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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

001-34809

Commission File Number

GLOBAL INDEMNITY GROUP, LLC

(Exact name of registrant as specified in its charter)

     Delaware
     85-2619578

     (State or other jurisdiction 
of incorporation or organization)

     (I.R.S. Employer Identification No.)

112 S. French Street, Suite 105

Wilmington, DE 19801

(Address of principal executive office including zip code)

Registrant's telephone number, including area code: (302) 691-6276

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files.). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:


Large accelerated filer	☐;	Accelerated filer	☒;

Non-accelerated filer	☐;	Smaller reporting company	☐;

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Shares	GBLI	New York Stock Exchange

As of October 31, 2025, the registrant had outstanding 10,530,342 class A common shares (including 550,000 class A common shares designated as class A-2 common shares) and 3,793,612 class B common shares.

TABLE OF CONTENTS


			Page
	PART I – FINANCIAL INFORMATION

Item 1.		Financial Statements:	3

		Consolidated Balance Sheets As of September 30, 2025 (Unaudited) and December 31, 2024	3

		Consolidated Statements of Operations Quarters and Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)	4

		Consolidated Statements of Comprehensive Income Quarters and Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)	5

		Consolidated Statements of Changes in Shareholders’ Equity Quarters and Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)	6

		Consolidated Statements of Cash Flows Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)	7

		Notes to Consolidated Financial Statements (Unaudited)	8

Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.		Quantitative and Qualitative Disclosures about Market Risk	47

Item 4.		Controls and Procedures	48

	PART II – OTHER INFORMATION

Item 1.		Legal Proceedings	49

Item 1A.		Risk Factors	49

Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds	49

Item 3.		Defaults Upon Senior Securities	49

Item 4.		Mine Safety Disclosures	49

Item 5.		Other Information	49

Item 6.		Exhibits	50

Signature			51

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

GLOBAL INDEMNITY GROUP, LLC

Consolidated Balance Sheets

(In thousands, except share amounts)


	(Unaudited) September 30, 2025			December 31, 2024
ASSETS
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,314,418 and $1,394,639; net of allowance for expected credit losses of $0 at September 30, 2025 and December 31, 2024)	$	1,309,379		$	1,381,908
Equity securities, at fair value		33,625			12,284
Other invested assets		19,084			29,413
Total investments		1,362,088			1,423,605

Cash and cash equivalents		75,360			17,009
Premium receivables, net of allowance for expected credit losses of $3,476 at September 30, 2025 and $3,530 at December 31, 2024		75,870			75,088
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at September 30, 2025 and December 31, 2024		64,262			66,855
Funds held by ceding insurers		23,919			30,026
Deferred income taxes		17,947			22,459
Deferred acquisition costs		45,523			41,136
Intangible assets		17,000			14,103
Goodwill		4,820			4,820
Prepaid reinsurance premiums		3,661			3,320
Receivable for securities		—			52
Income tax receivable		6,071			825
Lease right of use assets		8,424			9,295
Other assets		29,143			22,660
Total assets	$	1,734,088		$	1,731,253

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses	$	761,681		$	800,391
Unearned premiums		200,941			183,411
Reinsurance balances payable		2,700			8,181
Payable for securities		2,227			—
Contingent commissions		5,606			6,826
Lease liabilities		8,922			10,371
Other liabilities		47,876			32,924
Total liabilities	$	1,029,953		$	1,042,104

Commitments and contingencies (Note 10)		—			—

Shareholders’ equity:
Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 4,000 shares, respectively, liquidation preference: $1,000 per share and $1,000 per share, respectively		4,000			4,000
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,818,110 and 11,202,355, respectively, (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class A common shares outstanding: 10,530,342 and 9,914,587, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively		—			—
Additional paid-in capital		464,796			459,578
Accumulated other comprehensive income (loss), net of tax		(4,200	)		(10,410	)
Retained earnings		272,231			268,673
Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively		(32,692	)		(32,692	)
Total shareholders’ equity		704,135			689,149
Total liabilities and shareholders’ equity	$	1,734,088		$	1,731,253

See accompanying notes to the consolidated financial statements.

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Operations

(In thousands, except shares and per share data)


	(Unaudited) Quarters Ended September 30,						(Unaudited) Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues:
Gross written premiums	$	108,369		$	99,767		$	313,845		$	293,961
Ceded written premiums		(2,826	)		(2,590	)		(8,524	)		(6,948	)
Net written premiums		105,543			97,177			305,321			287,013
Change in net unearned premiums		(5,873	)		(1,764	)		(17,189	)		(2,207	)
Net earned premiums		99,670			95,413			288,132			284,806
Net investment income		17,911			16,488			47,400			46,319
Net realized investment gains (losses)		(3,994	)		(512	)		(3,731	)		540
Other income		611			372			1,568			1,074
Total revenues		114,198			111,761			333,369			332,739

Losses and Expenses:
Net losses and loss adjustment expenses		49,875			52,400			169,561			159,446
Acquisition costs and other underwriting expenses		40,415			37,553			114,837			111,790
Corporate expenses		7,844			5,923			24,872			18,679
Income before income taxes		16,064			15,885			24,099			42,824
Income tax expense		3,541			3,125			5,221			8,605
Net income	$	12,523		$	12,760		$	18,878		$	34,219
Less: preferred stock distributions		110			110			330			330
Net income available to common shareholders	$	12,413		$	12,650		$	18,548		$	33,889

Per share data:
Net income available to common shareholders
Basic	$	0.87		$	0.93		$	1.31		$	2.49
Diluted	$	0.86		$	0.92		$	1.30		$	2.48
Weighted-average number of shares outstanding
Basic		14,296,628			13,664,542			14,147,848			13,617,960
Diluted		14,357,909			13,800,877			14,222,845			13,684,018
Cash distributions declared per common share	$	0.35		$	0.35		$	1.05		$	1.05

See accompanying notes to the consolidated financial statements.

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Comprehensive Income

(In thousands)


	(Unaudited) Quarters Ended September 30,				(Unaudited) Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	12,523	$	12,760	$	18,878	$	34,219

Other comprehensive income, net of tax:
Unrealized holding gains		413		9,513		6,084		14,314
Reclassification adjustment for losses included in net income		28		633		51		665
Unrealized foreign currency translation gains		16		58		75		37
Other comprehensive income, net of tax		457		10,204		6,210		15,016

Comprehensive income, net of tax	$	12,980	$	22,964	$	25,088	$	49,235

See accompanying notes to the consolidated financial statements.

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Changes in Shareholders’ Equity

(In thousands, except share amounts)


	(Unaudited) Quarters Ended September 30,						(Unaudited) Nine Months Ended September 30,
	2025			2024			2025			2024
Number of Series A Cumulative Fixed Rate Preferred Shares
Number at beginning and end of period		4,000			4,000			4,000			4,000
Number of class A common shares issued:
Number at beginning of period		11,790,484			11,158,442			11,202,355			11,042,670
Common shares issued to Fox Paine & Company, LLC, designated as class A-2 common shares		—			—			550,000			—
Common shares issued under share incentive plans, net of forfeitures		—			—			—			65,182
Common shares issued to directors		27,626			23,556			65,755			74,146
Number at end of period		11,818,110			11,181,998			11,818,110			11,181,998
Number of class B common shares issued:
Number at beginning and end of period		3,793,612			3,793,612			3,793,612			3,793,612
Par value of Series A Cumulative Fixed Rate Preferred Shares
Balance at beginning and end of period	$	4,000		$	4,000		$	4,000		$	4,000
Additional paid-in capital:
Balance at beginning of period	$	463,816		$	457,550		$	459,578		$	454,791
Share compensation plans		980			1,164			5,218			3,923
Balance at end of period	$	464,796		$	458,714		$	464,796		$	458,714
Accumulated other comprehensive income (loss), net of deferred income tax:
Balance at beginning of period	$	(4,657	)	$	(18,051	)	$	(10,410	)	$	(22,863	)
Other comprehensive income:
Change in unrealized holding gains		441			10,146			6,135			14,979
Unrealized foreign currency translation gains (losses)		16			58			75			37
Other comprehensive income		457			10,204			6,210			15,016
Balance at end of period	$	(4,200	)	$	(7,847	)	$	(4,200	)	$	(7,847	)
Retained earnings:
Balance at beginning of period	$	264,821		$	256,683		$	268,673		$	244,988
Net income		12,523			12,760			18,878			34,219
Preferred share distributions		(110	)		(110	)		(330	)		(330	)
Distributions to shareholders ($0.35 per share per quarter in 2025 and 2024)		(5,003	)		(4,782	)		(14,990	)		(14,326	)
Balance at end of period	$	272,231		$	264,551		$	272,231		$	264,551
Number of treasury shares:
Number at beginning of period		1,287,768			1,287,768			1,287,768			1,271,241
Class A common shares purchased		—			—			—			16,527
Number at end of period		1,287,768			1,287,768			1,287,768			1,287,768
Treasury shares, at cost:
Balance at beginning of period	$	(32,692	)	$	(32,692	)	$	(32,692	)	$	(32,163	)
Class A common shares purchased, at cost		—			—			—			(529	)
Balance at end of period	$	(32,692	)	$	(32,692	)	$	(32,692	)	$	(32,692	)
Total shareholders’ equity	$	704,135		$	686,726		$	704,135		$	686,726

See accompanying notes to the consolidated financial statements.

GLOBAL INDEMNITY GROUP, LLC

Consolidated Statements of Cash Flows

(In thousands)


	(Unaudited) Nine Months Ended September 30,
	2025			2024
Cash flows from operating activities:
Net income	$	18,878		$	34,219
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation		4,136			3,993
Restricted stock and stock option expense		5,218			3,923
Deferred federal income taxes		2,935			8,605
Amortization of bond premium and discount, net		12,536			(16,989	)
Net realized investment losses (gains)		3,731			(540	)
Loss (income) from equity method investments, net of distributions		342			136
Changes in:
Premium receivables, net		3,552			28,733
Reinsurance receivables, net		2,593			4,046
Funds held by ceding insurers		6,201			(10,158	)
Unpaid losses and loss adjustment expenses		(38,710	)		(10,423	)
Unearned premiums		17,530			510
Reinsurance balances payable		(5,481	)		(1,679	)
Other assets and liabilities		(7,174	)		7,672
Contingent commissions		(1,220	)		(429	)
Income tax receivable / payable		(5,246	)		(2,657	)
Deferred acquisition costs		(4,387	)		1,590
Prepaid reinsurance premiums		(341	)		1,698
Net cash provided by operating activities		15,093			52,250
Cash flows from investing activities:
Proceeds from sale of fixed maturities		201,033			80,236
Proceeds from maturity of fixed maturities		1,749,775			539,542
Proceeds from maturity of preferred stock		—			5,534
Proceeds from other invested assets		9,988			8,641
Purchases of fixed maturities		(1,880,892	)		(682,546	)
Purchases of equity securities		(25,024	)		—
Acquisition of business, net of cash acquired		(1,305	)		—
Net cash provided by (used for) investing activities		53,575			(48,593	)
Cash flows from financing activities:
Distributions paid to common shareholders		(9,987	)		(9,816	)
Distributions paid to preferred shareholders		(330	)		(330	)
Purchases of class A common shares		—			(529	)
Net cash used for financing activities		(10,317	)		(10,675	)
Net change in cash and cash equivalents		58,351			(7,018	)
Cash and cash equivalents at beginning of period		17,009			38,037
Cash and cash equivalents at end of period	$	75,360		$	31,019

See accompanying notes to the consolidated financial statements.

Principles of Consolidation and Basis of Presentation

Global Indemnity Group, LLC (“Global Indemnity” or “the Company”) is a Delaware limited liability company. As of September 30, 2025, Global Indemnity Group, LLC’s class A common shares (excluding the 550,000 class A common shares designated as class A-2 common shares) are publicly traded on the New York Stock Exchange under the ticker symbol GBLI. Global Indemnity Group, LLC’s predecessors have been publicly traded since 2003. See Note 15 for additional information regarding the transfer of the listing of Global Indemnity Group, LLC's class A common shares from the New York Stock Exchange to the Nasdaq Global Select Market effective after the market closes on November 3, 2025.

The interim consolidated financial statements are unaudited, but have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”), which differs in certain respects from those principles followed in reports to insurance regulatory authorities. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The unaudited consolidated financial statements include all adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair statement of results for the interim periods. Results of operations for the quarters and nine months ended September 30, 2025 and 2024 are not necessarily indicative of the results of a full year. The accompanying notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s 2024 Annual Report on Form 10-K.

The consolidated financial statements include the accounts of Global Indemnity Group, LLC and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Acquisition

On August 31, 2025, the Company's subsidiary, Katalyx Holdings LLC ("Katalyx"), formerly Penn-America Underwriters, LLC, acquired Sayata, an artificial intelligence-enabled digital distribution marketplace and agency operations for commercial insurance. Sayata was acquired in an all-cash transaction. The acquisition complements the Company’s recent strategic reorganization of its Katalyx business to focus on agency and insurance services.

The results of Sayata’s operations have been included in the Company’s consolidated financial statements since the date of the acquisition on August 31, 2025.

Investments

The amortized cost and estimated fair value of the Company’s fixed maturities securities were as follows as of September 30, 2025 and December 31, 2024:


(Dollars in thousands)	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
As of September 30, 2025
Fixed maturities:
U.S. treasuries	$	577,064	$	—	$	111	$	(174	)	$	577,001
Obligations of states and political subdivisions		14,540		—		—		(390	)		14,150
Mortgage-backed securities		224,318		—		2,301		(3,412	)		223,207
Asset-backed securities		153,311		—		1,291		(3,616	)		150,986
Commercial mortgage-backed securities		58,250		—		414		(1,343	)		57,321
Corporate bonds		205,176		—		1,191		(1,099	)		205,268
Foreign corporate bonds		81,759		—		405		(718	)		81,446
Total fixed maturities	$	1,314,418	$	—	$	5,713	$	(10,752	)	$	1,309,379


(Dollars in thousands)	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
As of December 31, 2024
Fixed maturities:
U.S. treasuries	$	875,273	$	—	$	757	$	(784	)	$	875,246
Obligations of states and political subdivisions		17,125		—		—		(790	)		16,335
Mortgage-backed securities		61,905		—		299		(3,284	)		58,920
Asset-backed securities		137,445		—		864		(2,882	)		135,427
Commercial mortgage-backed securities		68,041		—		15		(2,488	)		65,568
Corporate bonds		158,798		—		189		(2,891	)		156,096
Foreign corporate bonds		76,052		—		81		(1,817	)		74,316
Total fixed maturities	$	1,394,639	$	—	$	2,205	$	(14,936	)	$	1,381,908

As of September 30, 2025 and December 31, 2024, the Company’s investments in equity securities consist of the following:


(Dollars in thousands)	September 30, 2025		December 31, 2024
Common stock	$	21,019	$	—
Preferred stock		12,606		12,284
Total	$	33,625	$	12,284

Excluding U.S. treasuries and limited partnerships, the Company did not hold any debt or equity investments in a single issuer in excess of 2.7% and 1.7% of shareholders' equity at September 30, 2025 and December 31, 2024, respectively.

The amortized cost and estimated fair value of the Company’s fixed maturities portfolio classified as available for sale at September 30, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


(Dollars in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	605,240	$	605,055
Due in one year through five years		259,054		259,264
Due in five years through ten years		5,193		5,012
Due after ten years		9,052		8,534
Mortgage-backed securities		224,318		223,207
Asset-backed securities		153,311		150,986
Commercial mortgage-backed securities		58,250		57,321
Total	$	1,314,418	$	1,309,379

The following table contains an analysis of the Company’s fixed income securities with gross unrealized losses that are not deemed to have credit losses, categorized by the period that the securities were in a continuous loss position as of September 30, 2025. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 4.


	Less than 12 months					12 months or longer					Total
(Dollars in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fixed maturities:
U.S. treasuries	$	8,513	$	(8	)	$	7,595	$	(166	)	$	16,108	$	(174	)
Obligations of states and political subdivisions		—		—			14,150		(390	)		14,150		(390	)
Mortgage-backed securities		19,003		(1,236	)		21,389		(2,176	)		40,392		(3,412	)
Asset-backed securities		20,309		(1,599	)		35,472		(2,017	)		55,781		(3,616	)
Commercial mortgage-backed securities		3,162		(42	)		37,607		(1,301	)		40,769		(1,343	)
Corporate bonds		443		(2	)		56,893		(1,097	)		57,336		(1,099	)
Foreign corporate bonds		795		(4	)		28,586		(714	)		29,381		(718	)
Total fixed maturities	$	52,225	$	(2,891	)	$	201,692	$	(7,861	)	$	253,917	$	(10,752	)

The following table contains an analysis of the Company’s fixed income securities with gross unrealized losses that are not deemed to have credit losses, categorized by the period that the securities were in a continuous loss position as of December 31, 2024. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 4.


	Less than 12 months					12 months or longer					Total
(Dollars in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fixed maturities:
U.S. treasuries	$	12,909	$	(180	)	$	67,662	$	(604	)	$	80,571	$	(784	)
Obligations of states and political subdivisions		—		—			16,335		(790	)		16,335		(790	)
Mortgage-backed securities		20,832		(336	)		26,802		(2,948	)		47,634		(3,284	)
Asset-backed securities		7,239		(49	)		46,792		(2,833	)		54,031		(2,882	)
Commercial mortgage-backed securities		7,551		(242	)		55,750		(2,246	)		63,301		(2,488	)
Corporate bonds		14,325		(54	)		95,266		(2,837	)		109,591		(2,891	)
Foreign corporate bonds		17,635		(62	)		46,696		(1,755	)		64,331		(1,817	)
Total fixed maturities	$	80,491	$	(923	)	$	355,303	$	(14,013	)	$	435,794	$	(14,936	)

The Company regularly performs various analytical valuation procedures with respect to its investments, including reviewing each available for sale debt security in an unrealized loss position to assess whether the decline in fair value below amortized cost basis has resulted from a credit loss or other factors. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for expected credit losses is recorded. Subsequent changes in the allowances are recorded in the period of change as either credit loss expense or reversal of credit loss expense. Any declines in value related to factors other than credit losses and the intent to sell are recorded through other comprehensive income, net of taxes.

For fixed maturities, the factors considered in reaching the conclusion that a credit loss exists include, among others, whether:

(1)

the extent to which the fair value is less than the amortized cost basis;

(2)

the issuer is in financial distress;

(3)

the investment is secured;

(4)

a significant credit rating action occurred;

(5)

scheduled interest payments were delayed or missed;

(6)

changes in laws or regulations have affected an issuer or industry;

(7)

the investment has an unrealized loss and was identified by the Company’s investment manager as an investment to be sold before recovery or maturity;

(8)

the investment failed cash flow projection testing to determine if anticipated principal and interest payments will be realized; and

(9)

changes in US Treasury rates and/or credit spreads since original purchase to identify whether the unrealized loss is simply due to interest rate movement.

According to accounting guidance for debt securities in an unrealized loss position, the Company is required to assess whether it has the intent to sell the debt security or more likely than not will be required to sell the debt security before the anticipated recovery. If either of these conditions is met, any allowance for expected credit losses is written off and the amortized cost basis is written down to the fair value of the fixed maturity security with any incremental impairment reported in earnings. The new amortized cost basis shall not be adjusted for subsequent recoveries in fair value. Subject to the risks and uncertainties in evaluating the potential impairment of a security's value, the impairment evaluation conducted by the Company as of September 30, 2025 and December 31, 2024 concluded the unrealized losses in the tables above are non-credit losses on securities where management does not intend to sell, and it is more likely than not that the Company will not be required to sell the security before recovery.

The Company elected the practical expedient to exclude accrued interest from both the fair value and the amortized cost basis of the available for sale debt securities for the purposes of identifying and measuring an impairment and to not measure an allowance for expected credit losses for accrued interest receivables. Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. The Company made an accounting policy election to present the accrued interest receivable balance with other assets on the Company’s consolidated statements of financial position. Accrued interest receivable related to fixed maturities was $4.5 million and $3.5 million as of September 30, 2025 and December 31, 2024, respectively.

The following is a description, by asset type, of the methodology and significant inputs that the Company used to measure the amount of credit loss recognized in earnings, if any:

U.S. treasuries – As of September 30, 2025, gross unrealized losses related to U.S. treasuries were $0.174 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, macroeconomic and market analysis is conducted in evaluating these securities. Consideration is given to the interest rate environment, duration and yield curve management of the portfolio, sector allocation and security selection. Based on the analysis performed, the Company did not recognize a credit loss on U.S. treasuries during the period.

Obligations of states and political subdivisions – As of September 30, 2025, gross unrealized losses related to obligations of states and political subdivisions were $0.390 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, elements that may influence the performance of the municipal bond market are considered in evaluating these securities such as investor expectations, supply and demand patterns, and current versus historical yield and spread relationships. The analysis relies on the output of fixed income credit analysts, as well as dedicated municipal bond analysts who perform extensive in-house fundamental analysis on each issuer, regardless of their rating by the major agencies. Based on the analysis performed, the Company did not recognize a credit loss on obligations of states and political subdivisions during the period.

Mortgage-backed securities (“MBS”) – As of September 30, 2025, gross unrealized losses related to mortgage-backed securities were $3.412 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, mortgage-backed securities are modeled to project principal losses under downside, base, and upside scenarios for the economy and home prices. The primary assumption that drives the security and loan level modeling is the Home Price Index (“HPI”) projection. These forecasts incorporate not just national macro-economic trends, but also regional impacts to arrive at the most granular and detailed and comprehensive projections. These assumptions are incorporated into the model as a basis to generate delinquency probabilities, default curves, loss severity curves, and voluntary prepayment curves at the loan level within each deal. The model utilizes HPI-adjusted current loan to value, payment history, loan terms, loan modification history, and borrower characteristics as inputs to generate expected cash flows and principal loss for each bond under various scenarios. Based on the analysis performed, the Company did not recognize a credit loss on mortgage-backed securities during the period.

Asset backed securities (“ABS”) - As of September 30, 2025, gross unrealized losses related to asset backed securities were $3.616 million. The weighted average credit enhancement for the Company’s asset backed portfolio is 36.5. This represents the percentage of pool losses that can occur before an asset backed security will incur its first dollar of principal losses. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, every ABS transaction is analyzed on a stand-alone basis. This analysis involves a thorough review of the collateral, prepayment, and structural risk in each transaction. Additionally, the analysis includes an in-depth credit analysis of the originator and servicer of the collateral. The analysis projects an expected loss for a deal given a set of assumptions specific to the asset type. These assumptions are used to calculate at what level of losses the deal will incur its first dollar of principal loss. The major assumptions used to calculate this ratio are loss severities, recovery lags, and no advances on principal and interest. Based on the analysis performed, the Company did not recognize a credit loss on asset backed securities during the period.

Commercial mortgage-backed securities (“CMBS”) - As of September 30, 2025, gross unrealized losses related to the CMBS portfolio were $1.343 million. The weighted average credit enhancement for the Company’s CMBS portfolio is 41.7. This represents the percentage of pool losses that can occur before a commercial mortgage-backed security will incur its first dollar of principal loss. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, a loan level analysis is utilized where every underlying CMBS loan is re-underwritten based on a set of assumptions reflecting expectations for the future path of the economy. Each loan is analyzed over time using a series of tests to determine if a credit event will occur during the life of the loan. Inherent in this process are several economic scenarios and their corresponding rent/vacancy and capital market states. The five primary credit events that frame the analysis include loan modifications, term default, balloon default, extension, and ability to pay off the balloon. The resulting output is the expected loss adjusted cash flows for each bond under base case and distressed scenarios. Based on the analysis performed, the Company did not recognize a credit loss on commercial mortgage-backed securities during the period.

Corporate bonds - As of September 30, 2025, gross unrealized losses related to corporate bonds were $1.099 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, analysis for this asset class includes maintaining detailed financial models that include a projection of each issuer’s future financial performance, including prospective debt servicing capabilities, capital structure composition, and the value of the collateral. The analysis incorporates the macroeconomic environment, industry conditions in which the issuer operates, the issuer’s current competitive position, its vulnerability to changes in the competitive and regulatory environment, issuer liquidity, issuer commitment to bondholders, issuer creditworthiness, and asset protection. Part of the process also includes running downside scenarios to evaluate the expected likelihood of default as well as potential losses in the event of default. Based on the analysis performed, the Company did not recognize a credit loss on corporate bonds during the period.

Foreign bonds – As of September 30, 2025, gross unrealized losses related to foreign bonds were $0.718 million. To assess whether the decline in fair value below amortized cost has resulted from a credit loss or other factors, detailed financial models are maintained that include a projection of each issuer’s future financial performance, including prospective debt servicing capabilities, capital structure composition, and the value of the collateral. The analysis incorporates the macroeconomic environment, industry conditions in which the issuer operates, the issuer’s current competitive position, its vulnerability to changes in the competitive and regulatory environment, issuer liquidity, issuer commitment to bondholders, issuer creditworthiness, and asset protection. Part of the process also includes running downside scenarios to evaluate the expected likelihood of default as well as potential losses in the event of default. Based on the analysis performed, the Company did not recognize a credit loss on foreign bonds during the period.

The Company has evaluated its investment portfolio and has determined that an allowance for expected credit losses on its investments is not required.

Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated other comprehensive income (loss), net of tax, as of September 30, 2025 and December 31, 2024 was as follows:


(Dollars in thousands)	September 30, 2025			December 31, 2024
Net unrealized gains (losses) from:
Fixed maturities	$	(5,039	)	$	(12,731	)
Foreign currency fluctuations		(164	)		(259	)
Deferred taxes		1,003			2,580
Accumulated other comprehensive income (loss), net of tax	$	(4,200	)	$	(10,410	)

The following tables present the changes in accumulated other comprehensive income (loss), by components, for the quarters and nine months ended September 30, 2025 and 2024:


Quarter Ended September 30, 2025 (Dollars in thousands)	Unrealized Gains and Losses on Available for Sale Securities			Foreign Currency Items			Accumulated Other Comprehensive Income (Loss)
Beginning balance, net of tax	$	(4,512	)	$	(145	)	$	(4,657	)
Other comprehensive income before reclassification, before tax		524			20			544
Amounts reclassified from accumulated other comprehensive income (loss), before tax		27			—			27
Other comprehensive income, before tax		551			20			571
Income tax expense		(109	)		(5	)		(114	)
Ending balance, net of tax	$	(4,070	)	$	(130	)	$	(4,200	)


Quarter Ended September 30, 2024 (Dollars in thousands)	Unrealized Gains and Losses on Available for Sale Securities			Foreign Currency Items			Accumulated Other Comprehensive Income (Loss)
Beginning balance, net of tax	$	(17,882	)	$	(169	)	$	(18,051	)
Other comprehensive income before reclassification, before tax		11,912			74			11,986
Amounts reclassified from accumulated other comprehensive income, before tax		801			—			801
Other comprehensive income, before tax		12,713			74			12,787
Income tax expense		(2,568	)		(15	)		(2,583	)
Ending balance, net of tax	$	(7,737	)	$	(110	)	$	(7,847	)


Nine Months Ended September 30, 2025 (Dollars in thousands)	Unrealized Gains and Losses on Available for Sale Securities			Foreign Currency Items			Accumulated Other Comprehensive Income (Loss)
Beginning balance, net of tax	$	(10,205	)	$	(205	)	$	(10,410	)
Other comprehensive income before reclassification, before tax		7,644			95			7,739
Amounts reclassified from accumulated other comprehensive income (loss), before tax		48			—			48
Other comprehensive income, before tax		7,692			95			7,787
Income tax expense		(1,557	)		(20	)		(1,577	)
Ending balance, net of tax	$	(4,070	)	$	(130	)	$	(4,200	)


Nine Months Ended September 30, 2024 (Dollars in thousands)	Unrealized Gains and Losses on Available for Sale Securities			Foreign Currency Items			Accumulated Other Comprehensive Income (Loss)
Beginning balance, net of tax	$	(22,715	)	$	(148	)	$	(22,863	)
Other comprehensive income before reclassification, before tax		17,841			47			17,888
Amounts reclassified from accumulated other comprehensive income, before tax		833			—			833
Other comprehensive income, before tax		18,674			47			18,721
Income tax expense		(3,696	)		(9	)		(3,705	)
Ending balance, net of tax	$	(7,737	)	$	(110	)	$	(7,847	)

The reclassifications out of accumulated other comprehensive income (loss) for the quarters and nine months ended September 30, 2025 and 2024 were as follows:

Delaware

PART II – OTHER INFORMATION

Global Indemnity Group, LLC 10-Q