Global Indemnity (GBLI) 8-K Results of Operations and Financial Condition

Exhibit 99.1

PRESS RELEASE

For release:	May 8, 2018
Contact:	Media Stephen W. Ries Senior Corporate Counsel (610)668-3270 sries@global-indemnity.com

Global Indemnity Limited Reports First Quarter 2018 Financial Results.

George Town, Cayman Islands (May 8, 2018) – Global Indemnity Limited (NASDAQ:GBLI) today reported net income for the three months ended March 31, 2018 of $5.7 million or $0.40 per share. Adjusted operating income, which excludesafter-tax realized gains and expenses related to the restructuring of debt, was $11.5 million or $0.81 per share. The combined ratio was 93.6%, a 2.8 point improvement over the same period in 2017. Investment income for the first quarter of 2018 was $11.4 million, an increase of 31.9% compared to the first quarter of 2017. Book value per share decreased by 2.1% to $49.53 at March 31, 2018 compared to December 31, 2017 mainly due to unrealized losses on the investment portfolio. During the first quarter of 2018, the Company also declared, and paid, a $0.25 per share dividend to shareholders.

Selected Operating and Balance Sheet Data(Dollars in millions, except per share data)

	For the Three Months Ended March 31,							As of March 31, 2018		As of December 31, 2017
	2018			2017
Gross Premiums Written	$	124.2		$	123.8		Book value per share	$	49.53	$	50.57
Net Premiums Written	$	107.9		$	111.5		Shareholders’ equity	$	703.8	$	718.4
							Cash and invested assets(1)	$	1,541.9	$	1,535.4
Net income	$	5.7		$	12.3
Net income per share	$	0.40		$	0.70		(1)   Including receivable/(payable) for securities sold/(purchased)
Adjusted operating income	$	11.5		$	11.8
Adjusted operating income per share	$	0.81		$	0.67
Combined ratio analysis:
Loss ratio		51.9	%		55.3	%
Expense ratio		41.7	%		41.1	%
Combined ratio		93.6	%		96.4	%

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 andnon-admitted specialty property and casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. Global Indemnity Limited’s three primary segments are:

• United States Based Commercial Lines Operations

• United States Based Personal Lines Operations

• Bermuda Based Reinsurance Operations

For more information, visit the Global Indemnity Limited’s website athttp://www.globalindemnity.ky.

Forward-Looking Information

The forward-looking statements contained in this press release [1] do not address a number of risks and uncertainties. Investors are cautioned that Global Indemnity’s 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 the Global Indemnity as of the date hereof. The foregoing review of factors that could cause actual financial or operating performance to differ materially from expectations is not exhaustive. Please see Global Indemnity’s 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 Limited’s Combined Ratio for the Three Months Ended March 31, 2018 and 2017

The combined ratio improved to 93.6% (Loss Ratio 51.9% and Expense Ratio 41.7%) for the three months ended March 31, 2018 compared to 96.4% (Loss Ratio 55.3% and Expense Ratio 41.1%) for the three months ended March 31, 2017.

• The current accident year property loss ratio improved by 7.6 points to 57.2% in 2018 from 64.8% in 2017, primarily due to lower claims frequency for catastrophe losses within both Commercial Lines and Personal Lines.

• The current accident year casualty loss ratio improved by 5.1 points to 57.8% in 2018 from 62.9% in 2017 primarily due to lower reported claims frequency within Personal Lines.

Calendar year results for the three months ended March 31, 2018 include a 5.5 point reduction in the loss ratio related to prior accident years, which was primarily driven by lower than expected claims frequency and severity experienced across multiple prior accident years within Commercial Lines, lower than expected claims frequency and severity primarily in the agricultural reserve category related to the 2015 and 2017 accident years within Personal Lines, as well as a reduction related to the Company’s property treaties for multiple prior accident years within the Reinsurance Operations.

Global Indemnity Limited’s Gross and Net Premiums Written Results by Segment for the Three Months Ended March 31, 2018 and 2017

	Three Months Ended March 31,
	Gross Premiums Written					Net Premiums Written
	2018			2017		2018		2017
Commercial Lines Operations	$	53,773		$	45,911	$	48,306	$	41,115
Personal Lines Operations		61,032			60,966		49,255		54,583
Reinsurance Operations		10,309			15,823		10,309		15,808
Business Fronted for Assurant		(867	)		1,051		—		—
Total	$	124,247		$	123,751	$	107,870	$	111,506

Commercial Lines Operations:Gross premiums written and net premiums written increased 17.1% and 17.5%, respectively, for the three months ended March 31, 2018 as compared to the same period in 2017. This increase is mainly due to rate increases, new programs, and increased interactions with agents.

Personal Lines Operations:Gross premiums written increased 0.1% and net premiums written decreased 9.8% for the three months ended March 31, 2018 as compared to the same period in 2017. The decrease in net premiums written was primarily due to additional premiums being ceded due to the Property Catastrophe Quota Share Treaty that became effective on April 15, 2017.

Reinsurance Operations: Gross premiums written and net premiums written both decreased 34.8% for the three months ended March 31,2018, as compared to the same period in 2017, mainly due to the cancellation of a treaty.

###

Note: Tables Follow

GLOBAL INDEMNITY LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars and shares in thousands, except per share data)

	For the Three Months Ended March 31,
	2018			2017
Gross premiums written	$	124,247		$	123,751
Net premiums written	$	107,870		$	111,506
Net premiums earned	$	108,002		$	113,126
Net investment income		11,404			8,644
Net realized investment gains (losses)		(316	)		775
Other income		554			1,368
Total revenues		119,644			123,913
Net losses and loss adjustment expenses		56,072			62,561
Acquisition costs and other underwriting expenses		45,003			46,551
Corporate and other operating expenses		9,260			3,054
Interest expense		4,861			2,467
Income before income taxes		4,448			9,280
Income tax benefit		(1,253	)		(3,002	)
Net income	$	5,701		$	12,282
Weighted average shares outstanding – basic		14,055			17,316
Weighted average shares outstanding – diluted		14,286			17,646
Net income per share – basic	$	0.41		$	0.71
Net income per share – diluted	$	0.40		$	0.70
Combined ratio analysis:(1)
Loss ratio		51.9	%		55.3	%
Expense ratio		41.7	%		41.1	%
Combined ratio		93.6	%		96.4	%

(1) The loss ratio, expense ratio and combined ratio are GAAP financial measures that are generally viewed in the insurance industry as indicators of underwriting profitability. The loss ratio is the ratio of net losses and loss adjustment expenses to net premiums earned. The expense ratio is the ratio of acquisition costs and other underwriting expenses to net premiums earned. The combined ratio is the sum of the loss and expense ratios.

GLOBAL INDEMNITY LIMITED

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	(Unaudited) March 31, 2018			December 31, 2017
ASSETS
Fixed Maturities:
Available for sale securities, at fair value (amortized cost: 2018 – $1,281,954 and 2017 – $1,243,144)	$	1,262,996		$	1,241,437
Equity securities:
At fair value (cost: 2018 – $133,911 and 2017 – $124,915)		133,911			140,229
Other invested assets		82,159			77,820
Total investments		1,479,066			1,459,486
Cash and cash equivalents		73,522			74,414
Premiums receivable, net		77,274			84,386
Reinsurance receivables, net		97,647			105,060
Funds held by ceding insurers		49,096			45,300
Federal income taxes receivable		10,157			10,332
Receivable for securities sold		—			1,543
Deferred federal income taxes		30,502			26,196
Deferred acquisition costs		61,425			61,647
Intangible assets		22,417			22,549
Goodwill		6,521			6,521
Prepaid reinsurance premiums		24,642			28,851
Other assets		31,445			75,384
Total assets	$	1,963,714		$	2,001,669
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses	$	615,125		$	634,664
Unearned premiums		281,062			285,397
Federal income taxes payable		—			—
Ceded balances payable		11,928			10,851
Payables for securities purchased		10,729			—
Contingent commissions		3,892			7,984
Debt		286,567			294,713
Other liabilities		50,659			49,666
Total liabilities		1,259,962			1,283,275
Shareholders’ equity:
Ordinary shares, $0.0001 par value, 900,000,000 ordinary shares authorized; A ordinary shares issued: 10,150,130 and 10,102,927 respectively; A ordinary shares outstanding: 10,075,346 and 10,073,376, respectively; B ordinary shares issued and outstanding: 4,133,366 and 4,133,366, respectively		2			2
Additionalpaid-in capital		435,066			434,730
Accumulated other comprehensive income, net of taxes		(16,531	)		8,983
Retained earnings		288,187			275,838
A ordinary shares in treasury, at cost: 74,784 and 29,551 shares, respectively		(2,972	)		(1,159	)
Total shareholders’ equity		703,752			718,394
Total liabilities and shareholders’ equity	$	1,963,714		$	2,001,669

GLOBAL INDEMNITY LIMITED

SELECTED INVESTMENT DATA

(Dollars in millions)

	Market Value as of
	(Unaudited) March 31, 2018			December 31, 2017
Fixed maturities	$	1,263.0		$	1,241.4
Cash and cash equivalents		73.5			74.4
Total bonds and cash and cash equivalents		1,336.5			1,315.8
Equities and other invested assets		216.1			218.1
Total cash and invested assets, gross		1,552.6			1,533.9
Receivable (payable) for securities sold/(purchased)		(10.7	)		1.5
Total cash and invested assets, net	$	1,541.9		$	1,535.4

	(Unaudited) Three Months Ended March 31, 2018(a)
Net investment income	$	11.4
Net realized investment losses		(0.3	)
Net change in unrealized investment gains (losses)		(17.6	)
Net realized and unrealized investment returns		(17.9	)
Total investment return	$	(6.5	)
Average total cash and invested assets	$	1,538.7
Total investment return % annualized		(1.7	%)

(a) Amounts in this table are shown on apre-tax basis.

GLOBAL INDEMNITY LIMITED

SUMMARY OF OPERATING INCOME

(Unaudited)

(Dollars and shares in thousands, except per share data)

	For the Three Months Ended March 31,
	2018			2017
Adjusted operating income, net of tax	$	11,546		$	11,764
Adjustments:
Net realized investment gains/(losses)		(251	)		518
Expenses related to the restructuring of debt		(5,594	)		—
Net income	$	5,701		$	12,282
Weighted average shares outstanding – basic		14,055			17,316
Weighted average shares outstanding – diluted		14,286			17,646
Adjusted operating income per share – basic	$	0.82		$	0.68
Adjusted operating income per share – diluted	$	0.81		$	0.67

Note Regarding Adjusted Operating Income

Adjusted operating income, anon-GAAP financial measure, is equal to net income excludingafter-tax net realized investment gain or (losses) and other unique charges not related to operations. Adjusted operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.