Global Indemnity Group, LLC (NASDAQ: GBLI)

Global Indemnity Group, LLC is a publicly traded partnership that operates as a specialty insurance provider in the excess and surplus lines marketplace. The company functions through two primary subsidiaries: Katalyx Holdings LLC, which serves as a specialty insurance intermediary, and Belmont Holdings GX, Inc., which owns five statutory insurance carriers rated 'A' (Excellent) by AM Best. These carriers are licensed in all 50 states, the District of Columbia, Puerto Rico, and the U. S. Virgin Islands, enabling the company to underwrite and distribute property and casualty insurance products across more than 1,000 classes of business targeting Main Street specialty risks.

Global Indemnity Group, LLC generates revenue primarily through the underwriting and distribution of specialty property and casualty insurance products, including assumed reinsurance, and the provision of technology and claims services. Revenue streams originate from direct written premiums by Katalyx's agencies on behalf of Belmont Core, assumed reinsurance treaties, and fees from specialized service businesses such as Kaleidoscope Insurance Technologies, Inc., Sayata, and Liberty Insurance Adjustment Agency, Inc. The company serves wholesale general agents, retail agents, and direct-to-consumer customers, with a diversified distribution network that includes approximately 350 wholesale general agent offices, 3,300 retail agents, and 21,000 direct-to-consumer policies as of December 31, 2025.

The company operates through the following segments: Agency and Insurance Services, Belmont Insurance Companies - Core (Belmont Core), and Belmont Insurance Companies - Non-Core (Belmont Non-Core).

• Agency and Insurance Services: This segment comprises Katalyx’s four agencies and three specialized insurance service businesses focused on underwriting, growth, and distribution of insurance products, as well as providing technology and claims services. The agencies include Penn America Insurance Services, LLC, J. H. Ferguson & Associates, LLC, Collectibles Insurance Services, LLC, and Valyn Re, LLC. The specialized service businesses are Kaleidoscope Insurance Technologies, Inc., Sayata (comprising Sayata US Insurance Services, Inc. and New Sabre Labs Ltd.), and Liberty Insurance Adjustment Agency, Inc. Katalyx’s agencies distribute specialty property and casualty insurance products targeting small commercial businesses such as Artisan Contractors, Habitational, General Services, Vacant Properties, Mercantile & Restaurants, Bars & Taverns, Commercial Buildings, and Collectibles.

• Belmont Insurance Companies - Core: This segment encompasses the insurance company operations of Belmont Holdings’ five statutory insurance carriers in the excess and surplus lines marketplace, focusing on ongoing direct insurance and assumed reinsurance products. Business divisions within this segment include Wholesale Commercial, Specialty Products, Vacant Express, Collectibles, and Assumed Reinsurance. The segment wrote $401,412,000 in gross written premiums in 2025, with Wholesale Commercial accounting for 63.7% of the total. The carriers are eligible to write on both admitted and non-admitted bases, with 89% of business written on a non-admitted basis in 2025 excluding assumed reinsurance.

• Belmont Insurance Companies - Non-Core: This segment consists of lines of business that have been de-emphasized or are no longer being written, including manufactured home, dwelling, motorcycle, watercraft, certain homeowners products, and farm, ranch & equine business. Primary activities involve servicing exiting policies and treaties in run-off, adjusting claims, and estimating loss reserves. Net earned premiums were $0.4 million in 2025, down from $7.2 million in 2024. These products were primarily distributed through retail agents, wholesale general agents, and brokers in standard or admitted markets.

Global Indemnity Group, LLC maintains a competitive position in the excess and surplus lines marketplace by leveraging its dual-capability carriers that can write on both admitted and non-admitted bases, offering flexibility in product design and rate-setting. The company differentiates itself through niche underwriting expertise, technology-driven solutions like the Kaleidoscope platform, and long-standing relationships with wholesale general agents, whose average tenure is 15 years. While competing with major insurers such as Chubb Limited, The Travelers Companies, Inc., Berkshire Hathaway, and Markel Group Inc., the company focuses on availability, service, and specialty products not readily available in standard markets, such as Vacant Express, to sustain underwriting profitability superior to standard-market peers.

The company’s customer base consists of small commercial businesses, property owners, collectors, and insurance professionals seeking specialty coverage for unique or hard-to-place risks. Customers include owners of artisan contractors, habitational properties, vacant buildings, mercantile establishments, restaurants, bars, taverns, commercial buildings, and collectibles items. Distribution occurs through wholesale general agents, retail agents, and direct-to-consumer channels, with no single agent or broker accounting for more than 10% of gross written premiums in the Belmont Core segment as of December 31, 2025.