Global Indemnity Group LLC GBLI

FinancialsInsuranceUnited States of America

Last close 20.84 USD on Nov 3, 2026, −23.7% year to date

Quant rating

Quant rating C Rank 546 of 799 in Financials

Growth C 361 of 799
Valuation C 383 of 799
Quality C 497 of 799
Revisions C 402 of 799
Momentum D 667 of 799

Wall Street consensus Hold (3.00)Average target 34.12 USD +63.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 305M
Enterprise value: 212M
52-week range: 18.50 – 30.49
3-year range: 18.50 – 37.00
Dividend yield: 5.89%
Beta (5 years): 0.57
Shares outstanding: 14.6M
Next earnings: Nov 4, 2026

About the company

Global Indemnity Group, LLC is a holding company for property and casualty insurance-related businesses. Its segments include Agency and Insurance Services, Belmont Insurance Companies - Core (Belmont Core), and Belmont Insurance Companies - Non-Core (Belmont Non-Core). Agency and Insurance Services includes three agencies: Penn-America Insurance Services, LLC, J.H. Ferguson, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC, which source, underwrite, and service policies and three strategic insurance product and service businesses: Sayata, Liberty Insurance Adjustment Agency, Inc. and Kaleidoscope Insurance Technologies, Inc. Belmont Core includes insurance company operations for ongoing direct insurance products and assumed reinsurance products, which are offered in the excess and surplus lines marketplace. Belmont Non-Core includes insurance company operations for lines of business that have been de-emphasized or are no longer being written.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	391	378	475	634	625	–
Revenue growth	3.4%	−20.3%	−25.1%	1.4%	9.7%	−7.3%
EPS (basic, normalized)	1.75	3.09	1.96	1.30	0.71	–
EPS growth	−43.4%	57.7%	50.8%	83.1%	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.5%	9.7%	4.7%	−0.2%	4.3%	4.8%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	0
Net debt (mil)	–
Total equity (mil)	711
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	391	+3.4%	0.5x	–	–	–	1.75	−43.4%	11.9x
2026	480	+22.7%	0.4x	–	–	–	2.68	+53.4%	7.8x
2027	545	+13.6%	0.4x	–	–	–	3.10	+15.6%	6.7x
2028	–	–	–	–	–	–	3.50	+12.6%	6.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	480	0.0%	−3.5%	−4.8%	2.68	0.0%	−0.3%	+2.4%
2027	545	0.0%	0.0%	−1.4%	3.10	0.0%	−1.3%	−5.9%
2028	–	–	–	–	3.50	0.0%	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	109	112	108	93.7	111	114	117	96.5	116
Sales mean (mil)	–	114	123	114	113	120	122	117	113	120
Surprise	–	−4.7%	−9.1%	−4.9%	−17.1%	−8.1%	−6.1%	−0.4%	−15.0%	−3.2%
EPS reported	0.77	0.72	0.92	0.63	0.57	0.71	0.86	0.45	0.29	0.76
EPS mean	0.60	0.52	0.57	0.77	0.23	0.77	0.76	0.89	0.60	0.71
Surprise	+28.3%	+39.8%	+61.4%	−17.6%	+142.6%	−7.8%	+13.2%	−49.4%	−51.7%	+6.3%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
GBLI Global Indemnity Group LLC	305M	–	5.5%	0.43x	7.8x	6.7x	–	–
CB Chubb Limited	140.0B	14.4%	17.4%	1.91x	12.6x	12.4x	1.8x	1.6x
TRV The Travelers Companies, Inc.	81.0B	20.8%	12.8%	2.79x	10.8x	12.7x	2.5x	2.3x
AIG American International Group, Inc.	42.1B	9.7%	11.6%	1.04x	9.9x	9.1x	1.0x	0.9x
KNSL Kinsale Capital Group Inc	8.6B	26.4%	27.8%	4.50x	17.4x	17.5x	4.2x	3.8x
RLI RLI Corp	6.1B	19.4%	21.4%	3.61x	20.7x	23.8x	3.7x	3.7x
Mean		18.1%	16.1%	2.38x	13.2x	13.7x	2.6x	2.5x
Median		19.4%	15.1%	2.35x	11.7x	12.5x	2.5x	2.3x

Technical analysis

1M−14.4%
3M−23.2%
1Y−25.6%
3Y−31.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Global Indemnity Group LLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	391	378	475	634	625	570
Other revenue	59.0	62.8	53.3	20.9	52.9	14.5
Total revenue	450	441	528	655	678	584
Losses, benefits and adjustments	385	361	472	359	608	552
Amortization of policy acquisition costs	–	–	–	233	–	–
Selling, general & administrative expenses	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	31.7	25.7	23.4	57.8	27.2	45.8
Operating income	33.3	55.0	33.0	5.0	43.3	−13.3
Net interest income (expense)	–	0	0	−3.0	−10.5	−15.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	33.3	55.0	33.0	2.0	32.8	−29.1
Provision for taxes	8.0	11.7	7.5	2.8	3.4	−8.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	25.3	43.2	25.4	−0.8	29.4	−21.0
Extraordinary items	–	–	–	–	–	–
Net income	25.3	43.2	25.4	−0.8	29.4	−21.0
Basic weighted average shares (mil)	14.2	13.6	13.6	14.5	14.4	14.3
Diluted weighted average shares (mil)	14.3	13.7	13.7	14.5	14.7	14.3
Basic EPS, normalized	1.75	3.09	1.96	1.30	0.71	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Global Indemnity Group LLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	8.2	9.3	9.7	11.7	16.1	21.1
Goodwill	4.8	4.8	4.8	4.8	5.4	6.5
Intangibles	16.8	14.1	14.5	14.8	20.3	21.0
Insurance receivables	130	142	183	254	228	198
Long-term investments	1,376	1,424	1,349	1,304	1,454	1,387
Note receivable	2.6	0.9	–	–	–	0
Other long-term assets	20.1	22.5	36.8	47.1	37.3	34.3
Deferred policy acquisition costs	41.2	41.1	42.4	64.9	60.3	65.2
Other assets	55.7	56.0	52.2	60.2	112	104
Total assets	1,721	1,731	1,730	1,801	2,013	1,905
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	8.3	10.4	12.7	15.7	19.1	22.9
Policy liabilities	935	992	1,036	1,119	1,112	963
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	0	0	0	0	126	126
Minority interest	–	–	–	–	–	–
Other liabilities	71.1	39.8	32.0	39.8	48.9	74.1
Total liabilities	1,014	1,042	1,081	1,175	1,306	1,187
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	466	460	455	451	447	445
Retained earnings (accumulated deficit)	274	269	245	233	249	235
Treasury stock	−32.7	−32.7	−32.2	−19.5	−0.5	0
Other equity	0	−6.4	−18.9	−39.1	10.4	38.3
Total equity	707	689	649	626	707	718
Total liabilities & shareholders' equity	1,721	1,731	1,730	1,801	2,013	1,905

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Global Indemnity Group LLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	25.3	43.2	25.4	−0.8	29.4	−21.0
Depreciation, depletion & amortization	5.7	5.8	6.2	8.4	10.4	7.0
Deferred taxes	0.8	11.3	5.3	2.4	3.4	−8.3
Non-cash items	22.1	−11.9	−3.5	−8.1	−16.9	23.4
Changes in working capital	−44.7	−9.5	9.5	42.4	64.5	31.6
Cash from operations	9.1	38.8	42.9	44.2	90.8	32.7
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	59.9	−39.5	−16.3	80.1	−64.5	175
Cash from investing	59.9	−39.5	−16.3	80.1	−64.5	175
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−20.4	−19.8	−14.7	−14.8	−14.9	−14.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	0	−0.5	−12.7	−149	−0.5	−170
Cash from financing	−20.4	−20.4	−27.4	−164	−15.4	−184
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	48.5	−21.0	−0.8	−39.4	10.9	23.1
Free cash flow	9.1	38.8	42.9	44.2	90.8	32.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.