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RLI Corp. (Symbol: RLI) is a specialty insurance company offering a diverse range of property and casualty coverages, along with surety bonds, catering to niche or underserved markets. The company's core strength lies in combining profitable underwriting, solid investment returns, and effective capital management to ensure consistent, long-term growth in shareholder value.
Founded with a vision to exceed customer expectations, RLI provides tailor-made products that address demands where other insurance companies do not compete. This approach has allowed RLI to build a loyal customer base and achieve significant milestones in the insurance industry.
RLI's operations are extensive, with more than 850 employees spread across 50 locations in the United States. Their business model revolves around hiring the best talent in the industry and empowering them with the resources and autonomy to drive profitable growth. This strategy ensures that RLI remains at the forefront of innovation and customer satisfaction.
The company's insurance products are divided into three main segments: Casualty, Property, and Surety. The Casualty segment is the primary revenue driver, offering insurance in specialty admitted markets for unique risks and in excess and surplus markets for risks that cannot be covered in standard admitted markets. RLI distributes these products through its wholly-owned branch offices, targeting both wholesale and retail producers.
Recent achievements and ongoing projects at RLI Corp. reflect its commitment to growth and innovation. The company continually seeks opportunities to expand its product offerings and improve its service quality. Through strategic partnerships and a keen focus on market-driven products, RLI aims to surpass the expectations of its shareholders and maintain its position as a leader in the specialty insurance market.
For more information, please visit www.rlicorp.com.
RLI Corp. (NYSE: RLI) announces significant leadership changes in its Casualty Brokerage and Surety segments. Vice President Dennis Drees will retire on February 14, 2023, after 42 years in the industry. Bob Hartje, currently Vice President, Excess Liability, will step into Drees' role. Additionally, Chris Hughs and Chris Gleason have been promoted to Vice Presidents for General Liability and Contract Surety, respectively, effective January 1, 2023. RLI continues to showcase its commitment to leadership strength and industry expertise.
Calvin Butler has taken on the role of president and CEO of Exelon, effective immediately, succeeding Chris Crane. Previously the COO, Butler has a history with Exelon, serving as CEO of Exelon Utilities since 2019. Exelon, the largest energy delivery company in the U.S., serves over 10 million customers across multiple states. Butler aims to lead the company towards a clean energy future while enhancing infrastructure and community engagement. He is also a board member of RLI Corp. and has held various leadership roles in the energy sector.
RLI Corp. (NYSE: RLI) has had its A+ (Superior) financial strength rating reaffirmed by AM Best for its subsidiaries, including RLI Insurance Company, Mt. Hawley Insurance Company, and Contractors Bonding and Insurance Company. The Long-Term Issuer Credit Ratings were also affirmed, reflecting RLI's strong balance sheet and operational performance. AM Best highlighted the company's robust risk management as a key strength. RLI has consistently paid dividends for 47 years and has delivered underwriting profits for 26 consecutive years.
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
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.
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