GBLI Q2 net income +7% to $11.1M; catastrophe losses halved, but casualty reserves deteriorate

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 6, 2025 · ~2 min read

Key Changes

• high

  Catastrophe losses fell 44% to $2.9M in Q2 2026 from $5.2M in Q2 2025 (loss ratio improved 5.6 points to 7.3%), driven by lower claims frequency. YTD catastrophe losses plunged 78% to $5.1M from $23.1M, which included $15.7M from the January 2025 California Wildfires.

  MD&A: Catastrophe losses verify on EDGAR →
• high

  The casualty deterioration is larger than the $5.6M adverse in Q2 2025, indicating continued pressure on COVID-era reserves.

  Notes: Prior-year loss reserve development verify on EDGAR →
• high

  Gross written premiums grew 9.6% in Q2 2026 to $117.1M, accelerating from 6.1% in Q2 2025. Assumed Reinsurance surged 78.9% on new treaties, but Specialty Products fell 35.7% as the company terminated unprofitable products. Wholesale Commercial rate change was flat, indicating pricing discipline in a softening market.

  MD&A: Gross written premiums verify on EDGAR →