RLI

The executive’s skepticism is informed by the industry’s typical approach to cyclicality.

On Q2 calls, carrier executives called out fierce competition in various lines of business, and a misalignment of interest.

Loss trend concerns persist, but insurers are vouching on the opportunity to push for more rate increases.

The segment is also seeing double-digit loss cost inflation.

The Insurance Insider US news team runs you through the earnings results for the day.

The latest E&S player planning to IPO remains a “show me” story.

The company’s diverse portfolio could provide protection, but has heavy exposure in construction and transportation.

The Insurance Insider US news team runs you through the earnings results for the day.

Auto severity continues to be an ongoing challenge for the industry.

The carrier’s Q4 operating EPS declined to $0.41 from $0.77 in Q4 2023.

The Insurance Insider US news team runs you through the earnings results for the day.

The carrier saw 16% growth during the quarter.

The Insurance Insider US news team runs you through the earnings results for the day.

Moody’s RMS forecast total insured losses from Helene of $8bn-$14bn.

Executives flagged elevated packaged auto loss activity in Q2.

The Insurance Insider US news team runs you through the earnings results for the day.

Changes in investment strategy and strong results show carriers can weather financial storms.

The casualty segment posted $18mn of favorable reserve development across multiple accident years.

The Insurance Insider US news team runs you through the earnings results for the day.

Competition, particularly from MGAs, is expected to accelerate in 2024.

The Insurance Insider US news team runs you through the earnings results for the day.

Michael served as RLI CEO for around 20 years until he stepped down from the specialty insurer in 2021.

Brodeur will have executive leadership and oversight responsibility for RLI’s pricing, reserving, risk management, reinsurance and due diligence functions.

The event cost the carrier $66mn, including $14mn related to reinstatement premiums on its catastrophe treaties.

On the company’s Q3 earnings call, COO Jennifer Klobnak said the E&S property division grew 39%, including via a 42% rate increase.

The Inside P&C news team runs you through the earnings results for the day.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.

Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.

The January decision affected the company’s ability to offer primary-only policies and it subsequently did not believe the business model was viable long term.

The Inside P&C news team runs you through the earnings results for the day.

Management was speaking after RLI reported a Q1 combined ratio of 77.9% for Q1 2023, unchanged compared to the prior-year quarter, as top line growth accelerated sequentially to 15.6%.

The specialty carrier booked $4mn of net incurred losses associated with 2023 storms.

RLI renewed its property per-risk treaty with an estimated 40% risk-adjusted rate increase, and the first dollar retention went up to $2mn.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The insurer’s NWP grew 14.4% to $298mn, while GWP rose almost 14% to $384mn in Q4.

In tandem, the company announced promotions of Chris Hughs to VP of general liability and Chris Gleason to VP of contract surety.

Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The two specialty insurers reported strong Q3 2022 earnings, continuing to outperform the commercial industry in underwriting gains and value creation.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Of the ~$40mn Ian loss net of reinsurance, $33mn impacted RLI’s property business and $7mn its casualty unit for some package policies.

Overall, the company recorded an $8.8mn underwriting profit for the quarter, down almost 36% from last year.

The carrier is the latest in a string of primary insurers to provide loss estimates.

A differentiated investment strategy has led to increased value creation and price-to-book multiples for a small group of specialty carriers.

The insurer’s results are in line with other carriers, but they are ahead of the curve on adjusting loss costs.

Commercial insurers surprised with continued positive results despite economic conditions.

The specialty carrier said hurricane season will have to play out before any market easing takes place, especially in the Southeast.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

GWP growth slowed to about 17% on the year, versus the 22% increase in Q1 2022.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

The specialty players are better placed than the commercial lines cohort with pricing and growth outperforming the broader market.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The executive added that the specialty carrier purchased roughly $100mn more reinsurance in its catastrophe tower for both hurricane and earthquake exposure.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The company’s underwriting income spiked 99% on the year to $59.5mn.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The carrier had a minority stake in the eyewear firm.

The new offering is underwritten by specialty insurer RLI and covers home and offsite exposures such as general liability, equipment, furniture, fixtures and inventory.

Stock prices fluctuated, and InsurTech short-sellers took some profits.

The carrier purchased $100mn of additional catastrophe reinsurance, effective January 1, to support its property business growth.

Gross written premiums were up 12% to $337mn, a slowdown from the roughly 18% growth reported in Q3.

InsurTechs, including Lemonade, Root, Hippo, and Metromile, shed some short interest but remain the target of choice for short-sellers.

The elevations of Schick and Ward follow last November’s confirmation of Kliethermes as the insurer’s new effective this January after the retirement of Jonathan Michael at end of this year.

The appointments are in line with the planned retirement of RLI’s current chairman and CEO, Jonathan Michael in December.

The firm’s margin expansion – despite rates tapering in some lines, including excess casualty – offset Ida losses during Q3.

GWP at the carrier grew 18%, a slowdown from the 25% expansion in Q2, while underwriting profits were also boosted by stronger favorable prior-year development.

The carrier’s disclosure on Wednesday is among the earliest looks at Ida's toll across the sector.

The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.

Employment data indicates that easy growth and margin expansion may slow soon.

RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.

The pace of rate change was “flattening,” with casualty pricing up 6% on average.

RLI’s all-in combined ratio dropped to 84.8% from 88.4%, midway through Jonathan Michael’s final year at the helm.

Rate increases in the niche market segment remained in the double digits, but the pace of gains was slower than in prior periods.

The carrier’s results showed its biggest reserve release on record, and the highest growth in 36 quarters.

Catastrophe losses climbed higher, totaling $16mn, but underwriting income still grew by 75% to nearly $30mn.

Branch operations vice president Jill Johnson takes over from Raudins as vice president of personal lines.

Insurers face the difficult balancing act of signaling optimism to investors as they seek to push rate rises.

The first week’s reporters present a conundrum around whether or not we will see ROE expansion in 2021.

The specialty insurer posted a 25th year of consecutive underwriting profit as its core loss ratio fell sharply.

Big ticket commercial insurance rates rose 22% in Q4 overall, Marsh data shows.

The specialty insurer produced an operating profit of $34mn in Q4, compared with $28.6mn in Q4 2019.

Inside P&C’s research team examines some of the areas that will be closely watched during the results season.

Jonathan Michael has been RLI CEO since 2001.

The specialty insurer provides positive news on rates, growth and claims trends.

Hurricanes Hanna, Isaias, Laura, and Sally cost the insurer $33.2mn and pushed its property combined ratio up YoY to 144%.

The estimate includes claims from four hurricanes: Hanna, Isaias, Laura and Sally.

Ward is replacing John Stenhouse who has retired after two decades at the specialty insurer.

RLI’s combined ratio improved by 4.4 points in the second quarter to 88.4%.

The carrier recognized a $6mn of Covid-related losses, following no such losses reported in Q1.

The second day of P&C earnings played out with more of the “leaning in” to negativity we had been expecting, and led to investors punishing the stocks of Chubb and RLI.

RLI shares plunged by nearly 12 percent, while and Argo dropped over 6 percent.

Craig Kliethermes says full exposure from US state government shutdowns “will take significant time to reveal” itself.

The specialty carrier lightly beats consensus but reports weaker casualty underwriting with limited details on the Covid-19 effect.

Samantha Constantinou has joined the carrier’s ocean marine team in New York.

Excess rates continue to rise after several carriers early last year pulled back from the class.