Rabbitisrich Posted December 23, 2011 Share Posted December 23, 2011 http://www.rlicorp.com/AR2010/2010_annual-report.pdf I see page 4 has their combined ratio for the last few years. But I don't see where it talks about their reserve releases. Can you point me in the right direction? Look at pg. 52 "Historical Loss and LAE Developments". Link to comment Share on other sites More sharing options...
Guest HarryLong Posted January 18, 2012 Share Posted January 18, 2012 We hit the nail on the head squarely with RLI: http://www.fool.com/investing/general/2012/01/12/investing-101-the-years-top-performing-dividend-ch.aspx Link to comment Share on other sites More sharing options...
Liberty Posted May 23, 2012 Author Share Posted May 23, 2012 http://www.snl.com/irweblinkx/file.aspx?IID=103386&FID=13177456 Another good quarter. PEORIA, Ill.--(BUSINESS WIRE)-- RLI Corp. (NYSE: RLI) – RLI Corp. reported first quarter 2012 operating earnings of $20.6 million ($0.96 per share), compared to $24.8 million ($1.17 per share) for the first quarter of 2011. First Quarter Earnings Per Diluted Share 2012 2011* Operating earnings $ 0.96 $ 1.17 Net earnings $ 1.30 $ 1.30 * First quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. Highlights for the quarter included: 23% growth in gross premiums written, including 10% growth driven by Contractors Bonding and Insurance Company (CBIC). Combined ratio of 89.1. Underwriting income of $14.9 million. $7.8 million ($0.24 per share) pretax favorable development in prior years’ loss reserves, net of effects on bonus and profit sharing-related expenses. Comprehensive earnings of $38.8 million ($1.80 per share). “We ended last year on a strong note, delivering our 16th consecutive year of underwriting profit, and are pleased to be off to a solid start in the first quarter by posting a respectable 89.1 combined ratio,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “In addition to growth from our acquisition of Contractors Bonding and Insurance Company, we recognized organic growth across each of our segments.” “The insurance market is showing signs of moderate pricing improvement, which is encouraging as we look to continue delivering positive underwriting results. From a product, talent and capital perspective, we are well-positioned to benefit from improved market conditions,” said Michael. Link to comment Share on other sites More sharing options...
Liberty Posted July 20, 2012 Author Share Posted July 20, 2012 http://www.snl.com/irweblinkx/file.aspx?IID=103386&FID=13884562 PEORIA, Ill.--(BUSINESS WIRE)-- RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2012 operating earnings of $25.2 million ($1.17 per share), compared to $38.5 million ($1.80 per share) for the second quarter of 2011. For the six months ended June 30, 2012, operating earnings were $45.8 million ($2.13 per share) compared to $63.3 million ($2.97 per share) for the same period in 2011. Second Quarter Earnings Per Diluted Share 2012 2011* Operating earnings (1) $1.17 $1.80 Net earnings $1.15 $2.11 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. (1) See discussion of non-GAAP financial measures on page 3. Highlights for the quarter included: 9% growth in gross premiums written. Underwriting income of $21.6 million, resulting in a combined ratio of 84.7. Book value per share of $40.24, an increase of 7.4% from year end 2011. $26.5 million net increase in underwriting income resulting from favorable development on prior years’ loss reserves. $12.0 million net decrease in underwriting income resulting from 2012 spring storms. “We are pleased with our performance and once again our underwriters delivered excellent results,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Premium production benefitted from improved market conditions, particularly within the casualty segment during the quarter. Our underwriters are seeing increased submission flow but remain, as always, disciplined in their pricing and risk selection.” “We continued our long-standing underwriting track record, as evidenced by the 84.7 combined ratio this quarter, consistent with the 85 combined ratio we have averaged over the last 10 years. We remain well-positioned to succeed in all market conditions,” said Michael. Underwriting income RLI achieved $21.6 million of underwriting income in the second quarter of 2012 on an 84.7 combined ratio, compared to $42.1 million of underwriting income on a 67.8 combined ratio in the same quarter for 2011. Underwriting Income (Loss) Second Quarter Combined Ratio Second Quarter (in millions) 2012 2011* 2012 2011* Casualty $ 11.0 $ 25.9 Casualty 83.2 55.7 Property (0.3 ) 7.4 Property 100.6 84.5 Surety 10.9 8.8 Surety 58.2 64.1 Total $ 21.6 $ 42.1 Total 84.7 67.8 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. Both periods were impacted by approximately $12 million in spring storm losses. Results for 2012 include $26.5 million in favorable development in prior years’ loss reserves, compared to $42.7 million in favorable development in prior years’ loss reserves in 2011. RLI reported year-to-date underwriting income of $36.6 million representing an 86.9 combined ratio through June 30, 2012, versus $63.0 million of underwriting income representing a 74.5 combined ratio for the same period last year. Link to comment Share on other sites More sharing options...
Ross812 Posted October 25, 2012 Share Posted October 25, 2012 http://www.snl.com/irweblinkx/file.aspx?IID=103386&FID=13884562 PEORIA, Ill.--(BUSINESS WIRE)-- RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2012 operating earnings of $25.2 million ($1.17 per share), compared to $38.5 million ($1.80 per share) for the second quarter of 2011. For the six months ended June 30, 2012, operating earnings were $45.8 million ($2.13 per share) compared to $63.3 million ($2.97 per share) for the same period in 2011. Second Quarter Earnings Per Diluted Share 2012 2011* Operating earnings (1) $1.17 $1.80 Net earnings $1.15 $2.11 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. (1) See discussion of non-GAAP financial measures on page 3. Highlights for the quarter included: 9% growth in gross premiums written. Underwriting income of $21.6 million, resulting in a combined ratio of 84.7. Book value per share of $40.24, an increase of 7.4% from year end 2011. $26.5 million net increase in underwriting income resulting from favorable development on prior years’ loss reserves. $12.0 million net decrease in underwriting income resulting from 2012 spring storms. “We are pleased with our performance and once again our underwriters delivered excellent results,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Premium production benefitted from improved market conditions, particularly within the casualty segment during the quarter. Our underwriters are seeing increased submission flow but remain, as always, disciplined in their pricing and risk selection.” “We continued our long-standing underwriting track record, as evidenced by the 84.7 combined ratio this quarter, consistent with the 85 combined ratio we have averaged over the last 10 years. We remain well-positioned to succeed in all market conditions,” said Michael. Underwriting income RLI achieved $21.6 million of underwriting income in the second quarter of 2012 on an 84.7 combined ratio, compared to $42.1 million of underwriting income on a 67.8 combined ratio in the same quarter for 2011. Underwriting Income (Loss) Second Quarter Combined Ratio Second Quarter (in millions) 2012 2011* 2012 2011* Casualty $ 11.0 $ 25.9 Casualty 83.2 55.7 Property (0.3 ) 7.4 Property 100.6 84.5 Surety 10.9 8.8 Surety 58.2 64.1 Total $ 21.6 $ 42.1 Total 84.7 67.8 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. Both periods were impacted by approximately $12 million in spring storm losses. Results for 2012 include $26.5 million in favorable development in prior years’ loss reserves, compared to $42.7 million in favorable development in prior years’ loss reserves in 2011. RLI reported year-to-date underwriting income of $36.6 million representing an 86.9 combined ratio through June 30, 2012, versus $63.0 million of underwriting income representing a 74.5 combined ratio for the same period last year. Giofranchi, "Ask, and you shall receive" :) You found it! I looked briefly too, and came up with nothing. Link to comment Share on other sites More sharing options...
twacowfca Posted October 25, 2012 Share Posted October 25, 2012 http://www.snl.com/irweblinkx/file.aspx?IID=103386&FID=13884562 PEORIA, Ill.--(BUSINESS WIRE)-- RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2012 operating earnings of $25.2 million ($1.17 per share), compared to $38.5 million ($1.80 per share) for the second quarter of 2011. For the six months ended June 30, 2012, operating earnings were $45.8 million ($2.13 per share) compared to $63.3 million ($2.97 per share) for the same period in 2011. Second Quarter Earnings Per Diluted Share 2012 2011* Operating earnings (1) $1.17 $1.80 Net earnings $1.15 $2.11 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. (1) See discussion of non-GAAP financial measures on page 3. Highlights for the quarter included: 9% growth in gross premiums written. Underwriting income of $21.6 million, resulting in a combined ratio of 84.7. Book value per share of $40.24, an increase of 7.4% from year end 2011. $26.5 million net increase in underwriting income resulting from favorable development on prior years’ loss reserves. $12.0 million net decrease in underwriting income resulting from 2012 spring storms. “We are pleased with our performance and once again our underwriters delivered excellent results,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Premium production benefitted from improved market conditions, particularly within the casualty segment during the quarter. Our underwriters are seeing increased submission flow but remain, as always, disciplined in their pricing and risk selection.” “We continued our long-standing underwriting track record, as evidenced by the 84.7 combined ratio this quarter, consistent with the 85 combined ratio we have averaged over the last 10 years. We remain well-positioned to succeed in all market conditions,” said Michael. Underwriting income RLI achieved $21.6 million of underwriting income in the second quarter of 2012 on an 84.7 combined ratio, compared to $42.1 million of underwriting income on a 67.8 combined ratio in the same quarter for 2011. Underwriting Income (Loss) Second Quarter Combined Ratio Second Quarter (in millions) 2012 2011* 2012 2011* Casualty $ 11.0 $ 25.9 Casualty 83.2 55.7 Property (0.3 ) 7.4 Property 100.6 84.5 Surety 10.9 8.8 Surety 58.2 64.1 Total $ 21.6 $ 42.1 Total 84.7 67.8 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. Both periods were impacted by approximately $12 million in spring storm losses. Results for 2012 include $26.5 million in favorable development in prior years’ loss reserves, compared to $42.7 million in favorable development in prior years’ loss reserves in 2011. RLI reported year-to-date underwriting income of $36.6 million representing an 86.9 combined ratio through June 30, 2012, versus $63.0 million of underwriting income representing a 74.5 combined ratio for the same period last year. Giofranchi, "Ask, and you shall receive" :) RLI has a great record. However, there is one aspect of their business that is difficult if not impossible for me to understand: surety. The most interesting booklet, The First 25 Years of Fairfax, tells how The investment Group led by Prem was able to take over the nearly insolvent operations of Markel, Canada, that had almost gone under because their main competitor had drastically underpriced their policies. Almost immediately after the sale, that competitor went bankrupt, and the rates on the policies Fairfax was writing went through the roof. Within a year or so, FFH's BV doubled, then soon doubled again, FFH was off to the races, making acquisitions and expanding the business. Then something unexpected happened: the original business acquired from Markel suddenly lost almost all it's NAV, but that was not fatal because the other operations were doing so well. The cause of the monster loss was a tiny part of the original business. It was so small, accounting for only about 1% of premiums written, that Prem didn't even know about iJt. What did that tiny line of business do? It wrote surety. Its loss was about 100 times the annual premiums they wrote! Link to comment Share on other sites More sharing options...
giofranchi Posted October 25, 2012 Share Posted October 25, 2012 http://www.snl.com/irweblinkx/file.aspx?IID=103386&FID=13884562 PEORIA, Ill.--(BUSINESS WIRE)-- RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2012 operating earnings of $25.2 million ($1.17 per share), compared to $38.5 million ($1.80 per share) for the second quarter of 2011. For the six months ended June 30, 2012, operating earnings were $45.8 million ($2.13 per share) compared to $63.3 million ($2.97 per share) for the same period in 2011. Second Quarter Earnings Per Diluted Share 2012 2011* Operating earnings (1) $1.17 $1.80 Net earnings $1.15 $2.11 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. (1) See discussion of non-GAAP financial measures on page 3. Highlights for the quarter included: 9% growth in gross premiums written. Underwriting income of $21.6 million, resulting in a combined ratio of 84.7. Book value per share of $40.24, an increase of 7.4% from year end 2011. $26.5 million net increase in underwriting income resulting from favorable development on prior years’ loss reserves. $12.0 million net decrease in underwriting income resulting from 2012 spring storms. “We are pleased with our performance and once again our underwriters delivered excellent results,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Premium production benefitted from improved market conditions, particularly within the casualty segment during the quarter. Our underwriters are seeing increased submission flow but remain, as always, disciplined in their pricing and risk selection.” “We continued our long-standing underwriting track record, as evidenced by the 84.7 combined ratio this quarter, consistent with the 85 combined ratio we have averaged over the last 10 years. We remain well-positioned to succeed in all market conditions,” said Michael. Underwriting income RLI achieved $21.6 million of underwriting income in the second quarter of 2012 on an 84.7 combined ratio, compared to $42.1 million of underwriting income on a 67.8 combined ratio in the same quarter for 2011. Underwriting Income (Loss) Second Quarter Combined Ratio Second Quarter (in millions) 2012 2011* 2012 2011* Casualty $ 11.0 $ 25.9 Casualty 83.2 55.7 Property (0.3 ) 7.4 Property 100.6 84.5 Surety 10.9 8.8 Surety 58.2 64.1 Total $ 21.6 $ 42.1 Total 84.7 67.8 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. Both periods were impacted by approximately $12 million in spring storm losses. Results for 2012 include $26.5 million in favorable development in prior years’ loss reserves, compared to $42.7 million in favorable development in prior years’ loss reserves in 2011. RLI reported year-to-date underwriting income of $36.6 million representing an 86.9 combined ratio through June 30, 2012, versus $63.0 million of underwriting income representing a 74.5 combined ratio for the same period last year. Giofranchi, "Ask, and you shall receive" :) RLI has a great record. However, there is one aspect of their business that is difficult if not impossible for me to understand: surety. The most interesting booklet, The First 25 Years of Fairfax, tells how The investment Group led by Prem was able to take over the nearly insolvent operations of Markel, Canada, that had almost gone under because their main competitor had drastically underpriced their policies. Almost immediately after the sale, that competitor went bankrupt, and the rates on the policies Fairfax was writing went through the roof. Within a year or so, FFH's BV doubled, then soon doubled again, FFH was off to the races, making acquisitions and expanding the business. Then something unexpected happened: the original business acquired from Markel suddenly lost almost all it's NAV, but that was not fatal because the other operations were doing so well. The cause of the monster loss was a tiny part of the original business. It was so small, accounting for only about 1% of premiums written, that Prem didn't even know about iJt. What did that tiny line of business do? It wrote surety. Its loss was about 100 times the annual premiums they wrote! twacowfca, I am seriously beginning to rely on your help way too much!! ;D And I agree that The First 25 Years of Fairfax is very interesting! In 2011 I traveled all the way to Toronto, to attend the AGM of FFH, and also to get my hands on a copy of that booklet! It was undoubtedly worth the effort! Thank you, giofranchi Link to comment Share on other sites More sharing options...
twacowfca Posted October 25, 2012 Share Posted October 25, 2012 http://www.snl.com/irweblinkx/file.aspx?IID=103386&FID=13884562 PEORIA, Ill.--(BUSINESS WIRE)-- RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2012 operating earnings of $25.2 million ($1.17 per share), compared to $38.5 million ($1.80 per share) for the second quarter of 2011. For the six months ended June 30, 2012, operating earnings were $45.8 million ($2.13 per share) compared to $63.3 million ($2.97 per share) for the same period in 2011. Second Quarter Earnings Per Diluted Share 2012 2011* Operating earnings (1) $1.17 $1.80 Net earnings $1.15 $2.11 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. (1) See discussion of non-GAAP financial measures on page 3. Highlights for the quarter included: 9% growth in gross premiums written. Underwriting income of $21.6 million, resulting in a combined ratio of 84.7. Book value per share of $40.24, an increase of 7.4% from year end 2011. $26.5 million net increase in underwriting income resulting from favorable development on prior years’ loss reserves. $12.0 million net decrease in underwriting income resulting from 2012 spring storms. “We are pleased with our performance and once again our underwriters delivered excellent results,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Premium production benefitted from improved market conditions, particularly within the casualty segment during the quarter. Our underwriters are seeing increased submission flow but remain, as always, disciplined in their pricing and risk selection.” “We continued our long-standing underwriting track record, as evidenced by the 84.7 combined ratio this quarter, consistent with the 85 combined ratio we have averaged over the last 10 years. We remain well-positioned to succeed in all market conditions,” said Michael. Underwriting income RLI achieved $21.6 million of underwriting income in the second quarter of 2012 on an 84.7 combined ratio, compared to $42.1 million of underwriting income on a 67.8 combined ratio in the same quarter for 2011. Underwriting Income (Loss) Second Quarter Combined Ratio Second Quarter (in millions) 2012 2011* 2012 2011* Casualty $ 11.0 $ 25.9 Casualty 83.2 55.7 Property (0.3 ) 7.4 Property 100.6 84.5 Surety 10.9 8.8 Surety 58.2 64.1 Total $ 21.6 $ 42.1 Total 84.7 67.8 *Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs. Both periods were impacted by approximately $12 million in spring storm losses. Results for 2012 include $26.5 million in favorable development in prior years’ loss reserves, compared to $42.7 million in favorable development in prior years’ loss reserves in 2011. RLI reported year-to-date underwriting income of $36.6 million representing an 86.9 combined ratio through June 30, 2012, versus $63.0 million of underwriting income representing a 74.5 combined ratio for the same period last year. Giofranchi, "Ask, and you shall receive" :) RLI has a great record. However, there is one aspect of their business that is difficult if not impossible for me to understand: surety. The most interesting booklet, The First 25 Years of Fairfax, tells how The investment Group led by Prem was able to take over the nearly insolvent operations of Markel, Canada, that had almost gone under because their main competitor had drastically underpriced their policies. Almost immediately after the sale, that competitor went bankrupt, and the rates on the policies Fairfax was writing went through the roof. Within a year or so, FFH's BV doubled, then soon doubled again, FFH was off to the races, making acquisitions and expanding the business. Then something unexpected happened: the original business acquired from Markel suddenly lost almost all it's NAV, but that was not fatal because the other operations were doing so well. The cause of the monster loss was a tiny part of the original business. It was so small, accounting for only about 1% of premiums written, that Prem didn't even know about iJt. What did that tiny line of business do? It wrote surety. Its loss was about 100 times the annual premiums they wrote! twacowfca, I am seriously beginning to rely on your help way too much!! ;D And I agree that The First 25 Years of Fairfax is very interesting! In 2011 I traveled all the way to Toronto, to attend the AGM of FFH, and also to get my hands on a copy of that booklet! It was undoubtedly worth the effort! Thank you, giofranchi Giofranchi, thanks once again for your gracious compliment. Please do sign up for the 2013 FFH AGM and especially for the banquet hosted by Sanjeev the night before. I think Sanjeev may be gracious to seat us at the same table. We must "press the flesh" as the no longer active RLI enthusiast, Harry Long, used to say. Don't be alarmed. That's merely American slang for a firm handshake. :) Link to comment Share on other sites More sharing options...
gfp Posted January 23, 2013 Share Posted January 23, 2013 Most recent results out - http://www.businesswire.com/news/home/20130123006324/en/RLI-Reports-2012-Fourth-Quarter-Year-End-Results Link to comment Share on other sites More sharing options...
Liberty Posted July 21, 2015 Author Share Posted July 21, 2015 Haven't owned this in years, but someone mentioned they had good results on Twitter and someone else sent this: http://seekingalpha.com/article/3336615-the-rli-corporation-a-high-quality-business-flying-under-the-radar-and-offered-at-a-fair-price Seems like they just keep on trucking. Link to comment Share on other sites More sharing options...
CorpRaider Posted July 21, 2015 Share Posted July 21, 2015 I think Tom Gayner discussed them as an example of a quality business with limited opportunities for reinvestment in his recent talk at google. I remember thinking, "isn't that the same as Markel (or BRK) if you're just talking about the insurance business?" Link to comment Share on other sites More sharing options...
Liberty Posted April 9, 2016 Author Share Posted April 9, 2016 Writeup on RLI: http://www.rationalwalk.com/?p=14305 Link to comment Share on other sites More sharing options...
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