By Mia MacGregor
May 7 - (The Insurer) - Global Indemnity Group has reported a combined ratio of 111.7% for Q1 2025, up from 94.9% in Q1 2024.
The current accident year combined ratio was 111.5% in 2025 compared to 94.9% in 2024. Excluding the impact of California wildfires, the current accident year combined ratio would have been 94.8% in 2025, similar to 94.9% for the same period in 2024.
The company posted a net loss available to common shareholders of $4.1 million, or ($0.30) per share, for the three months ended March 31, 2025. This figure includes a net loss of $12.2 million after tax attributed to the California wildfire events in January 2025.
The Pennsylvania-based company reported an operating loss of $4.1 million for Q1 2025, compared operating income of $10.7 million in the same period last year, translating to a $0.30 loss per share compared to $0.77 income per share in Q1 2024.
The per-share figure missed the $0.23 loss per share estimate of one analyst tracked by MarketWatch.
Excluding the California wildfires, operating income was $8.1 million, compared to $10.7 million in the prior-year period.
The current accident year underwriting loss was $10.3 million for 2025, compared to an underwriting income of $5.3 million for the same period in 2024.
Excluding the impact of California wildfires, the current accident year underwriting income would have been in line with 2024 at $5.3 million in 2025.
Gross written premiums increased 6% to $98.7 million in Q1 2025. Excluding terminated products, gross written premiums grew by 16% to $98.4 million in 2025, compared to $85.0 million in 2024.
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