Global Indemnity plc (GBLI, Financial) filed Quarterly Report for the period ended 2012-06-30.
Global Indemnity Plc has a market cap of $555.3 million; its shares were traded at around $19.8 with and P/S ratio of 1.4.
Gross premiums written, which represent the amount received or to be received for insurance policies written without reduction for reinsurance costs or other deductions, were $100.2 million for the six months ended June 30, 2012, compared with $126.8 million for the six months ended June 30, 2011, a decrease of $26.6 million or 21.0%. In the second half of 2011 the Company began exiting certain unprofitable classes of business which contributed to the decrease. This was partially offset by increases in the Companys small business, property brokerage and commercial auto classes.
Net losses and loss adjustment expenses were $63.0 million for the six months ended June 30, 2012, compared with $77.0 million for the six months ended June 30, 2011, a decrease of $14.0 million or 18.2%. Excluding the $2.1 million reduction of net losses and loss adjustment expenses for prior accident years in the six months ended June 30, 2012 and the $17.8 million reduction of net losses and loss adjustment expenses for prior accident years in the six months ended June 30, 2011, the current accident year net losses and loss adjustment expenses were $65.1 million and $94.9 million for the six months ended June 30, 2012 and 2011, respectively. The decrease is primarily attributable to large catastrophe losses incurred in the second quarter of 2011 and the Company exiting certain unprofitable classes of business in the second half of 2011, as described above.
Gross premiums written, which represent the amount received or to be received for reinsurance agreements written without reduction for reinsurance costs or other deductions, were $25.2 million for the six months ended June 30, 2012, compared with $55.8 million for the six months ended June 30, 2011, a decrease of $30.6 million or 54.9%. The decrease was primarily due to the cancellation of several unprofitable treaties during 2012.
Net losses and loss adjustment expenses were $15.1 million for the six months ended June 30, 2012, compared with $43.1 million for the six months ended June 30, 2011, a decrease of $27.9 million or 64.8%. Excluding the $7.2 million increase in net losses and loss adjustment expenses for prior accident years in the six months ended June 30, 2011, the current accident year net losses and loss adjustment expenses decreased from $35.9 million for the six months ended June 30, 2011 to $15.1 million for the six months ended June 30, 2012. This decrease is primarily attributable to large catastrophe losses incurred in 2011 related to the Japan earthquake and tsunami, New Zealand earthquakes, Australian floods and Alabama tornadoes, as well as the cancellation of unprofitable treaties in 2012.
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Global Indemnity Plc has a market cap of $555.3 million; its shares were traded at around $19.8 with and P/S ratio of 1.4.
Highlight of Business Operations:
Net losses and loss adjustment expenses were $29.9 million for the quarter ended June 30, 2012, compared with $44.2 million for the quarter ended June 30, 2011, a decrease of $14.4 million or 32.5%. Excluding the $0.7 million reduction of net losses and loss adjustment expenses for prior accident years in the quarter ended June 30, 2012 and the $9.1 million reduction of net losses and loss adjustment expenses for prior accident years in the quarter ended June 30, 2011, the current accident year net losses and loss adjustment expenses were $30.6 million and $53.4 million for the quarters ended June 30, 2012 and 2011, respectively. The decrease is primarily attributable to large catastrophe losses incurred in the second quarter of 2011 and the Company exiting certain unprofitable classes of business in the second half of 2011, as described above.Gross premiums written, which represent the amount received or to be received for insurance policies written without reduction for reinsurance costs or other deductions, were $100.2 million for the six months ended June 30, 2012, compared with $126.8 million for the six months ended June 30, 2011, a decrease of $26.6 million or 21.0%. In the second half of 2011 the Company began exiting certain unprofitable classes of business which contributed to the decrease. This was partially offset by increases in the Companys small business, property brokerage and commercial auto classes.
Net losses and loss adjustment expenses were $63.0 million for the six months ended June 30, 2012, compared with $77.0 million for the six months ended June 30, 2011, a decrease of $14.0 million or 18.2%. Excluding the $2.1 million reduction of net losses and loss adjustment expenses for prior accident years in the six months ended June 30, 2012 and the $17.8 million reduction of net losses and loss adjustment expenses for prior accident years in the six months ended June 30, 2011, the current accident year net losses and loss adjustment expenses were $65.1 million and $94.9 million for the six months ended June 30, 2012 and 2011, respectively. The decrease is primarily attributable to large catastrophe losses incurred in the second quarter of 2011 and the Company exiting certain unprofitable classes of business in the second half of 2011, as described above.
Gross premiums written, which represent the amount received or to be received for reinsurance agreements written without reduction for reinsurance costs or other deductions, were $25.2 million for the six months ended June 30, 2012, compared with $55.8 million for the six months ended June 30, 2011, a decrease of $30.6 million or 54.9%. The decrease was primarily due to the cancellation of several unprofitable treaties during 2012.
Net losses and loss adjustment expenses were $15.1 million for the six months ended June 30, 2012, compared with $43.1 million for the six months ended June 30, 2011, a decrease of $27.9 million or 64.8%. Excluding the $7.2 million increase in net losses and loss adjustment expenses for prior accident years in the six months ended June 30, 2011, the current accident year net losses and loss adjustment expenses decreased from $35.9 million for the six months ended June 30, 2011 to $15.1 million for the six months ended June 30, 2012. This decrease is primarily attributable to large catastrophe losses incurred in 2011 related to the Japan earthquake and tsunami, New Zealand earthquakes, Australian floods and Alabama tornadoes, as well as the cancellation of unprofitable treaties in 2012.
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