RLI Reports Second Quarter 2022 Results

RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2022 net loss of $2.2 million (-$0.05 per share), compared to net earnings of $81.8 million ($1.79 per share) for the second quarter of 2021. Operating earnings(1) for the second quarter of 2022 were $67.4 million ($1.49 per share), compared to $49.9 million ($1.09 per share) for the same period in 2021.

 

Second Quarter

 

 

Year to Date

 

Earnings Per Diluted Share

2022

 

 

2021

 

 

2022

 

 

2021

 

Net earnings (loss)

$

(0.05

)

 

$

1.79

 

 

$

1.00

 

 

$

3.39

 

Operating earnings (1)

$

1.49

 

 

$

1.09

 

 

$

2.91

 

 

$

1.96

 

(1) See discussion below: Non-GAAP and Performance Measures.

Highlights for the quarter included:

  • Underwriting income(1) of $56.0 million on a combined ratio(1) of 80.2.
  • 17% increase in gross premiums written.
  • 11% increase in net investment income.
  • Favorable development in prior years’ loss reserves, resulting in a $20.9 million net increase in underwriting income.
  • Book value per share of $23.02, a decrease of 13% (inclusive of dividends) from year-end 2021.

“We are pleased with our positive mid-year operating results, as top line premium and underwriting profitability remained strong in the second quarter,” said RLI Corp. President & CEO Craig Kliethermes. “All of our underwriting segments positively contributed to the 17 percent growth in gross premium and 80 combined ratio that we achieved in the quarter. Market conditions continue to offer opportunities for our talented underwriters within their given niche markets. Despite the decline in book value due to the impact from the investment portfolio, we continue to generate capital through operating earnings, which were $1.49 per share. Our strong operating performance is a testament to the dedication of our employee owners and their commitment to our customers.”

Underwriting Income

RLI achieved $56.0 million of underwriting income in the second quarter of 2022 on an 80.2 combined ratio, compared to $36.6 million on an 84.8 combined ratio in 2021.

Results for the second quarter of both years include favorable development in prior years’ loss reserves, which resulted in a $20.9 million and $27.5 million net increase to underwriting income for 2022 and 2021, respectively.

The following table highlights underwriting income and combined ratios by segment.

Underwriting Income(1)

 

 

Combined Ratio(1)

 

(in millions)

 

2022

 

 

2021

 

 

 

 

2022

 

 

2021

 

Casualty

 

$

21.5

 

 

$

26.4

 

 

Casualty

 

 

87.9

 

 

 

83.1

 

Property

 

 

26.1

 

 

 

8.9

 

 

Property

 

 

65.0

 

 

 

84.1

 

Surety

 

 

8.4

 

 

 

1.3

 

 

Surety

 

 

72.9

 

 

 

95.6

 

Total

 

$

56.0

 

 

$

36.6

 

 

Total

 

 

80.2

 

 

 

84.8

 

(1) See discussion below: Non-GAAP and Performance Measures.

Other Income

Net investment income for the quarter increased 10.9% to $18.5 million, compared to the same period in 2021. The investment portfolio’s total return was -6.1% for the quarter and -10.4% for the six months ended June 30, 2022.

RLI’s comprehensive loss was $99.8 million for the quarter (-$2.20 per share), compared to $97.0 million ($2.12 per share) of comprehensive earnings for the same quarter in 2021. In addition to net earnings, comprehensive loss included after-tax unrealized losses from the fixed income portfolio, due to rising interest rates.

Equity in earnings of Maui Jim, Inc. (Maui Jim), a producer of premium sunglasses, was $8.5 million for the quarter. Equity in earnings of Prime Holdings Insurance Services, Inc. (Prime), a specialty insurance company, was $3.6 million. Comparatively, for the second quarter of 2021, equity in earnings of unconsolidated investees from Maui Jim and Prime was $10.6 million and $3.6 million, respectively.

Dividends Paid in Second Quarter of 2022

On June 21, 2022, the company paid a regular quarterly dividend of $0.26 per share, a $0.01 increase over the prior quarter. RLI’s cumulative dividends total more than $510 million paid over the last five years.

Non-GAAP and Performance Measures

Management has included certain non-generally accepted accounting principles (non-GAAP) financial measures in presenting the company’s results. Management believes that these non-GAAP measures further explain the company’s results of operations and allow for a more complete understanding of the underlying trends in the company’s business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (GAAP). In addition, our definitions of these items may not be comparable to the definitions used by other companies.

Operating earnings and earnings per share (EPS) from operations consist of our GAAP net earnings adjusted by the net realized gains/(losses), net unrealized gains/(losses) on equity securities and taxes related thereto. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and EPS from operations. A reconciliation of the operating earnings and EPS from operations to the comparable GAAP financial measures is included in the 2022 financial highlights below.

Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting loss and settlement expenses, policy acquisition costs and insurance operating expenses from net premium earned, which are all GAAP financial measures. The combined ratio, which is derived from components of underwriting income, is a performance measure commonly used by property and casualty insurance companies and is calculated as the sum of loss and settlement expenses, policy acquisition costs and insurance operating expenses, divided by net premiums earned, which are all GAAP measures.

Other News

On July 11, 2022, RLI was named as one of the insurance industry’s top performing companies by Ward benchmarking, a business unit of Aon, for the 32nd consecutive year. RLI is one of only two property-casualty insurers to be recognized as a Ward’s 50® Top P&C Performer every year since the list’s inception in 1991.

As previously announced, RLI has agreed to sell its minority interest in Maui Jim, Inc. RLI’s net after-tax proceeds from the sale will be approximately $500 million, with the final proceeds to be determined at closing, based on adjustments to the purchase price for working capital and other items. The sale is expected to close in the second half of 2022.

At 10 a.m. central daylight time (CDT) tomorrow, July 21, 2022, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at https://events.q4inc.com/attendee/945644532.

Except for historical information, this news release may include forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectations about the future performance of our company or our business segments or about future market conditions. These statements are subject to certain risk factors that could cause actual results to differ materially. Various risk factors that could affect future results are listed in the company's filings with the Securities and Exchange Commission, including the Form 10-K Annual Report for the year ended December 31, 2021.

About RLI

RLI Corp. (NYSE: RLI) is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI’s products are offered through its insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI’s insurance subsidiaries are rated A+ (Superior) by AM Best Company. RLI has paid and increased regular dividends for 47 consecutive years and delivered underwriting profits for 26 consecutive years. To learn more about RLI, visit www.rlicorp.com.

Supplemental disclosure regarding the earnings impact of specific items:

 

 

 

 

Reserve Development and Catastrophe Losses,

Net of Reinsurance

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in millions, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Favorable development in casualty prior years' reserves

 

$

17.3

 

 

$

29.2

 

 

$

44.9

 

 

$

57.5

 

Favorable development in property prior years' reserves

 

$

3.9

 

 

$

3.8

 

 

$

17.3

 

 

$

9.9

 

Favorable (unfavorable) development in surety prior years' reserves

 

$

3.0

 

 

$

(2.7

)

 

$

7.5

 

 

$

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022 storms

 

$

(3.0

)

 

$

-

 

 

$

(5.0

)

 

$

-

 

 

2021 and prior events

 

$

-

 

 

$

(5.9

)

 

$

-

 

 

$

(21.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating Earnings Per Share(1)

$

1.49

 

 

$

1.09

 

 

$

2.91

 

 

$

1.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specific items included in operating earnings per share:(2) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable development in casualty prior years' reserves

 

$

0.26

 

 

$

0.46

 

 

$

0.67

 

 

$

0.88

 

 

Net favorable development in property prior years' reserves

 

$

0.06

 

 

$

0.05

 

 

$

0.27

 

 

$

0.13

 

 

Net favorable (unfavorable) development in surety prior years' reserves

 

$

0.05

 

 

$

(0.06

)

 

$

0.11

 

 

$

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022 storms

$

(0.05

)

 

$

-

 

 

$

(0.08

)

 

$

-

 

 

 

2021 and prior events

 

$

-

 

 

$

(0.09

)

 

$

-

 

 

$

(0.32

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See discussion above: Non-GAAP and Performance Measures.
(2) Includes incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses.
(3) Reserve development reflects changes from previously estimated losses.

 

RLI CORP

2022 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

SUMMARIZED INCOME STATEMENT DATA:

 

 

2022

 

 

 

2021

 

 

% Change

 

 

2022

 

 

 

 

2021

 

 

 

% Change

Net premiums earned

 

$

282,810

 

 

$

241,000

 

 

 

17.3

 

%

 

$

551,962

 

 

 

$

469,595

 

 

 

 

17.5

 

%

Net investment income

 

 

18,472

 

 

 

16,661

 

 

 

10.9

 

%

 

 

36,355

 

 

 

 

33,085

 

 

 

 

9.9

 

%

Net realized gains

 

 

12,804

 

 

 

36,463

 

 

 

(64.9

)

%

 

 

18,392

 

 

 

 

50,613

 

 

 

 

(63.7

)

%

Net unrealized gains (losses) on equity securities

 

 

(100,994

)

 

 

3,956

 

 

NM

 

 

 

 

(128,804

)

 

 

 

32,118

 

 

 

NM

 

 

Consolidated revenue

 

$

213,092

 

 

$

298,080

 

 

 

(28.5

)

%

 

$

477,905

 

 

 

$

585,411

 

 

 

 

(18.4

)

%

Loss and settlement expenses

 

 

117,914

 

 

 

107,026

 

 

 

10.2

 

%

 

 

223,438

 

 

 

 

211,918

 

 

 

 

5.4

 

%

Policy acquisition costs

 

 

89,615

 

 

 

77,235

 

 

 

16.0

 

%

 

 

174,902

 

 

 

 

152,225

 

 

 

 

14.9

 

%

Insurance operating expenses

 

 

19,325

 

 

 

20,148

 

 

 

(4.1

)

%

 

 

38,188

 

 

 

 

38,944

 

 

 

 

(1.9

)

%

Interest expense on debt

 

 

2,011

 

 

 

1,904

 

 

 

5.6

 

%

 

 

4,021

 

 

 

 

3,805

 

 

 

 

5.7

 

%

General corporate expenses

 

 

2,435

 

 

 

3,686

 

 

 

(33.9

)

%

 

 

5,798

 

 

 

 

7,028

 

 

 

 

(17.5

)

%

Total expenses

 

$

231,300

 

 

$

209,999

 

 

 

10.1

 

%

 

$

446,347

 

 

 

$

413,920

 

 

 

 

7.8

 

%

Equity in earnings of unconsolidated investees

 

 

11,654

 

 

 

13,940

 

 

 

(16.4

)

%

 

 

20,413

 

 

 

 

20,364

 

 

 

 

0.2

 

%

Earnings (loss) before income taxes

 

$

(6,554

)

 

$

102,021

 

 

NM

 

 

 

$

51,971

 

 

 

$

191,855

 

 

 

 

(72.9

)

%

Income tax expense (benefit)

 

 

(4,315

)

 

 

20,206

 

 

NM

 

 

 

 

6,287

 

 

 

 

37,028

 

 

 

 

(83.0

)

%

Net earnings (loss)

 

$

(2,239

)

 

$

81,815

 

 

NM

 

 

 

$

45,684

 

 

 

$

154,827

 

 

 

 

(70.5

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

(97,563

)

 

 

15,177

 

 

NM

 

 

 

 

(213,144

)

 

 

 

(29,570

)

 

 

NM

 

 

Comprehensive earnings (loss)

 

$

(99,802

)

 

$

96,992

 

 

NM

 

 

 

$

(167,460

)

 

 

$

125,257

 

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

(2,239

)

 

$

81,815

 

 

NM

 

 

 

$

45,684

 

 

 

$

154,827

 

 

 

 

(70.5

)

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains

 

 

(12,804

)

 

 

(36,463

)

 

 

(64.9

)

%

 

 

(18,392

)

 

 

 

(50,613

)

 

 

 

(63.7

)

%

Income tax on realized gains

 

 

2,689

 

 

 

7,656

 

 

 

(64.9

)

%

 

 

3,862

 

 

 

 

10,628

 

 

 

 

(63.7

)

%

Unrealized (gains) losses on equity securities

 

 

100,994

 

 

 

(3,956

)

 

NM

 

 

 

 

128,804

 

 

 

 

(32,118

)

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

(21,209

)

 

 

831

 

 

NM

 

 

 

 

(27,049

)

 

 

 

6,745

 

 

 

NM

 

 

Operating earnings

 

$

67,431

 

 

$

49,883

 

 

 

35.2

 

%

 

$

132,909

 

 

 

$

89,469

 

 

 

 

48.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14.4

 

%

 

 

24.7

 

%

 

 

 

 

 

Comprehensive earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-6.1

 

%

 

 

23.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in 000's)

 

 

45,354

 

 

 

45,715

 

 

 

 

 

 

 

 

45,748

 

 

 

 

45,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share

 

$

(0.05

)

 

$

1.79

 

 

NM

 

 

 

$

1.00

 

 

 

$

3.39

 

 

 

 

(70.5

)

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains

 

 

(0.28

)

 

 

(0.80

)

 

 

(65.0

)

%

 

 

(0.40

)

 

 

 

(1.11

)

 

 

 

(64.0

)

%

Income tax on realized gains

 

 

0.06

 

 

 

0.17

 

 

 

(64.7

)

%

 

 

0.08

 

 

 

 

0.23

 

 

 

 

(65.2

)

%

Unrealized (gains) losses on equity securities

 

 

2.23

 

 

 

(0.09

)

 

NM

 

 

 

 

2.82

 

 

 

 

(0.70

)

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

(0.47

)

 

 

0.02

 

 

NM

 

 

 

 

(0.59

)

 

 

 

0.15

 

 

 

NM

 

 

EPS from operations(1)

 

$

1.49

 

 

$

1.09

 

 

 

36.7

 

%

 

$

2.91

 

 

 

$

1.96

 

 

 

 

48.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings (loss) per share

 

$

(2.20

)

 

$

2.12

 

 

NM

 

 

 

$

(3.66

)

 

 

$

2.74

 

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share - ordinary

 

$

0.26

 

 

$

0.25

 

 

 

4.0

 

%

 

$

0.51

 

 

 

$

0.49

 

 

 

 

4.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow provided by Operations

 

$

131,631

 

 

$

104,222

 

 

 

26.3

 

%

 

$

170,645

 

 

 

$

164,509

 

 

 

 

3.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See discussion above: Non-GAAP and Performance Measures.

NM = Not Meaningful

RLI CORP

2022 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

June 30,

 

December 31,

 

 

 

 

 

 

 

 

2022

 

 

 

2021

 

 

% Change

SUMMARIZED BALANCE SHEET DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income, at fair value

 

$

2,280,909

 

 

$

2,409,887

 

 

 

(5.4

)

%

(amortized cost - $2,480,480 at 6/30/22)

 

 

 

 

 

 

 

 

 

 

 

 

 

(amortized cost - $2,346,267 at 12/31/21)

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

487,995

 

 

 

613,776

 

 

 

(20.5

)

%

(cost - $327,246 at 6/30/22)

 

 

 

 

 

 

 

 

 

 

 

 

 

(cost - $324,501 at 12/31/21)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other invested assets

 

 

51,018

 

 

 

50,501

 

 

 

1.0

 

%

Cash and cash equivalents

 

 

113,044

 

 

 

88,804

 

 

 

27.3

 

%

Total investments and cash

 

$

2,932,966

 

 

$

3,162,968

 

 

 

(7.3

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums and reinsurance balances receivable

 

 

191,391

 

 

 

167,279

 

 

 

14.4

 

%

Ceded unearned premiums

 

 

132,417

 

 

 

130,916

 

 

 

1.1

 

%

Reinsurance balances recoverable on unpaid losses

 

 

666,730

 

 

 

608,086

 

 

 

9.6

 

%

Deferred policy acquisition costs

 

 

123,055

 

 

 

103,553

 

 

 

18.8

 

%

Property and equipment

 

 

50,955

 

 

 

52,161

 

 

 

(2.3

)

%

Investment in unconsolidated investees

 

 

187,310

 

 

 

171,311

 

 

 

9.3

 

%

Goodwill and intangibles

 

 

53,562

 

 

 

53,562

 

 

 

0.0

 

%

Other assets

 

 

63,377

 

 

 

58,466

 

 

 

8.4

 

%

Total assets

 

$

4,401,763

 

 

$

4,508,302

 

 

 

(2.4

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

2,150,519

 

 

$

2,043,555

 

 

 

5.2

 

%

Unearned premiums

 

 

754,192

 

 

 

680,444

 

 

 

10.8

 

%

Reinsurance balances payable

 

 

39,291

 

 

 

42,851

 

 

 

(8.3

)

%

Funds held

 

 

101,983

 

 

 

89,773

 

 

 

13.6

 

%

Income taxes - deferred

 

 

2,389

 

 

 

83,509

 

 

 

(97.1

)

%

Long-term debt

 

 

199,769

 

 

 

199,676

 

 

 

0.0

 

%

Accrued expenses

 

 

68,052

 

 

 

98,274

 

 

 

(30.8

)

%

Other liabilities

 

 

41,380

 

 

 

40,859

 

 

 

1.3

 

%

Total liabilities

 

$

3,357,575

 

 

$

3,278,941

 

 

 

2.4

 

%

Shareholders' equity

 

 

1,044,188

 

 

 

1,229,361

 

 

 

(15.1

)

%

Total liabilities & shareholders' equity

 

$

4,401,763

 

 

$

4,508,302

 

 

 

(2.4

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding (in 000's)

 

 

45,369

 

 

 

45,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

23.02

 

 

$

27.14

 

 

 

(15.2

)

%

Closing stock price per share

 

$

116.59

 

 

$

112.10

 

 

 

4.0

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory surplus

 

$

1,249,906

 

 

$

1,240,649

 

 

 

0.7

 

%

RLI CORP

2022 FINANCIAL HIGHLIGHTS

UNDERWRITING SEGMENT DATA

(Unaudited)

(Dollars in thousands, except per share amounts)

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

Casualty

 

 

Ratios

 

Property

 

 

Ratios

 

Surety

 

 

Ratios

 

Total

 

 

Ratios

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

248,315

 

 

 

 

 

 

 

$

135,848

 

 

 

 

 

 

 

$

34,626

 

 

 

 

 

 

 

$

418,789

 

 

 

 

 

 

Net premiums written

 

 

 

201,247

 

 

 

 

 

 

 

 

100,356

 

 

 

 

 

 

 

 

32,716

 

 

 

 

 

 

 

 

334,319

 

 

 

 

 

 

Net premiums earned

 

 

 

177,123

 

 

 

 

 

 

 

 

74,690

 

 

 

 

 

 

 

 

30,997

 

 

 

 

 

 

 

 

282,810

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

94,250

 

 

 

53.2

 

%

 

 

20,477

 

 

 

27.4

 

%

 

 

3,187

 

 

 

10.3

 

%

 

 

117,914

 

 

 

41.7

 

%

Net operating expenses

 

 

 

61,431

 

 

 

34.7

 

%

 

 

28,108

 

 

 

37.6

 

%

 

 

19,401

 

 

 

62.6

 

%

 

 

108,940

 

 

 

38.5

 

%

Underwriting income(1)

 

 

$

21,442

 

 

 

87.9

 

%

 

$

26,105

 

 

 

65.0

 

%

 

$

8,409

 

 

 

72.9

 

%

 

$

55,956

 

 

 

80.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

236,329

 

 

 

 

 

 

 

$

91,911

 

 

 

 

 

 

 

$

30,744

 

 

 

 

 

 

 

$

358,984

 

 

 

 

 

 

Net premiums written

 

 

 

183,436

 

 

 

 

 

 

 

 

69,943

 

 

 

 

 

 

 

 

29,107

 

 

 

 

 

 

 

 

282,486

 

 

 

 

 

 

Net premiums earned

 

 

 

156,195

 

 

 

 

 

 

 

 

55,865

 

 

 

 

 

 

 

 

28,940

 

 

 

 

 

 

 

 

241,000

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

74,421

 

 

 

47.6

 

%

 

 

24,311

 

 

 

43.5

 

%

 

 

8,294

 

 

 

28.7

 

%

 

 

107,026

 

 

 

44.4

 

%

Net operating expenses

 

 

 

55,336

 

 

 

35.5

 

%

 

 

22,675

 

 

 

40.6

 

%

 

 

19,372

 

 

 

66.9

 

%

 

 

97,383

 

 

 

40.4

 

%

Underwriting income(1)

 

 

$

26,438

 

 

 

83.1

 

%

 

$

8,879

 

 

 

84.1

 

%

 

$

1,274

 

 

 

95.6

 

%

 

$

36,591

 

 

 

84.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

Casualty

 

 

Ratios

 

Property

 

 

Ratios

 

Surety

 

 

Ratios

 

Total

 

 

Ratios

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

464,136

 

 

 

 

 

 

 

$

245,446

 

 

 

 

 

 

 

$

68,366

 

 

 

 

 

 

 

$

777,948

 

 

 

 

 

 

Net premiums written

 

 

 

376,860

 

 

 

 

 

 

 

 

182,351

 

 

 

 

 

 

 

 

64,998

 

 

 

 

 

 

 

 

624,209

 

 

 

 

 

 

Net premiums earned

 

 

 

348,879

 

 

 

 

 

 

 

 

142,130

 

 

 

 

 

 

 

 

60,953

 

 

 

 

 

 

 

 

551,962

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

178,099

 

 

 

51.0

 

%

 

 

40,840

 

 

 

28.7

 

%

 

 

4,499

 

 

 

7.4

 

%

 

 

223,438

 

 

 

40.5

 

%

Net operating expenses

 

 

 

121,691

 

 

 

34.9

 

%

 

 

52,709

 

 

 

37.1

 

%

 

 

38,690

 

 

 

63.5

 

%

 

 

213,090

 

 

 

38.6

 

%

Underwriting income(1)

 

 

$

49,089

 

 

 

85.9

 

%

 

$

48,581

 

 

 

65.8

 

%

 

$

17,764

 

 

 

70.9

 

%

 

$

115,434

 

 

 

79.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

425,225

 

 

 

 

 

 

 

$

166,448

 

 

 

 

 

 

 

$

62,206

 

 

 

 

 

 

 

$

653,879

 

 

 

 

 

 

Net premiums written

 

 

 

332,327

 

 

 

 

 

 

 

 

125,929

 

 

 

 

 

 

 

 

59,219

 

 

 

 

 

 

 

 

517,475

 

 

 

 

 

 

Net premiums earned

 

 

 

304,965

 

 

 

 

 

 

 

 

107,507

 

 

 

 

 

 

 

 

57,123

 

 

 

 

 

 

 

 

469,595

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

144,668

 

 

 

47.4

 

%

 

 

55,948

 

 

 

52.0

 

%

 

 

11,302

 

 

 

19.8

 

%

 

 

211,918

 

 

 

45.1

 

%

Net operating expenses

 

 

 

108,992

 

 

 

35.8

 

%

 

 

43,685

 

 

 

40.7

 

%

 

 

38,492

 

 

 

67.4

 

%

 

 

191,169

 

 

 

40.7

 

%

Underwriting income(1)

 

 

$

51,305

 

 

 

83.2

 

%

 

$

7,874

 

 

 

92.7

 

%

 

$

7,329

 

 

 

87.2

 

%

 

$

66,508

 

 

 

85.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See discussion above: Non-GAAP and Performance Measures.

Category: Earnings Release

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