Peoria-based RLI Corp. announced that it has completed its offering of 5,220,000 common shares, raising $125.2 million in net proceeds.
“The number of shares sold includes the 4.8 million shares in the original offering, in addition to 420,000 shares sold by RLI and 300,000 shares sold by RLI Chairman Gerald D. Stephens pursuant to the exercise of the underwriters’ over-allotment option,” said the bulletin.
RLI, which underwrites selected property and casualty insurance products through its subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company, Underwriters Indemnity Company and Planet Indemnity Company, said it “expects to use the net proceeds to support growth of its insurance subsidiaries, pay down its line of credit, and reduce its use of reinsurance.”
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