Global Indemnity Group, LLC

If you would like to ask a question during the call, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. We will also be taking questions via the webcast. If you would like to submit a question, please use the Q&A button located at the bottom right hand of your webcast screen. Thank you. It is now my pleasure to turn the call over to Evan Kasowitz, president of Belmont Holdings. You may begin.

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, believes, expectations, or estimates. We caution you that such forward looking statements should not be regarded as a representation by us that the future plan, 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 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. Jay Brown, chief executive of Global Indemnity.

Thank you, Evan. Good morning and thank you for taking the time this morning to join us for the GBLI second quarter update on our financial and operational results. Following our usual format, I will first provide a few overview comments on my view of this quarter's results. Then our chief financial officer, Brian Riley, will offer a few key details on our insurance and investment operations. Following Brian's comments, we will then answer any questions you might have. This quarter's results are comparable to the underlying positive insurance operating investment trends that we have seen for the past several quarters. Our accident year combined ratio of .6% produced an underwriting profit of $5.6 million, a very nice increase over the $96.7 we recorded last year. Our short duration investment portfolio continued to deliver stable results at $14.7 million with an annualized investment return of 4.9%. The overall positive insurance and investment results were offset a bit by the planned higher corporate expenses as we continue to invest in our agency and insurance services segment. The resulting net income of $10.3 million remains consistent with the results from last year. Brian will provide a bit of insight on the areas where corporate expenses are increasing. Moving from the bottom line to the top line for insurance operations, excluding terminated contracts, gross premium grew 18% over the second quarter of 2024. As we noted in our results release, we saw a very solid, sustainable growth in vacant express collectibles, wholesale commercial, and assumed re-insurance. Premium rate changes are running in the mid single digits, which when coupled with exposure changes are tracking close to our current expectations for loss trends. Turning from the quarterly financials, our efforts to revamp our technology infrastructure, information management, and policy issuance systems continues to be on track. We will complete our design and coding of our kaleidoscope policy rating, coding, and issuance system for wholesale commercial package policies to begin testing by year end. We then expect to roll out the new environment to our agency partners in conjunction with an underwriting workbench early in 2026. On a parallel track, we have now migrated all our internal data to a modern data lake for both structured and unstructured data in the cloud. We are now migrating and syncing all of our internal reports to the new single unified data source. This effort is a very key foundational step needed to exploit artificial intelligence across the entire enterprise. I should also note that we've requested and received approval in July 2025 for a hundred million in aggregate dividends from our insurance subsidiaries. This will bolster our liquidity and position us to fund significant growth that we anticipate in our agency and insurance service operations under Praveen Rettig. Looking forward, we will continue our efforts to profitably grow our existing businesses. As we continue to invest in technology, expand our underwriting capabilities through organic growth and pursue selective add on acquisitions. We firmly believe our reorganized structure will yield substantial value to our owners in the next few years. At this point, I'll turn it over to Brian.