     $ 0.72     $ (1.31)     $  2.80
 
    Operating income (loss)      $  (22.9)     $ 18.4     $ (54.4)     $  65.5
    Operating income (loss) per
    share                        $  (0.76)     $ 0.61     $ (1.80)     $  2.16
 
 
                                As of             As of            As of
                              December 31,     September 30,     December 31,
                                  2011             2011              2010
 
    Book value per share        $   29.15      $   28.84        $   30.59
    Shareholders' equity        $   841.7      $   877.5        $   928.7
    Cash and invested assets    $ 1,647.7      $ 1,661.9        $ 1,717.2
 

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.

Teleconference and Webcast for Interested Parties

Cynthia Valko, Chief Executive Officer of Global Indemnity plc, and Thomas McGeehan, Chief Financial Officer of Global Indemnity plc, will conduct a teleconference for interested parties on February 14, 2012 at 8:30 a.m. Eastern Time to discuss the fourth quarter 2011 results.

To participate in the teleconference, please telephone (800) 230-1092 (U.S. and Canada) or +1-612-288-0340 (International) and you will be greeted by an operator. Please reference Global Indemnity plc 4th Quarter 2011 Earnings Call.

The teleconference is being webcast by AT&T and can be accessed at the Company's website at http://www.globalindemnity.ie. Please access the site at least 15 minutes prior to the teleconference to register, download and install any necessary software. The webcast is also being distributed over AT&T's Audio-Only Web ConferenceCast. To access live or archived event, please use this URL: https://im.csgsystems.com/cgi-bin/confCast, Conference ID#: 236244 and click GO.

The teleconference will be available for replay beginning at 10:30 a.m. Eastern Time on February 14, 2012 and will end on 11:59 p.m. March 14, 2012. To listen to the replay, please telephone (800) 475-6701 (U.S. and Canada) or +1-320-365-3844 (International) then enter 236244.

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 and Twelve Months Ended December 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 December 31,      Twelve Months Ended December 31,
                       2011                2010             2011                 2010
    Loss Ratio:
    Current
    Accident Year
    Excluding
    Catastrophes       82.9                 64.5            75.8                 58.9
    Catastrophes        8.3                  0.8            16.6                  5.4
    Current
    Accident Year      91.2                 65.3            92.4                 64.3
    Changes to
    Prior Accident
    Year               17.2                (28.6)            1.1                (18.9)
    Loss Ratio -
    Calendar Year     108.4                 36.7            93.5                 45.4
    Expense Ratio      43.2                 42.8            41.5                 41.2
    Combined Ratio(1) 151.6                 79.5           135.0                 86.6
 
    (1) A premium deficiency shall be recognized if the sum of
    expected loss and loss adjustment expenses and unamortized
    acquisition costs exceeds related unearned premium after
    consideration of investment income. Any future expected loss on
    the related unearned premium is recorded first by impairing the
    unamortized acquisition costs on the related unearned premium
    followed by an increase to loss and loss adjustment expense
    reserves on additional expected loss in excess of unamortized
    acquisition costs. Excluding the premium deficiency charge noted
    below the combined ratio would have been 148.9 points for the
    three months ended December 31, 2011 and 132.0 points for the
    twelve months ended December 31, 2011.
 

For the three months ended December 31st, the calendar year loss ratio increased by 71.7 points to 108.4 points in 2011 from 36.7 points in 2010.

  • Excluding catastrophes, the current accident year loss ratio increased by 18.4 points to 82.9 points in 2011 from 64.5 points in 2010. The current accident year loss ratio includes 1.7 points due to premium deficiency charges.  
    • Excluding catastrophes, the property loss ratio decreased from 44.4 points in the fourth quarter of 2010 to 32.5 points in the fourth quarter of 2011. Including catastrophes, the property loss ratio increased by 4.4 points to 50.8 points in 2011 from 46.4 points in 2010.
    • The casualty loss ratio increased 47.4 points to 125.0 points in 2011 from 77.6 points in 2010.  The increase is mainly attributable to increased losses in our general liability lines. The casualty loss ratio also includes $1.1 million, or 3.1 points, due to a premium deficiency charge.
  • Current year results include a 17.2 point increase in the loss ratio related to prior accident years.  For 2011 we increased prior accident year reserves by $11.5 million.  This increase was made up of a $9.0 million increase from our U.S. Insurance Operations primarily due to increases in the general liability and professional loss reserves, as well as, an increase of $2.5 million from our Reinsurance Operations primarily due to increases in the general liability loss reserves.

For the three months ended December 31st, the expense ratio increased from 42.8 points in 2010 to 43.2 points in 2011.

  • The increase in the expense ratio was primarily due to the decrease in earned premiums at our Reinsurance Operations.
  • Corporate expenses also decreased $2.9 million on a quarter over quarter basis due to cost savings from our previously disclosed Profit Enhancement Initiative.  

For the twelve months ended December 31st, the calendar year loss ratio increased by 48.1 points to 93.5 points in 2011 from 45.4 points in 2010.

  • Excluding catastrophes, the current accident year loss ratio increased by 16.9 points to 75.8 points in 2011 from 58.9 points in 2010. The current accident year loss ratio includes 1.4 points due to premium deficiency charges.  
    • Excluding catastrophes, the property loss ratio increased from 39.7 points in the fourth quarter of 2010 to 43.7 points in the fourth quarter of 2011 mainly due to severity from fire losses and severe weather.  Including catastrophes, the property loss ratio increased by 27.8 points to 81.7 points in 2011 from 53.9 points in 2010.
    • The casualty loss ratio increased 29.9 points to 100.8 points in 2011 from 70.9 points in 2010.  The increase is mainly attributable to increased losses in our general liability lines. The casualty loss ratio also includes $4.1 million, or 2.4 points, due to a premium deficiency charge.
  • Current year results include a 1.1 point increase in the loss ratio related to prior accident years.  This increase was made up of an increase of $13.1 million from our Reinsurance Operations primarily due to increases in the general liability and auto liability loss reserves and a decrease of $9.7 million from our U.S. Insurance Operations primarily due to decreases in casualty loss reserves from accident years prior to 2009.

For the twelve months ended December 31st, the expense ratio increased from 41.2 points in 2010 to 41.5 points in 2011.

  • The increase in the expense ratio is mainly attributable to a premium deficiency charge of $4.8 million, or 1.6 points, and an increase in average commission rates due to changes in our mix of business.
  • The increase in the expense ratio was offset by lower employee costs from our previously disclosed Profit Enhancement Initiative, a decrease in share-based compensation related to the forfeiture of unvested restricted shares and options and a decrease in contingent commissions related to increases in loss ratios described above.
  • Corporate expenses also decreased $7.6 million. The decrease is mainly due to completing the redomestication to Ireland and cost savings from the Profit Enhancement Initiative.
    Global Indemnity plc's three months ended December 31, 2011 and
    2010 Gross and Net Premiums Written Results by Business Unit

 
    (Dollars in thousands)          Three Months Ended December 31,
                              Gross Premiums Written  Net Premiums Written
                              2011              2010  2011            2010
    Insurance Operations      $ 47,046      $ 63,666   $ 40,984   $ 50,391
    Reinsurance Operations       5,137        10,959      5,137     11,903
    Total                     $ 52,183      $ 74,625   $ 46,121   $ 62,294
 

Insurance Operations: For the three months ended December 31, 2011, gross premiums written decreased 26.1%, and net premiums written decreased 18.7%, compared to the same period in 2010. The decrease in gross premiums written is mainly due to terminated programs as well as termination of certain general liability products, partially offset by increases in commercial property lines. The decrease in net premiums written was primarily due to the decrease in gross premiums written, offset partially by the cancellation of a property quota share reinsurance treaty effective January 1, 2011 and an increase in retention related to the property excess of loss treaty which renewed January 1, 2011.

Reinsurance Operations: For the three months ended December 31, 2011, gross premiums written decreased 53.1%, and net premiums written decreased 56.8% compared to the same period in 2010. The decrease in gross and net premiums written is due to the sale of a company that elected to not renew its treaty with Wind River post-acquisition and non-renewals of treaties that did not meet our return hurdles.

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

 
         (Dollars in
         thousands)                Twelve Months Ended December 31,
                           Gross Premiums Written      Net Premiums Written
                           2011              2010      2011            2010
    Insurance Operations   $ 229,148    $ 245,481    $ 202,317    $ 196,065
    Reinsurance
    Operations                78,755      100,282       78,253      100,439
    Total                  $ 307,903    $ 345,763    $ 280,570    $ 296,504
 

Insurance Operations: For the twelve months ended December 31, 2011, gross premiums written decreased 6.7%, and net premiums written increased 3.2%, compared to the same period in 2010. The decrease in gross premiums written is mainly due to terminated programs as well as termination of certain general liability products, partially offset by growth in several products within the property and general liability lines. 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 U.S. property excess of loss treaty which renewed on January 1, 2011.

Reinsurance Operations: For the twelve months ended December 31, 2011, gross premiums written decreased 21.5%, and net premiums written decreased 22.1%, compared to the same period in 2010. The decrease in gross and net premiums written is primarily due to the sale of a company that elected to not renew its treaty with Wind River post-acquisition and non-renewals of treaties that did not meet our return hurdles.

Note: Tables Follow

                              Global Indemnity plc
                       Consolidated Statements of Operations
                                    (Unaudited)
             (Dollars and shares in thousands, except per share data)

 
                            For the Three Months       For the Twelve Months
                             Ended December 31,          Ended December 31,
                             2011          2010         2011          2010
    Gross premiums
    written                 $ 52,183     $ 74,625     $ 307,903     $ 345,763
 
    Net premiums written    $ 46,121     $ 62,294     $ 280,570     $ 296,504
 
    Net premiums earned     $ 66,740     $ 71,195     $ 297,854     $ 286,774
    Investment income,
    net                       11,888       14,014        53,112        56,623
    Net realized
    investment gains
    (losses)                    (198)       4,818        21,473        26,437
    Other income                 137          138        12,136           653
    Total revenues            78,567       90,165       384,575       370,487
 
    Net losses and loss
    adjustment expenses       72,355       26,106       278,684       130,359
    Acquisition costs and
    other underwriting
    expenses                  28,829       30,467       123,475       118,164
    Corporate and other
    operating expenses         3,199        6,062        13,528        21,127
    Interest expense           1,456        1,623         6,476         7,020
    Income (loss) before
    income taxes             (27,272)      25,907       (37,588)       93,817
    Income tax expense
    (benefit)                 (3,665)       4,186         2,093         8,892
    Net income (loss)
    before equity in net
    income (loss) of
    partnership              (23,607)      21,721       (39,681)       84,925
    Equity in net income
    (loss) of
    partnership, net of
    tax                            -            7            53           (22)
    Net income (loss)      $ (23,607)    $ 21,728     $ (39,628)     $ 84,903
 
    Weighted average
    shares
    outstanding-basic         29,995       30,284        30,238        30,238
 
    Weighted average
    shares
    outstanding-diluted
    (1)                       29,995       30,339        30,238        30,274
 
    Net income (loss) per
    share - basic            $ (0.79)      $ 0.72       $ (1.31)       $ 2.81
 
    Net income (loss) per
    share - diluted          $ (0.79)      $ 0.72       $ (1.31)       $ 2.80
 
    Combined ratio
    analysis: (2)
    Loss ratio                 108.4         36.7          93.5          45.4
    Expense ratio               43.2         42.8          41.5          41.2
    Combined ratio (3)         151.6         79.5         135.0          86.6
 
    (1) For the quarter and year to date periods ended December 31,
    2011, "diluted" loss per share is the same as "basic" loss per
    share since there was a net loss for each period.
    (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.
    (3) Excluding premium deficiency charges, the combined ratio would
    have been 148.9 points for the three months ended December 31,
    2011 and 132.0 points for the twelve months ended December 31,
    2011.
 
                               GLOBAL INDEMNITY PLC
                            CONSOLIDATED BALANCE SHEETS
                                    (Unaudited)
                              (Dollars in thousands)

                                                        As of         As of
                                                     December 31,   December 31,
     ASSETS                                             2011          2010
    Fixed Maturities:
                    Available for sale
                    securities, at fair value
                     (amortized cost: 2011 -
                    $1,258,533 and 2010 -                                   
                    $1,393,655)                      $ 1,296,885  $ 1,444,392
    Equity securities:
                    Available for sale, at fair
                    value
 
                    (cost: 2011 - $155,390 and
                    2010 - $121,604)                     168,361      147,526
    Other invested assets:
                    Available for sale
                    securities, at fair value
                    (cost: 2011 - $4,150 and
                    2010 - $4,255)                         6,617        4,268
                    Securities classified as
                    trading, at fair value
                    (cost: 2011 - $0 and 2010 -
                    $1,112)                                    -        1,112
                    Total investments                  1,471,863    1,597,298
 
    Cash and cash equivalents                            175,860      119,888
    Premiums receivable, net                              47,844       56,657
    Reinsurance receivables                              287,986      422,844
    Deferred federal income taxes                         13,242        6,926
    Deferred acquisition costs                            25,565       35,344
    Intangible assets                                     18,704       19,082
    Goodwill                                               4,820        4,820
    Prepaid reinsurance premiums                           6,555       11,104
    Receivable for securities sold                         1,484            -
    Federal income taxes receivable                        2,223            -
    Other assets                                          19,371       20,720
                                                                            
                    Total assets                     $ 2,075,517  $ 2,294,683
 
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Liabilities:
                                                                            
    Unpaid losses and loss adjustment expenses         $ 971,377  $ 1,052,743
    Unearned premiums                                    114,041      135,872
    Ceded balances payable                                 8,887       12,376
    Contingent commissions                                 7,473        9,260
    Payable for securities purchased                           -        4,768
    Federal income taxes payable                               -           55
    Notes and debentures payable                         103,000      121,285
    Other liabilities                                     29,075       29,655
                    Total liabilities                  1,233,853    1,366,014
 
    Shareholders' equity:
    Ordinary shares, $0.0001 par value,
    900,000,000 ordinary shares authorized;
    Class A ordinary shares issued: 21,429,683
    and 21,340,821 respectively; Class A
    ordinary shares outstanding: 16,810,678 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                           621,917      622,725
    Accumulated other comprehensive income, net
    of taxes                                              40,174       57,211
    Retained earnings                                    310,014      349,642
    Class A ordinary shares in treasury, at
    cost: 4,619,005 and 3,040,277 shares,
    respectively                                        (130,444)    (100,912)
                    Total shareholders' equity           841,664      928,669
 
                    Total liabilities and                                   
                    shareholders' equity             $ 2,075,517  $ 2,294,683
 
                          GLOBAL INDEMNITY PLC
                         SELECTED INVESTMENT DATA
                                (Unaudited)
                           (Dollars in millions)
 
                                                      Market Value as of
                                                 December 31,     December 31,
                                                     2011             2010
 
    Fixed Maturities                             $ 1,296.9         $ 1,444.4
    Cash and cash equivalents                        175.8             119.9
    Total bonds and cash and cash equivalents      1,472.7           1,564.3
    Equities and other invested assets               175.0             152.9
    Total cash and invested assets               $ 1,647.7         $ 1,717.2
 
 
                                 Three Months Ended          Twelve Months Ended
                                 December 31, 2011 (a)       December 31, 2011 (a)
 
    Net investment income                     $ 10.3                      $ 46.1
 
    Net realized investment
    gains (losses)                              (0.7)                       14.9
    Net unrealized investment
    gains (losses)                              16.7                       (17.0)
    Net realized and
    unrealized investment
    returns                                     16.0                        (2.1)
 
    Total investment return                   $ 26.3                      $ 44.0
 
    Average total cash and
    invested assets (b)                    $ 1,657.7                   $ 1,680.8
 
    Total investment return %
    annualized                                   6.3%                        2.6%
 
    (a) Amounts in this table are shown on an after-tax basis.
    (b) Simple average of beginning and end of period, net of
    receivable/payable for securities.
 
                                GLOBAL INDEMNITY PLC
                             SUMMARY OF OPERATING INCOME
                                    (Unaudited)
             (Dollars and shares in thousands, except per share data)

 
                          For the Three Months        For the Twelve Months
                            Ended December 31,          Ended December 31,
                            2011          2010          2011         2010
 
    Operating income
    (loss)               $ (22,858)     $ 18,394     $ (54,439)   $ 65,503
    Adjustments:
    Net realized
    investment gains
    (losses), net of tax      (749)        3,334        14,811      19,400
 
    Total after-tax
    adjustments               (749)        3,334        14,811      19,400
 
    Net income (loss)    $ (23,607)     $ 21,728     $ (39,628)   $ 84,903
 
    Weighted average
    shares outstanding -
    basic                    29,995       30,284        30,238      30,238
 
    Weighted average
    shares outstanding -
    diluted (1)              29,995       30,339        30,238      30,274
 
    Operating income
    (loss) per share -
    basic                   $ (0.76)      $ 0.61       $ (1.80)     $ 2.17
 
    Operating income
    (loss) per share -
    diluted                $ (0.76)       $ 0.61       $ (1.80)     $ 2.16
 
    (1) For the quarter and year to date periods ended December 31,
    2011, "diluted" loss per share is the same as "basic" loss per
    share since there was a net loss for each period.
 

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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