Global Indemnity Group, LLC (NYSE:GBLI) Q1 2022 Earnings Conference Call May 9, 2022 11:00 AM ET

Corporate Participants

Stephen Ries - Head-Investor Relations

David Charlton - Chief Executive Officer

Tom McGeehan - Chief Financial Officer

Conference Call Participants

Julia Ferguson – Dowling & Partners

Operator

Good day, and welcome to Global Indemnity Group LLC's First 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 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

Good morning. Thank you for joining our earnings call. In addition to Steve Ries, Reiner Mauer, our COO, Jonathan Oltman, President of Insurance Operations, and Tom McGeehan, our Chief Financial Officer are also in attendance.

I’m very pleased with their underwriting results in the first quarter as we execute our strategic plan to grow our existing core businesses, as well as substantially widen our small business commercial casualty product offerings.

Gross written premium grew by 16.8% compared to the first quarter of 2021. The gross written premium of our continuing lines grew 27.3% compared to the first quarter of 2021. The increase is mainly due to organic growth and rate increases.

Our commercial specialty segment grew by 16.7% to 104.3 million driven by growth in our Penn-America binding small business, which grew 26.9%. We obtained rate of 7.8% for this business in the first quarter and will look to continue to push this higher as the year develops.

Programs grew 9.8% and strong rate increases of 12.2%. A new small commercial casualty businesses, environmental, excess casualty and professional that build out their teams in an established solid market footholds. They are actively writing business. We received strong support from our distribution partners and all are on track executing their plans.