GBLI — what changed in the latest 10-Q
A section-by-section comparison of GBLI's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-05 vs the prior 10-Q · 2025-10-31
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +54 | −69 | ~29 | 29 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | Text added/removed | 0 | 0 | ~1 | 0 |
| Other information | Text added/removed | 0 | −1 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-05
Current accident year underwriting income was $5.5 million for 2026 compared to a current accident year underwriting loss of $10.3 million for the same period in 2025. The current accident year underwriting loss for 2025 includes net losses and loss adjustment expenses related to California Wildfire…
Current accident year combined ratio was 94.9% in 2026 compared to 111.5% for the same period in 2025. Excluding California Wildfires, the current accident year combined ratio would have been 94.8% in 2025.
Excluding California Wildfires in 2025, calendar year underwriting income increased from $5.1 million in 2025 to $5.3 million for 2026.
Calendar year combined ratio was 95.1% in 2026 compared to 111.7% for the same period in 2025. Excluding California Wildfires, the calendar year combined ratio would have been 95.0% in 2025.
Gross written premiums were $96.5 million in 2026 compared to $98.7 million for the same period in 2025.
Text removed vs the prior filing · source: 10-Q · 2025-10-31
In the first quarter of 2025, the Company realigned the composition of its reportable segments to reflect changes in how the Company now manages its operations. The Company changed the level at which its chief operating decision maker (“CODM”), the Chief Executive Officer of Global Indemnity Group, …
Agency and Insurance Services includes (i) four agencies focused on sourcing, underwriting, and servicing primary and reinsurance business: Penn-America Insurance Services, LLC, Valyn Re LLC (formed in October 2025 to provide proportional treaty coverage for both commercial and personal lines), J.H.…
Belmont Insurance Companies - Core (“Belmont Core”), previously known as the Penn-America segment, consists of insurance company operations for ongoing direct insurance products and assumed reinsurance products, which are offered in the excess and surplus lines marketplace.
Belmont Insurance Companies - Non-Core (“Belmont Non-Core”), previously known as the Non-Core Operations segment, consists of insurance company operations for lines of business that have been de-emphasized or are no longer being written. The primary activities of Belmont Non-Core are servicing the r…
Segment results for the quarter and nine months ended September 30, 2024 have been recast to conform to the new reportable segments.
Other information
Text removed vs the prior filing · source: 10-Q · 2025-10-31
Effective October 29, 2025, the Company approved Amendment No. 1 (the “Amendment”) to the Third Amended and Restated Limited Liability Company Agreement (the “Third Amended and Restated LLC Agreement”) of the Company to provide that the existing arbitration provisions under Section 12.10 of the Thir…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice