Global Indemnity Group, LLC (NYSE:GBLI) Q2 2023 Results Conference Call August 8, 2023 11:00 AM ET

Company Participants

Steve Ries - IR

Jay Brown - CEO

Tom McGeehan - CFO

Conference Call Participants

Ross Haberman - RLH Investment

Tom Kerr - Zacks Investments

Guy Baron - Springview

Andrew Vindigni - General American Investors Company

Operator

Hello and welcome to the GBLI 2Q 2023 Earnings Call. [Operator Instructions] I will now turn the conference over to Mr. Steve Ries. Please go ahead.

Steve Ries

Thank you, Sarah. Today's conference call is being recorded. GBLI's remarks may contain forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words, including without limitation, beliefs, expectations or estimates. We caution you that such forward-looking statements should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will, in fact, be achieved.

Please refer to our annual report on Form 10-K and our other filings with the SEC for a description of the business environment in which we operate and the important factors that may materially affect our results. Global Indemnity Group LLC is not under any obligation and expressly disclaims any such obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

It's now my pleasure to turn the call over to Mr. Jay Brown, Chief Executive Officer of Global Indemnity.

Jay Brown

Thank you, Steve. Good morning, and thanks to everyone on the call for taking the time this morning to join us for our second quarter results discussion. Before we review our results for the quarter, let me address the elephant in the room. As we stated in our June 9 press release, the company is engaged in conversations that could potentially lead to a transaction to sell a portion of our insurance operations for the entire company. These conversations are continuing, and as stated in our press release, we do not intend to make any further comments unless or until it has been completed or suspended.

As such, we will not be making any further comments today. That said, let's turn to the results for the second quarter. As we noted in our last 2 calls, the significant restructuring that has occurred in the prior 2 quarters does not make direct comparisons to prior year overall results somewhat difficult. Our ongoing operating segments are primarily commercial specialty and to a much lesser extent, reinsurance operations. I will focus my comments on commercial specialty results as this is the portion of our operations, which will dictate future underwriting results.