 GEORGE TOWN, Cayman Islands, Aug. 10, 2020 GLOBE NEWSWIRE -- Global Indemnity Limited NASDAQ:GBLI today reported net income of 37.6 million for the three months ended June 30, 2020 compared to 14.7 million for the same period of 2019. Underwriting income was 21.7 million for the three months ended June 30, 2020 compared to 8.1 million for the comparable period in 2019. The Companys Combined Ratio for the three months ended June 30, 2020 was 85.2. The Companys Investment Portfolio increased 82.8 million, or 5.3, and book value per share increased 8.7, from 47.12 to 51.24, during the second quarter of 2020. Selected Operating and Balance Sheet Information Dollars in millions, except per share data For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Gross Written Premiums 164.5 179.3 320.3 321.5 Net Earned Premiums 141.8 128.2 286.3 250.3 Net income loss 37.6 14.7 7.0 34.3 Net income loss per share 2.61 1.02 0.49 2.39 Adjusted operating income 1 7.5 11.3 17.5 22.9 Adjusted operating income per share 0.52 0.79 1.22 1.60 Combined ratio analysis: Loss ratio 47.4 54.6 50.6 51.3 Expense ratio 37.8 39.4 38.4 40.1 Combined ratio 85.2 94.0 89.0 91.4 1 Net Income exclusive of investment portfolio gains and losses. Excluding declines in the fair value of alternative investments during 2020, adjusted operating income would have been 17.0 million and 26.7 million, net of tax, for the quarter and six months ended June 30, 2020, respectively. As of June 30, 2020 As of March 31, 2020 As of December 31, 2019 Book value per share 2 51.24 47.12 50.82 Shareholders equity 735.2 674.6 726.8 Cash and invested assets 31,633.4 1,550.6 1,607.0 2 Net of cumulative Company dividends to shareholders totaling 2.50 per share, 2.25 per share, and 2.00 per share as of June 30, 2020, March 31, 2020, and December 31, 2019, respectively. 3 Including receivablepayable for securities soldpurchased. About Global Indemnity Limited and its subsidiaries Global Indemnity Limited NASDAQ:GBLI, through its several direct and indirect wholly owned subsidiary insurance and reinsurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. Global Indemnity Limiteds four primary segments are: Commercial Specialty Specialty Property Farm, Ranch, Stable Reinsurance OperationsFor more information, visit the Global Indemnity Limiteds website at InformationThe forward-looking statements contained in this press release1 do not address a number of risks and uncertainties including COVID-19, risks and uncertainties related to the proposed redomestication of Global Indemnity Limited, and risks and uncertainties related to the proposed redemption of the 7.75 Subordinated Notes due 2045. Investors are cautioned that Global Indemnitys actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnitys filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. 1 Disseminated pursuant to the safe harbor provisions of Section 21E of the Security Exchange Act of 1934.Global Indemnity Limiteds Combined Ratio for the Three and Six Months Ended June 30, 2020 and 2019 For the three months ended June 30, 2020, the Company recorded a combined ratio of 85.2 Loss Ratio 47.4 and Expense Ratio 37.8 as compared to 94.0 Loss Ratio 54.6 and Expense Ratio 39.4 for the three months ended June 30, 2019. The accident year casualty loss ratio improved 5.7 points to 52.1 in 2020 as compared to 57.8 in 2019 primarily as a result of lower claims frequency within the U.S. Insurance Operations partially offset by an increase in the Reinsurance Operations casualty loss ratio due to the addition of a new casualty reinsurance treaty. The Companys accident year property loss ratio increased by 4.3 points to 66.9 in 2020 from 62.6 in 2019 primarily as a result of an increase in frequency and severity of catastrophe claims partially offset by reductions in frequency on non-catastrophe claims. For the six months ended June 30, 2020, the Company recorded a combined ratio of 89.0 Loss Ratio 50.6 and Expense Ratio 38.4 as compared to 91.4 Loss Ratio 51.3 and Expense Ratio 40.1 for the six months ended June 30, 2019. The accident year casualty loss ratio improved 2.3 points to 55.7 in 2020 as compared to 58.0 in 2019 period primarily as a result of lower claims frequency within the U.S. Insurance Operations partially offset by an increase in the Reinsurance Operations casualty loss ratio due to the addition of a new casualty reinsurance treaty. The Companys accident year property loss ratio increased by 1.2 points to 58.8 in 2020 from 57.6 in 2019 primarily as a result of an increase in frequency and severity of catastrophe claims partially offset by reductions in frequency and severity on non-catastrophe claims. Global Indemnity Limiteds Gross and Net Written Premiums Results by Segment for the Three and Six Months Ended June 30, 2020 and 2019 Three Months Ended June 30, Gross Written Premiums Net Earned Premiums 2020 2019 Change 2020 2019 Change Commercial Specialty 87,297 77,079 13.3 69,728 56,705 23.0 Specialty Property 37,978 46,486 18.3 33,543 35,567 5.7 Farm, Ranch, Stable 23,222 23,697 2.0 19,030 17,350 9.7 Reinsurance Operations 16,052 32,059 49.9 19,546 18,579 5.2 Total 164,549 179,321 8.2 141,847 128,201 10.6 Six Months Ended June 30, Gross Written Premiums Net Earned Premiums 2020 2019 Change 2020 2019 Change Commercial Specialty 168,128 141,292 19.0 137,442 112,346 22.3 Specialty Property 73,221 86,160 15.0 67,759 70,186 3.5 Farm, Ranch, Stable 45,355 44,462 2.0 37,713 34,472 9.4 Reinsurance Operations 33,569 49,608 32.3 43,401 33,286 30.4 Total 320,273 321,522 0.4 286,315 250,290 14.4 Commercial Specialty Operations: Gross written premiums and net earned premiums increased 13.3 and 23.0, respectively, for the three months ended June 30, 2020 as compared to the same period in 2019. Gross written premiums and net earned premiums increased 19.0 and 22.3, respectively, for the six months ended June 30, 2020 as compared to the same period in 2019. The increases are primarily driven by organic growth from existing agents, increased pricing, and several new programs.Specialty Property Operations: Gross written premiums and net earned premiums decreased by 18.3 and 5.7, respectively, for the three months ended June 30, 2020 as compared to the same period in 2019. Gross written premiums and net earned premiums decreased by 15.0 and 3.5, respectively, for the six months ended June 30, 2020 as compared to the same period in 2019. The decreases are primarily due to a continued reduction of catastrophe exposed business. Farm, Ranch, Stable Operations: Gross written premiums decreased 2.0 and net earned premiums increased 9.7 for the three months ended June 30, 2020 as compared to the same period in 2019. Gross written premiums and net earned premiums increased 2.0 and 9.4, respectively, for the six months ended June 30, 2020 as compared to the same period in 2019. The decrease in gross written premiums for the three months ended June 30, 2020 was primarily due to an effort to reduce exposure in catastrophe prone areas to improve overall profitability. The increase in gross written premiums for the six months ended June 30, 2020, and the increases in net earned premiums for the three and six months ended June 30, 2020, was primarily due to an increase in pricing. Reinsurance Operations: Gross written premiums decreased 49.9 and net earned premiums increased 5.2 for the three months ended June 30, 2020, as compared to the same period in 2019. Gross written premiums decreased 32.3 and net earned premiums increased 30.4 for the six months ended June 30, 2020, as compared to the same period in 2019. The decrease in gross written premiums was primarily due to the non-renewal of property catastrophe treaties. The increase in net earned premiums was primarily due to the growth of the new casualty treaty entered into during 2019. 