Start here if you're new
what it is
Global Indemnity sells specialty property and casualty insurance, plus the back-office services that help get those policies written and handled.
how it gets paid
Last year Global Indemnity made $450M in revenue. belmont direct insurance was the main engine at $180M, or 40% of sales.
why it's growing
Revenue grew 2.0% last year. $3.12 in full-year EPS matters most because it was up from $1.83 a year earlier.
what just happened
Revenue hit $333M, while EPS reached $1.30 and kept the profit improvement going.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
10/100 earnings predictability — expect surprises
9.4x trailing p/e — the market's not buying it — or you found a deal
$3.12 fy2024 eps est
$6M fy2024 rev est
xvary composite: 46/100 — below average
What they do
Global Indemnity sells specialty property and casualty insurance, plus the back-office services that help get those policies written and handled.
This business wins by living in the boring corners bigger insurers skip. With just 266 employees supporting about $450M in annual revenue, it stays focused on specialty risks, agency services, reinsurance, and claims work instead of trying to be everything to everyone. If you need coverage for something odd, speed and niche knowledge matter more than a giant brand.
How they make money
$450M
annual revenue · their business grew +2.0% last year
belmont direct insurance
$180M
assumed reinsurance
$99M
penn-america insurance services
$81M
j.h. ferguson and collectibles
$54M
technology and claims services
$36M
The products that matter
business risk coverage
Commercial Insurance
$360M · 80% of shown revenue
this $360M line is 80% of the $450M segment total shown here, so most of your underwriting risk sits in one bucket.
main book
consumer risk coverage
Personal Insurance
$90M · 20% of shown revenue
it's a real business at $90M, but at only 20% of shown revenue it cannot offset major weakness in the commercial book.
secondary line
underwriting economics
Margin discipline
5.6% net margin
this is the real product you are underwriting as a shareholder: every $100 of revenue leaves about $5.60 in profit, which is not much slack.
the real bet
Key numbers
0.7
beta
Beta → how jumpy the stock is versus the market → so what: GBLI has moved about 30% less than the market.
9.4x
trailing p/e
Trailing P/E → stock price divided by past 12 months of earnings → so what: you are paying less than 10 years of current earnings for the stock.
$3.12
2024 eps
EPS → profit per share → so what: annual earnings rose from $1.83 in 2023 to $3.12 in 2024, a sharp step-up in profitability.
$416M
market cap
Market cap → what the whole company is worth in the market → so what: GBLI is tiny, which keeps it overlooked and more volatile when sentiment changes.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for GBLI right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $333M, while EPS reached $1.30 and kept the profit improvement going.
Quarterly revenue rose 192% vs. prior year to $333M, according to SEC filings. Full-year EPS also jumped to $3.12 in 2024 from $1.83 in 2023, which says the improvement was not a one-quarter fluke.
$333M
revenue
$1.30
eps
192%
revenue growth
the number that mattered
$3.12 in full-year EPS matters most because it was up from $1.83 a year earlier, and this stock is cheap only if that earnings jump holds.
source: sec filings and company results
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What could go wrong
your #1 risk is commercial underwriting slipping in a business where 80% of shown revenue sits in commercial insurance.
med
thin underwriting margins
a 5.6% net margin does not give you much room for bad claims development. if margin drops from 5.6% to 3.6% and revenue stays similar, net income takes roughly a 36% hit.
quantified from the margin data already on this page
med
earnings volatility
the 10 / 100 earnings predictability score is the market's way of saying quarterly numbers can surprise you. the recent $0.46 EPS result versus $0.81 expected is the proof beat.
volatile earnings usually cap valuation rerating
low
commercial concentration
commercial insurance makes up $360M of the $450M segment total shown here. that is 80% of revenue exposure in the part of the business that already drives the whole story.
limited diversification if the main book has a bad stretch
low
yield looking safer than it is
a 4.79% dividend yield can attract income buyers, but the business only earned a 5.6% net margin. that does not mean the dividend is broken. it means your cushion is thin.
yield support helps until underwriting stops cooperating
this is a $416M insurer with a 5.6% net margin. it does not need a catastrophe to disappoint you. it just needs claims or expenses to move the wrong way for a quarter or two.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
net margin direction
5.6% is the number running the page. if it moves toward 6%–7%, the case gets cleaner. if it slips toward 4%, the cheap multiple stops looking cheap.
calendar
Q1 2026 earnings report
expected may 2026. after a 43% EPS miss, you want to know whether that quarter was noise or a preview.
trend
pretax operating contribution
$95.4M versus $81.2M is the best operating trend on the page. if that keeps climbing, the turnaround-in-discipline argument gets more credible.
risk
commercial book pressure
with 80% of shown revenue in commercial insurance, any deterioration there will matter more than almost anything else you can monitor.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not expect smooth quarterly results here. you should expect surprises, and the recent $0.46 versus $0.81 quarter shows why.
risk rank
3
risk rank 3 means this is not an extreme danger zone. it also does not mean the earnings stream is stable.
source: institutional data
Institutional activity
institutional ownership data for GBLI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$29
current price
n/a
target midpoint · n/a from current
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