Owner Scorecard
An independent research publication · records as of August 17, 2026

← All companies ← GBFH Manual GBTG → ← FNF Insurance — Property & Casualty GLRE →

GBLI, Global Indemnity Group, LLC

Insurance — Property & Casualty financial

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Katalyx comprises:(i) four agencies focused on sourcing, underwriting, and servicing primary and assumed reinsurance business; and (ii) three specialized insurance service businesses providing technology, AI-enabled marketplace and claims services.

The Company's management team is experienced in the insurance industry and the excess and surplus lines marketplace and has long-standing relationships in the industry.

Latest annual: FY2025 10-K
GBLI · Global Indemnity Group, LLC
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$451M
+2.3% YoY · −5% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $459M 5-yr avg $546M
Loss ratio 54% 5-yr avg 60%
Return on equity 5% 5-yr avg 4%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~37 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle
Underwriting discipline and the float. What decides it: whether the combined ratio stays below 100% so the policies make money on their own, how large the float is against equity, and what that float earns once it is invested. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?
Claims run 54% of premiums, with underwriting costs on top. Book value per share, the measure Berkshire is judged on, has compounded about 1% a year across the record. The float runs about 1.0× equity, the leverage that magnifies both the underwriting and the investing. Whether the discipline holds through a soft market, and how the float is invested, are what the 10-K decides.

Every line is arithmetic on the company's filings, shown in full in the sections below.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left
2016’162017’172018’182019’192020’202021’212022’222023’232024’242025’25TTMTTMJun 2026
Income statement
$535M$486M$514M$604M$596M$678M$630M$529M$441M$451M$459MRevenueRevenue
$471M$450M$473M$562M$548M$580M$591M$399M$379M$388M—Premiums written (net)Prem. written
$468M$438M$468M$525M$568M$596M$602M$473M$377M$389M$397MPremiums earnedPremiums
$34M$39M$46M$42M$28M$37M$28M$55M$62M$63M$62MInvestment incomeInv. inc.
$48M($10M)($76M)$82M($29M)$33M$2M$33M$55M$33M—Pretax incomePretax
$50M($10M)($57M)$70M($21M)$29M($850K)$25M$43M$25M$34MNet incomeNet inc.
-5%——14%—11%—23%21%24%24%Effective tax rateTax rate
Cash flow & returns
($19M)($19M)$42M$32M$33M$91M$44M$43M$39M$9M($34M)Operating cash flowOp. cash
56%61%72%52%59%65%60%61%57%59%54%Loss ratioLoss
24%25%25%25%25%24%25%26%23%23%23%Expense ratioExpense
($57M)($54M)($29M)($33M)($32M)$9M($8M)$10M$72K$9M—Prior-yr reserve developmentReserve dev.
6%-1%-9%10%-3%4%-0%4%6%4%5%Return on equityROE
6%−1%−11%8%−5%2%−2%2%3%1%2%Retained to equityRetained/eq
$0$0$14M$14M$14M$14M$14M$14M$19M$20M$20MDividends paidDiv. paid
$805K$1M$2M$947K$153K$490K$22M$13M$529K$0—BuybacksBuybacks
$37M($29M)$5M($80M)$175M($65M)$80M($16M)($40M)$60M—Investing cash flowInv. cash
($10M)$47M($22M)($7M)($184M)($15M)($164M)($27M)($20M)($20M)—Financing cash flowFin. cash
$8M($696K)$25M($55M)$23M$11M($39M)($809K)($21M)$49M—Change in cashΔ cash
Balance sheet
$1.4B$1.5B$1.4B$1.6B$1.4B$1.5B$1.3B$1.3B$1.4B$1.4B$1.3BInvestments (total)Investments
$615M$648M$683M$663M$685M$740M$778M$811M$804M$760M—Float (underwriting basis)Float
$2.0B$2.0B$2.0B$2.1B$1.9B$2.0B$1.8B$1.7B$1.7B$1.7B$1.7BTotal assetsAssets
$1.2B$1.3B$1.3B$1.3B$1.2B$1.3B$1.2B$1.1B$1.0B$1.0B—Total liabilitiesTotal liab.
$798M$718M$629M$727M$718M$707M$626M$649M$689M$707M$711MShareholders’ equityEquity
Per share
17.5M17.3M14.1M14.3M14.3M14.7M14.5M13.7M13.7M14.3M14.4MShares out (diluted)Shares
$2.84$-0.55$-4.02$4.88$-1.47$2.00$-0.06$1.86$3.15$1.78$2.38EPS (diluted)EPS
$0.00$0.00$1.00$0.99$1.00$0.98$0.99$1.04$1.41$1.40$1.39Dividends / shareDiv/sh
$45.47$41.50$44.65$50.70$50.26$48.19$43.24$47.47$50.28$49.55$49.31Book value / shareBVPS
Per-share growththe realized rate an owner's share compounded
9-yr5-yr
Revenue / share+0.4%/yr−5.4%/yr
EPS−5.1%/yr—
Dividends / share—+7.1%/yr
Book value / share+1.0%/yr−0.3%/yr
III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

  • Loss ratio 59%
    Claims share of premiums
    Claims incurred $228M ÷ premiums earned $389M
    What this means

    Claims as a share of premiums (the expense side was not cleanly tagged, so we show the loss ratio alone rather than a full combined ratio). Lower is better; the rest of underwriting cost sits on top of this.

  • Return on equity 4%
    Below the cost of equity
    Net income $25M ÷ equity $707M
    Industry peers: median 5%
    What this means

    What it earns on shareholders' capital, the underwriting result plus what the float earns invested. Durably above the ~10% cost of equity is what compounds book value.

The float

  • Float $760M
    1.1× equity
    Net reserves + unearned premiums − prepaid reinsurance − receivables − DAC = $760M
    What this means

    Money held against future claims and invested in the meantime. Buffett's insight was that good underwriting makes this float cost less than nothing, a pool of other people's money the owners earn on. The larger it is against equity, the more that leverage works, for better or worse.

  • Investment income $63M
    8.2% on the float
    Net investment income $63M, 8.2% on the float
    What this means

    What the float and capital earned this year. This is the second engine: an insurer that breaks even on underwriting still wins if the float is large and invested well.

The cost and the reserves

  • Cost of float —
    Not enough data
    What this means

    Needs the full float arithmetic and a cleanly tagged underwriting total; a partial figure would mislead.

  • Reserve development +$9M
    Past reserves fell short
    Prior-year development, FY2025: unfavorable (past years strengthened) · record: 6 favorable, 4 unfavorable of 10
    What this means

    Each year an insurer restates what its old accident years actually cost. Persistent favorable development means management reserved honestly and released the cushion; persistent unfavorable development means past profits were overstated by under-reserving — the industry's chronic sin, and the single most tell-tale line an owner can read. Signed as the company files it: negative favorable, positive unfavorable.

All figures as filed; the source filing is linked above.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal yearChief executivePay, as filed“Actually paid”Net income
2021David S. Charlton$1.4M$1.4M$29M
2021Ms. Valko$259k$259k$29M
2022Joseph W. Brown$793k$740k($850K)
2022Mr. Charlton$1.2M$1.2M($850K)
2023Mr. Brown$3.0M$4.0M$25M
2024Mr. Brown$4.1M$3.1M$43M
2025Mr. Brown$4.0M$3.5M$25M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.

  • Insider ownership<1%

    The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

  • Stock-based compensation$6M

    The slice of the business handed to employees in shares in fiscal 2025, 1.4% of revenue, equal to 18.4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Peers, Insurance — Property & Casualty

The same industry, side by side on the underwriting lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

CompanyRevenuelatest FY, USDCombined ratiomedian over the recordLoss ratiomedian over the recordYield on floatmedian over the recordROTCEmedian over the record
JRVRJames River Group Holdings Inc.$688M106%74%6.8%8%
BOWBowhead Specialty Holdings Inc.$552M96%64%4.9%12%
HIPOHippo Holdings Inc.$469M127%2y—4.6%-48%
GBLIGlobal Indemnity Group, LLC$451M—59%6.2%4%
ASICAtegrity Specialty Insurance Company Holdings$424M93%2y59%2y6.8%2y12%2y
ACICAmerican Coastal Insurance Corporation$335M—62%4.7%2%
AMSFAMERISAFE Inc.$317M84%57%4.5%18%
NODKNI Holdings Inc.$285M—69%8.5%3%
Group median——62%5.6%6%
IV

The price

What a price has to assume.

What the price implies

price / tangible book

An insurer is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Global Indemnity Group, LLC’s record justifies.

$
The assumptions

Tangible book / share, delivered1%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). An insurer earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for an insurer.

Enter a price above to run it.

Price / tangible book—
Justified by the return—
Normalized return on tangible equity4%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $689M on 14M shares, a 4% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the insurer keeps earning that return; an underwriting cycle, a reserve shortfall or a bad year on the float changes it, which is what the record and the 10-K are for.

Weigh GBLI against another business →

Cite: Owner Scorecard, "Global Indemnity Group, LLC (GBLI), the owner's record," https://ownerscorecard.com/c/GBLI, data as of 2026-08-17.

Manual order: ← GBFH its page in the Manual GBTG →

Industry order: ← FNF the Insurance — Property & Casualty chapter GLRE →