Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-02

Global Indemnity Group (GBLI)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,001,790
Joseph Brown total, FY2025
33rd
CEO pay percentile vs peers
36.9:1
CEO-to-median pay ratio
98.89%
Say-on-pay support, latest vote
Companies that benchmark against GBLI
9 companies name GBLI as a compensation peer

Each company listed discloses GBLI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named GBLI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Joseph Brown$1,000,000$2,500,000$0$494,500$0$0$7,290$4,001,790
Chief Executive Officer
Brian Riley450,000124,49500170,000021,288765,783
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Joseph Brown$4,001,790$4,120,179−118,389
Brian Riley765,7831,015,489−249,706

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Fred E. KarlinskyDirector2026-06-30A3,422$26$89,006CommonForm 4 ↗
Saul A. FoxDirector2026-06-30A9,15426238,096Common, indirectForm 4 ↗
Michele ColucciDirector2026-06-30A1,0062626,166CommonForm 4 ↗
Jason C. MurgioDirector2026-06-30A2,8832674,987CommonForm 4 ↗
Seth J. GerschDirector2026-06-30A6,10326158,739CommonForm 4 ↗
Bruce R. LedermanDirector2026-06-30A4,35326113,222CommonForm 4 ↗
Thomas M. McGeehanDirector2026-06-30A4,56626118,762CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Joseph BrownOPTION50,000$494,500
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Joseph Brown$0$0$494,5000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Brian RileyOption33,33430
Joseph BrownOption50,00036.25
05

Incentive-plan design — the Compensation Discussion & Analysis

Our primary goals in structuring compensation opportunities for our named executive officers are: (1) fostering achievement of corporate performance objectives; (2) recognizing executives contributions to corporate success; and (3) attracting and retaining quality professionals.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1041,963,705469,37996,83198.89%Passed
20232023-06-1442,067,5681,118,4124,96797.41%Passed
20172017-06-1451,088,990330,9281,84799.36%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1098.89%a
20232023-06-1497.41%b
20172017-06-1499.36%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)36.9 : 1
CEO total compensation$4,001,790
Median employee compensation$108,496
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Saul A. FoxNot independent · Board Chair · Executive (Chair) · Investment · Acquisition (Chair)$0$812,858$0$0$812,858
Thomas M. McGeehanIndependent · Nomination, Compensation & Governance (Chair) · Investment (Chair) · Enterprise Risk Management · Executive0432,32000253,902686,222
Seth J. GerschIndependent · Audit (Chair) · Conflicts (Chair) · Executive · Investment0634,94800634,948
Fred E. KarlinskyIndependent · Audit · Nomination, Compensation & Governance · Acquisition0351,39400206,355557,749
Bruce R. LedermanIndependent · Audit · Conflicts · Enterprise Risk Management (Chair) · Newly elected0362,9000082,397445,297
Jason C. MurgioIndependent · Nomination, Compensation & Governance · Acquisition · Partial-year service · Newly elected0166,0490097,534263,583
Gary C. TolmanNot independent · Departed during FY000000
Fred R. DonnerNot independent · Departed during FY000000
Joseph W. BrownEmployee director · Partial-year service00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)150,000 / 75,000 / 75,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$0
Equity awards (grant-date value)$2,760,469
All other compensation$640,188
Total cost of the board$3,400,657

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Global Indemnity Group names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Global Indemnity Group.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Horace Mann Educators Corporation2025Marita Zuraitis$1,040,000$3,328,000$832,000$3,139,500$8,453,113
2HCI Group, Inc.2025Paresh Patel950,0000008,236,000
3Tiptree, Inc.2025Michael Barnes1,200,0001,317,81805,651,6208,215,284
4Root, Inc.2025Alexander Timm750,0005,499,87501,687,5008,163,348
5RLI Corp.2025Craig Kliethermes677,5960831,8056,075,3197,691,732
6Kinsale Capital Group, Inc.2025Michael Kehoe1,250,0002,749,589007,423,891
7ProAssurance Corporation2024Edward L. Rand, Jr.1,029,2312,593,35502,496,0006,226,834
8Heritage Insurance Holdings, Inc.2025Ernie Garateix875,5002,757,82401,663,4505,341,897
9Universal Insurance Holdings, Inc.2025Stephen Donaghy1,000,0001,750,01402,406,8445,240,829
10Safety Insurance Group, Inc.2025George Murphy850,0001,100,00001,476,8804,187,838
11Global Indemnity Group2025Joseph Brown1,000,0000494,50004,001,790
12United Fire Group, Inc.2025Kevin Leidwinger821,0001,656,00801,350,9343,896,774
13Employers Holdings, Inc.2025Katherine Antonello881,0422,012,6640242,0003,261,998
14United Insurance Holdings Corp.2025B. Bradford Martz681,042787,500262,500945,0002,811,555
15Amerisafe, Inc.2025G. Janelle Frost803,146896,5000622,0902,369,553
16Donegal Group, Inc.2025Kevin Burke795,0007,7350659,1321,742,994
Ategrity Specialty Insurance Co.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Global Indemnity Group76%Options 100not disclosednot disclosed
Amerisafe, Inc.95%PSU 70 · RSU 30NoAON
Ategrity Specialty Insurance Co.not disclosednot disclosednot disclosednot disclosed
Donegal Group, Inc.83%Cash LTI 100NoWillis Towers Watson
Employers Holdings, Inc.25%PSU 65 · RSU 35NoCAP
HCI Group, Inc.not disclosedRSU 100not disclosednot disclosed
Heritage Insurance Holdings, Inc.158%PSU 62 · RSU 38Nonot disclosed
Horace Mann Educators Corporationnot disclosedPSU 60 · Options 20 · RSU 20Yes — TSRCompensation Advisory Partners LLC (CAP)
Kinsale Capital Group, Inc.272%RSU 100not disclosedSemler Brossy
ProAssurance Corporation200%PSU 50 · RSU 50NoF.W. Cook
RLI Corp.not disclosedOptions 100not disclosedLockton Financial Advisors, LLC
Root, Inc.150%PSU 100NoCompensia, Inc.
Safety Insurance Group, Inc.139%PSU 55 · RSU 45NoPay Governance
Tiptree, Inc.not disclosednot disclosedNoCompensation Advisory Partners
United Fire Group, Inc.130%PSU 50 · RSU 50NoMercer
United Insurance Holdings Corp.not disclosednot disclosednot disclosednot disclosed
Universal Insurance Holdings, Inc.160.5%PSU 50 · RSU 50Nonot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Joseph BrownDEF 14A2026-04-290001193125-26-191942Section “SUMMARY COMPENSATION TABLE” · page 27. As printed: 4,001,790. Filing ↗machine: r2 · c38 · span 274562–274571
2Section 01, Brian RileyDEF 14A2026-04-290001193125-26-191942Section “SUMMARY COMPENSATION TABLE” · page 27. As printed: 765,783. Filing ↗machine: r6 · c37 · span 282124–282131
3Section 03, Joseph Brown OPTIONDEF 14A2026-04-290001193125-26-191942Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t41 · r2 · c24 · span 273704–273711
4Section 07, pay ratioDEF 14A2026-04-290001193125-26-191942Section “CEO Pay Ratio”. As printed: 36.9 : 1. Filing ↗
5Section 08, Saul A. FoxDEF 14A2026-04-290001193125-26-191942Section “Director Compensation”. As printed: 812,858. Filing ↗machine: t28 · r2 · c9 · span 179848–179855
6Section 08, Thomas M. McGeehanDEF 14A2026-04-290001193125-26-191942Section “Director Compensation”. As printed: 686,222. Filing ↗machine: t28 · r6 · c24 · span 187398–187405
7Section 08, Seth J. GerschDEF 14A2026-04-290001193125-26-191942Section “Director Compensation”. As printed: 634,948. Filing ↗machine: t28 · r3 · c9 · span 181524–181531
8Section 08, Fred E. KarlinskyDEF 14A2026-04-290001193125-26-191942Section “Director Compensation”. As printed: 557,749. Filing ↗machine: t28 · r4 · c24 · span 184037–184044
9Section 08, Bruce R. LedermanDEF 14A2026-04-290001193125-26-191942Section “Director Compensation”. As printed: 445,297. Filing ↗machine: t28 · r5 · c24 · span 185731–185738
10Section 08, Jason C. MurgioDEF 14A2026-04-290001193125-26-191942Section “Director Compensation”. As printed: 263,583. Filing ↗machine: t28 · r7 · c24 · span 189033–189040
11Section 08, Gary C. TolmanDEF 14A2026-04-290001193125-26-191942Section “Director Compensation”. As printed: 0. Filing ↗machine: t28 · r8 · c24 · span 190867–190874
12Section 08, Fred R. DonnerDEF 14A2026-04-290001193125-26-191942Section “Director Compensation”. As printed: 0. Filing ↗machine: t28 · r9 · c24 · span 192676–192683
13Section 08, Joseph W. BrownDEF 14A2026-04-290001193125-26-191942Section “Director Compensation”. As printed: 0. Filing ↗
14Section 02, Fred E. Karlinsky 2026-06-30Form 42026-07-020001193125-26-294725Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Saul A. Fox 2026-06-30Form 42026-07-020001193125-26-294821Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Michele Colucci 2026-06-30Form 42026-07-020001193125-26-294808Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Jason C. Murgio 2026-06-30Form 42026-07-020001193125-26-294789Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Seth J. Gersch 2026-06-30Form 42026-07-020001193125-26-294633Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Bruce R. Lederman 2026-06-30Form 42026-07-020001193125-26-294742Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Thomas M. McGeehan 2026-06-30Form 42026-07-020001193125-26-294778Insider equity transaction reported since the proxy statement. Filing ↗
21Section 06, 2026 voteForm 8-K2026-06-160001193125-26-272220Item 5.07 · say-on-pay result. As reported: 98.89% (votes for as printed: 41,963,705). Filing ↗
22Section 06, 2023 voteForm 8-K2023-06-140001193125-23-166942Item 5.07 · say-on-pay result. As reported: 97.41% (votes for as printed: 42,067,568). Filing ↗
23Section 06, 2017 voteForm 8-K2017-06-150001193125-17-204801Item 5.07 · say-on-pay result. As reported: 99.36%. Filing ↗
24Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
25Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
26Section 09b board cost (computed)ComputedcomputedCash 0 + equity 2,760,469 + all other 640,188 = 3,400,657, summed across the director compensation table rows.machine: formula: Σ = 3,400,657
27Horace Mann Educators Corporation, Section 10b CEO totalDEF 14A2026-04-060000850141-26-000014CEO total compensation as printed in Horace Mann Educators Corporation's own proxy. As printed: 8,453,113. Filing ↗machine: r2 · c24 · span 614401–614410
28HCI Group, Inc., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191649CEO total compensation as printed in HCI Group, Inc.'s own proxy. As printed: 8,236,000. Filing ↗machine: span 700093–700102
29Tiptree, Inc., Section 10b CEO totalDEF 14A2026-03-160001393726-26-000015CEO total compensation as printed in Tiptree, Inc.'s own proxy. As printed: 8,215,284. Filing ↗machine: t33 · span 1072009–1072018
30Root, Inc., Section 10b CEO totalDEF 14A2026-04-240001788882-26-000033CEO total compensation as printed in Root, Inc.'s own proxy. As printed: 8,163,348. Filing ↗machine: r2 · c9 · span 1449193–1449202
31RLI Corp., Section 10b CEO totalDEF 14A2026-03-260001104659-26-035213CEO total compensation as printed in RLI Corp.'s own proxy. As printed: 7,691,732. Filing ↗machine: t146 · r9 · c18 · span 1221310–1221319
32Kinsale Capital Group, Inc., Section 10b CEO totalDEF 14A2026-04-090001669162-26-000020CEO total compensation as printed in Kinsale Capital Group, Inc.'s own proxy. As printed: 7,423,891. Filing ↗machine: r3 · c42 · span 299293–299302
33ProAssurance Corporation, Section 10b CEO totalDEF 14A2025-04-110001875246-25-000023CEO total compensation as printed in ProAssurance Corporation's own proxy. As printed: 6,226,834. Filing ↗machine: t35 · r3 · c9 · span 415811–415820
34Heritage Insurance Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-197339CEO total compensation as printed in Heritage Insurance Holdings, Inc.'s own proxy. As printed: 5,341,897. Filing ↗machine: r2 · c27 · span 259277–259286
35Universal Insurance Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177529CEO total compensation as printed in Universal Insurance Holdings, Inc.'s own proxy. As printed: 5,240,829. Filing ↗machine: span 525027–525036
36Safety Insurance Group, Inc., Section 10b CEO totalDEF 14A2026-03-310001172052-26-000009CEO total compensation as printed in Safety Insurance Group, Inc.'s own proxy. As printed: 4,187,838. Filing ↗machine: t51 · r5 · c16 · span 552394–552403
37Global Indemnity Group (subject), Section 10b CEO totalDEF 14A2026-04-290001193125-26-191942CEO total compensation as printed in Global Indemnity Group's own proxy. As printed: 4,001,790. Filing ↗machine: r2 · c38 · span 274562–274571
38United Fire Group, Inc., Section 10b CEO totalDEF 14A2026-04-070000101199-26-000020CEO total compensation as printed in United Fire Group, Inc.'s own proxy. As printed: 3,896,774. Filing ↗machine: r2 · c54 · span 775843–775852
39Employers Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-160001379041-26-000015CEO total compensation as printed in Employers Holdings, Inc.'s own proxy. As printed: 3,261,998. Filing ↗machine: r2 · c27 · span 517005–517014
40United Insurance Holdings Corp., Section 10b CEO totalDEF 14A2026-04-010001401521-26-000023CEO total compensation as printed in United Insurance Holdings Corp.'s own proxy. As printed: 2,811,555. Filing ↗machine: span 939420–939429
41Amerisafe, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177410CEO total compensation as printed in Amerisafe, Inc.'s own proxy. As printed: 2,369,553. Filing ↗machine: span 978221–978230
42Donegal Group, Inc., Section 10b CEO totalDEF 14A2026-03-160001140361-26-009495CEO total compensation as printed in Donegal Group, Inc.'s own proxy. As printed: 1,742,994. Filing ↗machine: t207 · r1 · c16 · span 576457–576466
43Section 10a, HCI Group, Inc. reciprocityDEF 14A0001193125-26-191649HCI Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Global Indemnity Group. Filing ↗
44Section 10a, Safety Insurance Group, Inc. reciprocityDEF 14A0001172052-26-000009Safety Insurance Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Global Indemnity Group. Filing ↗
45Section 10a, Amerisafe, Inc. reciprocityDEF 14A0001193125-26-177410Amerisafe, Inc. names Global Indemnity Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Horace Mann Educators Corporation reciprocityDEF 14A0000850141-26-000014Horace Mann Educators Corporation's most recent proxy was read; its disclosed peer group does not include Global Indemnity Group. Filing ↗
47Section 10a, Donegal Group, Inc. reciprocityDEF 14A0001140361-26-009495Donegal Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Global Indemnity Group. Filing ↗
48Section 10a, ProAssurance Corporation reciprocityDEF 14A0001875246-25-000023ProAssurance Corporation names Global Indemnity Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, United Insurance Holdings Corp. reciprocityDEF 14A0001401521-26-000023United Insurance Holdings Corp. names Global Indemnity Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, United Fire Group, Inc. reciprocityDEF 14A0000101199-26-000020United Fire Group, Inc. names Global Indemnity Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Employers Holdings, Inc. reciprocityDEF 14A0001379041-26-000015Employers Holdings, Inc. names Global Indemnity Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, RLI Corp. reciprocityDEF 14A0001104659-26-035213RLI Corp. names Global Indemnity Group in its own disclosed peer group (read from its most recent proxy). Filing ↗