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RLI Corp. reports developments for a specialty insurer serving niche property, casualty and surety markets. The company writes commercial and personal lines coverage through RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company, with activity across Casualty, Property and Surety operations.
Recurring news for RLI includes quarterly and year-end earnings, underwriting performance, combined-ratio commentary, premium trends, net investment income, regular dividend declarations and insurance financial-strength ratings. Company updates also cover leadership changes in underwriting, claims and finance functions that support its specialty insurance operations.
RLI Corp. (NYSE: RLI) announced that Craig W. Kliethermes will succeed Jonathan E. Michael as CEO, effective January 1, 2022. Michael, who has served as CEO since 2001, will retire on December 31, 2021, but remain as Chairman of the Board. Kliethermes, with over 35 years of industry experience, has been with RLI since 2006 and was previously President and COO of RLI Insurance Company. The transition follows a multi-year succession plan, with both leaders emphasizing continuity and strong leadership for the future.
AM Best has maintained RLI Group's Financial Strength Rating (FSR) at A+ (Superior) and Long-Term Issuer Credit Ratings (ICR) of 'aa', with a stable outlook. RLI Corp.'s ICR of 'a' was also affirmed. The ratings highlight RLI's strong balance sheet, consistent operating performance, and effective risk management. Its focus on niche markets protects against traditional property/casualty market volatility. However, potential risks include a downturn in underwriting performance or significant declines in risk-adjusted capitalization.
RLI Corp. (NYSE: RLI) has declared a special cash dividend of $1.00 per share and a quarterly cash dividend of $0.24 per share, totaling approximately $45 million. Both dividends are scheduled for payment on December 18, 2020, to shareholders on record as of November 30, 2020. Chairman & CEO Jonathan E. Michael stated that RLI remains committed to delivering value during challenging times, having returned over $1.1 billion to shareholders in the past decade.
RLI Corp. has announced the promotion of two key leaders, Blake A. Ahrens and Bob W. Hartje, to Vice President positions effective immediately. Ahrens, with 23 years of industry experience, takes on the role of Vice President, Inland Marine, while Hartje, who has 35 years of experience, becomes Vice President, Excess Liability. Both leaders are expected to enhance their respective product lines, supported by RLI's strong track record of underwriting profits and consistent dividend payments over 45 years.
RLI Corp. reported Q3 2020 net earnings of $42.4 million ($0.93 per share), up from $32.3 million ($0.71 per share) in Q3 2019. Operating earnings fell to $19.0 million ($0.42 per share) from $25.9 million ($0.57 per share). The quarter saw a 9% increase in gross premiums written, yet was impacted by losses from hurricanes totaling $33.2 million. Book value per share rose 13% to $24.40. RLI achieved $1.2 million in underwriting income despite an increased combined ratio of 99.5.
RLI Corp. (NYSE: RLI) will announce its third quarter 2020 earnings on October 21, 2020, after market close. A conference call is scheduled for October 22 at 10 a.m. CDT, accessible via NASDAQ OMX. The company estimates pretax catastrophe losses between $35 million to $45 million for the period, stemming from Hurricanes Hanna, Isaias, Laura, and Sally. These estimates are preliminary and subject to change. RLI is recognized for its niche insurance services and boasts a history of increased dividends for 45 years and underwriting profits for 24 consecutive years.