Global Indemnity Group, LLC reported a substantial increase in net income available to shareholders for the third quarter of 2024, reaching $12.7 million, or $0.92 per diluted share. This marks a significant rise from $7.6 million, or $0.55 per diluted share, reported in the same period of 2023. For the nine months ended September 30, 2024, net income available to shareholders surged by 77% to $33.9 million, or $2.48 per share, compared to $19.2 million, or $1.39 per share, in the prior year.
The company's underwriting performance also showed considerable improvement, with current accident year underwriting income reaching $6.6 million in Q3 2024, up from $1.8 million in Q3 2023. The consolidated combined ratio improved to 94.3% in Q3 2024 from 99.7% in Q3 2023, reflecting better underwriting discipline. Net investment income increased by 16.2% to $16.5 million in Q3 2024, driven by strategies to capitalize on rising interest rates.
Gross written premiums for the quarter were $99.8 million, a slight increase from $98.9 million in Q3 2023. The Penn-America segment, encompassing Wholesale Commercial, InsurTech, and Assumed Reinsurance businesses, demonstrated robust growth with gross written premiums increasing by 14.0% in the first nine months of 2024. Book value per share stood at $49.88 as of September 30, 2024, and the company declared a cash distribution of $0.35 per common share.
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