3 March 2017News

Global Indemnity’s Bermuda reinsurance operations enjoy strong growth

The Bermuda-based reinsurance operations of Global Indemnity enjoyed strong growth in 2016 – in stark contrast the firm’s other business, which saw declines in gross written premiums.

The company’s overall gross written premiums fell to $565.8 million, compared with $590.2 million in 2015. But this was largely due to its commercial and personal lines books shrinking.

Its commercial lines business shrank by 4.2 percent, which it said was mainly due to non-renewal of a programme. Its strategy of ceding more premiums in an effort to reduce exposure to catastrophes and large losses contributed to the decrease in net premiums written.

On the personal lines side, its GWP decreased by almost 8 percent. The company noted that this includes business written by American Reliable that is ceded to insurance entities owned by Assurant under a 100 percent quota share reinsurance agreement. Excluding this business, GWP decreased by 1.8 percent. a reduction in net premiums written WAS due to purchasing additional reinsurance to reduce catastrophe exposure.

In contrast, its reinsurance unit enjoyed strong growth, its GWP increasing to $60 million last year, a 20 percent increase on the year before, which it said was largely due to a large new treaty it wrote in the fourth quarter of last year.

Profits at the company increased in 2016. The Cayman Islands-based company made a net profit of $49.9 million last year, an improvement on the $41.5 million it made a year earlier. Its combined ratio increased to 98.4 percent compared with 94.5 percent in the same period a year earlier.




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28 August 2020   Global Indemnity Group has completed the redomestication of Global Indemnity and its Bermuda subsidiary, Global Indemnity Reinsurance Company (GI Bermuda), to the US.
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26 June 2020   Global Indemnity will redomesticate its business to the US from its current bases in the Cayman Islands and Bermuda.
News
11 February 2020   Global Indemnity will pay a dividend of $0.25 per ordinary share to all shareholders of record as of the close of business on March 24, 2020.

More on this story

News
28 August 2020   Global Indemnity Group has completed the redomestication of Global Indemnity and its Bermuda subsidiary, Global Indemnity Reinsurance Company (GI Bermuda), to the US.
News
26 June 2020   Global Indemnity will redomesticate its business to the US from its current bases in the Cayman Islands and Bermuda.
News
11 February 2020   Global Indemnity will pay a dividend of $0.25 per ordinary share to all shareholders of record as of the close of business on March 24, 2020.