Global Indemnity Posts 92.2% Ex-Wildfire Combined Ratio and $95.4M Pretax Gain
Global Indemnity Group reported a 92.2% combined ratio excluding California wildfires for full-year 2025, improving 3.2 points from 95.4% in 2024. Pretax adjusted operating contribution rose 17.5% to $95.4 million, while net wildfire losses totaled $15.7 million pre-tax ($12.0 million after-tax).
1. Underwriting Profitability Improvements
Excluding a $15.7 million pre-tax wildfire charge, the current accident year combined ratio improved each quarter in 2025, finishing at 92.2% versus 95.4% in 2024. Quarterly progression was 94.8% in Q1, 94.7% in H1, 93.2% at nine months and 92.2% for the year, reflecting sustained loss experience improvement.
2. Pretax Adjusted Operating Contribution
Adjusted operating contribution before taxes increased 17.5% to $95.4 million in 2025, driven by a $32.7 million underwriting income ex-wildfires (up from $18.8 million in 2024) and stable investment income of $62.7 million. Elevated corporate expenses for personnel, professional fees and platform build-out partially offset underwriting gains.
3. Wildfire Loss Impact
Net losses from the January 2025 California wildfires totaled $15.7 million pre-tax and $12.0 million after-tax, reducing as-reported operating income to $28.2 million ($1.95 per share) versus $42.9 million ($3.10 per share) in 2024. The calendar-year combined ratio including wildfires was 98.6%, up three points from 95.6%.
4. Premium Growth and Capital Position
Gross written premiums reached $401.4 million, with Belmont Core premiums up 9.2% excluding terminated products—wholesale commercial +3.0%, Vacant Express +15.5%, and assumed premiums +76.7%. Shareholders’ equity rose to $702.6 million, and year-end book value per share stood at $48.96.