Global Indemnity is a specialty property and casualty insurer focused on the Excess and Surplus (E&S) market, which covers small commercial businesses whose risks are too unusual for standard market coverage — think artisan contractors, restaurants, bars, landlords, and vacant properties across more than 1,000 classes of business. Global Indemnity also sells two niche products: Vacant Express (property and liability coverage for vacant or under-renovation properties) and Collectibles (direct-to-consumer coverage for art, jewelry, coins, and similar items, a business operating for over 50 years). The company sells primarily through roughly 350 wholesale general agent offices and 3,300 retail agents, with proprietary technology enabling policy issuance in under 20 minutes. Global Indemnity makes money through underwriting profits and investment income from a ~$1.4B portfolio of predominantly short-duration fixed income assets. The company is restructuring around two distinct entities: Katalyx, a scalable agency intermediary, and Belmont, its insurance carriers. Global Indemnity is deploying ~$273M of discretionary capital toward growing Katalyx through new product launches, technology investment, and M&A — including a late 2025 acquisition of Sayata, an AI-enabled digital insurance marketplace — rather than returning capital to shareholders. The company is also building an assumed reinsurance book through a new agency, Valyn Re, targeting niche E&S managing general agents and smaller carriers.