Q4 2024 Global Indemnity Group LLC Earnings Call
Ladies and gentlemen, thank you for standing by my name is Kate and I will be your conference operator today at this time I would like to welcome everyone to the global Indemnity Group 'twenty 'twenty four earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a key.
Washington National recession, if you would like to ask a question. During this time simply press star followed by the number one on your telephone keypad.
Evan Cause: If you would like to withdraw your question Press Star. One again, we will also be taking questions from the webcast. If you would like to submit a question via the web. Please use the Q&A button located at the bottom right side of your webcast screen. Thank you I would now like a church called over to Evan cause sewage. Please go ahead.
Thank you operator.
Evan Cause: Today's conference call is being recorded G. B aligns remarks may contain forward looking statements.
Evan Cause: The forward looking statements can be identified by the use of forward looking words, including without limitation believes expectations or estimate.
Evan Cause: Caution you that such forward looking statements should not be regarded as a representation by us that the future plans.
Evan Cause: 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 a description of the business environment in which we operate and the important factors that may materially affect our results.
Evan Cause: Mobile 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.
Evan Cause: Future events or otherwise.
Speaker Change: It is now my pleasure to turn the call over to Mr. Jay Brown, Chief executive of global identity.
Speaker Change: Thank you Evan.
Speaker Change: Good morning, and thank you for joining us for the GB ally year end update on our 2024 financial and operational results.
Speaker Change: Consistent with our past calls I will first provide a few overview comments on the ongoing results and our Pan American's segment.
Speaker Change: Given the fact that year end numbers are consistent with prior quarters I will keep my comments to a minimum.
Speaker Change: Then our Chief Financial Officer, Brian Reilly will expand on the 2024 financial highlights for both our insurance operations and the holding company.
Speaker Change: It gives me great pleasure to report that the GB ally team achieved solid insurance results consistent with the goals we had established for 2024.
Speaker Change: They continue building momentum to consistently hit the long term metrics for revenue growth and underwriting profits that we had established a great value for our shareholders.
Speaker Change: Pan America insurance revenue momentum as measured by gross premium.
Speaker Change: Maintain the pattern, we saw in the third quarter with total premium excluding terminated programs, having finished up 12% through 2024.
Speaker Change: This was driven by the excellent 17% growth we achieved in insured tech.
Speaker Change: Coupled with 12% growth in our largest division wholesale commercial.
Speaker Change: Our assumed reinsurance on our operation finished up 83% in its second full year of operations.
Speaker Change: We expect these segment wide positive trends to continue in 2025.
Speaker Change: Turning to insurance underwriting performance.
Speaker Change: I am very delighted to report our full year 94, 4% underwriting results.
Speaker Change: The Pan America segment.
Speaker Change: This result was modestly better than that 95, 2% we recorded in 2023.
Speaker Change: The good results continue for both our casualty and property coverages.
Speaker Change: Importantly, our rate increases continued to modestly exceed our own estimates of inflation trends.
Speaker Change: This will continue to be a key objective for 2025, given the continued uncertainty on the national inflation front.
Speaker Change: Also our estimates for the past year result remained stable with virtually no difference between calendar and accident year numbers.
Speaker Change: Our reserve margins remained solid with modest improvement recorded throughout the year.
The ongoing efforts to manage catastrophe exposures for our property segments continued to be reflected in our modest losses from catastrophes in 2024.
Speaker Change: Total cat losses for the full year were down roughly 26% from 2023.
Speaker Change: I will note that we experienced $15 million in catastrophic losses from the recent Los Angeles wildfires.
Speaker Change: Given the magnitude of the la fires.
This result was modestly below our property market share in California.
Speaker Change: Albeit still significant for a company of our size.
Speaker Change: Although we expect an annual average of around $17 million from cat losses.
Speaker Change: Our current book of business the sheer magnitude of this single loss exceeded the different models, we have use for wildfires in the La basin.
Speaker Change: Like most industry players we are rethinking the ability of our past severity model estimates for wildfire cat exposures.
Speaker Change: We continue to manage internal expenses a bit higher than our long term targets to provide the best service to our customers.
Speaker Change: As noted in past quarters, we have maintained Pan America staff numbers, just slightly below 2023, as we grow our business at double digit levels and keep expense growth at roughly half of that growth rate.
Speaker Change: Okay.
Speaker Change: Our Pan America expense ratio is starting to trend in the right direction with the 2024 ratio of 38, 1%, but we still have significant work to do in order to get this down to 37% or lower.
Speaker Change: As noted last quarter, a key factor in growing our business is attaining.
Speaker Change: Outstanding underwriting results, achieving competitive expense levels and utilizing technology Lee.
Speaker Change: Secondly across all dimensions.
Speaker Change: We have just completed the first full year of a multiyear effort to transform our technology platforms transactions and information software and data storage.
Speaker Change: These investments are well underway with our transition to the cloud about 75% completed with the remaining migration to be completed in 2025.
Speaker Change: As I mentioned last quarter. The first transactional application went live in September.
Speaker Change: And we are now processing all aspects of our wholesale commercial excess liability policies in the new technology environment.
Speaker Change: We recently added similar capabilities for special events and wholesale commercial.
Speaker Change: And are on schedule to add transaction processing for all the remaining products for wholesale commercial this year.
Speaker Change: An additional module is in development, which is focus on our agents underwriters and operations staff.
Speaker Change: They will receive an integrated underwriting workstation in the next few months to improve the time to handle referral business and service for our wholesale commercial agents.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: As a follow up to my comments from last quarter. The decision to focus on underwriting areas, where we can excel has begun to pay dividends.
Speaker Change: We completed a legal and operational transformation that was announced in January labeled project manifest.
Speaker Change: One of the main objectives of this project was to enhance our ability to attract additional talent to complement our existing teams.
Speaker Change: These efforts will provide the expertise needed to accelerate our ability to use our growing excess capital in order to expand our product offerings for both existing and new customers.
Speaker Change: I am very very pleased that we kicked off this talent expansion with the hiring of <unk> ready to head up Pan American underwriters, LLC, which is comprised of all of our existing underwriting and service teams.
Speaker Change: Praveen joined US last week and has begun his efforts to rapidly expand our current product offerings.
Speaker Change: I am thankful that we have the support of the full board and Fox pain as our financial advisor to effect. These structural changes, which I personally believe will yield significant future results for our company.
Speaker Change: Equally important I remain blessed to benefit from the superb efforts of all the managers and staff at global.
Speaker Change: We are all looking forward to 2025 and beyond as we enhance and implement our tactical and strategic plans Brian.
Speaker Change: Thank you Jay.
Speaker Change: My commentary will focus on full year results of course, we can answer any questions. You may have one in the fourth quarter numbers.
Speaker Change: Net income was $43 2 million compared to $25 4 million in 2023.
Speaker Change: The combination of net income.
Speaker Change: The $12 million increase in market value of the fixed income portfolio.
Speaker Change: Value per share increased from $47 53 at year end 2023.
Speaker Change: <unk> $49 98 at December 31.
Speaker Change: Including dividends paid in 2024 of $1 40 per share returned to shareholders was eight 1% for 2024.
Speaker Change: Yes.
Speaker Change: For 'twenty for both underwriting Inc.
Speaker Change: And investors begin to contribute to the improvement in net income.
Speaker Change: Starting with investments investment income increased 13% to $62 4 million from a year ago.
Speaker Change: Actions taken since early 2002 to sell longer dated securities and short duration and translated into much higher current book yields.
Speaker Change: Cash flows and maturities of fixed income securities of $1 1 billion billion, yielding 436%.
Speaker Change: Were reinvested at an average yield of 487%.
Speaker Change: Current book yield on the fixed income portfolio is now four 4% with a duration of 0.8 years at December 31 2024.
Speaker Change: Comparatively.
Speaker Change: At December 31, 2023 book yield was 4% with a duration of one one years.
Speaker Change: At the end of December 22 book yield was three 5% with a duration of one seven years.
Speaker Change: And at December 31, 2021 book yield was two 2% with duration of three three years.
Speaker Change: The average credit quality of the fixed income portfolio remains at double a minus.
Speaker Change: As a result of the low duration, we have $1 billion of investments maturing in 2025.
We expect that a significant amount of those maturities to be reinvested or longer matured, ensuring fixed income investments to improve returns.
Speaker Change: Through February 25, approximately $320 million of the portfolio was reinvested at five 2%.
Speaker Change: With two thirds and high quality corporates and structured securities.
Speaker Change: We expect this strategy will increase duration to about 125 years by the end of the first quarter of 2005.
Speaker Change: Now, let's move to underwriting performance for 2000 quarter.
Speaker Change: We continue to see good results as the current accident year consolidated underwriting income was $18 8 million compared to $14 3 million in 2023.
Speaker Change: This was driven by consolidated next year combined ratio of 95, four and 2024 compared to 97 three in 2003.
Speaker Change: The improvement in the current extra underwriting income was due to the strong performance of our core business in America.
Speaker Change: Pan American's accident year underwriting income was $22 1 million and 24 compared to $18 5 million in 'twenty three.
Speaker Change: As Jay noted Pan American's <unk> combined ratio improved to $94 $4 24.
Speaker Change: Compared to $95 two and three.
Speaker Change: The accident year loss ratio of $56 four as a point better than the 57 four in 'twenty three.
Speaker Change: Property loss ratio closed the year at 53, nine compared to $53 $4 43.
Speaker Change: Non cat loss ratio remained strong we posted a $46 three and 'twenty four and a 43 six and 'twenty three.
Speaker Change: Cat loss ratio improved to seven six of 24 compared to nine 8% in 'twenty three.
Speaker Change: Broadcast losses declined to $12 7 million compared to $13 8 million in 2020.
Speaker Change: Casualty loss ratio was 58, 4% and 24 compared to 59 nine and 2023.
Speaker Change: Yes.
Speaker Change: Unlike unlike last year, our noncore operations have diminished effects on our overall performance.
Speaker Change: Our noncore operations that are premium has dropped to $7 2 million compared to $118 8 million and 23.
Speaker Change: Mainly from an assumed retro session casualty treaty, which we did not renew pointing to.
Speaker Change: Further the runoff of our exit of specialty property business resulted in no statutory losses, and 24 compared to $3 4 million last year.
Speaker Change: The current <unk> underwriting loss was $3 3 million for 24 compared to $4 2 million or 23.
Speaker Change: Combined ratio was $145 six.
Speaker Change: The loss ratio was in line with expectations of $64 six but one off expenses remain a bit high as we wind down the number of the smaller underwriting portfolios.
Speaker Change: As for the calendar year underwriting income.
Speaker Change: Solid David calendar year underwriting income was $17 8 million.
Speaker Change: Compared to $3 million in 2023.
Speaker Change: Looking at prior action year losses book reserves remains solidly above our current actuarial indications.
Speaker Change: 2020 for Los <unk> related to prior accident years was only a modest increase of $72000 $72000.
Speaker Change: Turning to premiums.
Speaker Change: Consolidated gross premiums was $389 $8 million 24, compared to $416 4 million in 2003.
Speaker Change: This decrease is entirely due to the run off business of our noncore segment, which declined $57 million year over year offset partially by growth of kind of America.
Speaker Change: Kind of America's gross written premium increased 8% to $401 billion.
Compared to $369 7 million in 2003.
Speaker Change: As Jay noted, excluding terminated products and Americas gross written premiums grew from $352 4 million and 23 to $395 1 billion and 24% to 12% increase.
Speaker Change: Let me add a little color on each of those divisions.
Speaker Change: Commercial which focuses on our main street small business.
Speaker Change: <unk> grew 6% to $248 6 million compared to $234 $9 million in 'twenty three.
Speaker Change: Excluding premium audit these calendar year numbers, the underlying policyholder premium trends, our best indicator of growth was 12% which includes rate increases of 7%.
Speaker Change: In short deck, which consists of vacant expressed in collectibles grew 17% to $56 3 million and <unk> 44, compared to $48 3 million in 2003.
Speaker Change: Let me break down on those two products a bit.
Speaker Change: For Bacon Express.
Speaker Change: Grew 24% and 4% to $45 million driven by organic growth from existing agents and agency appointments.
Speaker Change: New tactical automation implemented in the third quarter of 2023, where a vacant dwelling products, including the expansion of motto line general liability product contributed to the growth in premium our agents are producing.
Collectibles gross written premium of $15 8 million was slightly higher than 2023 by 2%.
Speaker Change: We've implemented underwriting action on that.
Speaker Change: As repo risk that is curtailed growth a bit but it is.
Speaker Change: It is expected to improve overall profitability.
Speaker Change: Our assumed reinsurance business continues to grow at a nice pace, we signed on eight new trees in 2024.
Speaker Change: Gross written premiums grew to $25 4 million compared to $13 9 million in 2023.
Speaker Change: Specialty products, excluding terminated products mentioned earlier was $64 7 million compared to $55 $3 million in 'twenty three.
Speaker Change: We signed on two new products in 2024, the contributed $1 million during the year.
Speaker Change: Specced out for new product sign on over the next six to 12 months.
Speaker Change: In closing we are pleased with the 24 results.
Speaker Change: Further despite the impact of the first quarter wildfires as Jay mentioned, our outlook for 2025 is very positive.
Speaker Change: We continue.
Speaker Change: Revenue growth and 10% from <unk> America.
Speaker Change: Further we expect to see continued improvement in our non catastrophe accident year loss ratios.
Speaker Change: Book reserves remains solidly above current extra locations.
Speaker Change: We believe premium pricing is continuing to attract with loss inflation.
Speaker Change: Discretionary capital, which is considered the amount of consolidated at equity in excess of that amount required to maintain the strongest levels with our rating agencies increased to $255 million at December 31, 2024, compared to $200 million at December 31, 2023 due to growth in.
Speaker Change: Equity and the reduced capital needed to run off the non core business.
Speaker Change: As Jay noted earlier this will support the efforts to invest in the growth of the Pan America underwriters.
Speaker Change: Lastly, pardon.
Speaker Change: <unk> is well positioned to invest in longer term duration maturities at higher yields.
Speaker Change: We will now take your questions.
Speaker Change: Sure.
Speaker Change: At this time I would like to remind everyone in order to ask a question Press Star then the number one on your telephone keypad. If you would like to submit a question via the web. Please use the Q&A button located at the bottom right side of your webcast screen.
Speaker Change: Your first question comes from the line of Tom <unk> with Zacks small cap research. Please go ahead.
Speaker Change: Good morning, guys real quick on the California fires.
Speaker Change: Underwriting type issues.
Speaker Change: You guys have been trying to get rate increases and deal with that issue.
Speaker Change: We've had an outstanding rate increase for our vacant express probably for a year plus at this point in time like most carriers just stalled completely in the regulatory environment.
Speaker Change: But otherwise it.
Speaker Change: It was.
Speaker Change: It sounds good sizable loss for us, but involved very few number of properties I think it was less than less than 10 properties. Overall, we're involved in the fire.
Speaker Change: Yes.
Speaker Change: Okay, Great and can you provide a little more color on the reinsurance segment and that growth in that and what is the plan.
Speaker Change: Continued strong growth in 2025.
Speaker Change: Yes.
Speaker Change: Growth there was if you recall two years ago, when we cut back dramatically.
Speaker Change: When I first arrived at the company, obviously, our view at that point in time with the reduced volume we were doing in other sectors that we had a lot of capacity available.
Speaker Change: We had had a history of doing some reinsurance, but we decided over the near term being two years ago and a couple of years forward that the best use of our internal capital was to develop some eggs existing.
Speaker Change: Especially product relationships into.
Speaker Change: Assumed reinsurance so we're up to.
Brian how many 16 16 treaties at this point in time.
Speaker Change: Roughly $45 million in force and we expect that we're going to have a nice increase in 25 million and 26 at that point, we'll be looking at our other lines of business and allocation of capital across our businesses decide if we want to grow it much beyond that.
Got it.
Speaker Change: Quick ones for me on the project manifest in seeing any benefits yet.
Speaker Change: The destocking of the organization in terms of the ability to.
Speaker Change: To move capital between organizations has that started yet.
Speaker Change: Yes, we picked up.
Speaker Change: Net net of the dividends paid to the holding company about $50 million.
Speaker Change: So we're our statutory surplus was right around $500 million.
Speaker Change: As we get above that gives us more capacity and acos reinsurance market.
Speaker Change: Got it last one I want to ask the standard share buyback question with $255 million and discretionary capital.
Speaker Change: Any portion of that can be used.
Speaker Change: Buyback stock at a discount to book value.
Speaker Change: Of course could be used to buy back stock at a discount but right now the board feels more enthusiastic about our prospects for adding additional.
Speaker Change: Products and different types of underwriting into our company through the Pan America. Our decision are higher per beam is very much focused on this and we expect that we can get better and better returns on on growing our insurance business in the short term than just buying back stock.
Speaker Change: Got it alright, I will jump back in the queue. Thank you.
Ross Haberman: Your next question comes from the line of Ross Haberman.
Speaker Change: With our <unk> investments. Please go ahead.
Ross Haberman: Good morning, gentlemen, thanks for taking the call I have a quick question could you go back to the California could you tell us what your total exposure is there and is it and is it on the direct commercial side or is that mostly on the reinsurance side. Thank you.
Speaker Change: The.
Speaker Change: Our total exposure in California, it's about six basis points of the total property market I don't have it at my fingertips exactly how much premium wise. It was all on our direct book it was not on any assumed reinsurance.
Speaker Change: And and the fifth the $15 million to that could that be a bigger number as time goes on or is that.
Speaker Change: That's your best guess at least as of today.
Speaker Change: We paid over half the losses at this point because of the small number it's as I've said, it's less than 10 losses 10 individual properties that were involved so we're pretty confident that number is not going to move too much at this point.
Speaker Change: Okay, and and and your total fire or wildfire exposure, which you said you are reassessing.
Speaker Change: What is that number today.
Speaker Change: Well it depends on the frequency and the location of loss.
Speaker Change: We have we have wildfire exposure in California, and other states.
Speaker Change: My comment there was really focused on the fact that our we use catastrophe models to estimate our exposure and manage how much we'll do in particular areas.
Speaker Change: They one of the ways. Those models work is to assess the frequency of cat loss of a particular size and so we typically manage to a one and $2 50 or one in 500 kind of level.
Speaker Change: As the maximum that we expect from a launch this one one almost double that in terms of against what the model estimated and so what I'm, saying is we're like a lot of people wondering.
Speaker Change: At the tail of the individual models that we're using are they are they that inaccurate why why are they off that much now this was an unusual fire, but it is it is something that we expect in California, we have different zones that we have fire exposure one of the one of the two fires was in.
Speaker Change: Are more exposed area that was the fire, we actually had no losses in the Eaton location.
Speaker Change: Edina, which was slightly better in terms of the rating and expect the less frequency of loss actually turned out for us to be where all of the properties were where there were burned in that particular situation. So again, it's a modeling question for us.
Speaker Change: We are constantly trying to improve our models and this one.
Speaker Change: Came in somewhat somewhat surprised but we've all seen an escalation in the size of cat losses now in comparison, if we go back for the prior four years, there were cat losses wildfire losses and in each of the four years, we had no wildfire losses at all and so we were very we're pretty comfortable with.
Speaker Change: With the way, we're managing that exposure, but again the models for this type of loss don't seem to work very well.
Speaker Change: So basically you have got to reassess it and rejigger I guess the assumptions there.
Speaker Change: Yes, we are.
Speaker Change: Looking at it is.
Speaker Change: We're trying to there's a couple of minor adjustments that we're making very quickly in terms of what we would do in Ana zone.
Speaker Change: Three versus <unk> zone, four or five and we're trying to say, maybe maybe we have to move that out a little bit to contain that exposure, but again. This size loss is not disproportionate for a company our size I mean, it's kind of in the if you're going to write any property business youre going to have some cat exposure.
Speaker Change: And this for us it always hurts more when it comes in the first quarter, but over the course of the year. We typically expect as I mentioned, something like 16 or $17 million in cat losses. Some years, it's more some years, it's less but that's what our current book.
Speaker Change: Would would.
Speaker Change: Specced overtime to see in a normal year.
Speaker Change: Overall, just a follow up question overall, given what happened in California, what kind of rate increases going forward do you expect.
Speaker Change: In that in that state or in that general area, given what happened.
Speaker Change: Yeah.
Speaker Change: What we expect and what we get might be two different things, but I would say that we need at least 50% on the type of business that was affected.
Speaker Change: By this particular.
Speaker Change: Wildfire and perhaps more depending on the.
Speaker Change: The types of individual exposures.
Speaker Change: But its California has been tough on rates and it's a real obstacle and they're creating a real problem for themselves in terms of not allowing carriers to get an adequate rate, which makes it much harder for people to obtain coverage and that's obviously not the goal of the insurance industry. We want to provide coverage for every possible exposure that we feel we can right.
Speaker Change: Appropriately.
Speaker Change: I guess I'd.
Speaker Change: If you can't get an appropriately risk right, whether it's 50% as you hoped to.
Speaker Change: Did you say.
Speaker Change: If you can only get 20 or 25 do.
Speaker Change: Do you say, it's not worth it to us its not worth the risk.
Speaker Change: We're just not going to write there anymore.
Speaker Change: Typically that will be a decision that we face selectively over time, and we try and manage it.
Speaker Change: In line with what our customers are trying to achieve meaning our agent partners, but the reality is we are we are a for profit business, we're very very focused on making goodrich.
Speaker Change: Our holders and if we can't make it in California is selling.
Speaker Change: That expose business will find someplace else in the United States to sell more business.
Speaker Change: And just one last question you brought in this new gentlemen, two to expand your lines of business.
Speaker Change: Judy do you have a rough idea of what kind of lines is sort of going to be.
Speaker Change: Focused on yet.
Speaker Change: Stay tuned.
Speaker Change: Okay.
Speaker Change: Your next question comes from the line of Andrew <unk>.
Speaker Change: That's from the web.
Speaker Change: Their room to reduce the expense ratio without compromising underwriting quality any uses for excess capital maybe a special dividend.
Speaker Change: We don't currently plan any special dividends and in terms of our expense ratio.
Speaker Change: There is room, we expect that as we run off the remaining terminated business.
Speaker Change: There'll be a little bit of pickup in terms of that area and not needing expenses, but the big lift for us in terms of where we are given that we were.
Speaker Change: $250 million higher a couple of years ago is really growing back to that size over the next couple of years and bring the expense ratio down another point point and a half from where it currently exist.
Speaker Change: <unk>.
Speaker Change: The expense ratio is somewhat misleading sometimes to look at it you see 30, 38% and kind of go Wow. That's a big number and then you have to realize that lesson, then 12 or 13% of that is our internal expenses and the remainder is commissions, we pay our agents licensing fees et cetera.
Speaker Change: And so the actual costs that we're dealing with is is out of that 30, Adas is roughly 12% 13% of that total.
Speaker Change: Not percent, but a portion of so about a third of the expense is something that we're focused on managing down a point and point and a half in the next couple of years.
Speaker Change: Your next question comes from Jonathan Saunders Avaya web anything abnormal in the Q4 as corporate and other operating expenses reps to $7 million for the Q.
Speaker Change: Yes.
Speaker Change: For the year corporate expenses are up $5 million professional fees related to.
Speaker Change: New projects manifest implementation drove most of that.
Speaker Change: Before going to the next question again, if you would like to ask a question press star one on your telephone keypad or use the Q&A button located at the bottom right side of your webcast Creek.
Speaker Change: Your next question comes from the line of Joel as tracker via web.
Speaker Change: <unk> project Minuses GBS has tried gross strategies in the past and failed.
Speaker Change: And to the mob those out can you explain why a growth strategy will break this time.
Speaker Change: Sure.
Speaker Change: One is our new structure allows us to.
Speaker Change: Bring in additional underwriting teams.
Speaker Change: Coupled with the technology investment, we're making our growth structure that we've tried it attempted a two or three years ago.
Speaker Change: Our biggest problem was the underwriting teams who are brought in and we're operating in essentially a manual environment with no technology support.
Speaker Change: That was a mistake on our part we talked about it at the time and it's certainly not a mistake, we're going to make going forward. This time around we feel much more comfortable that our technology investments.
Speaker Change: Are creating a platform that will allow us of a variety of products. We don't currently sell to be offered to existing and new agency partners.
Speaker Change: Thing two.
Speaker Change: Two I guess kind of reflect on is we made a very clear decision to bring in a particular individual with a lot of experience with products that we don't currently offer and so we're looking to expand given his knowledge and contacts in the industry.
Speaker Change: Some of which will be built internally some of which will be by bringing in additional people and finally in some cases by actually buying.
Speaker Change: Certain types of operations from other carriers.
Speaker Change: It's always hard to say if you didn't werent successful in the past why do you think youre going to be successful. This time, but I would tell you that based on my last two and a half years here the team and the board and particularly Fox pain of focus very carefully about a comprehensive plan to bring this out where we can grow at a greater rate than we are.
Speaker Change: Been able to grow over the recent past.
Speaker Change: And I think <unk>.
Speaker Change: Time will tell if we're successful at that but I think now that we have a very stable profitable underwriting base in place.
Speaker Change: We don't have any major decisions to make about staffing in the short term in terms of having too much and having.
Speaker Change: Approximately 15 months behind us in a three year technology spend.
Speaker Change: I feel very very personally confident that this is going to be a successful strategy for global to pursue.
Speaker Change: I will now turn the call back over to Evan Koussevitzky for closing remarks.
Speaker Change: Thank you. This concludes our 2024 earnings call. We look forward to speaking with you about our first quarter 2025 results.
Speaker Change: Ladies and gentlemen that concludes today's call. Thank you all for joining you may now disconnect.
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