Global Indemnity Group, LLC has posted a net income available to shareholders of $11.3 million for the first quarter of 2024, compared to $2.4 million for the same period in 2023.
According to the firm, the increase in net income was essentially driven by strong underwriting results in the Penn-America excess and surplus lines business, which reflected in a 54.8% loss ratio and 94.0% combined ratio.
The firm also attributed the rise towards the 21% increase seen in investment income, as it rose to $14.5 million in 2024 due to steps taken by the organisation to position it to take advantage of rising interest rates.
At the same time, gross written premiums (GWP) declined 24.0% to $93.5 million for Q124, from the $123 million figure that the firm posted in the same period in 2023.
Moving towards Penn-America, GWP for the first quarter of 2024 sat at $94.0 million, which is slightly below the $95.4 million from the first quarter of 2023.
In addition, Penn-America’s current accident year underwriting income saw a substantial rise, as it reached $5.7 million in the quarter, compared to an underwriting loss of $0.8 million from last year. This increase was mostly driven by improved experience on non-catastrophe related property business.
And lastly, Penn-America’s current accident year loss ratio improved 8.2 points to 54.8% in 2024.
Property loss ratio improved 18.6 points to 50.1% due to improved performance on non-catastrophe related business. While casualty loss ratio was 58.6% in 2024 compared to 58.9% in 2023.
