Global Indemnity Group, LLC, provides specialty and niche insurance products nationwide. GBLI focuses on small market property and casualty business. The company has made a concerted effort to reduce its property exposure. The company's largest business targets small, Main Street business written on an excess and surplus lines basis. The company has excess discretionary capital of approximately $260 million. Global Indemnity is expected to show continued improvement in underwriting results in 2025. We believe GBLI stock is undervalued and should trade at a small premium to future book value.