The board of directors of Peoria, Ill.-based property/casualty insurance holding company, RLI Corp., recently declared a cash dividend of $.17 per share for shareholders of record as of June 28, 2002, payable July 15. The dividend increase of 6.25 percent represents the 27th consecutive year of dividend increases since RLI began paying cash dividends in 1976.
With the company’s 104th paid dividend, this payment will bring the cumulative return to RLI shareholders to more than $69 million.
RLI, through its subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company, Underwriters Indemnity Company and Planet Indemnity Company, underwrites selected property and casualty insurance products.
In its latest published earnings release, RLI announced first quarter net earnings of $9.1 million ($.89 per diluted share), compared to the $7.1 million ($.71 per share) result from the same period last year. Net operating earnings were $7.9 million ($.78 per share) versus 2001′s $6.2 million ($.62 per share) result. The total dollar and per-share amounts for both net and operating earnings set all-time company records.
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