Global Indemnity's assumed reinsurance jumped 79% in Q2, lifting Belmont Core GWP 7% to $117.3M. Net income rose 8% to $11.1M. Operating income fell to $8.7M.
Global Indemnity Group (GBLI) reported a 7% rise in Belmont Core gross written premiums for the second quarter of 2026, driven by a 79% surge in its assumed reinsurance business.
Belmont Core GWP reached $117.3 million, up from $109.8 million a year earlier. The assumed reinsurance line contributed $21.5 million, compared with $12.0 million. That growth more than offset a 35.7% decline in specialty products, which fell to $7.8 million from $12.1 million.
Wholesale commercial premiums edged up 1.5% to $70.1 million. Vacant express rose 5.6% to $13.1 million. Collectibles grew 13.7% to $4.8 million.
Net income increased 8% to $11.1 million from $10.3 million. Operating income declined to $8.7 million from $10.2 million. Underwriting income fell to $5.5 million from $5.8 million. The combined ratio ticked up to 95.0% from 94.4%, reflecting a lower loss ratio of 53.8% versus 55.6% offset by a higher expense ratio of 41.2% versus 38.8%.
Net investment income rose to $16.4 million from $14.7 million.
For the six months ended June 30, Belmont Core GWP grew 3% to $213.7 million. Assumed reinsurance led with a 42.5% increase to $32.7 million. Wholesale commercial slipped 1.8% to $131.6 million. Vacant express rose 5.3% to $24.5 million. Collectibles gained 13.2% to $9.4 million. Specialty products fell 21% to $15.5 million.
Net income for the first half more than doubled to $15.3 million from $6.4 million. Operating income rose to $16.9 million from $6.2 million. Underwriting income swung to a profit of $10.8 million from a loss of $4.7 million a year earlier. The combined ratio improved to 95.0% from 103.0%.
Net investment income was $28.6 million, compared with $29.5 million. The company said it increased its allocation to U.S. Treasuries.
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