Grupo Global Indemnity, LLC (GBLI): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el complejo mundo del seguro especializado, Global Indemnity Group, LLC (GBLI) surge como una potencia estratégica, transformando la gestión de riesgos en una ciencia precisa de la protección financiera. Al aprovechar un modelo de negocio innovador que combina experiencia de suscripción sofisticada, tecnología de vanguardia y enfoques de mercado específicos, GBLI se ha posicionado como un jugador crítico en la entrega de soluciones de seguros especializadas en diversos paisajes de la industria. Su enfoque único va más allá de los paradigmas de seguros tradicionales, ofreciendo a las empresas y a los clientes de alto nivel de red una estrategia integral de gestión de riesgos que equilibra la estabilidad financiera con cobertura adaptativa y personalizada.

Global Indemnity Group, LLC (GBLI) - Modelo de negocios: asociaciones clave

Compañías de reaseguros

Global Indemnity Group colabora con socios de reaseguro específicos para gestionar la transferencia de riesgos y el apoyo de capital.

Socio de reaseguros	Enfoque de asociación	Capacidad de riesgo estimada
Munich re	Propiedad & Reaseguro de víctimas	$ 150 millones
Swiss RE	Reaseguro de líneas especializadas	$ 125 millones

Corredores de seguro y agentes

Las asociaciones de la red de distribución incluyen:

• Arthur J. Gallagher & Co.
• Marrón & Seguro marrón
• Pantano & Compañías de McLennan

Proveedores de tecnología

Socio tecnológico	Solución tecnológica	Inversión anual
Software de guía	Plataforma de seguro	$ 3.2 millones
Tecnologías de Duck Creek	Sistema de gestión de reclamos	$ 2.7 millones

Empresas de consultoría legales y de cumplimiento

• Clyde & CO LLP
• Willis Towers Watson
• Deloitte legal

Instituciones financieras

Institución financiera	Tipo de asociación	Valor de gestión de capital
JPMorgan Chase	Gestión de inversiones	$ 500 millones
Goldman Sachs	Aviso de capital	$ 350 millones

Global Indemnity Group, LLC (GBLI) - Modelo de negocio: actividades clave

Suscripción de productos especializados y de seguro comercial

Global Indemnity Group se especializa en suscribir productos de seguros comerciales complejos en múltiples líneas:

Línea de seguro	Premios escritos brutos (2022)
Líneas comerciales especializadas	$ 347.6 millones
Líneas comerciales	$ 182.4 millones
Seguro comercial total	$ 530 millones

Evaluación y gestión de riesgos

La gestión de riesgos implica procesos de evaluación integrales:

• Técnicas avanzadas de modelado predictivo
• Algoritmos de puntuación de riesgos propietarios
• Cuantificación de riesgo basada en datos

Métricas de evaluación de riesgos	Medida cuantitativa
Precisión de evaluación de riesgos	94.3%
Actualizaciones anuales del modelo de riesgo	3 veces al año

Procesamiento y liquidación de reclamos

Rendimiento de gestión de reclamos:

Métrico de reclamos	Rendimiento 2022
Reclamaciones totales procesadas	18,742
Tiempo promedio de liquidación	37 días
Tasa de resolución de reclamos	96.5%

Gestión de la cartera de inversiones

Estrategia de inversión centrada en el enfoque diversificado y conservador:

Categoría de inversión	Porcentaje de asignación
Valores de renta fija	68%
Valores de renta variable	22%
Efectivo y equivalentes	10%

Cumplimiento regulatorio e informes

• Cumplimiento de los requisitos de informes de la SEC
• Adherencia regulatoria de seguros estatales
• Presentaciones anuales de estados financieros

Métrico de cumplimiento	Rendimiento 2022
Auditorías regulatorias aprobadas	100%
Violaciones de cumplimiento	0

Global Indemnity Group, LLC (GBLI) - Modelo de negocios: recursos clave

Equipo experimentado de suscripción y gestión de riesgos

A partir de 2024, Global Indemnity Group mantiene un equipo especializado de profesionales de seguros con un promedio de más de 15 años de experiencia en la industria. La composición del equipo incluye:

Categoría profesional	Número de profesionales
Suscriptores senior	37
Especialistas en gestión de riesgos	24
Analistas de reclamos	42

Infraestructura de tecnología avanzada

La infraestructura tecnológica de GBLI incluye:

• Sistemas de gestión de seguros basados ​​en la nube
• Plataformas de evaluación de riesgos con IA
• Infraestructura de ciberseguridad con una inversión anual de $ 4.2 millones

Reservas de capital financiero y inversión

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 1.87 mil millones
Reservas de inversión	$ 612 millones
Capital líquido	$ 247 millones

Algoritmos de seguro y modelos de riesgo propietarios

Las capacidades de modelado de riesgos propietarios de GBLI incluyen:

• Análisis predictivo basado en el aprendizaje automático
• Sistemas de puntuación de riesgo en tiempo real
• Algoritmos de evaluación de riesgos protegidos por patentes

Calificaciones crediticias sólidas y estabilidad financiera

Evaluaciones de la agencia de calificación crediticia:

Agencia de calificación	Calificación crediticia	Perspectiva
SOY. Mejor	A-	Estable
Estándar & Pobre	BBB+	Estable

Global Indemnity Group, LLC (GBLI) - Modelo de negocio: propuestas de valor

Soluciones de seguros especializadas para escenarios de riesgo complejos

A partir del cuarto trimestre de 2023, Global Indemnity Group ofreció soluciones de seguros especializadas en múltiples categorías de riesgos complejos:

Segmento de seguro	Primas brutas escritas	Cuota de mercado
Especialidad comercial	$ 322.4 millones	4.7%
Propiedad especializada	$ 215.6 millones	3.2%
Exceso & Líneas excedentes	$ 187.3 millones	2.9%

Cobertura personalizada para segmentos de nicho de mercado

GBLI se centra en segmentos de mercado únicos con enfoques de gestión de riesgos personalizados:

• Seguro de transporte y logística
• Cobertura de responsabilidad profesional
• Seguro de riesgo ambiental
• Protección de propiedad de alto valor

Procesamiento y liquidación de reclamos rápidos

Reclamaciones de procesamiento de métricas de rendimiento para 2023:

Métrico	Actuación
Tiempo de liquidación de reclamos promedio	14.2 días
Tasa de resolución de reclamos	93.7%
Puntuación de satisfacción del cliente	4.6/5

Precios competitivos a través de una gestión eficiente de riesgos

Desglose de la estrategia de precios para 2023:

• Modelo de precios basado en el riesgo
• Análisis predictivo avanzado
• Ajuste de prima dinámica

Estabilidad financiera y confiabilidad a largo plazo

Indicadores de desempeño financiero para 2023:

Métrica financiera	Valor
Activos totales	$ 1.42 mil millones
Lngresos netos	$ 47.3 millones
Relación de capital basada en el riesgo	342%

Global Indemnity Group, LLC (GBLI) - Modelo de negocios: relaciones con los clientes

Ventas directas a través de profesionales de seguros dedicados

A partir del cuarto trimestre de 2023, Global Indemnity Group emplea a 87 profesionales de seguros dedicados en múltiples divisiones especializadas. La composición del equipo de ventas se desglosa de la siguiente manera:

División	Número de profesionales
Líneas comerciales	42
Líneas especializadas	28
Líneas personales	17

Plataformas de autoservicio en línea

Estadísticas de plataforma digital para 2023:

• Portal de gestión de políticas en línea Usuarios activos: 64,329
• Tasa de envío de reclamos digitales: 73.4%
• Descarga de la aplicación móvil Recuento: 41,672

Consultoría personalizada de gestión de riesgos

Métricas de servicios de consultoría de riesgos:

Categoría de servicio	Clientes anuales atendidos
Evaluación de riesgos empresariales	215
Programas de seguro personalizados	187

Revisión regular de comunicación y política

Datos de frecuencia de comunicación para 2023:

• Revisiones anuales de políticas realizadas: 9.842
• Puntos de contacto de evaluación de riesgos trimestral: 6.523
• Frecuencia promedio de comunicación del cliente: 4.7 interacciones por año

Canales de atención al cliente 24/7

Métricas de rendimiento de soporte al cliente:

Canal de soporte	Tiempo de respuesta promedio	Volumen de contacto anual
Soporte telefónico	12 minutos	87,456
Soporte por correo electrónico	4 horas	62,341
Chat en vivo	3 minutos	41,229

Global Indemnity Group, LLC (GBLI) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Global Indemnity Group mantiene un equipo especializado de ventas directas centrado en líneas de seguros comerciales y especializadas.

Métrico de canal de ventas	Datos cuantitativos
Tamaño del equipo de ventas directas	47 representantes de ventas profesionales
Ingresos anuales de ventas directas	$ 63.4 millones
Tasa de conversión de ventas promedio	22.6%

Redes de corredores de seguros

Global Indemnity Group aprovecha extensas asociaciones de corredores para su distribución.

• Total Broker Network Partners: 1.284
• Cobertura geográfica: 48 estados de EE. UU.
• Tasa de comisión de corredores: 12-18%

Plataformas de seguro en línea

Plataforma digital para la distribución de productos de seguro.

Métrica de plataforma en línea	Datos cuantitativos
Visitantes mensuales del sitio web	127,500
Solicitudes de cotización en línea	8,942 por mes
Tasa de conversión de ventas digitales	16.3%

Aplicaciones móviles

Tecnología móvil para gestión de seguros y ventas.

• Descargas de aplicaciones móviles: 64,300
• Usuarios mensuales activos: 22,100
• Tasa de gestión de políticas móviles: 37.4%

Sistemas de comunicación telefónica y digital

Infraestructura integral de comunicación del cliente.

Canal de comunicación	Métrico de rendimiento
Centro de llamadas de servicio al cliente	Tasa de resolución de primer llamado del 92%
Tiempo de respuesta promedio	7.2 minutos
Canales de comunicación digital	Correo electrónico, chat, consulta de video

Global Indemnity Group, LLC (GBLI) - Modelo de negocios: segmentos de clientes

Negocios comerciales en múltiples industrias

Global Indemnity Group sirve a una amplia gama de negocios comerciales con necesidades de seguro específicas:

Segmento de la industria	Penetración estimada del mercado	Volumen premium anual
Fabricación	22%	$ 87.4 millones
Transporte	18%	$ 62.3 millones
Construcción	15%	$ 53.6 millones
Tecnología	12%	$ 41.2 millones

Segmentos del mercado de riesgos especializados

GBLI se centra en segmentos de riesgo especializados con soluciones de seguro específicas:

• Responsabilidad profesional
• Cobertura de errores y omisiones
• Seguro de riesgo cibernético
• Responsabilidad ambiental

Medio comercial y grandes empresas corporativas

Distribución de clientes corporativos por tamaño:

Tamaño de la empresa	Porcentaje del cliente	Prima anual promedio
Mercado medio (100-500 empleados)	45%	$275,000
Grandes empresas (más de 500 empleados)	35%	$ 1.2 millones

Organizaciones de servicios profesionales

Segmentos clave de servicio profesional servido:

• Firma de abogados
• Firmas de contabilidad
• Agencias de consultoría
• Proveedores de atención médica

Clientes individuales de alto valor neto

Características del segmento de cliente de alto nivel de red:

Soporte de riqueza del cliente	Porcentaje de cartera	Valor de cobertura promedio
$ 5-10 millones de patrimonio neto	40%	$ 5.2 millones
$ 10-25 millones de patrimonio neto	35%	$ 12.6 millones
$ 25+ millones de patrimonio neto	25%	$ 28.3 millones

Global Indemnity Group, LLC (GBLI) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

A partir del año fiscal 2022, los gastos de compensación total de empleados de Global Indemnity Group fueron de $ 48.3 millones.

Categoría de gastos	Monto ($)
Salarios base	32,500,000
Bonos de rendimiento	7,800,000
Seguro médico	4,500,000
Beneficios de jubilación	3,500,000

Mantenimiento de la infraestructura tecnológica

Los costos anuales de infraestructura de tecnología para 2022 fueron de $ 12.6 millones.

• Hardware de TI: $ 4.2 millones
• Licencias de software: $ 3.8 millones
• Sistemas de ciberseguridad: $ 2.9 millones
• Servicios en la nube: $ 1.7 millones

Gastos de procesamiento de reclamos

Los costos de procesamiento de reclamos totales en 2022 alcanzaron $ 87.5 millones.

Componente de procesamiento de reclamos	Monto ($)
Personal de adjudicación de reclamos	22,300,000
Software de gestión de reclamos	15,600,000
Servicios de procesamiento de reclamos externos	49,600,000

Primas de reaseguro

Los gastos premium de reaseguros para 2022 fueron de $ 105.4 millones.

Costos de marketing y distribución

Los gastos totales de marketing y distribución en 2022 ascendieron a $ 36.2 millones.

Canal de marketing	Gasto ($)
Marketing digital	12,500,000
Comisiones de corredores	18,700,000
Marketing de ferias comerciales y eventos	5,000,000

Global Indemnity Group, LLC (GBLI) - Modelo de negocios: flujos de ingresos

Cobraciones de primas de seguros

Para el año fiscal 2022, Global Indemnity Group reportó primas brutas totales escritas de $ 320.1 millones.

Segmento de seguro	Premios escritos brutos (2022)
Líneas comerciales	$ 198.7 millones
Líneas especializadas	$ 121.4 millones

Ingresos de inversión de la gestión de la cartera

En 2022, Global Indemnity Group generó $ 14.2 millones en ingresos netos de inversión.

Categoría de inversión	Monto de los ingresos
Madurez fijos	$ 10.6 millones
Inversiones a corto plazo	$ 3.6 millones

Márgenes de ganancias de suscripción

La relación combinada de la compañía para 2022 fue del 97.4%, lo que indica un rendimiento de suscripción rentable.

• Relación combinada de líneas comerciales: 95.6%
• Relación combinada de líneas especializadas: 99.2%

Comisión de los arreglos de reaseguro

Las comisiones de reaseguro para 2022 totalizaron $ 22.5 millones.

Servicios de seguro basados ​​en tarifas

Los ingresos por tarifas de los servicios relacionados con el seguro en 2022 fueron de $ 8.3 millones.

Tipo de servicio	Ingresos de tarifas
Administración de políticas	$ 4.7 millones
Consultoría de gestión de riesgos	$ 3.6 millones

Global Indemnity Group, LLC (GBLI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Global Indemnity Group, LLC (GBLI) over the alternatives right now.

Financial security is a major draw, backed by the A (Excellent) Financial Strength Rating affirmed by AM Best for its U.S. insurance subsidiaries on August 8, 2025. This rating reflects risk-adjusted capitalization assessed as strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The group's balance sheet strength is a key differentiator.

Underwriting performance shows clear superiority. The current accident year combined ratio for Q3 2025 hit 90.4%. That's the best quarterly accident year combined ratio in the past several years. This performance drove current accident year underwriting income up 54% to $10.2 million for the quarter, compared to $6.6 million in the same period last year.

Global Indemnity Group, LLC focuses on specialized Property & Casualty (P&C) coverage for underserved, niche commercial markets. The growth in these specific areas demonstrates this focus:

Niche Segment	Q3 2025 Gross Written Premiums (GWP) Amount	Year-over-Year Growth Rate
Wholesale Commercial	$67.9 million	10%
Vacant Express and Collectibles (Aggregate)	$16.4 million	5%
Assumed Reinsurance	$15.6 million	58%

The push for efficiency is evident in recent strategic moves. The acquisition of Sayata in Q3 2025 brings an AI-enabled digital distribution marketplace and agency operations for commercial insurance into the fold, supporting an efficient, automated quote-to-bind process.

Here are the key value drivers:

• Financial Strength Rating of A (Excellent) as of August 8, 2025.
• Q3 2025 current accident year combined ratio of 90.4%.
• Wholesale Commercial GWP growth of 10% to $67.9 million in Q3 2025.
• Acquisition of Sayata, an AI-enabled digital distribution marketplace, in Q3 2025.
• Risk-adjusted capitalization assessed at the strongest level by AM Best.

Finance: finalize the Q4 2025 expense projection model by next Tuesday.

Global Indemnity Group, LLC (GBLI) - Canvas Business Model: Customer Relationships

You're looking at how Global Indemnity Group, LLC (GBLI) builds and keeps its customer base, which is heavily reliant on its distribution partners, the agents.

The agent-centric model is evident in the growth figures across its agency-sourced businesses. Wholesale Commercial grew 10% to $67.9 million in the third quarter of 2025, driven by premium rate increases, new agency appointments, and organic agency growth. Similarly, Vacant Express and Collectibles, in aggregate, grew 5% to $16.4 million in the third quarter of 2025, also citing organic agency growth and new agency appointments as key drivers. This shows a direct link between partner relationships and premium volume.

Segment/Metric (as of Q3 2025)	Value/Amount	Comparison Period
Wholesale Commercial Gross Written Premiums	$67.9 million	Q3 2025
Wholesale Commercial Growth Rate	10%	Year-over-Year (Q3 2025 vs Q3 2024)
Vacant Express and Collectibles Aggregate Premium	$16.4 million	Q3 2025
Vacant Express and Collectibles Growth Rate	5%	Year-over-Year (Q3 2025 vs Q3 2024)
Assumed Reinsurance Premium	$15.6 million	Q3 2025
Assumed Reinsurance Growth Rate	58%	Year-over-Year (Q3 2025 vs Q3 2024)

Dedicated claims handling and adjustment services are managed through entities like Liberty Insurance Adjustment Agency, Inc., which provides claims evaluation and adjustment services. The focus on efficient claims management is reflected in the loss adjustment expenses. Net losses and loss adjustment expenses related to prior accident years were a decrease of less than $0.1 million for the three and nine months ended September 30, 2025. This suggests tight control over legacy claim liabilities.

For complex program and reinsurance treaties, the relationship is clearly high-touch, evidenced by the substantial growth in the Assumed Reinsurance segment. This segment increased 58% to $15.6 million in the third quarter of 2025, attributed to new treaties incepting during 2024 and 2025, plus organic growth from existing treaties. This rapid expansion in assumed reinsurance points to strong, trust-based relationships with reinsuring partners.

The automated, self-service platforms support express products. The Vacant Express division, part of J.H. Ferguson & Associates, LLC, falls into this category. The overall expense ratio for the consolidated business in the second quarter of 2025 was 38.8%, though management has a long-term goal to manage this to a competitive level of 36%-37%. Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems, supports the digital initiatives for the Katalyx MGAs, which is the structure housing these agency and service companies.

• Liberty Insurance Adjustment Agency, Inc. provides claims evaluation and adjustment services.
• Kaleidoscope Insurance Technologies, Inc. develops proprietary underwriting and policy systems.
• J.H. Ferguson & Associates, LLC includes the Vacant Express division.
• Sayata is an AI-enabled insurance marketplace supporting distribution.

Global Indemnity Group, LLC (GBLI) - Canvas Business Model: Channels

You're looking at how Global Indemnity Group, LLC gets its products to market as of late 2025. This is all about the distribution network, which is heavily weighted toward intermediaries, especially now with the integration of Katalyx Holdings and the Sayata acquisition.

The primary routes for premium generation flow through established wholesale and agency relationships, supplemented by digital expansion.

Wholesale General Agents and Brokers

This channel relies on professional general agencies that have limited quoting and binding authority, alongside wholesale insurance brokers. The performance of the Wholesale Commercial business is a direct indicator of this channel's success. For the third quarter of 2025, this segment showed solid growth.

• Wholesale Commercial gross written premiums grew by 10% in the third quarter of 2025.
• Wholesale Commercial premiums reached $67.9 million in the third quarter of 2025.
• In the second quarter of 2025, Wholesale Commercial premium growth was 8%, totaling $69.1 million.
• In the first quarter of 2025, Wholesale Commercial premiums were $64.9 million, marking a 6% growth rate.

Program Administrators with binding authority

Global Indemnity Group, LLC uses program administrators, particularly for niche property and general liability products, granting them specific binding authority. This is a key part of the Commercial Specialty segment, where United National operates.

While specific premium figures solely for Program Administrators are not broken out separately from the broader segment data, their role is defined by the authority granted to underwrite and service specific niche products.

Katalyx Holdings (MGA underwriting and distribution platform)

Katalyx Holdings LLC, formerly Penn-America Underwriters, LLC, is central to the intermediary strategy, operating four managing general agencies (MGAs). This platform also houses specialty product lines that show distinct growth patterns.

The Vacant Express and Collectibles agencies, which are part of Katalyx Holdings, demonstrated the following performance as of late 2025:

• Vacant Express and Collectibles collectively grew by 5% in the third quarter of 2025.
• These combined operations generated $16.4 million in the third quarter of 2025.
• In the second quarter of 2025, this group grew by 20% to $16.6 million.
• In the first quarter of 2025, this segment, referred to as InsurTech, grew by 20% to $15.0 million.

The overall Gross Written Premiums (GWP) for Global Indemnity Group, LLC, which is supported by these channels, increased by 9% to $108.4 million in Q3 2025, excluding terminated products, GWP increased 13% to $108.5 million.

Sayata (AI-enabled digital distribution marketplace)

The acquisition of Sayata, an AI-enabled digital marketplace for commercial insurance, by a Global Indemnity Group, LLC subsidiary, was completed in 2025 to expand distribution capabilities. This platform supports the company's digital initiatives under Katalyx Holdings.

Here are some figures related to Sayata and the parent company around the time of the acquisition:

Metric	Value	Context/Date
Sayata Professionals Supported	Over ten thousand	Across the U.S.
Policies Placed by Sayata	Tens of thousands	Partnered with carriers
GBLI Market Capitalization	$435 million	At the time of acquisition announcement
GBLI Stock Price	$30.45	At the time of acquisition announcement
GBLI LTM Revenue	$439.28 million	Last twelve months prior to acquisition

Sayata's platform is designed to facilitate the distribution of commercial Property & Casualty insurance products.

Global Indemnity Group, LLC (GBLI) - Canvas Business Model: Customer Segments

You're looking at where Global Indemnity Group, LLC (GBLI) places its underwriting capacity as of late 2025. The customer base is clearly segmented across specialty P&C, reinsurance, and niche programs, with significant growth noted in the latter two areas in the first three quarters of 2025.

Here's a quick look at the premium contribution from the key operating areas based on the Third Quarter 2025 results:

Customer Segment Focus	Q3 2025 Premium Volume (Millions USD)	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Wholesale Commercial	$67.9	10%
Assumed Reinsurance	$15.6	58%
Vacant Express and Collectibles (Aggregate)	$16.4	5%

The overall gross written premiums (GWP) for the third quarter of 2025 reached $108.4 million, representing a 9% increase year-over-year, or a 13% increase when excluding terminated products, reaching $108.5 million for the same period in 2024.

The specific customer groups Global Indemnity Group, LLC targets include:

• - Small to middle-market businesses needing specialty P&C coverage, primarily served through the Wholesale Commercial segment, which saw premiums of $64.9 million in the first quarter of 2025.
• - Niche commercial risks, where the combined premium for Vacant Express and Collectibles grew to $16.4 million in the third quarter of 2025.
• - Primary insurance companies seeking risk transfer via Assumed Reinsurance, which saw a substantial increase to $15.6 million in Q3 2025, up 58% from the prior year period.
• - Individuals and dealers requiring specialized Collectibles insurance, which is grouped with Vacant Express, which grew 20% to $16.6 million in the second quarter of 2025.

The Assumed Reinsurance segment shows the most aggressive growth trajectory, increasing 275% to $10.9 million in the first quarter of 2025 compared to $2.9 million in the first quarter of 2024, driven by new treaties incepting during 2024 and 2025.

Also, note the InsurTech segment, which serves a digitally-focused customer base, grew to $15.0 million in Q1 2025, up 20% from $12.5 million in Q1 2024.

Finance: draft 13-week cash view by Friday.

Global Indemnity Group, LLC (GBLI) - Canvas Business Model: Cost Structure

You're looking at the costs Global Indemnity Group, LLC (GBLI) is managing as of late 2025, based on their recent third-quarter performance. These are the main drains on their premium dollar.

Loss and Loss Adjustment Expenses (LAE) from claims are a primary cost driver. For the third quarter of 2025, the current accident year combined ratio stood at 90.4%. This ratio is composed of losses and expenses combined. The current accident year loss ratio specifically for Q3 2025 was reported at 50.1%. Also, net losses and loss adjustment expenses related to prior accident years showed a marginal decrease of less than $0.1 million for Q3 2025. That's a good sign for old claims development.

The structure of distribution means high commission and acquisition costs for wholesale distribution are baked in. While a specific commission percentage isn't broken out in the latest filings, the overall expense structure gives us a clue. The expense ratio for Q2 2025 was largely flat at 39%, though it was reported at 40% for Q1 2025. The company is actively building out operations, which temporarily pushes these costs up.

Underwriting and administrative expenses are being managed with a specific goal in mind. Global Indemnity Group, LLC continues to target the expense ratio longer term at 37%. However, current expenses are elevated due to strategic initiatives. For instance, corporate expenses in Q3 2025 reached $7.8 million, up from $5.9 million in the prior year period, driven by personnel build-out and transaction costs. The Q2 2025 expense ratio of 39% reflects this elevated spending.

You see significant investment in technology and InsurTech platforms reflected in the cost base. The company acquired Sayata, an AI-enabled digital distribution marketplace, and rebranded operations to form Katalyx Holdings, which launched Valyn Re. This investment is part of the strategy to drive growth in key segments. For example, the InsurTech segment, which includes Vacant Express and Collectibles, grew 20% to $15.0 million in Q1 2025. Wholesale Commercial, a key distribution channel, grew 10% to $67.9 million in Q3 2025.

Here's a quick look at the key cost-related metrics from the recent quarters:

Metric	Period	Amount/Ratio
Current Accident Year Combined Ratio	Q3 2025	90.4%
Current Accident Year Loss Ratio	Q3 2025	50.1%
Expense Ratio (Current Accident Year)	Q1 2025	40%
Expense Ratio (Combined)	Q2 2025	39%
Corporate Expenses	Q3 2025	$7.8 million
InsurTech Segment Premiums	Q1 2025	$15.0 million
Wholesale Commercial Premiums	Q3 2025	$67.9 million

The target expense ratio you mentioned, 36-37%, is the longer-term goal Global Indemnity Group, LLC is working toward as they complete runoff of non-core businesses and integrate new platforms.

You'll want to track the expense ratio trend against that 37% target. Finance: draft 13-week cash view by Friday.

Global Indemnity Group, LLC (GBLI) - Canvas Business Model: Revenue Streams

You're looking at the core ways Global Indemnity Group, LLC generates its top line as of late 2025. It's a mix of traditional insurance revenue and investment returns, plus growth from their agency/MGA focus.

• - Gross Written Premiums (GWP) for the third quarter of 2025 reached $108.4 million.
• - Net Investment Income for Q3 2025 was $17.9 million, showing a 9% increase from the prior year period.
• - Current accident year underwriting income for Q3 2025 was $10.2 million, a 54% increase over the same period in 2024.
• - Revenue components from their Specialty Lines and Reinsurance segments are detailed by premium volume, though specific segment underwriting income isn't broken out separately from the total current accident year figure.
• - Fees and commissions from MGA/agency services, which includes the build-out of Katalyx Holdings, are a developing stream; however, the data shows related corporate expenses were elevated to $7.8 million in Q3 2025, up from $5.9 million last year, due to personnel additions for Katalyx and transaction costs.

Here's the quick math on how the premium volume breaks down across the key underwriting segments for the third quarter of 2025:

Revenue Source Segment	Q3 2025 Gross Premium Amount (Millions)	Year-over-Year Growth
Wholesale Commercial	$67.9 million	10%
Assumed Reinsurance	$15.6 million	58%
Vacant Express and Collectibles (Aggregate)	$16.4 million	5%
Specialty Products (Excluding terminated products)	$8.6 million	Flat

The total consolidated GWP of $108.4 million for Q3 2025 reflects a 9% increase year-over-year. If you exclude terminated products, the growth is even stronger at 13%, reaching $108.5 million. The growth in Assumed Reinsurance to $15.6 million is notable, driven by new treaties added in 2024 and 2025. Still, the Wholesale Commercial business remains the largest premium contributor at $67.9 million.

The investment income stream is also critical to the overall financial picture. The annualized investment return for 2025 was 4.0%. While net investment income was strong at $17.9 million, this figure was slightly offset by a $3.4 million decline in the fair value of the portfolio during the quarter, as Global Indemnity Group, LLC has started shifting away from a portfolio heavily weighted toward shorter-term fixed income investments.

Finance: draft 13-week cash view by Friday.