RLI released a second quarter earning report showing net operating earnings of $6.9 million, or $.70 per diluted share. This compares to the $7.6 million, $.74 per share, result from the same period in 1999. Other results show pretax underwriting profits of $2.6 million for the second quarter 2000 on a 95.5 net GAAP combined ratio.
This compares to a second quarter 1999 underwriting profit of $4.8 million on an 89.8 combined ratio. Through six months, the company’s combined ratio stood at 94.2, with underwriting profits totaling $6.3 million. At the same time last year, RLI had cumulative underwriting profits of $8.6 million and a combined ratio of 90.8.
RLI’s property segment reported a combined ratio of 84.1 for the second quarter 2000 and 80.0 year to date, compared to 62.2 and 63.9 for the same respective periods in 1999. Included in the 2000 quarter and year-to-date results was $1.1 million in catastrophe losses, which was noted as a significant increase over the minimal losses incurred in the same periods in 1999.
Second quarter 2000 gross premiums written of $118.0 million were 33 percent higher than the results from the same period last year. Property and casualty segment gains were attributed to new business opportunities as well as the firming of rates in several product categories. In addition, RLI’s year-to-date production was $220.4 million, 35 percent better than 1999’s six-month result.
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