RLI Announces Hurricane Ian Loss Estimates

Rhea-AI Summary

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.

Positive

• Maintained A+ rating from AM Best Company for all subsidiaries.
• Paid and increased regular dividends for 47 consecutive years.
• Delivered underwriting profits for 26 consecutive years.

Negative

• Estimated catastrophic losses from Hurricane Ian may impact Q3 profitability.

PEORIA, Ill.--(BUSINESS WIRE)-- RLI Corp. (NYSE: RLI) – RLI Corp. (RLI) announced today an estimated range of pretax catastrophe losses from Hurricane Ian of $38.0 million to $42.0 million, to be reflected in the third quarter of 2022. This range is net of reinsurance and subject to change due to the complexity of the claims and preliminary nature of the information currently available.

RLI Corp. will release its third quarter 2022 earnings after market close on Wednesday, October 19, 2022. The company will hold its quarterly conference call to discuss third quarter results on Thursday, October 20, 2022 at 10 a.m. CDT. This call is being webcast by Q4 and can be accessed at https://events.q4inc.com/attendee/974954525.

This news release may include 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 the future performance of our company or our business segments or about future market conditions. These statements are subject to certain risk factors that could cause actual results to differ materially. Various risk factors that could affect 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, 2021.

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 47 consecutive years and delivered underwriting profits for 26 consecutive years. To learn more about RLI, visit www.rlicorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221014005097/en/

Aaron Diefenthaler

Chief Investment Officer & Treasurer

309-693-5846

Aaron.Diefenthaler@rlicorp.com

Source: RLI Corp.

FAQ

What are RLI Corp.'s estimated losses from Hurricane Ian?

RLI Corp. estimates pretax catastrophe losses from Hurricane Ian between $38.0 million and $42.0 million.

When will RLI Corp. release its Q3 2022 earnings report?

RLI Corp. will release its Q3 2022 earnings after market close on October 19, 2022.

When is RLI Corp.'s Q3 2022 conference call scheduled?

The conference call to discuss Q3 2022 results is scheduled for October 20, 2022, at 10 a.m. CDT.

How has RLI Corp. performed in terms of dividends?

RLI Corp. has paid and increased regular dividends for 47 consecutive years.

What factors could affect RLI Corp.'s future performance?

RLI Corp.'s future performance may be affected by various risk factors listed in their SEC filings.