Specialty insurer RLI Corp. reported third quarter net earnings of $25.3 million ($0.96 per diluted share), compared to $8.3 million ($0.32 per diluted share) reported in the same quarter last year. Through September 30, net earnings were $89.0 million ($3.39 per share) versus $43.6 million ($1.67 per share) last year.
The quarter’s positive reserve development stems from casualty business written in 2003 and 2004. Losses from Hurricanes Katrina and Rita were $17.0 million pretax ($0.42 per share).
Since year end, shareholders’ equity grew 10.0 percent to $686.1 million; book value per share was $26.91, up 9 percent; assets rose by 8 percent, to $2.7 billion.
During the quarter, Moody’s Investors Service upgraded its senior debt rating for RLI Corp. to Baa2 as well as the insurance financial strength ratings for RLI’s insurance subsidiaries to A2. The outlook for the ratings is stable.
RLI, a specialty insurance company based in Peoria, Ill., offers a diversified portfolio of property and casualty coverages and surety bonds serving “niche” or underserved markets. RLI operates in all 50 states from 18 office locations.
Topics Profit Loss
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