GLOBAL INDEMNITY GROUP, LLC – 10-Q – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of the Company's financial condition and
results of operations should be read in conjunction with the consolidated
financial statements and accompanying notes of the Company included elsewhere in
this report. Some of the information contained in this discussion and analysis
or set forth elsewhere in this report, including information with respect to the
Company's plans and strategy, constitutes forward-looking statements that
involve risks and uncertainties. Please see "Cautionary Note Regarding
Forward-Looking Statements" at the end of this Item 2 for a discussion of
important factors that could cause actual results to differ materially from the
results described in or implied by the forward-looking statements contained
herein. For more information regarding the Company's business and operations,
please see the Company's Annual Report on Form 10-K for the year ended
31, 2021
Recent Developments
Distributions
The Board of Directors approved a distribution payment of
to all shareholders of record on the close of business on
2022
quarter ended
paid to
ended
Board of Directors
Effective
appointed member of the Company's Board of Directors. Effective
2022
the Company's Board of Directors.
Effective
appointed member of the Company's Board of Directors.
the Audit Committee, the
Enterprise Risk Management Committee, and the Technology Committee.
Effective
the Company's Board of Directors and his service to the Company's Board of
Directors ended on the same date.
Redemption of Debt
On
principal amount of the outstanding 2047 Notes plus accrued and unpaid interest
on the 2047 Notes redeemed to, but not including the Redemption Date of
15, 2022
COVID-19
The global outbreak of COVID-19 continues to present significant risks to the
Company. The COVID-19 pandemic may affect the Company's operations
indefinitely. The Company may experience reductions in premium volume, delays in
the collection of premiums, and increases in COVID-19 related claims. Any
resulting volatility in the global financial markets may negatively impact the
market value of the Company's investment portfolio and may result in net
realized investment losses as well as a decline in the liquidity of the
investment portfolio. All of these factors may have far reaching impacts on the
Company's business, operations, and financial results and conditions, directly
and indirectly, including without limitation impacts on the health of the
Company's management and employees, distribution, marketing, customers and
agents, and on the overall economy. The scope and nature of these impacts, most
of which are beyond the Company's control, continue to evolve and such effects
could exist for an extended period of time even after the pandemic ends.
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GLOBAL INDEMNITY GROUP, LLC Overview
The Company's Commercial Specialty segment sells its property and casualty
insurance products through a group of approximately 195 professional general
agencies that have limited quoting and binding authority, as well as a number of
wholesale insurance brokers who in turn sell the Company's insurance products to
insureds through retail insurance brokers. Commercial Specialty operates
predominantly in the excess and surplus lines marketplace. The Company manages
its Commercial Specialty segment via product classifications. These product
classifications are: 1) Penn-America, which includes property and general
liability products for small commercial businesses sold through a select network
of wholesale general agents with specific binding authority; 2) United National,
which includes property, general liability, and professional lines products sold
through program administrators with specific binding authority; 3) Diamond
State, which includes property, casualty, and professional lines products sold
through wholesale brokers and program administrators with specific binding
authority; and 4) Vacant Express, which primarily insures dwellings which are
currently vacant, undergoing renovation, or are under construction and is sold
through aggregators, brokers, and retail agents. The Company has also created
several start-up business lines which distribute professional, environmental,
and excess casualty products.
The Company's Reinsurance Operations provides reinsurance solutions through
brokers and primary writers including insurance and reinsurance companies. It
uses its capital capacity to write niche and casualty-focused treaties and
business which meet the Company's risk tolerance and return thresholds.
The
provides specialized property and casualty coverage including Commercial Farm
Auto and Excess/Umbrella Coverage for the agriculture industry as well as
specialized insurance products for the equine mortality and equine major medical
industry. These insurance products are sold through a group of approximately
240 agents, primarily comprised of wholesalers and retail agents, with a
selected number having specific binding authority.
The Company's Exited Lines segment represents lines of business that are no
longer being written or are in runoff. Exited Lines includes specialty personal
lines property and casualty products such as manufactured home, dwelling,
motorcycle, watercraft and certain homeowners business, certain business within
Property Brokerage, and property and catastrophe reinsurance treaties. These
insurance products were distributed through a group of approximately 205
wholesale general agents, wholesale insurance brokers, program administrators,
and retail agents.
The Company derives its revenues primarily from premiums paid on insurance
policies that it writes and from income generated by its investment portfolio,
net of fees paid for investment management services. The amount of insurance
premiums that the Company receives is a function of the amount and type of
policies it writes, as well as prevailing market prices.
The Company's expenses include losses and loss adjustment expenses, acquisition
costs and other underwriting expenses, corporate and other operating expenses,
interest, investment expenses, and income taxes. Losses and loss adjustment
expenses are estimated by management and reflect the Company's best estimate of
ultimate losses and costs arising during the reporting period and revisions of
prior period estimates. The Company records its best estimate of losses and loss
adjustment expenses considering both internal and external actuarial analyses of
the estimated losses the Company expects to incur on the insurance policies it
writes. The ultimate losses and loss adjustment expenses will depend on the
actual costs to resolve claims. Acquisition costs consist principally of
commissions and premium taxes that are typically a percentage of the premiums on
the insurance policies the Company writes, net of ceding commissions earned from
reinsurers. Other underwriting expenses consist primarily of personnel expenses
and general operating expenses related to underwriting activities. Corporate and
other operating expenses are comprised primarily of outside legal fees, other
professional and accounting fees, directors' fees, management fees & advisory
fees, and salaries and benefits for company personnel whose services relate to
the support of corporate activities. Interest expense is primarily comprised of
amounts due on outstanding debt.
Critical Accounting Estimates and Policies
The Company's consolidated financial statements are prepared in conformity with
GAAP, which require it to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting periods. Actual results could differ from those estimates and
assumptions.
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GLOBAL INDEMNITY GROUP, LLC
The most critical accounting policies involve significant estimates and include
those used in determining the liability for unpaid losses and loss adjustment
expenses, recoverability of reinsurance receivables, investments, fair value
measurements, goodwill and intangible assets, deferred acquisition costs, and
taxation. For a detailed discussion on each of these policies, please see the
Company's Annual Report on Form 10-K for the year ended
have been no significant changes to any of these policies or underlying
methodologies during the current year.
Results of Operations
The following table summarizes the Company's results for the quarters ended
March 31, 2022 and 2021:
Quarters Ended
March 31, %
(Dollars in thousands) 2022 2021 Change
Gross written premiums $ 190,983 $ 163,558 16.8 %
Net written premiums $ 159,482 $ 147,683 8.0 %
Net earned premiums $ 148,823 $ 143,700 3.6 %
Other income 439 408 7.6 %
Total revenues 149,262 144,108 3.6 %
Losses and expenses:
Net losses and loss adjustment expenses 84,695 90,783 (6.7 %)
Acquisition costs and other underwriting expenses 56,692 54,764 3.5 %
Underwriting income (loss)
7,875 (1,439 ) NM Net investment income 6,592 9,836 (33.0 %) Net realized investment gains (losses) (25,385 ) 3,819 NM Other loss (13 ) (31 ) 58.1 % Corporate and other operating expenses (4,660 ) (4,276 ) 9.0 % Interest expense (2,595 ) (2,595 ) - Income (loss) before income taxes (18,186 ) 5,314 NM Income tax benefit (3,413 ) (203 ) NM Net income (loss)$ (14,773 ) $ 5,517 NM Underwriting Ratios: Loss ratio (1): 56.9 % 63.1 % Expense ratio (2) 38.1 % 38.1 % Combined ratio (3) 95.0 % 101.2 % NM - not meaningful (1) The loss ratio is a GAAP financial measure that is generally viewed in the insurance industry as an indicator of underwriting profitability and is calculated by dividing net losses and loss adjustment expenses by net earned premiums.
(2) The expense ratio is a GAAP financial measure that is calculated by dividing
the sum of acquisition costs and other underwriting expenses by net earned
premiums.
(3) The combined ratio is a GAAP financial measure and is the sum of the
Company's loss and expense ratios.
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GLOBAL INDEMNITY GROUP, LLC Premiums
The following table summarizes the change in premium volume by business segment:
Quarters Ended
March 31,
(Dollars in thousands) 2022 2021 % Change
Gross written premiums (1)
Commercial Specialty $ 104,266 $ 89,334 16.7 %
Reinsurance Operations (3) 41,445 21,951 88.8 %
Farm, Ranch & Stable 22,676 21,002 8.0 %
Continuing Lines 168,387 132,287 27.3 %
Exited Lines 22,596 31,271 (27.7 %)
Total gross written premiums $ 190,983 $ 163,558 16.8 %
Ceded written premiums
Commercial Specialty $ 5,953 $ 7,162 (16.9 %)
Reinsurance Operations (3) - - -
Farm, Ranch & Stable 3,664 3,399 7.8 %
Continuing Lines 9,617 10,561 (8.9 %)
Exited Lines 21,884 5,314 NM
Total ceded written premiums $ 31,501 $ 15,875 98.4 %
Net written premiums (2)
Commercial Specialty $ 98,313 $ 82,172 19.6 %
Reinsurance Operations (3) 41,445 21,951 88.8 %
Farm, Ranch & Stable 19,012 17,603 8.0 %
Continuing Lines 158,770 121,726 30.4 %
Exited Lines 712 25,957 (97.3 %)
Total net written premiums $ 159,482 $ 147,683 8.0 %
Net earned premiums
Commercial Specialty $ 91,763 $ 78,692 16.6 %
Reinsurance Operations (3) 34,963 16,798 108.1 %
Farm, Ranch & Stable 17,643 18,141 (2.7 %)
Continuing Lines 144,369 113,631 27.1 %
Exited Lines 4,454 30,069 (85.2 %)
Total net earned premiums $ 148,823 $ 143,700 3.6 %
(1) Gross written premiums represent the amount received or to be received for
insurance policies written without reduction for reinsurance costs, ceded
premiums, or other deductions.
(2) Net written premiums equal gross written premiums less ceded written
premiums.
(3) External business only, excluding business assumed from affiliates.
Gross written premiums increased by 16.8% for the quarter ended
as compared to same period in 2021. The increase in gross written premiums is
mainly due to the continued growth of existing programs, increased pricing, and
several new programs within Commercial Specialty, the organic growth of existing
casualty treaties within Reinsurance Operations, and growth of mortality
business and increased pricing within Farm, Ranch & Stable partially offset by a
reduction in premiums within Exited Lines.
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GLOBAL INDEMNITY GROUP, LLC
Underwriting Ratios
Quarters Ended
March 31, Point
2022 2021 Change
Loss ratio
Commercial Specialty 56.7 % 63.3 % (6.6 )
Reinsurance Operations 61.4 % 64.7 % (3.3 )
Farm, Ranch & Stable 62.1 % 65.1 % (3.0 )
Continuing Lines 58.5 % 63.8 % (5.3 )
Exited Lines 5.0 % 61.0 % (56.0 )
Total loss ratio 56.9 % 63.1 % (6.2 )
Expense ratio
Commercial Specialty 36.7 % 36.9 % (0.2 )
Reinsurance Operations 34.8 % 34.4 % 0.4
Farm, Ranch & Stable 38.6 % 38.5 % 0.1
Continuing Lines 36.5 % 36.8 % (0.3 )
Exited Lines 90.1 % 43.1 % 47.0
Total expense ratio 38.1 % 38.1 % -
Combined ratio
Commercial Specialty 93.4 % 100.2 % (6.8 )
Reinsurance Operations 96.2 % 99.1 % (2.9 )
Farm, Ranch & Stable 100.7 % 103.6 % (2.9 )
Continuing Lines 95.0 % 100.6 % (5.6 )
Exited Lines 95.1 % 104.1 % (9.0 )
Total combined ratio 95.0 % 101.2 % (6.2 )
Net Retention
The ratio of net written premiums to gross written premiums is referred to as
the Company's net premium retention. The Company's net premium retention is
summarized by segments as follows:
Quarters Ended
March 31, Point
(Dollars in thousands) 2022 2021 Change
Commercial Specialty 94.3 % 92.0 % 2.3
Reinsurance Operations 100.0 % 100.0 % -
Farm, Ranch & Stable 83.8 % 83.8 % -
Continuing Lines 94.3 % 92.0 % 2.3
Exited Lines 3.2 % 83.0 % (79.8 )
Total 83.5 % 90.3 % (6.8 )
The net premium retention for the quarter ended
points as compared to the same period in 2021. The reduction in retention is
primarily driven by the Company entering into an agreement effective
30, 2021
of the Company's unearned premium reserves of the same types as the policies
included in the sale of the renewal rights of the Company's manufactured and
dwelling homes products that were in force as of
of the notes to the consolidated financial statements in Item 8 Part II of the
Company's 2021 Annual Report on Form 10-K for additional information on this
reinsurance agreement as well as the sale of renewal rights related to the
Company's manufactured and dwelling home products.
Net Earned Premiums
Net earned premiums within the Commercial Specialty segment increased by 16.6%
for the quarter ended
increase in net earned premiums was primarily due to a growth in premiums
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GLOBAL INDEMNITY GROUP, LLC
written as a result of organic growth from existing agents, pricing increases,
and several new programs. Property net earned premiums were
Casualty net earned premiums were
quarters ended
Net earned premiums within the Reinsurance Operations segment increased by
108.1% for the quarter ended
2021 primarily due to organic growth of existing casualty treaties. Property net
earned premiums were less than
2022
2021
quarters ended
Net earned premiums within the Farm, Ranch & Stable segment decreased by 2.7%
for the quarter ended
The decrease in net earned premiums was primarily due to the continued reduction
of catastrophe exposed business in prior periods. Property net earned premiums
were
2021, respectively. Casualty net earned premiums were
million
Net earned premiums within the Exited Lines segment decreased by 85.2% for the
quarter ended
due to the sale of the renewal rights related to the Company's manufactured and
dwelling home products on
is also due to exiting lines of business unrelated to the company's continuing
businesses. Property net earned premiums were
the quarters ended
premiums were
2022
Reserves
Management's best estimate at
reserve. Management's best estimate is as of a particular point in time and is
based upon known facts, the Company's actuarial analyses, current law, and the
Company's judgment. This resulted in carried gross and net reserves of
million
the Company's gross and net reserves, as of
Gross Reserves
(Dollars in thousands) Case IBNR (1) Total
Commercial Specialty $ 154,338 $ 311,048 $ 465,386
Reinsurance Operations 6,275 116,552 122,827
Farm, Ranch & Stable 13,446 33,730 47,176
Continuing Lines 174,059 461,330 635,389
Exited Lines 71,755 63,188 134,943
Total $ 245,814 $ 524,518 $ 770,332
Net Reserves (2)
(Dollars in thousands) Case IBNR (1) Total
Commercial Specialty
Reinsurance Operations 6,275 116,552 122,827
Farm, Ranch & Stable 10,734 24,778 35,512
Continuing Lines
146,980 421,048 568,028 Exited Lines 53,640 55,470 109,110 Total$ 200,620 $ 476,518 $ 677,138
(1) Losses incurred but not reported, including the expected future emergence of
case reserves.
(2) Does not include reinsurance receivable on paid losses.
Each reserve category has an implicit frequency and severity for each accident
year as a result of the various assumptions made. If the actual levels of loss
frequency and severity are higher or lower than expected, the ultimate losses
will be different than management's best estimate. For most of its reserve
categories, the Company believes that frequency can be predicted with greater
accuracy than severity. Therefore, the Company believes management's best
estimate is more likely
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GLOBAL INDEMNITY GROUP, LLC
influenced by changes in severity than frequency. The following table, which the
Company believes reflects a reasonable range of variability around its best
estimate based on historical loss experience and management's judgment, reflects
the impact of changes (which could be favorable or unfavorable) in frequency and
severity on the Company's current accident year net loss estimate of
million
Severity Change
(Dollars in thousands) -10% -5% 0% 5% 10%
Frequency Change -5% (12,731 ) (8,561 ) (4,390 ) (220 ) 3,951
-3% (11,151 ) (6,892 ) (2,634 ) 1,624 5,883
-2% (10,360 ) (6,058 ) (1,756 ) 2,546 6,848
-1% (9,570 ) (5,224 ) (878 ) 3,468 7,814
0% (8,780 ) (4,390 ) - 4,390 8,780
1% (7,990 ) (3,556 ) 878 5,312 9,746
2% (7,200 ) (2,722 ) 1,756 6,234 10,712
3% (6,409 ) (1,888 ) 2,634 7,156 11,677
5% (4,829 ) (220 ) 4,390 9,000 13,609
The Company's net reserves for losses and loss adjustment expenses of
million
impact of changes in frequency and severity for more than one accident year
could be higher or lower than the amounts reflected above.
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GLOBAL INDEMNITY GROUP, LLC Underwriting Results Commercial Specialty
The components of income and loss from the Company's Commercial Specialty
segment and corresponding underwriting ratios are as follows:
Quarters Ended
March 31, %
(Dollars in thousands) 2022 2021 Change
Gross written premiums $ 104,266 $ 89,334 16.7 %
Net written premiums $ 98,313 $ 82,172 19.6 %
Net earned premiums $ 91,763 $ 78,692 16.6 %
Other income 259 $ 244 6.1 %
Total revenues 92,022 78,936 16.6 %
Losses and expenses:
Net losses and loss adjustment expenses 52,053 49,790 4.5 %
Acquisition costs and other underwriting expenses 33,689 29,052 16.0 %
Underwriting income (loss)
$ 6,280 $ 94 NM Quarters Ended March 31, Point 2022 2021 Change Underwriting Ratios: Loss ratio: Current accident year 56.4 % 66.6 % (10.2 ) Prior accident year 0.3 % (3.3 %) 3.6 Calendar year loss ratio 56.7 % 63.3 % (6.6 ) Expense ratio 36.7 % 36.9 % (0.2 ) Combined ratio 93.4 % 100.2 % (6.8 ) NM - not meaningful 40
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GLOBAL INDEMNITY GROUP, LLC
Reconciliation of non-GAAP financial measures and ratios
The table below reconciles the non-GAAP measures or ratios, which excludes the
impact of prior accident year adjustments, to its most directly comparable GAAP
measure or ratio. The Company believes the non-GAAP measures or ratios are
useful to investors when evaluating the Company's underwriting performance as
trends within Commercial Specialty may be obscured by prior accident year
adjustments. These non-GAAP measures or ratios should not be considered as a
substitute for its most directly comparable GAAP measure or ratio and does not
reflect the overall underwriting profitability of the Company.
Quarters Ended March 31,
2022 2021
Loss Loss
(Dollars in thousands) Losses Ratio Losses Ratio
Property
Non catastrophe property losses and
ratio excluding the effect of prior
accident year (1) $ 17,580 49.5 % $ 20,572 55.4 %
Effect of prior accident year (757 ) (2.1 %) (1,538 ) (4.1 %)
Non catastrophe property losses and
ratio (2) $ 16,823 47.4 % $ 19,034 51.3 %
Catastrophe losses and ratio excluding
the effect of prior accident year (1) $ 2,233 6.3 % $ 8,718 23.5 %
Effect of prior accident year 981 2.8 % (906 ) (2.4 %)
Catastrophe losses and ratio (2) $ 3,214 9.1 % $ 7,812 21.1 %
Total property losses and ratio
excluding the effect of prior accident
year (1) $ 19,813 55.8 % $ 29,290 78.9 %
Effect of prior accident year 224 0.7 % (2,444 ) (6.5 %)
Total property losses and ratio (2)
Casualty
Total casualty losses and ratio excluding the effect of prior accident year (1)$ 31,963 56.8 %$ 23,094 55.6 % Effect of prior accident year 53 0.1 % (150 ) (0.4 %)
Total casualty losses and ratio (2)
Total
Total net losses and loss adjustment expense and total loss ratio excluding the effect of prior accident year (1)$ 51,776 56.4 %$ 52,384 66.6 % Effect of prior accident year 277 0.3 % (2,594 ) (3.3 %) Total net losses and loss adjustment expense and total loss ratio (2)$ 52,053 56.7 %$ 49,790 63.3 % (1) Non-GAAP measure / ratio
(2) Most directly comparable GAAP measure / ratio
Premiums
See "Result of Operations" above for a discussion on consolidated premiums.
Other Income
Other income was
2022
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GLOBAL INDEMNITY GROUP, LLC Loss Ratio
The current accident year losses and loss ratio is summarized as follows:
Quarters Ended
March 31, %
(Dollars in thousands) 2022 2021 Change
Property losses
Non-catastrophe $ 17,580 $ 20,572 (14.5 %)
Catastrophe 2,233 8,718 (74.4 %)
Property losses 19,813 29,290 (32.4 %)
Casualty losses 31,963 23,094 38.4 %
Total accident year losses $ 51,776 $ 52,384 (1.2 %)
Quarters Ended
March 31, Point
2022 2021 Change
Current accident year loss ratio:
Property
Non-catastrophe 49.5 % 55.4 % (5.9 )
Catastrophe 6.3 % 23.5 % (17.2 )
Property loss ratio 55.8 % 78.9 % (23.1 )
Casualty loss ratio 56.8 % 55.6 % 1.2
Total accident year loss ratio 56.4 % 66.6 % (10.2 )
The current accident year non-catastrophe property loss ratio improved by 5.9
points during the quarter ended
2021 reflecting lower claims frequency in the first accident quarter compared to
last year.
The current accident year catastrophe loss ratio improved by 17.2 points during
the quarter ended
recognizing much lower claims frequency in the first accident quarter compared
to last year.
The current accident year casualty loss ratio increased by 1.2 points during the
quarter ended
slightly higher claims frequency in the first accident quarter compared to last
year.
The calendar year loss ratio for the quarter ended
increase of
development on prior accident years. The calendar year loss ratio for the
quarter ended
percentage points related to reserve development on prior accident years. Please
see Note 7 of the notes to the consolidated financial statements in Item 1 of
Part I of this report for further discussion on prior accident year development.
Expense Ratios
The expense ratio for the Company's Commercial Specialty segment improved by 0.2
points from 36.9% for the quarter ended
ended
higher earned premiums.
COVID-19
COVID-19's lasting impacts could result in declines in business, non-payment of
premiums, and increases in claims that could adversely affect Commercial
Specialty's business, financial condition, and results of operation.
There is continued risk that legislation could be passed or there could be a
court ruling which would require the Company to cover business interruption
claims regardless of terms, exclusions including the virus exclusions contained
within the Company's Commercial Specialty policies, or other conditions included
in these policies that would otherwise preclude coverage.
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GLOBAL INDEMNITY GROUP, LLC
Reinsurance Operations
The components of income from the Company's Reinsurance Operations segment and
corresponding underwriting ratios are as follows:
Quarters Ended
March 31, %
(Dollars in thousands) 2022 (1) 2021 (1) Change
Gross written premiums $ 41,445 $ 21,951 88.8 %
Net written premiums $ 41,445 $ 21,951 88.8 %
Net earned premiums $ 34,963 $ 16,798 108.1 %
Other loss (20 ) (56 ) (64.3 %)
Total revenues 34,943 16,742 108.7 %
Losses and expenses:
Net losses and loss adjustment expenses 21,457 10,875 97.3 %
Acquisition costs and other underwriting expenses 12,177 5,779 110.7 %
Underwriting income $ 1,309 $ 88 NM
Quarters Ended
March 31, Point
2022 2021 Change
Underwriting Ratios:
Loss ratio:
Current accident year (2) 61.4 % 64.7 % (3.3 )
Prior accident year - % - % -
Calendar year loss ratio (3) 61.4 % 64.7 % (3.3 )
Expense ratio 34.8 % 34.4 % 0.4
Combined ratio 96.2 % 99.1 % (2.9 )
(1) External business only, excluding business assumed from affiliates
(2) Non-GAAP ratio
(3) Most directly comparable GAAP ratio
NM - not meaningful
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GLOBAL INDEMNITY GROUP, LLC
Reconciliation of non-GAAP financial ratios
The table above reconciles the non-GAAP ratios, which excludes the impact of
prior accident year adjustments, to its most directly comparable GAAP ratio. The
Company believes the non-GAAP ratios are useful to investors when evaluating the
Company's underwriting performance as trends within Reinsurance Operations may
be obscured by prior accident year adjustments. These non-GAAP ratios should not
be considered as a substitute for its most directly comparable GAAP ratio and
does not reflect the overall underwriting profitability of the Company.
Premiums
See "Result of Operations" above for a discussion on consolidated premiums.
Other Loss
Other loss was less than
foreign exchange gains and losses.
Loss Ratio
The current accident year loss ratio improved by 3.3 points during the quarter
ended
business change and growth in a treaty that has a lower expected loss ratio than
last year.
The calendar year loss ratios for the quarters ended
does not include any adjustment related to reserve development on prior accident
years.
Expense Ratios
The expense ratio for the Company's Reinsurance Operations segment increased 0.4
points from 34.4% for the quarter ended
ended
was partially offset by a reduction in the expense ratio as a result of a growth
in net earned premiums.
COVID-19
COVID-19's lasting impacts could result in declines in business, non-payment of
premiums, and increases in claims that could adversely affect Reinsurance
Operations' business, financial condition, and results of operation.
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GLOBAL INDEMNITY GROUP, LLC Farm, Ranch & Stable
The components of loss from the
corresponding underwriting ratios are as follows:
Quarters Ended
March 31, %
(Dollars in thousands) 2022 2021 Change
Gross written premiums $ 22,676 $ 21,002 8.0 %
Net written premiums $ 19,012 $ 17,603 8.0 %
Net earned premiums $ 17,643 $ 18,141 (2.7 %)
Other income 38 34 11.8 %
Total revenues 17,681 18,175 (2.7 %)
Losses and expenses:
Net losses and loss adjustment expenses 10,958 11,801 (7.1 %)
Acquisition costs and other underwriting expenses 6,814 6,986 (2.5 %)
Underwriting loss $ (91 ) $ (612 ) (85.1 %)
Quarters Ended
March 31, Point
2022 2021 Change
Underwriting Ratios:
Loss ratio:
Current accident year 64.1 % 69.2 % (5.1 )
Prior accident year (2.0 %) (4.1 %) 2.1
Calendar year loss ratio 62.1 % 65.1 % (3.0 )
Expense ratio 38.6 % 38.5 % 0.1
Combined ratio 100.7 % 103.6 % (2.9 )
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GLOBAL INDEMNITY GROUP, LLC
Reconciliation of non-GAAP financial measures and ratios
The table below reconciles the non-GAAP measures or ratios, which excludes the
impact of prior accident year adjustments, to its most directly comparable GAAP
measure or ratio. The Company believes the non-GAAP measures or ratios are
useful to investors when evaluating the Company's underwriting performance as
trends within Farm, Ranch & Stable may be obscured by prior accident year
adjustments. These non-GAAP measures or ratios should not be considered as a
substitute for its most directly comparable GAAP measure or ratio and does not
reflect the overall underwriting profitability of the Company.
Quarters Ended March 31,
2022 2021
(Dollars in thousands) Losses Loss Ratio Losses Loss Ratio
Property
Non catastrophe property losses and ratio excluding the effect of prior accident year (1)$ 7,426 55.8 %$ 5,967 44.0 % Effect of prior accident year (220 ) (1.7 %) 315 2.3 % Non catastrophe property losses and ratio (2)$ 7,206 54.1 %$ 6,282 46.3 % Catastrophe losses and ratio excluding the effect of prior accident year (1)$ 1,833 13.8 %$ 4,127 30.4 % Effect of prior accident year (7 ) (0.1 %) (1,045 ) (7.7 %) Catastrophe losses and ratio (2)$ 1,826 13.7 %$ 3,082 22.7 % Total property losses and ratio excluding the effect of prior accident year (1)$ 9,259 69.6 %$ 10,094 74.4 % Effect of prior accident year (227 ) (1.8 %) (730 ) (5.4 %) Total property losses and ratio (2)$ 9,032 67.8 %$ 9,364 69.0 %
Casualty
Total casualty losses and ratio excluding the effect of prior accident year (1)$ 2,057 47.5 %$ 2,452 53.6 % Effect of prior accident year (131 ) (3.0 %) (15 ) (0.3 %) Total casualty losses and ratio (2)$ 1,926 44.5 %$ 2,437 53.3 %
Total
Total net losses and loss adjustment expense and total loss ratio excluding the effect of prior accident year (1)$ 11,316 64.1 %$ 12,546 69.2 % Effect of prior accident year (358 ) (2.0 %) (745 ) (4.1 %) Total net losses and loss adjustment expense and total loss ratio (2)$ 10,958 62.1 %$ 11,801 65.1 % (1) Non-GAAP measure / ratio
(2) Most directly comparable GAAP measure / ratio
Premiums
See "Result of Operations" above for a discussion on consolidated premiums.
Other Income
Other income was less than
2022
46
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GLOBAL INDEMNITY GROUP, LLC
Loss Ratio
The current accident year losses and loss ratio is summarized as follows:
Quarters Ended
March 31, %
(Dollars in thousands) 2022 2021 Change
Property losses
Non-catastrophe $ 7,426 $ 5,967 24.5 %
Catastrophe 1,833 4,127 (55.6 %)
Property losses 9,259 10,094 (8.3 %)
Casualty losses 2,057 2,452 (16.1 %)
Total accident year losses $ 11,316 $ 12,546 (9.8 %)
Quarters Ended
March 31, Point
2022 2021 Change
Current accident year loss ratio:
Property
Non-catastrophe 55.8 % 44.0 % 11.8
Catastrophe 13.8 % 30.4 % (16.6 )
Property loss ratio 69.6 % 74.4 % (4.8 )
Casualty loss ratio 47.5 % 53.6 % (6.1 )
Total accident year loss ratio 64.1 % 69.2 % (5.1 )
The current accident year non-catastrophe property loss ratio increased by 11.8
points during the quarter ended
2021 due to higher claims frequency and severity in the first accident quarter
compared to last year.
The current accident year catastrophe loss ratio improved by 16.6 points during
the quarter ended
recognizing much lower claims frequency in the first accident quarter compared
to last year.
The current accident year casualty loss ratio improved by 6.1 points during the
quarter ended
lower claims severity in the first accident quarter compared to last year.
The calendar year loss ratio for the quarter ended
decrease of
development on prior accident years. The calendar year loss ratio for the
quarter ended
percentage points related to reserve development on prior accident years. Please
see Note 7 of the notes to the consolidated financial statements in Item 1 of
Part I of this report for further discussion on prior accident year development.
Expense Ratios
The expense ratio for the
0.1 points from 38.5% for the quarter ended
quarter ended
COVID-19
There is continued risk that legislation could be passed or there could be a
court ruling which would require the Company to cover business interruption
claims regardless of terms, exclusions including the virus exclusions contained
within the
in these policies that would otherwise preclude coverage.
COVID-19's lasting impacts could result in declines in business, non-payment of
premiums, and increases in claims that could adversely affect Farm, Ranch &
Stable's business, financial condition, and results of operation.
47
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GLOBAL INDEMNITY GROUP, LLC
Exited Lines
The components of income from the Company's Exited Lines segment and
corresponding underwriting ratios are as follows:
Quarters Ended
March 31, %
(Dollars in thousands) 2022 2021 Change
Gross written premiums $ 22,596 $ 31,271 (27.7 %)
Net written premiums $ 712 $ 25,957 (97.3 %)
Net earned premiums $ 4,454 $ 30,069 (85.2 %)
Other income 162 186 (12.9 %)
Total revenues 4,616 30,255 (84.7 %)
Losses and expenses:
Net losses and loss adjustment expenses 227 18,317 (98.8 %)
Acquisition costs and other underwriting expenses 4,012 12,947 (69.0 %)
Underwriting income $ 377 $ (1,009 ) (137.4 %)
Quarters Ended
March 31, Point
2022 2021 Change
Underwriting Ratios:
Loss ratio:
Current accident year 72.0 % 61.2 % 10.8
Prior accident year (67.0 %) (0.2 %) (66.8 )
Calendar year loss ratio 5.0 % 61.0 % (56.0 )
Expense ratio 90.1 % 43.1 % 47.0
Combined ratio 95.1 % 104.1 % (9.0 )
NM - not meaningful
48
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GLOBAL INDEMNITY GROUP, LLC
Reconciliation of non-GAAP financial ratios
The table below reconciles the non-GAAP measures or ratios, which excludes the
impact of prior accident year adjustments, to its most directly comparable GAAP
measure or ratio. The Company believes the non-GAAP measures or ratios are
useful to investors when evaluating the Company's underwriting performance as
trends within Exited Lines may be obscured by prior accident year adjustments.
These non-GAAP measures or ratios should not be considered as a substitute for
its most directly comparable GAAP measure or ratio and does not reflect the
overall underwriting profitability of the Company.
Quarters Ended March 31,
2022 2021
(Dollars in thousands) Losses Loss Ratio Losses Loss Ratio
Property
Non catastrophe property losses and ratio excluding the effect of prior accident year (1)$ 2,589 60.2 %$ 13,370 47.2 % Effect of prior accident year (1,317 ) (30.6 %) 1,726 6.1 % Non catastrophe property losses and ratio (2)$ 1,272 29.6 %$ 15,096 53.3 % Catastrophe losses and ratio excluding the effect of prior accident year (1)$ 238 5.5 %$ 4,065 14.4 % Effect of prior accident year (1,349 ) (31.3 %) (562 ) (2.0 %) Catastrophe losses and ratio (2)$ (1,111 ) (25.8 %)$ 3,503 12.4 % Total property losses and ratio excluding the effect of prior accident year (1)$ 2,827 65.7 %$ 17,435 61.6 % Effect of prior accident year (2,666 ) (61.9 %) 1,164 4.1 % Total property losses and ratio (2)$ 161 3.8 %$ 18,599 65.7 %
Casualty
Total casualty losses and ratio excluding the effect of prior accident year (1)$ 382 256.2 %$ 954 54.7 % Effect of prior accident year (316 ) (211.8 %) (1,236 ) (70.9 %) Total casualty losses and ratio (2)$ 66 44.4 %$ (282 ) (16.2 %)
Total
Total net losses and loss adjustment expense and total loss ratio excluding the effect of prior accident year (1)$ 3,209 72.0 %$ 18,389 61.2 % Effect of prior accident year (2,982 ) (67.0 %) (72 ) (0.2 %) Total net losses and loss adjustment expense and total loss ratio (2)$ 227 5.0 %$ 18,317 61.0 % (1) Non-GAAP measure / ratio
(2) Most directly comparable GAAP measure / ratio
Premiums
See "Result of Operations" above for a discussion on consolidated premiums.
Other Income
Other income was
2021. Other income is primarily comprised of fee income.
49
--------------------------------------------------------------------------------
GLOBAL INDEMNITY GROUP, LLC
Loss Ratio
The current accident year losses and loss ratio is summarized as follows:
Quarters Ended
March 31, %
(Dollars in thousands) 2022 2021 Change
Property losses
Non-catastrophe $ 2,589 $ 13,370 (80.6 %)
Catastrophe 238 4,065 (94.1 %)
Property losses 2,827 17,435 (83.8 %)
Casualty losses 382 954 (60.0 %)
Total accident year losses $ 3,209 $ 18,389 (82.5 %)
Quarters Ended
March 31, Point
2022 2021 Change
Current accident year loss ratio:
Property
Non-catastrophe 60.2 % 47.2 % 13.0
Catastrophe 5.5 % 14.4 % (8.9 )
Property loss ratio 65.7 % 61.6 % 4.1
Casualty loss ratio 256.2 % 54.7 % 201.5
Total accident year loss ratio 72.0 % 61.2 % 10.8
The current accident year non-catastrophe property loss ratio increased by 13.0
points during the quarter ended
2021 recognizing higher claims frequency in the specialty property lines and
higher claims severity in the property brokerage lines.
The current accident year catastrophe loss ratio improved by 8.9 points during
the quarter ended
recognizing lower claims frequency in the specialty property lines and lower
claims frequency and severity in the property brokerage lines.
The current accident year casualty loss ratio increased by 201.5 points during
the quarter ended
reflects that the premium has been running off and is down to
net earned premiums in the quarter.
The calendar year loss ratio for the quarter ended
decrease of
development on prior accident years. The calendar year loss ratio for the
quarter ended
percentage points related to reserve development on prior accident years. Please
see Note 7 of the notes to the consolidated financial statements in Item 1 of
Part I of this report for further discussion on prior accident year development.
Expense Ratio
The expense ratio for the Company's Exited Lines increased by 47.0 points from
43.1% for the quarter ended
the runoff of lines of business that the Company is no longer writing.
COVID-19
COVID-19's lasting impacts could result in declines in business, non-payment of
premiums, and increases in claims that could adversely affect the Exited Lines'
business, financial condition, and results of operation.
50
--------------------------------------------------------------------------------
GLOBAL INDEMNITY GROUP, LLC
Unallocated Corporate Items
The Company's fixed income portfolio, excluding cash, continues to maintain high
quality with an A average rating and a duration of 3.0 years.
Net Investment Income
Quarters Ended
March 31, %
(Dollars in thousands) 2022 2021 Change
Gross investment income (1) $ 7,196 $ 10,549 (31.8 %)
Investment expenses (604 ) (713 ) (15.3 %)
Net investment income $ 6,592 $ 9,836 (33.0 %)
(1) Excludes realized gains and losses
Gross investment income decreased by 31.8% for the quarter ended
as compared to the same period in 2021 primarily due to decreased returns from
alternative investments and a decrease in dividend income as a result of the
liquidation of the Company's common stock portfolio during the quarter.
Investment expenses decreased by 15.3% for the quarter ended
compared to the same period in 2021 due to decreased investment management
expenses as a result of the liquidation of the Company's common stock portfolio
during the quarter.
At
market value of
the average duration of the Company's fixed maturities portfolio was 3.2 years
as of
cash and short-term investments, the average duration of the Company's fixed
maturities portfolio, excluding agency mortgage-backed securities, was 2.8 years
and 4.7 years as of
interest rates can cause principal payments on certain investments to extend or
shorten which can impact duration. The Company's embedded book yield on its
fixed maturities, not including cash, was 2.6% as of
2.3% as of
taxable municipal bonds in the Company's portfolio, was 3.2% at
compared to an embedded book yield of 3.0% on the Company's taxable municipal
bonds of
Net Realized Investment Gains (Losses)
The components of net realized investment gains (losses) for the quarters ended
Quarters Ended
March 31,
(Dollars in thousands) 2022 2021
Equity securities $ (1,345 ) $ 4,368
Fixed maturities (3,239 ) (1,159 )
Derivatives 4,724 610
Other-than-temporary impairment losses (25,525 ) -
Net realized investment gains (losses)
In response to a rising interest rate environment, the Company took action early
in
Company identified fixed maturities securities with a weighted average life of
five years or greater as having an intent to sell. These securities had a fair
market value of
2022
are being reinvested into fixed income investments with maturities of two years
and less.
See Note 2 of the notes to the consolidated financial statements in Item 1 of
Part I of this report for an analysis of total investment return on a pre-tax
basis for the quarters ended
51
--------------------------------------------------------------------------------
GLOBAL INDEMNITY GROUP, LLC
Corporate and Other Operating Expenses
Corporate and other operating expenses consist of outside legal fees, other
professional fees, directors' fees, management fees & advisory fees, salaries
and benefits for holding company personnel, development costs for new products,
and taxes incurred which are not directly related to operations. Corporate and
other operating expenses were
ended
was primarily due to an increase in compensation cost.
Interest Expense
Interest expense was
2022
Income Tax Benefit
Income tax benefit was
primarily due to the net realized investment losses recognized due to the
impairment of the investment portfolio as discussed above in the net realized
investment gains (losses) section.
See Note 6 of the notes to the consolidated financial statements in Item 1 of
Part I of this report for a comparison of income tax between periods.
Net Income (Loss)
The factors described above resulted in a net loss of
income of
respectively.
Liquidity and Capital Resources
Sources and Uses of Funds
ownership of the shares of its direct and indirect subsidiaries, including those
of its insurance companies:
Insurance Company
but are not limited to the payment of corporate expenses, debt service payments,
distributions to shareholders, and share repurchases. The Company also has
commitments in the form of operating leases, commitments to fund limited
liability investments, subordinated notes, and unpaid losses and loss expense
obligations. In order to meet its short term and long term needs,
Indemnity Group, LLC's
dividends from subsidiaries, other permitted disbursements from its direct and
indirect subsidiaries, reimbursement for equity awards granted to employees and
intercompany borrowings. The principal sources of funds at these direct and
indirect subsidiaries include underwriting operations, investment income,
proceeds from sales and redemptions of investments, capital contributions,
intercompany borrowings, and dividends from subsidiaries. Funds are used
principally by these operating subsidiaries to pay claims and operating
expenses, to make debt payments, fund margin requirements on interest rate swap
agreements, to purchase investments, and to make distribution payments. In
addition, the Company periodically reviews opportunities related to business
acquisitions and as a result, liquidity may be needed in the future.
ownership of the shares of its direct and indirect subsidiaries which include
Insurance Company
Company
meet its debt obligations as well as corporate expense obligations.
As of
million
is unlikely that a capital call will be made.
52
--------------------------------------------------------------------------------
GLOBAL INDEMNITY GROUP, LLC
The future liquidity of both
is dependent on the ability of its subsidiaries to pay dividends.
Indemnity Group, LLC
by statute as to the amount of dividends that they may pay without the prior
approval of regulatory authorities. The dividend limitations imposed by state
laws are based on the statutory financial results of each insurance company that
are determined by using statutory accounting practices that differ in various
respects from accounting principles used in financial statements prepared in
conformity with GAAP. See "Regulation - Statutory Accounting Principles" in Item
1 of Part I of the Company's 2021 Annual Report on Form 10-
relate to, among other items, deferred acquisition costs, limitations on
deferred income taxes, reserve calculation assumptions and surplus notes. See
Note 21 of the notes to the consolidated financial statements in Item 8 of Part
II of the Company's 2021 Annual Report on Form 10-K for further information on
dividend limitations related to the Insurance Companies. During the quarter
ended
insurance companies, and
in the amount of
respectively. These dividends were in April, 2022.
Cash Flows
Sources of operating funds consist primarily of net written premiums and
investment income. Funds are used primarily to pay claims and operating expenses
and to purchase investments. As a result of the distribution policy, funds may
also be used to pay distributions to shareholders of the Company.
The Company's reconciliation of net income (loss) to net cash provided by (used
for) operations is generally influenced by the following:
• the fact that the Company collects premiums, net of commissions, in advance
of losses paid;
• the timing of the Company's settlements with its reinsurers; and
• the timing of the Company's loss payments.
Net cash provided by (used for) operating activities was
decrease in operating cash flows of approximately
year was primarily a net result of the following items:
Quarters Ended March 31,
(Dollars in thousands) 2022 2021 Change
Net premiums collected $ 132,367 $ 148,915 $ (16,548 )
Net losses paid (74,081 ) (74,409 ) 328
Underwriting and corporate expenses (74,087 ) (69,968 ) (4,119 )
Net investment income 8,299 9,360 (1,061 )
Interest paid (2,560 ) (2,526 ) (34 )
Net cash provided by (used for) operating
activities $ (10,062 ) $ 11,372 $ (21,434 )
See the consolidated statements of cash flows in the consolidated financial
statements in Item 1 of Part I of this report for details concerning the
Company's investing and financing activities.
Liquidity
COVID-19
The Company's liquidity could be negatively impacted by the cancellation,
delays, or non-payment of premiums related to the ongoing COVID-19 pandemic and
its lasting impacts. There is continued risk that legislation could be passed or
there could be a court ruling which would require the Company to cover business
interruption claims regardless of terms, exclusions including the virus
exclusions contained within the Company's Commercial Specialty and Farm, Ranch &
Stable policies, or other conditions included in policies that would otherwise
preclude coverage which would negatively impact liquidity. In addition, the
liquidity of the Company's investment portfolio could be negatively impacted by
disruption experienced in global financial markets. Management is taking actions
it considers prudent to minimize the impact on the
53
--------------------------------------------------------------------------------
GLOBAL INDEMNITY GROUP, LLC
Company's liquidity. However, given the ongoing uncertainty surrounding the
duration, magnitude and geographic reach of COVID-19, the Company is regularly
evaluating the impact of COVID-19 on its liquidity.
Distributions
The Board of Directors approved a distribution payment of
to all shareholders of record on the close of business on
2022
quarter ended
paid to
ended
Redemption of Debt
On
principal amount of the outstanding 2047 Notes plus accrued and unpaid interest
on the 2047 Notes redeemed to, but not including the Redemption Date of
15, 2022
of the Company's equity portfolio in the amount of
in dividends from insurance company subsidiaries,
distributions received from private equity investments, and the remainder from
its subsidiary,
Investment Portfolio
Due to shortening duration, significantly more of the investment portfolio will
mature annually.
Other than the items discussed in the preceding paragraphs, there have been no
material changes to the Company's liquidity during the quarter ended
2022
10-K for information regarding the Company's liquidity.
Capital Resources
In response to a rising interest rate environment, the Company took action early
in
Company identified fixed maturities securities with a weighted average life of
five years or greater as having an intent to sell. These securities had a fair
market value of
2022
are being reinvested into fixed income investments with maturities of two years
and less.
Other than the item discussed in the preceding paragraph, there have been no
material changes to the Company's capital resources during the quarter ended
on Form 10-K for information regarding the Company's capital resources.
Co-obligor Financial Information
The Company is providing the following information in compliance with Rule 13-01
of Regulation S-X, "Financial Disclosures about Guarantors and Issuers of
due in 2047 ("2047 Notes").
Notes.
Indemnity Group, LLC
rank (i) senior to the companies' existing and future capital stock, (ii) senior
in right of payment to the companies' future junior subordinated debt, (iii)
equally in right of payment with any existing unsecured, subordinated debt that
the companies have issued or may issue in the future that ranks equally with the
2047 Notes, and (iv) subordinate in right of payment to any of the companies'
future senior debt. In addition, the 2047 Notes are structurally subordinated to
all existing and future indebtedness, liabilities and other obligations of
with the same obligations and duties as
Indenture (including the due and punctual performance and observance of all of
the covenants and conditions to be performed by
including, without limitation, the obligation to pay the principal of, and
interest on, the 2047 Notes when due whether at maturity, by acceleration,
redemption or otherwise), and with the same rights, benefits and privileges of
54
--------------------------------------------------------------------------------
GLOBAL INDEMNITY GROUP, LLC
foregoing,
principal of and interest in respect of the 2047 Notes) are subject to
subordination to all monetary obligations or liabilities of
owing to any regulated reinsurance or insurance company that is a direct or
indirect subsidiary of
of
any amount with respect to the subordinated note obligations,
Group, LLC
days after a demand is made to
The following tables present summarized financial information for
Indemnity Group, LLC
co-obligor) on a combined basis after transactions and balances within the
combined entities have been eliminated.
Parent and Subsidiary Co-obligors
The following table presents the summarized balance sheet information as of
(Dollars in thousands) March 31, 2022 December 31, 2021 Intercompany note receivable $ - $ - Intercompany receivables 852 1,079 Investments 155,848 246,863 Total assets excluding investment in subsidiaries 324,722 308,541 Intercompany note payable 2,800 2,800 Intercompany payables 15,542 15,567 Total liabilities 158,459 165,711
The following table presents the summarized statement of operations information
for the quarter ended
(Dollars in thousands) Total revenue$ 2,784 Intercompany interest income - Intercompany interest expense 2 Loss before income taxes (1) (4,386 ) Net loss (1) (3,881 ) (1) excludes equity in the earnings of a subsidiary Off Balance Sheet Arrangements
The Company has no off balance sheet arrangements.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements under "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and elsewhere in this report may include
forward-looking statements within the meaning of Section 21E of the Security
Exchange Act of 1934, as amended, that reflect the Company's current views with
respect to future events and financial performance. Forward-looking statements
are statements that are not historical facts. These statements can be identified
by the use of forward-looking terminology such as "believe," "expect," "may,"
"will," "should," "project," "plan," "seek," "intend," or "anticipate" or the
negative thereof or comparable terminology, and include discussions of strategy,
financial projections and estimates and their underlying assumptions, statements
regarding plans, objectives, expectations or consequences of identified
transactions or natural disasters, and statements about the future performance,
operations, products and services of the companies.
The Company's business and operations are and will be subject to a variety of
risks, uncertainties and other factors. Consequently, actual results and
experience may materially differ from those contained in any forward-looking
statements. See "Risk Factors" in Item 1A of Part I in the Company's 2021 Annual
Report on Form 10-K for risks, uncertainties and
55
--------------------------------------------------------------------------------
GLOBAL INDEMNITY GROUP, LLC
other factors that could cause actual results and experience to differ from
those projected. The Company's forward-looking statements speak only as of the
date of this report or as of the date they were made. The Company undertakes no
obligation to publicly update or review any forward-looking statement, whether
as a result of new information, future developments or otherwise.
LEMONADE, INC. – 10-Q – Management's Discussion and Analysis of Financial Condition and Results of Operations.
AM Best Assigns Credit Ratings to Four Points Insurance Company Ltd.
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