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Global Indemnity plc Reports Third Quarter 2011 Financial Results


News provided by

Global Indemnity plc

08 Nov, 2011, 00:00 GMT

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DUBLIN, November 7, 2011 /PRNewswire/ --

Global Indemnity plc (NASDAQ: GBLI) today reported a net loss for the three months ended September 30, 2011 of $34.2 million or $1.13 per share and net loss for the nine months ended September 30, 2011 of $16.0 million or $0.53 per share. As of September 30th, book value per share decreased to $28.84 or 5.7% 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     For the Nine Months
                                 Ended September 30,      Ended September 30,
                                  2011          2010       2011         2010
 
                                                                            
    Gross Premiums Written         $ 73.1      $ 86.2      $ 255.7    $ 271.1
    Net Premiums Written           $ 64.9      $ 73.2      $ 234.4    $ 234.2
 
    Net income (loss)            $ (34.2)      $ 19.8     $ (16.0)    $  63.2
    Net income (loss) per share  $ (1.13)      $ 0.65     $ (0.53)    $  2.09
 
    Operating income (loss)      $ (34.8)      $ 18.5     $ (31.6)    $  47.1
    Operating income (loss) per
    share                        $ (1.15)      $ 0.61     $ (1.04)    $  1.56
 
 
                                 As of       As of      As of       As of
                             September 30, June 30,   March 31,  December 31,
                                 2011        2011       2011         2010
 
    Book value per share         $ 28.84   $ 31.01  $   30.96     $   30.59
    Shareholders' equity         $ 877.5   $ 943.2  $   941.4     $   928.7
    Cash and invested assets   $ 1,661.9 $ 1,734.4  $ 1,739.3     $ 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.

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 Nine Months Ended September 30, 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      Nine Months Ended 
                                      September 30,          September 30,
                                    2011        2010       2011        2010
    Loss Ratio:
    Current Accident Year
    Excluding Catastrophes          86.8        58.8       73.7        57.0
    Catastrophes                    21.7         5.2       19.1         7.0
    Current Accident Year          108.5        64.0       92.8        64.0
    Changes to Prior Accident
    Year                             3.3       (21.5)      (3.5)      (15.6)
    Loss Ratio - Calendar Year     111.8        42.5       89.3        48.4
    Expense Ratio                   44.9        40.7       41.0        40.7
    Combined Ratio (1)             156.7        83.2      130.3        89.1
 
    (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 143.1 points for the
    three months ended September 30, 2011 and 125.5 points for the
    nine months ended September 30, 2011.
 

For the three months ended September 30th, the calendar year loss ratio increased by 69.3 points to 111.8 points in 2011 from 42.5 points in 2010.

  • Excluding catastrophes, the current accident year loss ratio increased by 28.0 points to 86.8 points in 2011 from 58.8 points in 2010. The current accident year loss ratio includes 5.1 points due to premium deficiency charges.
    • Excluding catastrophes, the property loss ratio increased from 38.7 points in the third quarter of 2010 to 50.0 points in the third quarter of 2011 mainly due to severity from fire losses and severe weather. Including catastrophes, the property loss ratio increased by 46.1 points to 98.8 points in 2011 from 52.7 points in 2010.
    • The casualty loss ratio increased 45.6 points to 116.3 points in 2011 from 70.7 points in 2010. The increase is mainly attributable to increased losses in our general liability and professional lines in our U.S. Insurance Operations. The casualty loss ratio also includes $3.9 million, or 9.1 points, due to a premium deficiency charge.
  • Current year results include a 3.3 point increase in the loss ratio related to prior accident years. For 2011 we increased prior accident year reserves by $2.6 million. This increase was made up of a $0.8 million decrease from our U.S. Insurance Operations primarily due to decreases in general liability loss reserves mitigated partially by loss reserve increases in the auto liability, professional and umbrella lines. The decrease in U.S. Insurance Operations was offset by an increase of $3.4 million from our Reinsurance Operations primarily within casualty lines.

For the three months ended September 30th, the expense ratio increased from 40.7 points in 2010 to 44.9 points in 2011.

  • The increase in the expense ratio is mainly attributable to a premium deficiency charge of $6.6 million, or 8.6 points, and an increase in average commission rates due to changes in our mix of business.
  • The increase in the expense ratio was partially 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 $2.2 million on a quarter over quarter basis due to cost savings from our previously disclosed Profit Enhancement Initiative and a decrease in share-based compensation related to the forfeiture of unvested restricted shares and options.

For the nine months ended September 30th, the calendar year loss ratio increased by 40.9 points to 89.3 points in 2011 from 48.4 points in 2010.

  • Excluding catastrophes, the current accident year loss ratio increased by 16.7 points to 73.7 points in 2011 from 57.0 points in 2010. The current accident year loss ratio includes 1.7 points due to premium deficiency charges.
    • Excluding catastrophes, the property loss ratio increased from 38.2 points in the third quarter of 2010 to 47.1 points in the third quarter of 2011. Severity from fire losses and severe weather contributed to the increase. Including catastrophes, the property loss ratio increased by 34.7 points to 91.1 points in 2011 from 56.4 points in 2010.
    • The casualty loss ratio increased 25.3 points to 94.0 points in 2011 from 68.7 points in 2010. The increase is mainly attributable to increased losses in our general liability and professional lines in our U.S. Insurance Operations. The casualty loss ratio also includes $3.9 million, or 3.0 points, due to a premium deficiency charge.
  • Current year results include a 3.5 point reduction in the loss ratio related to prior accident years. This decrease was made up of (1) a decrease of $18.6 million from our U.S. Insurance Operations primarily due to decreases in general liability loss reserves mitigated partially by loss reserve increases in casualty brokerage and professional lines and (2) an increase of $10.6 million from our Reinsurance Operations primarily within casualty lines.

For the nine months ended September 30th, the expense ratio increased from 40.7 points in 2010 to 41.0 points in 2011.

  • The increase in the expense ratio is mainly attributable to a premium deficiency charge of $7.1 million, or 3.1 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 $4.7 million. The decrease is due to completing the redomestication to Ireland, cost savings from the Profit Enhancement Initiative and a decrease in share-based compensation related to the forfeiture of unvested restricted shares and options.
    Global Indemnity plc's three months ended September 30, 2011 and
    2010 Gross and Net Premiums Written Results by Business Unit

         
    (Dollars in thousands)         Three Months Ended September 30,
                            Gross Premiums Written     Net Premiums Written
                               2011          2010        2011        2010
    Insurance Operations    $ 55,260      $ 66,213    $ 47,102    $ 53,185
    Reinsurance Operations    17,832        20,022      17,832      20,021
    Total                   $ 73,092      $ 86,235    $ 64,934    $ 73,206
 

Insurance Operations: For the three months ended September 30, 2011, gross premiums written decreased 16.5%, and net premiums written decreased 11.4%, compared to the same period in 2010. The decrease in gross premiums is mainly due to terminated programs as well as termination of certain general liability products, partially offset by increases in 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 September 30, 2011, gross and net premiums written decreased 10.9% 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, offset partially by several new treaties.

    Global Indemnity plc's nine months ended September 30, 2011 and
    2010 Gross and Net Premiums Written Results by Business Unit

        (Dollars in thousands)      Nine Months Ended September 30,
                           Gross Premiums Written     Net Premiums Written
                              2011          2010         2011        2010
                                                            
    Insurance Operations  $ 182,102     $ 181,815   $ 161,333    $ 145,674
    Reinsurance Operations   73,618        89,323      73,116       88,536
    Total                 $ 255,720     $ 271,138   $ 234,449    $ 234,210
 

Insurance Operations: For the nine months ended September 30, 2011, gross premiums written increased 0.2%, and net premiums written increased 10.7%, compared to the same period in 2010. The increase in gross premiums is mainly due to growth in certain 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 nine months ended September 30, 2011, gross premiums written decreased 17.6%, and net premiums written decreased 17.4%, 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, offset partially by several new treaties.

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 Nine Months
                             Ended September 30,         Ended September 30,
                               2011         2010          2011          2010
    Gross premiums
    written                 $ 73,092     $ 86,235     $ 255,720     $ 271,138
 
    Net premiums written    $ 64,934     $ 73,206     $ 234,449     $ 234,210
 
    Net premiums earned     $ 77,090     $ 70,089     $ 231,114     $ 215,579
    Investment income,
    net                       12,880       14,089        41,224        42,609
    Net realized
    investment gains           1,288        1,818        21,671        21,619
    Other income                 167          173        11,999           515
    Total revenues            91,425       86,169       306,008       280,322
 
    Net losses and loss
    adjustment expenses       86,234       29,789       206,329       104,253
    Acquisition costs and
    other underwriting
    expenses                  34,597       28,541        94,646        87,697
    Corporate and other
    operating expenses         2,862        5,106        10,329        15,065
    Interest expense           1,525        1,825         5,020         5,397
    Income (loss) before
    income taxes            (33,793)       20,908      (10,316)        67,910
    Income tax expense           454        1,146         5,758         4,706
    Net income (loss)
    before equity in net
    income (loss) of
    partnership             (34,247)       19,762      (16,074)        63,204
    Equity in net income
    (loss) of
    partnership, net of
    tax                            -            -            53          (29)
    Net income (loss)     $ (34,247)     $ 19,762    $ (16,021)      $ 63,175
 
    Weighted average
    shares
    outstanding-basic         30,338       30,274        30,321        30,222
 
    Weighted average
    shares
    outstanding-diluted       30,353       30,308        30,342        30,246
 
    Net income (loss) per
    share - basic (1)       $ (1.13)       $ 0.65      $ (0.53)        $ 2.09
 
    Net income (loss) per
    share - diluted (1)     $ (1.13)       $ 0.65      $ (0.53)        $ 2.09
 
    Combined ratio
    analysis: (2)
    Loss ratio                 111.8         42.5          89.3          48.4
    Expense ratio               44.9         40.7          41.0          40.7
    Combined ratio (3)         156.7         83.2         130.3          89.1
 
    (1) 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.
 
    (3) Excluding premium charges, the combined ratio would have
    been 143.1 points for the three months ended September 30, 2011
    and 125.5 points for the nine months ended September 30, 2011.
 
                              GLOBAL INDEMNITY PLC
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                        (Dollars and shares in thousands)
                                                                      
                                                       As of          As of
                                                   September 30,  December 31,
    ASSETS                                             2011           2010
    Fixed Maturities:
       Available for sale securities, at fair value
       (amortized cost: 2011 - $1,370,288 
        and 2010 - $1,393,655)                       $ 1,406,342  $ 1,444,392
    Equity securities:
       Available for sale, at fair value
       (cost: 2011 - $154,110 and  2010 - $121,604)      146,067      147,526
    Other invested assets:
        Available for sale securities, at fair value
        (cost: 2011 - $14,150 and 2010 - $4,255)          16,169        4,268
        Securities classified as trading, at fair value
        (cost: 2011 - $0 and 2010 - $1,112)                    -        1,112
                    Total investments                  1,568,578    1,597,298
 
    Cash and cash equivalents                             93,281      119,888
    Premiums receivable, net                              60,268       56,657
    Reinsurance receivables                              303,950      422,844
    Deferred federal income taxes                         20,173        6,926
    Deferred acquisition costs                            28,753       35,344
    Intangible assets                                     18,798       19,082
    Goodwill                                               4,820        4,820
    Prepaid reinsurance premiums                           7,762       11,104
    Receivable for securities sold                         4,388            -
    Other assets                                          22,118       20,720
                    Total assets                     $ 2,132,889  $ 2,294,683
 
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Liabilities:
                                                                            
    Unpaid losses and loss adjustment expenses         $ 971,222  $ 1,052,743
    Unearned premiums                                    135,866      135,872
    Ceded balances payable                                 8,539       12,376
    Contingent commissions                                 5,693        9,260
    Payable for securities purchased                           -        4,768
    Federal income taxes payable                           1,993           55
    Notes and debentures payable                         103,071      121,285
    Other liabilities                                     29,018       29,655
                    Total liabilities                  1,255,402    1,366,014
 
    Shareholders' equity:
    Ordinary shares, $0.0001 par value,
    900,000,000 ordinary shares
    authorized; Class A ordinary shares
    issued: 21,414,007 and 21,340,821
    respectively; Class A ordinary shares
    outstanding: 18,365,802 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                           621,442      622,725
    Accumulated other comprehensive income,
    net of taxes                                          23,500       57,211
    Retained earnings                                    333,621      349,642
    Class A ordinary shares in treasury, at
    cost: 3,048,205 and 3,040,277 shares,
    respectively                                        (101,079)    (100,912)
                    Total shareholders' equity           877,487      928,669
 
                    Total liabilities and                                   
                    shareholders' equity             $ 2,132,889  $ 2,294,683
 
                           GLOBAL INDEMNITY PLC
                         SELECTED INVESTMENT DATA
                               (Unaudited)
                          (Dollars in millions)


                                                       Market Value as of
                                                 September 30,    December 31, 
                                                    2011             2010
 
    Fixed Maturities                              $ 1,406.3       $ 1,444.4
    Cash and cash equivalents                          93.3           119.9
    Total bonds and cash and cash equivalents       1,499.6         1,564.3
    Equities and other invested assets                162.2           152.9
    Total cash and invested assets                $ 1,661.8       $ 1,717.2
 
 
                                Three Months Ended         Nine Months Ended
                                September 30, 2011         September 30, 2011
                                       (a)                         (a)
 
    Net investment income                $ 11.1                     $ 35.7
 
    Net realized investment gains           0.6                       15.6
    Net unrealized investment
    losses                                (29.1)                     (33.7)
    Net realized and
    unrealized investment
    returns                               (28.5)                     (18.1)
 
    Total investment return             $ (17.4)                    $ 17.6
 
    Average total cash and
    invested assets (b)               $ 1,698.0                  $ 1,689.3
 
    Total investment return %
    annualized                             (4.1%)                      1.4%
 
    (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 Nine Months
                          Ended September 30,          Ended September 30,
                          2011          2010          2011          2010
    Operating income
    (loss)             $ (34,842)     $ 18,490    $ (31,581)     $ 47,109
    Adjustments:
    Net realized
    investment gains,
    net of tax                595        1,272        15,560       16,066
 
    Total after-tax
    adjustments               595        1,272        15,560       16,066
 
    Net income (loss)  $ (34,247)     $ 19,762    $ (16,021)     $ 63,175
 
    Weighted average
    shares outstanding
    - basic                30,338       30,274        30,321       30,222
 
    Weighted average
    shares outstanding
    - diluted              30,353       30,308        30,342       30,246
 
    Operating income
    (loss) per share -
    basic                $ (1.15)       $ 0.61      $ (1.04)       $ 1.56
 
    Operating income
    (loss) per share -
    diluted              $ (1.15)       $ 0.61      $ (1.04)       $ 1.56
 

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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