Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]

Summary of Award Activity for Stock Options Granted and Weighted Average Exercise Price Per Share

Award activity for stock options granted under the Plan and the weighted average exercise price per share are summarized as follows:


	Time-Based Options			Performance- Based Options			Total Options			Weighted Average Exercise Price Per Share
Options outstanding at January 1, 2023		800,000			46,667			846,667			30.54
Options issued		—			—			—			—
Options forfeited		(600,000	)		(46,667	)		(646,667	)		33.56
Options exercised		—			—			—			—
Options expired		—			—			—			—
Options purchased by the Company		—			—			—			—
Options outstanding at December 31, 2023		200,000			-			200,000			20.77
Options issued		550,000			—			550,000			30.73
Options forfeited		—			—			—			—
Options exercised		—			—			—			—
Options expired		—			—			—			—
Options purchased by the Company		—			—			—			—
Options outstanding at December 31, 2024 (1)		750,000			—			750,000			28.07
Options issued (2)		50,000			—			50,000			36.25
Options forfeited		—			—			—			—
Options exercised		—			—			—			—
Options expired		—			—			—			—
Options purchased by the Company		—			—			—			—
Options outstanding at December 31, 2025		800,000			—			800,000		$	28.58
Options exercisable at December 31, 2025		516,662			—			516,662		$	27.20

(1)

Of the options outstanding, 350,000 time-based stock options were granted with a weighted average exercise price per share of $30.00. One‑third of these options vested on March 6, 2025, with the remaining two‑thirds scheduled to vest in equal installments on March 6, 2026 and March 6, 2027. The remaining 400,000 time-based options represent stock options granted to the Company's Chief Executive Officer. See discussion below under Chief Executive Officer for additional information.

(2)

These time-based options were granted to the Company's Chief Executive Officer at a strike price of $36.25 and vest on December 31, 2028. See discussion below under Chief Executive Officer for additional information.

Option Intrinsic values

Option intrinsic values, which are the differences between the fair value of $28.38 at December 31, 2025 and the weighted average strike price of the option, are as follows:


	Number of Shares		Weighted Average Strike Price		Intrinsic Value
Outstanding		800,000		28.58	$1.5 Million
Exercisable		516,662		27.20	$1.5 Million
Exercised (1)		—		—		—

(1)

The intrinsic value of the exercised options is the difference between the fair market value at time of exercise and the strike price of the option.

Significant Assumptions Used to Estimate Fair Value of Stock Options Granted Using Black Scholes Option Pricing Model

The weighted average fair value of options granted under the Plan was $9.89 in 2025 and $5.72 in 2024 using a Black-Scholes option-pricing model and the following weighted average assumptions.


	2025	2024
Dividend yield	2.8%	2.9%
Expected volatility	31.98%	28.88%
Risk-free interest rate	4.38%	4.32%
Expected option life	5.25 years	3.0 years

Summary of Range of Exercise Prices of Options Outstanding

The following tables summarize the range of exercise prices of options outstanding at December 31, 2025, 2024, and 2023:


Ranges of Exercise Prices	Outstanding at December 31, 2025		Weighted Average Per Share Exercise Price		Weighted Average Remaining Life
$20.00 - $24.99		200,000	$	20.77	3.8 years
$30.00 - $34.99		550,000	$	30.73	3.8 years
$35.00 - $39.99		50,000	$	36.25	6.0 years
Total		800,000


Ranges of Exercise Prices	Outstanding at December 31, 2024		Weighted Average Per Share Exercise Price		Weighted Average Remaining Life
$20.00 - $24.99		200,000	$	20.77	4.8 years
$30.00 - $34.99		550,000	$	30.73	4.8 years
Total		750,000


Ranges of Exercise Prices	Outstanding at December 31, 2023		Weighted Average Per Share Exercise Price		Weighted Average Remaining Life
$20.00 - $24.99		200,000	$	20.77	5.8 years
Total		200,000

Summary of Restricted Stock Awards Since Inception

The following table summarizes the restricted stock grants since the 2003 inception of the original share incentive plan:


	Restricted Stock Awards
Year	Employees		Directors		Total
Inception through 2022		1,171,576		928,060		2,099,636
2023		—		91,088		91,088
2024		—		94,503		94,503
2025		—		92,640		92,640
		1,171,576		1,206,291		2,377,867

Restricted Stock Units

Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]

Summary of Restricted Stock Awards Since Inception

The following table summarizes the restricted stock unit grants since the 2003 inception of the original share incentive plan through 2020:



	Restricted Stock Unit Awards
Employees		336,736
Directors		41,667
		378,403

Summary of Non-Vested Restricted Shares/Units Activity

The following table summarizes the non-vested restricted stock units activity for the years ended December 31, 2025, 2024, and 2023:


	Number of Restricted Stock Units			Weighted Average Price Per Restricted Stock Unit
Non-vested Restricted Stock Units at January 1, 2023		127,838		$	30.53
Restricted Stock Units issued		—			—
Restricted Stock Units vested		(61,652	)		30.43
Restricted Stock Units forfeited		(14,893	)		30.18
Non-vested Restricted Stock Units at December 31, 2023		51,293		$	30.75
Restricted Stock Units issued		—			—
Restricted Stock Units vested		(51,293	)		30.75
Restricted Stock Units forfeited		—			—
Non-vested Restricted Stock Units at December 31, 2024 and 2025		—		$	—

Global Indemnity Group, LLC 10-K