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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 a special cash dividend of $7.00 per share, totaling approximately $320 million, alongside a regular quarterly dividend of $0.26 per share. Both dividends are set for payment on December 20, 2022, to shareholders on record as of November 30, 2022. This special dividend follows the sale of RLI’s minority interest in Maui Jim, showcasing the company's financial strength and commitment to returning value to shareholders.
RLI Corp. has appointed Paul B. Medini to its Board of Directors, effective November 1, 2022, until the next shareholders’ meeting in May 2023. Medini previously served as Senior VP and Chief Accounting Officer at Chubb Ltd. until August 2020, bringing over 40 years of experience in audit, accounting, and insurance. RLI Corp. Chairman Jonathan E. Michael expressed confidence in Medini's potential contributions to the company. RLI is a specialty insurer known for its solid financial performance, including increased dividends for 47 years and underwriting profits for 26 consecutive years.
RLI Corp. reported remarkable third-quarter 2022 net earnings of $439.9 million ($9.61 per share), a significant rise from $29.2 million ($0.64 per share) in Q3 2021. Operating earnings were $23.0 million ($0.50 per share), down from $25.6 million ($0.56 per share) year-over-year. The report highlights a 13% increase in gross premiums written and a 19% rise in net investment income, although losses from Hurricane Ian impacted underwriting income. The company’s book value per share rose 16% from year-end 2021, indicating positive long-term growth.
RLI Corp. (NYSE: RLI) estimates pretax catastrophe losses from Hurricane Ian between $38.0 million and $42.0 million, impacting Q3 2022 results. These figures are net of reinsurance and may change based on claims complexity. RLI will release its Q3 earnings after market close on October 19, 2022, followed by a conference call on October 20, 2022, at 10 a.m. CDT. The company continues to emphasize its strong underwriting expertise and has maintained profitable performance and dividend growth for decades.
RLI Corp. (NYSE: RLI) will announce its third quarter 2022 earnings on October 19, 2022, after market close. A conference call to discuss the results is scheduled for October 20, 2022, at 10 a.m. CDT, accessible via webcast. RLI specializes in niche insurance markets, offering services through subsidiaries rated A+ by AM Best. The company has a notable track record of paying increased dividends for 47 consecutive years and achieving underwriting profits for 26 consecutive years.
RLI Corp. (NYSE: RLI) has successfully completed the sale of its minority interest in Maui Jim, Inc. to Kering Eyewear for a total of $686.6 million in pre-tax proceeds. RLI held an equity interest in Maui Jim since 1996, and this transaction is seen as a reflection of the significant value created over the years. The purchase price is subject to customary post-closing adjustments. RLI is recognized for its performance in the niche insurance market, maintaining an A+ rating from AM Best and a track record of 47 years of increasing dividends.
RLI Corp. (NYSE: RLI) announced a partnership between RLI Surety and Notary Hub™ by Everything Legal. This collaboration enables RLI Surety agents to offer a Remote Online Notary (RON) platform to their notary customers, addressing the growing demand for online legal transactions. With states approving RON at an increasing rate, the partnership aims to fill the gap in the market for online notarial services. The Notary Hub platform is currently available in Alaska, Idaho, Texas, and Washington, with plans for nationwide expansion by the end of 2022.
RLI Corp. (NYSE: RLI) has declared a third quarter cash dividend of $0.26 per share, consistent with the prior quarter. The dividend will be payable on September 20, 2022, to shareholders of record by August 31, 2022. This marks the 48th consecutive year of dividend increases for RLI, with a current yield of 0.88% based on the indicated annual dividend of $1.04 and a closing stock price of $117.77. RLI is recognized for its expertise in specialty insurance and maintains an A+ rating from AM Best for all subsidiaries.
RLI Corp. reported a Q2 2022 net loss of $2.2 million (-$0.05 per share), down from net earnings of $81.8 million ($1.79 per share) in Q2 2021. Operating earnings increased to $67.4 million ($1.49 per share) from $49.9 million ($1.09 per share) YoY. Highlights include a 17% rise in gross premiums written and net investment income growing by 11%. However, book value per share fell 13% from the prior year. Additionally, RLI was named a top-performing company for the 32nd consecutive year by Ward benchmarking.
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