Global Indemnity Group, LLC (NYSE:GBLI) Q2 2024 Earnings Call August 7, 2024 11:00 AM ET

Company Participants

Stephen Ries - Head, Investor Relations
Jay Brown - Chief Executive Officer
Brian Riley - Chief Financial Officer

Conference Call Participants

Jeffrey Bronchick - Cove Street Capital
Ross Haberman - RLH Investments
Tom Kerr - Zacks Small-Cap Research

Operator

Thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Global Indemnity Group Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Stephen Ries, Head of Investor Relations. Stephen, you may begin.

Stephen Ries

Thank you, Christa. As a reminder, today’s conference call is being recorded as some 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 representations 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 descriptions of the business environment in which we operate and 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 thank you all for joining us for the GBLI midyear update on financial and operational results. Following our usual format, I will first provide a few overview comments and then our Chief Financial Officer, Brian Riley, will review the financial highlights for our insurance operations. Halfway through the year, our team continues to achieve results that are consistent with our plan for 2024 and tracking towards the long-term metrics we established last year. They remain first, growing our business at around 10% per annum, second, achieving a combined ratio in the low 90s, and third, manage our insurance expenses to a competitive level of 36% to 37%. While the exits from certain business segments that we enter 18 months ago are no longer having a material effect on this year’s financial results. As Brian will note later, they do have a significant effect when you compare this year’s results to last year.