Global Indemnity Group, LLC (GBLI): Business Model Canvas [Dec-2025 Updated]

You're trying to map out exactly how Global Indemnity Group, LLC (GBLI) consistently finds profit in the tricky specialty P&C and reinsurance space, and frankly, their model is built on disciplined underwriting married to InsurTech. Forget vague promises; their Q3 2025 numbers tell a clear story: they wrote $108.4 million in Gross Written Premiums, kept their combined ratio tight at 90.4%, and maintain a strong financial base with $704.1 million in Shareholders' Equity. This Business Model Canvas unpacks the nine core components-from their agent-centric relationships and niche customer segments like Vacant Express, to their proprietary tech systems-showing you the precise mechanics that drive their underwriting performance and investment yield. Keep reading to see the actionable blueprint behind their A (Excellent) rated operations.

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

You're looking at the core external relationships Global Indemnity Group, LLC (GBLI) relies on to get its specialty property and casualty insurance products into the market and manage its risk exposure. These partnerships are critical, especially following the January 2025 reorganization, 'Project Manifest,' which formalized some of these functions into separate entities like Kaleidoscope Insurance Technologies, Inc..

The distribution network is heavily reliant on external intermediaries to source, underwrite, and service business.

• - Wholesale General Agents and Brokers for specialty P&C distribution
• - Program Administrators with specific binding authority

Global Indemnity Group, LLC distributes property and general liability products for small commercial businesses through a network of wholesale general agents; niche property and general liability products go through program administrators with specific binding authority. The structure under Katalyx Holdings LLC includes four managing general agencies: Penn-America Insurance Services, LLC; Valyn Re LLC; J.H. Ferguson & Associates, LLC (including Vacant Express); and Collectibles Insurance Services, LLC.

Here are the premium figures reflecting the performance through these distribution channels as of late 2025:

The InsurTech segment growth to $15.0 million in the first quarter of 2025 was attributed to organic agency growth, new agency appointments, and new products.

Risk transfer relies on reinsurance partners, facilitated by reinsurance brokers.

• - Reinsurance brokers for Assumed Re treaties and placements

The Assumed Reinsurance segment shows significant reliance on new treaty placements in 2024 and 2025, indicating active partnership with reinsurers and brokers to manage exposure.

The 275% increase in Assumed Reinsurance in Q1 2025 was explicitly due to new treaties incepting during 2024 and 2025.

Technology partnerships are formalized through a dedicated entity.

• - Technology vendors for proprietary systems development (Kaleidoscope)

Global Indemnity Group, LLC established Kaleidoscope Insurance Technologies, Inc. as a separate business in January 2025 to develop proprietary underwriting and policy systems. These systems support Katalyx's MGAs and are intended to offer products and services to other insurance industry participants.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Global Indemnity Group, LLC (GBLI) as of late 2025, focusing on what they actually do to make money and manage risk. It's a mix of traditional insurance discipline and recent tech acquisitions.

Disciplined underwriting of niche commercial and professional liability risks

The focus here is on keeping the combined ratio low while growing premium in targeted areas. For the third quarter ended September 30, 2025, Global Indemnity Group, LLC reported strong current accident year performance. Current accident year underwriting income increased 54% to $10.2 million compared to $6.6 million for the same period in 2024. This improvement was driven by strong property loss ratio performance. The current accident year combined ratio improved to 90.4% for Q3 2025, down from 93.5% in Q3 2024. Gross written premiums (GWP) increased 9%, reaching $108.4 million in Q3 2025 over Q3 2024's $99.8 million. Excluding terminated products, GWP growth was 13% to $108.5 million in Q3 2025. Net losses and loss adjustment expenses related to prior accident years saw a marginal decrease of less than $0.1 million for 2025. That's defintely a sign of disciplined reserving.

Here's a quick look at premium segment performance for Q3 2025:

Investment management of the fixed-income portfolio for yield

Global Indemnity Group, LLC manages a fixed-income portfolio to generate stable income. For the second quarter of 2025, the annualized investment return was 4.9%. The investment income on the fixed maturities portfolio for Q2 2025 was $15.3 million, up 2% from $15.0 million in Q2 2024. As of June 30, 2025, the current book yield on this portfolio stood at 4.5%, with a duration of 1.2 years. By the third quarter of 2025, net investment income increased 9% to $17.9 million compared to $16.5 million in Q3 2024, though the annualized investment return for that quarter was 4.0% for 2025.

The investment portfolio activity shows a clear strategy:

• Book yield on fixed maturities at June 30, 2025: 4.5%.
• Fixed income portfolio duration at June 30, 2025: 1.2 years.
• Q3 2025 Net Investment Income: $17.9 million.
• Q2 2025 Annualized Investment Return: 4.9%.

Claims evaluation and adjustment via Liberty Insurance Adjustment Agency

This activity is crucial for controlling loss adjustment expenses and ensuring fair claim outcomes, supporting the overall underwriting profitability. While specific 2025 financial figures for the agency itself aren't public, its function is integral to the underwriting results. The company's overall current accident year combined ratio for Q3 2025 was 90.4%, indicating effective claims handling relative to earned premium. Furthermore, net losses and loss adjustment expenses related to prior accident years were a decrease of less than $0.1 million for the nine months ended September 30, 2025. This suggests the claims management process is performing well against older liabilities.

InsurTech platform development and digital distribution integration (Sayata)

A major recent activity was the acquisition of Sayata, an AI-enabled digital distribution marketplace, by the subsidiary Penn-America Underwriters in September 2025. This move is designed to modernize distribution channels. Sayata's platform has supported over 10,000 insurance professionals across the U.S. and placed tens of thousands of policies. Market sources estimate the deal was worth tens of millions of dollars in cash and shares. This integration supports the broader strategy, which also saw Penn-America Underwriters, LLC rebranded as Katalyx Holdings, which subsequently launched Valyn Re, its inaugural reinsurance managing general agency (MGA), as part of a reinsurance platform expansion. The InsurTech segment, which includes these technology-driven distribution efforts, grew 20% to $15.0 million in gross written premiums for Q1 2025 compared with $12.5 million in Q1 2024. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Global Indemnity Group, LLC (GBLI) relies on to execute its specialty insurance and reinsurance strategy as of late 2025. These aren't just abstract concepts; they are tangible financial strength and developed technological capabilities that underpin their market position.

Financial Strength and Capital Base

The foundation of Global Indemnity Group, LLC's ability to take on risk is its balance sheet strength. As of September 30, 2025, the company reported $704.1 million in Shareholders' Equity, which was an increase from $695.3 million at June 30, 2025. This equity base supports their operations and provides financial flexibility. Furthermore, the company's risk-adjusted capitalization is assessed by AM Best as being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). This strong capital position is a key resource that allows Global Indemnity Group, LLC to write business with confidence.

The company also demonstrated its commitment to returning value to owners, approving a distribution payment of $0.35 per common share in December 2025.

Superior Financial Strength Ratings

A critical non-tangible resource is the external validation of its insurance subsidiaries' financial stability. On August 8, 2025, AM Best affirmed the Financial Strength Rating (FSR) of A (Excellent) for Global Indemnity Group, LLC's U.S. insurance subsidiaries. These subsidiaries, which fall under Belmont Holdings GX, Inc., include five statutory insurance carriers. This rating is a direct reflection of the strong balance sheet assessment and supports the trust placed in Global Indemnity Group, LLC by brokers and policyholders.

The rated entities include:

• Penn-America Insurance Company
• United National Insurance Company
• Penn-Patriot Insurance Company
• Diamond State Insurance Company
• Penn-Star Insurance Company

Proprietary Technology and Underwriting Systems

Global Indemnity Group, LLC has formalized its technology efforts by establishing Kaleidoscope Insurance Technologies, Inc. as a separate entity. This resource is dedicated to developing proprietary underwriting and policy systems. This move, part of the 'Project Manifest' reorganization completed in early 2025, positions the technology to support not only the internal Katalyx's Managing General Agencies (MGAs) but also potentially offer products and services to other insurance industry participants. This internal development capability is a strategic asset for efficiency and innovation in specialty lines.

Experienced Underwriting Teams and Specialty Focus

The expertise of the underwriting teams, focused on specialty niche business, is evidenced by the premium growth in core segments. These teams are adept at sourcing, underwriting, and servicing business generally not offered in the standard insurance marketplace. The performance in Q3 2025 highlights the success of these teams in growing their respective books of business.

Here's a quick look at the premium growth that reflects the success of these specialized underwriting efforts for the three months ended September 30, 2025:

The underwriting discipline is further supported by a current accident year combined ratio of 90.4% for Q3 2025, an improvement from 93.5% in Q3 2024. This operational metric shows the teams are managing risk effectively while growing the top line.

Finance: draft 13-week cash view by Friday.

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:

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.

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:

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:

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:

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:

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.