Global Indemnity Group, LLC (GBLI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe de l'assurance spécialisée, Global Indemnity Group, LLC (Gbli) apparaît comme une puissance stratégique, transformant la gestion des risques en une science précise de la protection financière. En tirant parti d'un modèle commercial innovant qui combine une expertise sophistiquée de souscription, une technologie de pointe et des approches de marché ciblées, GBLI s'est positionné comme un acteur critique dans la fourniture de solutions d'assurance spécialisées dans divers paysages de l'industrie. Leur approche unique va au-delà des paradigmes d'assurance traditionnels, offrant aux entreprises et aux clients à haute teneur en naissance une stratégie complète de gestion des risques qui équilibre la stabilité financière avec une couverture adaptative et personnalisée.

Global Indemnity Group, LLC (GBLI) - Modèle commercial: partenariats clés

Sociétés de réassurance

Global Indemnity Group collabore avec des partenaires de réassurance spécifiques pour gérer le transfert des risques et le soutien en capital.

Partenaire de réassurance	Focus de partenariat	Capacité de risque estimée
Munich re	Propriété & Réassurance des victimes	150 millions de dollars
Suisse re	Réassurance des lignes de spécialité	125 millions de dollars

Brokers et agents d'assurance

Les partenariats du réseau de distribution comprennent:

• Arthur J. Gallagher & Co.
• Brun & Assurance brune
• Marais & Compagnies McLennan

Fournisseurs de technologies

Partenaire technologique	Solution technologique	Investissement annuel
Logiciel Guidewire	Plate-forme d'assurance	3,2 millions de dollars
Duck Creek Technologies	Système de gestion des réclamations	2,7 millions de dollars

Cabinets de conseil juridique et conformité

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

Institutions financières

Institution financière	Type de partenariat	Valeur de gestion du capital
JPMorgan Chase	Gestion des investissements	500 millions de dollars
Goldman Sachs	Avis en capital	350 millions de dollars

Global Indemnity Group, LLC (GBLI) - Modèle d'entreprise: activités clés

Produits spécialisés et assurance commerciale de souscription

Global Indemnity Group est spécialisé dans la souscription de produits d'assurance commerciale complexes sur plusieurs lignes:

Ligne d'assurance	Primes écrites brutes (2022)
Lignes commerciales spécialisées	347,6 millions de dollars
Lignes commerciales	182,4 millions de dollars
Assurance commerciale totale	530 millions de dollars

Évaluation et gestion des risques

La gestion des risques implique des processus d'évaluation complets:

• Techniques de modélisation prédictive avancées
• Algorithmes de notation des risques propriétaires
• Quantification des risques basée sur les données

Métriques d'évaluation des risques	Mesure quantitative
Précision d'évaluation des risques	94.3%
Mises à jour annuelles du modèle de risque	3 fois par an

Traitement et règlement des réclamations

Performance de gestion des réclamations:

Réclame la métrique	2022 Performance
Total des réclamations traitées	18,742
Temps de règlement moyen	37 jours
Taux de résolution des réclamations	96.5%

Gestion du portefeuille d'investissement

Stratégie d'investissement axée sur une approche diversifiée et conservatrice:

Catégorie d'investissement	Pourcentage d'allocation
Titres à revenu fixe	68%
Titres de capitaux propres	22%
Espèce et équivalents	10%

Conformité réglementaire et rapport

• Conformité aux exigences de rapport SEC
• Adhésion réglementaire d'assurance d'État
• Soumissions annuelles des états financiers

Métrique de conformité	2022 Performance
Audits réglementaires passés	100%
Violations de la conformité	0

Global Indemnity Group, LLC (GBLI) - Modèle d'entreprise: Ressources clés

Équipe de souscription et de gestion des risques expérimentée

En 2024, Global Indemnity Group maintient une équipe spécialisée de professionnels de l'assurance avec une moyenne de plus de 15 ans d'expérience dans l'industrie. La composition de l'équipe comprend:

Catégorie professionnelle	Nombre de professionnels
Souscripteurs seniors	37
Spécialistes de la gestion des risques	24
Réclamations analystes	42

Infrastructure de technologie avancée

L'infrastructure technologique de Gbli comprend:

• Systèmes de gestion des assurances basés sur le cloud
• Plateformes d'évaluation des risques alimentées par l'IA
• Infrastructure de cybersécurité avec un investissement annuel de 4,2 millions de dollars

Réserves de capital financier et d'investissement

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant
Actif total	1,87 milliard de dollars
Réserves d'investissement	612 millions de dollars
Capital liquide	247 millions de dollars

Algorithmes d'assurance propriétaire et modèles de risque

Les capacités de modélisation des risques propriétaires de Gbli comprennent:

• Analytique prédictive basée sur l'apprentissage automatique
• Systèmes de notation des risques en temps réel
• Algorithmes d'évaluation des risques protégés par brevet

Fortes notations de crédit et stabilité financière

Évaluations des agences de notation de crédit:

Agence de notation	Cote de crédit	Perspectives
SUIS. Meilleur	UN-	Écurie
Standard & Pauvre	Bbb +	Écurie

Global Indemnity Group, LLC (GBLI) - Modèle d'entreprise: propositions de valeur

Solutions d'assurance spécialisées pour des scénarios de risque complexes

Au quatrième trimestre 2023, Global Indemnity Group a offert des solutions d'assurance spécialisées dans plusieurs catégories de risques complexes:

Segment de l'assurance	Primes écrites brutes	Part de marché
Spécialité commerciale	322,4 millions de dollars	4.7%
Propriété spécialisée	215,6 millions de dollars	3.2%
Excès & Lignes excédentaires	187,3 millions de dollars	2.9%

Couverture sur mesure pour les segments de marché de niche

Gbli se concentre sur des segments de marché uniques avec des approches de gestion des risques personnalisées:

• Assurance transport et logistique
• Couverture de responsabilité professionnelle
• Assurance risque environnementale
• Protection des biens de grande valeur

Traitement et règlement des réclamations rapides

Réclamations Traitement des mesures de performance pour 2023:

Métrique	Performance
Temps de règlement des réclamations moyennes	14,2 jours
Taux de résolution des réclamations	93.7%
Score de satisfaction du client	4.6/5

Prix ​​compétitifs grâce à une gestion efficace des risques

Répartition de la stratégie de tarification pour 2023:

• Modèle de tarification basé sur les risques
• Analytique prédictive avancée
• Ajustement de prime dynamique

Stabilité financière et fiabilité à long terme

Indicateurs de performance financière pour 2023:

Métrique financière	Valeur
Actif total	1,42 milliard de dollars
Revenu net	47,3 millions de dollars
Ratio de capital basé sur le risque	342%

Global Indemnity Group, LLC (GBLI) - Modèle d'entreprise: relations clients

Ventes directes par le biais de professionnels de l'assurance dédiés

Depuis le quatrième trimestre 2023, Global Indemnity Group emploie 87 professionnels de l'assurance dévoués dans plusieurs divisions spécialisées. La composition de l'équipe de vente se décompose comme suit:

Division	Nombre de professionnels
Lignes commerciales	42
Lignes de spécialité	28
Lignes personnelles	17

Plateformes en libre-service en ligne

Statistiques de la plate-forme numérique pour 2023:

• Portail de gestion des politiques en ligne utilisateurs actifs: 64 329
• Taux de soumission des réclamations numériques: 73,4%
• Nombre de téléchargement d'application mobile: 41 672

Conseil de gestion des risques personnalisés

Métriques des services de conseil à risque:

Catégorie de service	Les clients annuels ont servi
Évaluation des risques d'entreprise	215
Programmes d'assurance personnalisés	187

Communication régulière et examen des politiques

Données de fréquence de communication pour 2023:

• Examen annuel des politiques effectuées: 9 842
• Points de contact d'évaluation des risques trimestriels: 6 523
• Fréquence moyenne de communication du client: 4,7 interactions par an

Canaux de support client 24/7

Métriques de performance du support client:

Canal de support	Temps de réponse moyen	Volume de contact annuel
Support téléphonique	12 minutes	87,456
Assistance par e-mail	4 heures	62,341
Chat en direct	3 minutes	41,229

Global Indemnity Group, LLC (GBLI) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Global Indemnity Group maintient une équipe de vente directe spécialisée axée sur les lignes d'assurance commerciale et spécialisée.

Métrique du canal de vente	Données quantitatives
Taille de l'équipe de vente directe	47 représentants des ventes professionnelles
Revenus de ventes directes annuelles	63,4 millions de dollars
Taux de conversion des ventes moyens	22.6%

Réseaux de courtiers d'assurance

Global Indemnity Group tire parti de vastes partenariats de courtiers pour la distribution.

• Partners du réseau total des courtiers: 1 284
• Couverture géographique: 48 États américains
• Taux de commission des courtiers: 12-18%

Plateformes d'assurance en ligne

Plateforme numérique pour la distribution des produits d'assurance.

Métrique de la plate-forme en ligne	Données quantitatives
Visiteurs mensuels du site Web	127,500
Demandes de devis en ligne	8 942 par mois
Taux de conversion des ventes numériques	16.3%

Applications mobiles

Technologie mobile pour la gestion des assurances et les ventes.

• Téléchargements d'applications mobiles: 64 300
• Utilisateurs mensuels actifs: 22 100
• Taux de gestion des politiques mobiles: 37,4%

Systèmes de communication téléphonique et numérique

Infrastructure de communication client complète.

Canal de communication	Métrique de performance
Centre d'appels de service client	Taux de résolution de 92% du premier appel
Temps de réponse moyen	7,2 minutes
Canaux de communication numériques	E-mail, chat, consultation vidéo

Global Indemnity Group, LLC (GBLI) - Modèle d'entreprise: segments de clientèle

Entreprises commerciales dans plusieurs industries

Global Indemnity Group dessert un éventail diversifié d'entreprises commerciales ayant des besoins d'assurance spécifiques:

Segment de l'industrie	Pénétration estimée du marché	Volume de prime annuel
Fabrication	22%	87,4 millions de dollars
Transport	18%	62,3 millions de dollars
Construction	15%	53,6 millions de dollars
Technologie	12%	41,2 millions de dollars

Segments de marché des risques spécialisés

Gbli se concentre sur des segments de risque spécialisés avec des solutions d'assurance ciblées:

• Responsabilité professionnelle
• Couverture des erreurs et omissions
• Assurance cyber-risque
• Responsabilité environnementale

Intermédiaire et grandes entreprises d'entreprise

Distribution des clients de l'entreprise par taille:

Taille de l'entreprise	Pourcentage du client	Prime annuelle moyenne
Mid-Market (100-500 employés)	45%	$275,000
Grandes entreprises (plus de 500 employés)	35%	1,2 million de dollars

Organisations de services professionnels

Segments de service professionnel clés servis:

• Cabinets d'avocats
• Compagnies comptables
• Agences de conseil
• Fournisseurs de soins de santé

Clients individuels élevés

Caractéristiques du segment du client à haute nette:

Support de richesse client	Pourcentage de portefeuille	Valeur de couverture moyenne
Valeur nette de 5 à 10 millions de dollars	40%	5,2 millions de dollars
Valeur nette de 10 à 25 millions de dollars	35%	12,6 millions de dollars
Valeur nette de 25 millions de dollars	25%	28,3 millions de dollars

Global Indemnity Group, LLC (GBLI) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Depuis 2022 Exercices financiers, les frais totaux de rémunération des employés du Global Indemnity Group étaient de 48,3 millions de dollars.

Catégorie de dépenses	Montant ($)
Salaires de base	32,500,000
Bonus de performance	7,800,000
Assurance maladie	4,500,000
Prestations de retraite	3,500,000

Maintenance des infrastructures technologiques

Les coûts des infrastructures technologiques annuelles pour 2022 étaient de 12,6 millions de dollars.

• It matériel: 4,2 millions de dollars
• Licences logicielles: 3,8 millions de dollars
• Systèmes de cybersécurité: 2,9 millions de dollars
• Services cloud: 1,7 million de dollars

Frais de traitement des réclamations

Les coûts totaux de traitement des réclamations en 2022 ont atteint 87,5 millions de dollars.

Composant de traitement des réclamations	Montant ($)
Personnel d'arbitrage des réclamations	22,300,000
Logiciel de gestion des réclamations	15,600,000
Services de traitement des réclamations externes	49,600,000

Primes de réassurance

Les dépenses de prime de réassurance pour 2022 étaient de 105,4 millions de dollars.

Coûts de marketing et de distribution

Les dépenses totales de marketing et de distribution en 2022 s'élevaient à 36,2 millions de dollars.

Canal de marketing	Dépenses ($)
Marketing numérique	12,500,000
Commissions de courtier	18,700,000
Salon du commerce et marketing d'événements	5,000,000

Global Indemnity Group, LLC (GBLI) - Modèle d'entreprise: sources de revenus

Collections de primes d'assurance

Pour l'exercice 2022, Global Indemnity Group a déclaré des primes écrites brutes totales de 320,1 millions de dollars.

Segment de l'assurance	Primes écrites brutes (2022)
Lignes commerciales	198,7 millions de dollars
Lignes de spécialité	121,4 millions de dollars

Revenu de placement de la gestion du portefeuille

En 2022, le groupe d'indemnisation mondial a généré 14,2 millions de dollars de revenus de placement nets.

Catégorie d'investissement	Montant du revenu
Échéance fixe	10,6 millions de dollars
Investissements à court terme	3,6 millions de dollars

Souscription des marges bénéficiaires

Le ratio combiné de la société pour 2022 était de 97,4%, indiquant une performance de souscription rentable.

• Ratio combinés des lignes commerciales: 95,6%
• Ratio combiné des lignes spécialisées: 99,2%

Commission des accords de réassurance

Les commissions de réassurance pour 2022 ont totalisé 22,5 millions de dollars.

Services d'assurance basés sur les frais

Les revenus des frais des services liés à l'assurance en 2022 étaient de 8,3 millions de dollars.

Type de service	Revenu
Administration politique	4,7 millions de dollars
Conseil de gestion des risques	3,6 millions de dollars

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.