Global Indemnity Group, LLC (NYSE:GBLI) Q4 2023 Earnings Conference Call March 13, 2024 11:00 AM ET

Company Participants

Steve Ries – Head-Investor Relations

Jay Brown – Chief Executive Officer

Tom McGeehan – Chief Financial Officer

Conference Call Participants

Ross Haberman – RLH Investments

Tom Kerr – Zacks Investment Research

Operator

Thank you for standing by, and welcome to the GBLI 2023 Earnings Call. I would now like to welcome Steve Ries, Head of IR, to begin the call. Steve, over to you.

Steve Ries

Thank you, Mandeep. 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 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 for joining us this morning for our 2023 results call. Before I turn it over to our CFO, Tom McGeehan, to take you through a detailed synopsis of our 2023 financial results, I will provide a brief overview of the past year, where we are now and where we are going.

After seven years on the Board of Global Indemnity, I accepted the position as CEO 16 months ago. My mandate was very straightforward, determining which businesses we're working execute a strategy to exit everything that didn't make sense and then rightsize the company expense structure to manage the business profitably, and to utilize capital efficiently. These tasks were accomplished in the first 90 days and have been reported on through the last four results calls. We also reaffirmed some simple long-term objectives that we would use to measure our insurance operations. They are, one, achieve a consistent combined ratio in the low 90s. Two, grow the insurance business at a compound rate of 10% or greater. And three, manage our expense ratio to 37% or better subject to business mix.