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RLI Corp. estimates pretax net catastrophe losses from Hawaiian wildfires to be between $65 million and $75 million, impacting Q3 2023 earnings.
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PEORIA, Ill.--(BUSINESS WIRE)--
RLI Corp. (NYSE: RLI) – RLI Corp. (RLI) announced today an estimated range of pretax net catastrophe losses from Hawaiian wildfires of $65 million to $75 million, to be reflected in the third quarter of 2023. This range, which is net of reinsurance recoverables and includes reinstatement premiums, is based on the impact to approximately 200 structures where RLI provided primarily homeowners insurance. Loss estimates are subject to change due to the complexity of the claims and preliminary nature of the information currently available.
“RLI has served homeowners in Hawaii for more than 25 years,” said RLI Corp. President & CEO Craig Kliethermes. “We extend our heartfelt support to our Hawaii-based employees and condolences to those who have lost loved ones, homes and businesses, or have otherwise been affected by these devastating wildfires. Our team is working tirelessly with our trusted agents to help customers who have been impacted recover as quickly as possible.”
RLI Corp. will release its third quarter 2023 earnings after market close on Monday, October 23, 2023. The company will hold its quarterly conference call to discuss third quarter results on Tuesday, October 24, 2023 at 10 a.m. CDT.
This news release includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectations about our catastrophe losses resulting from the Hawaiian wildfires. As noted above, loss estimates are subject to change due to the complexity of the claims and preliminary nature of the information currently available. In addition, various risk factors that could affect our future results are listed in RLI’s filings with the SEC, including the Annual Report on Form 10-K for the year ended December 31, 2022.
ABOUT RLI
RLI Corp. (NYSE: RLI) is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI’s products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI’s subsidiaries are rated A+ “Superior” by AM Best Company. RLI has paid and increased regular dividends for 48 consecutive years and delivered underwriting profits for 27 consecutive years. To learn more about RLI, visit www.rlicorp.com.
rli is a specialty insurance company that offers a diversified portfolio of property and casualty coverages and surety bonds serving niche or underserved markets. we combine profitable underwriting, solid investment returns and effective capital management to deliver consistent, long-term growth in shareholder value. rli has more than 850 employees in 50 locations across the united states. at rli, our talent distinguishes us and that makes us different. we hire smart people, including the best underwriters in the business, and then give them the resources and freedom to drive profitable growth. our niche, market-driven products exceed customer expectations; satisfying demands where other insurance companies do not compete. our vision for the future is to remain focused on building and managing a portfolio of innovative products and solutions that meet and surpass the expectations of shareholders. for more information, please visit www.rlicorp.com.
