GBLI reorganizes under Katalyx/Belmont structure, pays $100M dividend, absorbs $15.7M wildfire loss

Filed March 10, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 11, 2025 · ~1 min read

Key Changes

• high

  Insurance subsidiaries paid $100M extraordinary dividend to holding company in Q3 2025, reducing statutory surplus 11% to $443M despite regulators' approval. Risk-based capital ratios remain above action levels.

  Notes: Extraordinary dividends verify on EDGAR →
• high

  January 2025 California Wildfires generated $15.7M net losses, cutting underwriting income from pro forma $32.7M to $16.9M. Net income fell 41% year-over-year to $25.3M ($1.75/share).

  MD&A: California Wildfires verify on EDGAR →
• high

  December 2024 reorganization created Katalyx Holdings (agency/services) and Belmont Holdings (insurance carriers), de-stacking insurance companies to increase consolidated surplus and capital efficiency.

  Business: Reorganization verify on EDGAR →