Global Indemnity Group, LLC (NYSE:GBLI) Q2 2022 Earnings Conference Call August 9, 2022 11:00 AM ET
Company Participants
Stephen Ries - Head-Investor Relations
David Charlton - Chief Executive Officer
Thomas McGeehan - Chief Financial Officer
Jonathan Oltman - President of Insurance Operations
Conference Call Participants
Anthony Mottolese - Dowling & Partners
Thomas Kerr - Zacks Investment Research
Operator
Good day, and welcome to the Global Indemnity Group LLC's Second Quarter 2022 Earnings Conference Call.
I would now like to introduce Stephen W. Ries, Head of Investor Relations.
Stephen Ries
Thank you, operator. 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 made 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 is now my pleasure to turn the call over to Mr. David Charlton, Chief Executive of GBLI.
David Charlton
Thank you, Steve. Well, good morning. Thank you for joining our earnings call. In addition to Stephen Ries, Tom McGeehan, our Chief Financial Officer; and Jonathan Oltman, President of Insurance Operations, are also in attendance.
Yesterday, we announced the sale of our farm renewal rights for $30 million and the sale of American Reliable Insurance Company from our equity surplus to Everett Cash Mutual. These transactions will free up over $45 million of capital supporting the farm business and further GBLI's strategy to focus on our profitable and growing small and middle market Commercial Specialty casualty businesses. I am pleased that we found such a great company to acquire this business. Everett Cash is very focused on providing insurance solutions to the farm industry.
Now let's discuss our results. For our continuing business lines, gross written premium grew by 28.4% compared to the first six months of 2021. The increase is due to organic growth and rate increases in our Commercial Specialty and Reinsurance lines. Underwriting income also had good results. The combined ratio of our continuing lines was 95.4%.