UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 19, 2023
RLI Corp.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-09463 |
|
37-0889946 |
(State or other jurisdiction |
|
(Commission |
|
(IRS Employer |
of incorporation) |
|
File Number) |
|
Identification No.) |
9025 North Lindbergh Drive, Peoria, IL |
|
61615 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: (309) 692-1000
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Common Stock $0.01 par value |
|
RLI |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 19, 2023, RLI Corp. announced its results of operations for the first quarter of 2023. Furnished as Exhibit 99.1 and incorporated herein by reference is the press release issued by RLI Corp.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
|
Description |
|
|
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99.1 |
|
Press Release dated April 19, 2023. This Exhibit is furnished pursuant to Item 2.02 hereof and should not be deemed to be “filed” under the Securities Exchange Act of 1934. |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
RLI CORP. |
|
|
|
|
Date: April 19, 2023 |
By: |
/s/ Todd W. Bryant |
|
|
Todd W. Bryant |
|
Chief Financial Officer |
EXHIBIT 99.1
RLIREPORTS FIRST QUARTER 2023 RESULTS
PEORIA, ILLINOIS, April 19, 2023 – RLI Corp. (NYSE: RLI) – RLI Corp. reported first quarter 2023 net earnings of $98.8 million ($2.15 per share), compared to $47.9 million ($1.05 per share) for the first quarter of 2022. Operating earnings(1) for the first quarter of 2023 were $75.0 million ($1.63 per share), compared to $60.4 million ($1.32 per share) for the same period in 2022.
|
|
First Quarter |
||||
Earnings Per Diluted Share |
|
2023 |
|
2022 |
||
Net earnings |
|
$ |
2.15 |
|
$ |
1.05 |
Operating earnings (1) (2) |
|
$ |
1.63 |
|
$ |
1.32 |
(1) | See discussion below: Non-GAAP and Performance Measures. |
(2) | Equity in earnings of Maui Jim and the related taxes were excluded from operating earnings per share in 2022 due to the sale of RLI’s investment in Maui Jim in the third quarter of 2022. |
Highlights for the quarter included:
● | Underwriting income(1) of $67.9 million on a combined ratio(1) of 77.9. |
● | 16% increase in gross premiums written. |
● | 51% increase in net investment income. |
● | Favorable development in prior years’ loss reserves, resulting in a $44.5 million net increase in underwriting income. |
● | Book value per share of $28.62, an increase of 12% (inclusive of dividends) from year-end 2022. |
“After ending 2022 with strong results and delivering our 27th consecutive year of underwriting profit, we are pleased to be off to a solid start in the first quarter of 2023,” said RLI Corp. President & CEO Craig Kliethermes. “We achieved a 78 combined ratio and top line premium growth of 16%, which was driven by our property and surety segments. Investment income continued to support growth in operating earnings, and positive portfolio returns contributed to 12% growth in book value. I commend our associate owners on their commitment to the hard work and values that continue to serve our customers well, provide stability for our stakeholders and uphold our ownership culture.”
Underwriting Income
RLI achieved $67.9 million of underwriting income in the first quarter of 2023 on a 77.9 combined ratio, compared to $59.5 million on a 77.9 combined ratio in 2022.
Results for both years include favorable development in prior years’ loss reserves, which resulted in a $44.5 million and $39.6 million net increase to underwriting income from 2023 and 2022, respectively.
The following table highlights underwriting income and combined ratios by segment.
Underwriting Income(1) |
|
|
|
|
|
|
|
Combined Ratio(1) |
|
|
|
|
(in millions) |
|
2023 |
|
2022 |
|
|
|
2023 |
|
2022 |
||
Casualty |
|
$ |
31.8 |
|
$ |
27.6 |
|
Casualty |
|
82.9 |
|
83.9 |
Property |
|
|
28.4 |
|
|
22.5 |
|
Property |
|
68.0 |
|
66.7 |
Surety |
|
|
7.7 |
|
|
9.4 |
|
Surety |
|
76.7 |
|
68.8 |
Total |
|
$ |
67.9 |
|
$ |
59.5 |
|
Total |
|
77.9 |
|
77.9 |
(1) | See discussion below: Non-GAAP and Performance Measures. |
--more--
Other Income
Net investment income for the quarter increased 51.5% to $27.1 million, compared to the same period in 2022. The investment portfolio’s total return was 2.8% for the quarter.
RLI’s comprehensive earnings were $136.5 million for the quarter ($2.97 per share), compared to $67.7 million ($1.48 per share) of comprehensive loss for the same quarter in 2022. In addition to net earnings, comprehensive earnings in 2023 included after-tax unrealized gains from the fixed income portfolio, due to declining interest rates.
Dividends Paid in First Quarter of 2023
On March 20, 2023, the company paid a regular quarterly dividend of $0.26 per share, the same amount as the prior quarter. RLI’s cumulative dividends total more than $759 million paid over the last five years.
Non-GAAP and Performance Measures
Management has included certain non-generally accepted accounting principles (non-GAAP) financial measures in presenting the company’s results. Management believes that these non-GAAP measures further explain the company’s results of operations and allow for a more complete understanding of the underlying trends in the company’s business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (GAAP). In addition, our definitions of these items may not be comparable to the definitions used by other companies.
Operating earnings and operating earnings per share (EPS) consist of our GAAP net earnings adjusted by net realized gains/(losses), net unrealized gains/(losses) on equity securities and taxes related thereto. Additionally, equity in earnings of Maui Jim and the related taxes were excluded from operating earnings and operating EPS for 2022 due to the sale of RLI’s investment in the third quarter of 2022. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and operating EPS. A reconciliation of the operating earnings and operating EPS to the comparable GAAP financial measures is included in the 2023 financial highlights below.
Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting loss and settlement expenses, policy acquisition costs and insurance operating expenses from net premium earned, which are all GAAP financial measures. The combined ratio, which is derived from components of underwriting income, is a performance measure commonly used by property and casualty insurance companies and is calculated as the sum of loss and settlement expenses, policy acquisition costs and insurance operating expenses, divided by net premiums earned, which are all GAAP measures.
Other News
At 10 a.m. central daylight time (CDT) tomorrow, April 20, 2023, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at https://events.q4inc.com/attendee/964127485.
Except for historical information, 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 the company's filings with the Securities and Exchange Commission, including the Form 10-K Annual Report for the year ended December 31, 2022.
--more--
2
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 insurance 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 27 consecutive years. To learn more about RLI, visit www.rlicorp.com.
Media Contact
Aaron Diefenthaler
Chief Investment Officer & Treasurer Supplemental disclosure regarding the earnings impact of specific items:
309-693-5846
Aaron.Diefenthaler@rlicorp.com
3
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Reserve Development and Catastrophe Losses, |
||||
|
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Net of Reinsurance |
||||
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Three Months Ended |
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March 31, |
||||
(Dollars in millions, except per share amounts) |
|
2023 |
|
2022 |
||
Favorable development in casualty prior years' reserves |
|
$ |
35.9 |
|
$ |
27.8 |
Favorable development in property prior years' reserves |
|
$ |
12.6 |
|
$ |
13.2 |
Favorable development in surety prior years' reserves |
|
$ |
3.2 |
|
$ |
4.5 |
|
|
|
|
|
|
|
Net incurred losses related to: |
|
|
|
|
|
|
2023 storms |
|
$ |
(4.0) |
|
$ |
— |
2022 and prior events |
|
$ |
— |
|
$ |
(2.0) |
|
|
|
|
|
|
|
|
|
Operating Earnings Per Share |
||||
|
|
Three Months Ended |
||||
|
|
March 31, |
||||
|
|
2023 |
|
2022 |
||
Operating Earnings Per Share(1) (2) |
|
$ |
1.63 |
|
$ |
1.32 |
|
|
|
|
|
|
|
Specific items included in operating earnings per share:(3) (4) |
|
|
|
|
|
|
Net favorable development in casualty prior years' reserves |
|
$ |
0.53 |
|
$ |
0.41 |
Net favorable development in property prior years' reserves |
|
$ |
0.19 |
|
$ |
0.21 |
Net favorable development in surety prior years' reserves |
|
$ |
0.04 |
|
$ |
0.06 |
|
|
|
|
|
|
|
Net incurred losses related to: |
|
|
|
|
|
|
2023 storms |
|
$ |
(0.06) |
|
$ |
— |
2022 and prior events |
|
$ |
— |
|
$ |
(0.03) |
(1) | See discussion above: Non-GAAP and Performance Measures. |
(2) | Equity in earnings of Maui Jim and the related taxes were excluded from operating earnings per share in 2022 due to the sale of RLI’s investment in Maui Jim in the third quarter of 2022. |
(3) |
Includes incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses. |
(4) |
Reserve development reflects changes from previously estimated losses. |
4
RLI CORP
2023 FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
|
|
Three Months Ended March 31, |
|
|||||||
SUMMARIZED INCOME STATEMENT DATA: |
|
2023 |
|
2022 |
|
|
% Change |
|
||
Net premiums earned |
|
$ |
307,723 |
|
$ |
269,152 |
|
|
14.3 |
% |
Net investment income |
|
|
27,084 |
|
|
17,883 |
|
|
51.5 |
% |
Net realized gains |
|
|
14,620 |
|
|
5,588 |
|
|
161.6 |
% |
Net unrealized gains (losses) on equity securities |
|
|
15,496 |
|
|
(27,810) |
|
|
NM |
|
Consolidated revenue |
|
$ |
364,923 |
|
$ |
264,813 |
|
|
37.8 |
% |
Loss and settlement expenses |
|
|
114,488 |
|
|
105,524 |
|
|
8.5 |
% |
Policy acquisition costs |
|
|
101,444 |
|
|
85,287 |
|
|
18.9 |
% |
Insurance operating expenses |
|
|
23,901 |
|
|
18,863 |
|
|
26.7 |
% |
Interest expense on debt |
|
|
2,008 |
|
|
2,010 |
|
|
(0.1) |
% |
General corporate expenses |
|
|
4,214 |
|
|
3,363 |
|
|
25.3 |
% |
Total expenses |
|
$ |
246,055 |
|
$ |
215,047 |
|
|
14.4 |
% |
Equity in earnings of unconsolidated investees |
|
|
3,923 |
|
|
8,759 |
|
|
(55.2) |
% |
Earnings before income taxes |
|
$ |
122,791 |
|
$ |
58,525 |
|
|
109.8 |
% |
Income tax expense |
|
|
23,980 |
|
|
10,602 |
|
|
126.2 |
% |
Net earnings |
|
$ |
98,811 |
|
$ |
47,923 |
|
|
106.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive earnings (loss), net of tax |
|
|
37,707 |
|
|
(115,581) |
|
|
NM |
|
Comprehensive earnings (loss) |
|
$ |
136,518 |
|
$ |
(67,658) |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings(1): |
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
98,811 |
|
$ |
47,923 |
|
|
106.2 |
% |
Less: |
|
|
|
|
|
|
|
|
|
|
Net realized gains |
|
|
(14,620) |
|
|
(5,588) |
|
|
161.6 |
% |
Income tax on realized gains |
|
|
3,071 |
|
|
1,173 |
|
|
161.8 |
% |
Net unrealized (gains) losses on equity securities |
|
|
(15,496) |
|
|
27,810 |
|
|
NM |
|
Income tax on unrealized gains (losses) on equity securities |
|
|
3,254 |
|
|
(5,840) |
|
|
NM |
|
Equity in earnings of Maui Jim |
|
|
— |
|
|
(6,367) |
|
|
(100.0) |
% |
Income tax on equity in earnings of Maui Jim |
|
|
— |
|
|
1,337 |
|
|
(100.0) |
% |
Operating earnings(2) |
|
$ |
75,020 |
|
$ |
60,448 |
|
|
24.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Return on Equity: |
|
|
|
|
|
|
|
|
|
|
Net earnings (trailing four quarters) |
|
|
52.2 |
% |
|
21.1 |
% |
|
|
|
Comprehensive earnings (trailing four quarters) |
|
|
41.9 |
% |
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in 000's) |
|
|
46,035 |
|
|
45,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share(2) |
|
$ |
2.15 |
|
$ |
1.05 |
|
|
104.8 |
% |
Less: |
|
|
|
|
|
|
|
|
|
|
Net realized gains |
|
|
(0.32) |
|
|
(0.12) |
|
|
166.7 |
% |
Income tax on realized gains |
|
|
0.07 |
|
|
0.03 |
|
|
133.3 |
% |
Net unrealized (gains) losses on equity securities |
|
|
(0.34) |
|
|
0.60 |
|
|
NM |
|
Income tax on unrealized gains (losses) on equity securities |
|
|
0.07 |
|
|
(0.13) |
|
|
NM |
|
Equity in earnings of Maui Jim |
|
|
— |
|
|
(0.14) |
|
|
(100.0) |
% |
Income tax on equity in earnings of Maui Jim |
|
|
— |
|
|
0.03 |
|
|
(100.0) |
% |
Operating earnings per share(1)(2) |
|
$ |
1.63 |
|
$ |
1.32 |
|
|
23.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive earnings (loss) per share |
|
$ |
2.97 |
|
$ |
(1.48) |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per share - ordinary |
|
$ |
0.26 |
|
$ |
0.25 |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flow provided by Operations |
|
$ |
69,219 |
|
$ |
39,014 |
|
|
77.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
(1) | See discussion above: Non-GAAP and Performance Measures. |
(2) | Equity in earnings of Maui Jim and the related taxes were excluded from operating earnings and operating earnings per share in 2022 due to the sale of RLI’s investment in Maui Jim in the third quarter of 2022. |
NM = Not Meaningful
5
RLI CORP
2023 FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
|
|
March 31, |
|
December 31, |
|
|
|
||
|
|
2023 |
|
2022 |
|
% Change |
|
||
SUMMARIZED BALANCE SHEET DATA: |
|
|
|
|
|
|
|
|
|
Fixed income, at fair value |
|
$ |
2,701,814 |
|
$ |
2,666,950 |
|
1.3 |
% |
(amortized cost - $2,933,313 at 3/31/23) |
|
|
|
|
|
|
|
|
|
(amortized cost - $2,945,273 at 12/31/22) |
|
|
|
|
|
|
|
|
|
Equity securities, at fair value |
|
|
519,097 |
|
|
498,382 |
|
4.2 |
% |
(cost - $333,229 at 3/31/23) |
|
|
|
|
|
|
|
|
|
(cost - $328,019 at 12/31/22) |
|
|
|
|
|
|
|
|
|
Short-term investments |
|
|
116,202 |
|
|
36,229 |
|
220.7 |
% |
Other invested assets |
|
|
64,134 |
|
|
47,922 |
|
33.8 |
% |
Cash and cash equivalents |
|
|
22,769 |
|
|
22,818 |
|
(0.2) |
% |
Total investments and cash |
|
$ |
3,424,016 |
|
$ |
3,272,301 |
|
4.6 |
% |
|
|
|
|
|
|
|
|
|
|
Accrued investment income |
|
|
21,118 |
|
|
21,259 |
|
(0.7) |
% |
Premiums and reinsurance balances receivable |
|
|
206,445 |
|
|
189,501 |
|
8.9 |
% |
Ceded unearned premiums |
|
|
119,975 |
|
|
138,457 |
|
(13.3) |
% |
Reinsurance balances recoverable on unpaid losses |
|
|
699,915 |
|
|
740,089 |
|
(5.4) |
% |
Deferred policy acquisition costs |
|
|
134,995 |
|
|
127,859 |
|
5.6 |
% |
Property and equipment |
|
|
48,949 |
|
|
49,573 |
|
(1.3) |
% |
Investment in unconsolidated investees |
|
|
52,398 |
|
|
58,275 |
|
(10.1) |
% |
Goodwill and intangibles |
|
|
53,562 |
|
|
53,562 |
|
0.0 |
% |
Income taxes - deferred |
|
|
27,571 |
|
|
40,269 |
|
(31.5) |
% |
Other assets |
|
|
47,275 |
|
|
75,923 |
|
(37.7) |
% |
Total assets |
|
$ |
4,836,219 |
|
$ |
4,767,068 |
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
Unpaid losses and settlement expenses |
|
$ |
2,286,063 |
|
$ |
2,315,637 |
|
(1.3) |
% |
Unearned premiums |
|
|
801,465 |
|
|
785,085 |
|
2.1 |
% |
Reinsurance balances payable |
|
|
28,091 |
|
|
61,100 |
|
(54.0) |
% |
Funds held |
|
|
102,797 |
|
|
101,144 |
|
1.6 |
% |
Income taxes - current |
|
|
15,802 |
|
|
— |
|
NM |
|
Current portion of long-term debt |
|
|
199,910 |
|
|
199,863 |
|
0.0 |
% |
Accrued expenses |
|
|
57,480 |
|
|
94,869 |
|
(39.4) |
% |
Other liabilities |
|
|
40,690 |
|
|
32,029 |
|
27.0 |
% |
Total liabilities |
|
$ |
3,532,298 |
|
$ |
3,589,727 |
|
(1.6) |
% |
Shareholders' equity |
|
|
1,303,921 |
|
|
1,177,341 |
|
10.8 |
% |
Total liabilities & shareholders' equity |
|
$ |
4,836,219 |
|
$ |
4,767,068 |
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
OTHER DATA: |
|
|
|
|
|
|
|
|
|
Common shares outstanding (in 000's) |
|
|
45,555 |
|
|
45,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
28.62 |
|
$ |
25.89 |
|
10.5 |
% |
Closing stock price per share |
|
$ |
132.91 |
|
$ |
131.27 |
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
Statutory surplus |
|
$ |
1,488,706 |
|
$ |
1,437,324 |
|
3.6 |
% |
6
RLI CORP
2023 FINANCIAL HIGHLIGHTS
UNDERWRITING SEGMENT DATA
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
Casualty |
|
Ratios |
|
Property |
|
Ratios |
|
Surety |
|
Ratios |
|
Total |
|
Ratios |
|
||||
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
217,834 |
|
|
|
$ |
158,846 |
|
|
|
$ |
38,332 |
|
|
|
$ |
415,012 |
|
|
|
Net premiums written |
|
|
181,201 |
|
|
|
|
124,866 |
|
|
|
|
36,518 |
|
|
|
|
342,585 |
|
|
|
Net premiums earned |
|
|
186,031 |
|
|
|
|
88,767 |
|
|
|
|
32,925 |
|
|
|
|
307,723 |
|
|
|
Net loss & settlement expenses |
|
|
84,688 |
|
45.5 |
% |
|
26,437 |
|
29.8 |
% |
|
3,363 |
|
10.2 |
% |
|
114,488 |
|
37.2 |
% |
Net operating expenses |
|
|
69,512 |
|
37.4 |
% |
|
33,947 |
|
38.2 |
% |
|
21,886 |
|
66.5 |
% |
|
125,345 |
|
40.7 |
% |
Underwriting income(1) |
|
$ |
31,831 |
|
82.9 |
% |
$ |
28,383 |
|
68.0 |
% |
$ |
7,676 |
|
76.7 |
% |
$ |
67,890 |
|
77.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
215,821 |
|
|
|
$ |
109,598 |
|
|
|
$ |
33,740 |
|
|
|
$ |
359,159 |
|
|
|
Net premiums written |
|
|
175,613 |
|
|
|
|
81,995 |
|
|
|
|
32,282 |
|
|
|
|
289,890 |
|
|
|
Net premiums earned |
|
|
171,756 |
|
|
|
|
67,440 |
|
|
|
|
29,956 |
|
|
|
|
269,152 |
|
|
|
Net loss & settlement expenses |
|
|
83,849 |
|
48.8 |
% |
|
20,363 |
|
30.2 |
% |
|
1,312 |
|
4.4 |
% |
|
105,524 |
|
39.2 |
% |
Net operating expenses |
|
|
60,260 |
|
35.1 |
% |
|
24,601 |
|
36.5 |
% |
|
19,289 |
|
64.4 |
% |
|
104,150 |
|
38.7 |
% |
Underwriting income(1) |
|
$ |
27,647 |
|
83.9 |
% |
$ |
22,476 |
|
66.7 |
% |
$ |
9,355 |
|
68.8 |
% |
$ |
59,478 |
|
77.9 |
% |
(1) |
See discussion above: Non-GAAP and Performance Measures. |
7