The company is Global Indemnity(GBLI). We own it where we can, and I own it personally. We have written about it before, here.

Cheap, weird, illiquid, LP.  Good CEO who is really COO. W.R. Berkley owns 9%. And Saul, who is the control shareholder here.

The market cap is $411mm. The directors took all their comp in stock, and get paid a 37% gross-up in cash. Big numbers. The King buys obediance.

Oh, and this: Saul controls Fox Paine too.

On March 6, 2025, upon the recommendation of the Conflicts Committee of the Board, the Board (other than Mr. Brown, our Chief Executive Officer, who recused himself due to his inherent conflict of interest in approving a compensation matter for Fox Paine) approved the issuance of 550,000 class A common shares designated as class A-2 common shares, with a grant date fair value of $11.0 million and additional consideration of $0.2 million in cash to Fox Paine & Company, LLC for services performed in connection with the Company’s internal corporate reorganization. These class A common shares, designated as class A-2 common shares, represent an interest in the profits of the Company in excess of a threshold amount of $475.3 million. These shares are fully vested and non-forfeitable, and have the same voting rights as the class A common shares and are entitled to ordinary cash dividends or other regular distributions in the same manner as both the class A and class B common shares.