RLI Reports Second Quarter 2023 Results

RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2023 net earnings of $77.7 million ($1.69 per share), compared to a net loss of $2.2 million ($0.05 per share) for the second quarter of 2022. Operating earnings(1)(2) for the second quarter of 2023 were $53.3 million ($1.16 per share), compared to $60.7 million ($1.34 per share) for the same period in 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

Year to Date

Earnings Per Diluted Share

 

2023

 

2022

 

 

2023

 

2022

Net earnings (loss)

 

$

1.69

 

$

(0.05

)

 

$

3.83

 

$

1.00

Operating earnings (1) (2)

 

$

1.16

 

$

1.34

 

 

$

2.79

 

$

 

(1)

See discussion below: Non-GAAP and Performance Measures.

(2)

Equity in earnings of Maui Jim and the related taxes were excluded from operating earnings per share in 2022 due to the sale of RLI’s investment in Maui Jim in the third quarter of 2022.

Highlights for the quarter included:

  • Underwriting income(1) of $41.2 million on a combined ratio(1) of 87.2.
  • 21% increase in gross premiums written.
  • 56% increase in net investment income.
  • Favorable development in prior years’ loss reserves, resulting in a $17.0 million net increase in underwriting income.
  • Losses from second quarter storms, resulting in a $15.5 million net decrease in underwriting income.
  • Book value per share of $29.65, an increase of 17% (inclusive of dividends) from year-end 2022.

“We are pleased to report an 87 combined ratio for the quarter and an 83 combined ratio year to date,” said RLI Corp. President & CEO Craig Kliethermes. “All three product segments contributed to our strong results. Our property segment continues to experience hard market conditions, which drove significant premium growth in the quarter. Casualty and surety segment premiums increased slightly, as product exits, market conditions and underwriting discipline moderated growth. Our profitability and growth in book value highlight the benefits of our diverse product portfolio and continued focus on responsible underwriting.”

Underwriting Income

RLI achieved $41.2 million of underwriting income in the second quarter of 2023 on an 87.2 combined ratio, compared to $56.0 million on an 80.2 combined ratio in 2022.

Results for both years include favorable development in prior years’ loss reserves, which resulted in a $17.0 million and $20.9 million net increase to underwriting income from 2023 and 2022, respectively.

The following table highlights underwriting income and combined ratios by segment for the second quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting Income(1)

 

 

 

 

 

 

 

Combined Ratio(1)

 

 

 

 

(in millions)

 

2023

 

2022

 

 

 

2023

 

2022

Casualty

 

$

7.0

 

$

21.5

 

Casualty

 

96.3

 

87.9

Property

 

 

25.9

 

 

26.1

 

Property

 

74.6

 

65.0

Surety

 

 

8.3

 

 

8.4

 

Surety

 

75.0

 

72.9

Total

 

$

41.2

 

$

56.0

 

Total

 

87.2

 

80.2

(1)

See discussion below: Non-GAAP and Performance Measures.

Other Income

Net investment income for the quarter increased 55.8% to $28.8 million, compared to the same period in 2022. The investment portfolio’s total return was 1.1% for the quarter and 3.9% for the six months ended June 30, 2023.

RLI’s comprehensive earnings were $57.9 million for the quarter ($1.26 per share), compared to a comprehensive loss of $99.8 million ($2.20 per share) for the same quarter in 2022. In addition to net earnings, comprehensive earnings included after-tax unrealized losses from the fixed income portfolio, due to rising interest rates.

Dividends Paid in Second Quarter of 2023

On June 20, 2023, the company paid a regular quarterly dividend of $0.27 per share, a $0.01 increase over the prior quarter. RLI’s cumulative dividends total more than $761 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 operating earnings per share (EPS) consist of our GAAP net earnings adjusted by net realized gains/(losses), net unrealized gains/(losses) on equity securities and taxes related thereto. Additionally, equity in earnings of Maui Jim and the related taxes were excluded from operating earnings and operating EPS for 2022 due to the sale of RLI’s investment in the third quarter of 2022. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and operating EPS. A reconciliation of the operating earnings and operating EPS to the comparable GAAP financial measures is included in the 2023 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, 2023, RLI was named as one of the insurance industry’s top performing companies by Ward Benchmarking, a business unit of Aon, for the 33rd consecutive year. RLI is the only property & casualty insurance company to be recognized as a Ward’s 50® P&C Top Performer every year since the list’s inception in 1991.

At 10 a.m. central daylight time (CDT) tomorrow, July 25, 2023, 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/705943023.

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, 2022.

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 48 consecutive years and delivered underwriting profits for 27 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

 

Six Months Ended

 

 

June 30,

 

June 30,

(Dollars in millions, except per share amounts)

 

2023

 

2022

 

2023

 

2022

Favorable development in casualty prior years' reserves

 

$

9.0

 

 

$

17.3

 

 

$

44.9

 

 

$

44.9

 

Favorable development in property prior years' reserves

 

$

3.5

 

 

$

3.9

 

 

$

16.1

 

 

$

17.3

 

Favorable development in surety prior years' reserves

 

$

4.2

 

 

$

3.0

 

 

$

7.4

 

 

$

7.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

2023 storms

 

$

(18.0

)

 

$

 

 

$

(22.0

)

 

$

 

2022 and prior events

 

$

3.0

 

 

$

(3.0

)

 

$

3.1

 

 

$

(5.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2023

 

2022

 

2023

 

2022

Operating Earnings Per Share(1) (2)

 

$

1.16

 

 

$

1.34

 

 

$

2.79

 

 

$

2.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specific items included in operating earnings per share:(3) (4)

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable development in casualty prior years' reserves

 

$

0.14

 

 

$

0.26

 

 

$

0.66

 

 

$

0.67

 

Net favorable development in property prior years' reserves

 

$

0.05

 

 

$

0.06

 

 

$

0.24

 

 

$

0.27

 

Net favorable development in surety prior years' reserves

 

$

0.07

 

 

$

0.05

 

 

$

0.11

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

2023 storms

 

$

(0.27

)

 

$

 

 

$

(0.32

)

 

$

 

2022 and prior events

 

$

0.04

 

 

$

(0.05

)

 

$

0.04

 

 

$

(0.08

)

(1)

See discussion above: Non-GAAP and Performance Measures.

(2)

Equity in earnings of Maui Jim and the related taxes were excluded from operating earnings per share in 2022 due to the sale of RLI’s investment in Maui Jim in the third quarter of 2022.

(3)

Includes incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses.

(4)

Reserve development reflects changes from previously estimated losses.

RLI CORP

2023 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

SUMMARIZED INCOME STATEMENT DATA:

 

2023

 

 

2022

 

 

% Change

 

 

2023

 

 

2022

 

 

 

% Change

 

Net premiums earned

 

$

322,280

 

 

$

282,810

 

 

14.0

 

%

 

$

630,003

 

 

$

551,962

 

 

 

14.1

 

%

Net investment income

 

 

28,788

 

 

 

18,472

 

 

55.8

 

%

 

 

55,872

 

 

 

36,355

 

 

 

53.7

 

%

Net realized gains

 

 

5,580

 

 

 

12,804

 

 

(56.4

)

%

 

 

20,200

 

 

 

18,392

 

 

 

9.8

 

%

Net unrealized gains (losses) on equity securities

 

 

25,214

 

 

 

(100,994

)

 

NM

 

 

 

 

40,710

 

 

 

(128,804

)

 

 

NM

 

 

Consolidated revenue

 

$

381,862

 

 

$

213,092

 

 

79.2

 

%

 

$

746,785

 

 

$

477,905

 

 

 

56.3

 

%

Loss and settlement expenses

 

 

153,943

 

 

 

117,914

 

 

30.6

 

%

 

 

268,431

 

 

 

223,438

 

 

 

20.1

 

%

Policy acquisition costs

 

 

102,626

 

 

 

89,615

 

 

14.5

 

%

 

 

204,070

 

 

 

174,902

 

 

 

16.7

 

%

Insurance operating expenses

 

 

24,510

 

 

 

19,325

 

 

26.8

 

%

 

 

48,411

 

 

 

38,188

 

 

 

26.8

 

%

Interest expense on debt

 

 

2,047

 

 

 

2,011

 

 

1.8

 

%

 

 

4,055

 

 

 

4,021

 

 

 

0.8

 

%

General corporate expenses

 

 

4,219

 

 

 

2,435

 

 

73.3

 

%

 

 

8,433

 

 

 

5,798

 

 

 

45.4

 

%

Total expenses

 

$

287,345

 

 

$

231,300

 

 

24.2

 

%

 

$

533,400

 

 

$

446,347

 

 

 

19.5

 

%

Equity in earnings of unconsolidated investees

 

 

1,514

 

 

 

11,654

 

 

(87.0

)

%

 

 

5,437

 

 

 

20,413

 

 

 

(73.4

)

%

Earnings (loss) before income taxes

 

$

96,031

 

 

$

(6,554

)

 

NM

 

 

 

$

218,822

 

 

$

51,971

 

 

 

NM

 

 

Income tax expense (benefit)

 

 

18,379

 

 

 

(4,315

)

 

NM

 

 

 

 

42,359

 

 

 

6,287

 

 

 

NM

 

 

Net earnings (loss)

 

$

77,652

 

 

$

(2,239

)

 

NM

 

 

 

$

176,463

 

 

$

45,684

 

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

(19,721

)

 

 

(97,563

)

 

(79.8

)

%

 

 

17,986

 

 

 

(213,144

)

 

 

NM

 

 

Comprehensive earnings (loss)

 

$

57,931

 

 

$

(99,802

)

 

NM

 

 

 

$

194,449

 

 

$

(167,460

)

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

77,652

 

 

$

(2,239

)

 

NM

 

 

 

$

176,463

 

 

$

45,684

 

 

 

NM

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains

 

 

(5,580

)

 

 

(12,804

)

 

(56.4

)

%

 

 

(20,200

)

 

 

(18,392

)

 

 

9.8

 

%

Income tax on realized gains

 

 

1,171

 

 

 

2,689

 

 

(56.5

)

%

 

 

4,242

 

 

 

3,862

 

 

 

9.8

 

%

Net unrealized (gains) losses on equity securities

 

 

(25,214

)

 

 

100,994

 

 

NM

 

 

 

 

(40,710

)

 

 

128,804

 

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

5,295

 

 

 

(21,209

)

 

NM

 

 

 

 

8,549

 

 

 

(27,049

)

 

 

NM

 

 

Equity in earnings of Maui Jim

 

 

 

 

 

(8,505

)

 

(100.0

)

%

 

 

 

 

 

(14,872

)

 

 

(100.0

)

%

Income tax on equity in earnings of Maui Jim

 

 

 

 

 

1,786

 

 

(100.0

)

%

 

 

 

 

 

3,123

 

 

 

(100.0

)

%

Operating earnings(2)

 

$

53,324

 

 

$

60,712

 

 

(12.2

)

%

 

$

128,344

 

 

$

121,160

 

 

 

5.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

56.9

 

%

 

14.4

 

%

 

 

 

Comprehensive earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

53.1

 

%

 

(6.1

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in 000's)

 

 

46,044

 

 

 

45,354

 

 

 

 

 

 

46,045

 

 

 

45,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share(2)

 

$

1.69

 

 

$

(0.05

)

 

NM

 

 

 

$

3.83

 

 

$

1.00

 

 

 

NM

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains

 

 

(0.12

)

 

 

(0.28

)

 

(57.1

)

%

 

 

(0.44

)

 

 

(0.40

)

 

 

10.0

 

%

Income tax on realized gains

 

 

0.03

 

 

 

0.06

 

 

(50.0

)

%

 

 

0.09

 

 

 

0.08

 

 

 

12.5

 

%

Net unrealized (gains) losses on equity securities

 

 

(0.55

)

 

 

2.23

 

 

NM

 

 

 

 

(0.88

)

 

 

2.82

 

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

0.11

 

 

 

(0.47

)

 

NM

 

 

 

 

0.19

 

 

 

(0.59

)

 

 

NM

 

 

Equity in earnings of Maui Jim

 

 

 

 

 

(0.19

)

 

(100.0

)

%

 

 

 

 

 

(0.33

)

 

 

(100.0

)

%

Income tax on equity in earnings of Maui Jim

 

 

 

 

 

0.04

 

 

(100.0

)

%

 

 

 

 

 

0.07

 

 

 

(100.0

)

%

Operating earnings per share(1)(2)

 

$

1.16

 

 

$

1.34

 

 

(13.4

)

%

 

$

2.79

 

 

$

2.65

 

 

 

5.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings (loss) per share

 

$

1.26

 

 

$

(2.20

)

 

NM

 

 

 

$

4.22

 

 

$

(3.66

)

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share - ordinary

 

$

0.27

 

 

$

0.26

 

 

3.8

 

%

 

$

0.53

 

 

$

0.51

 

 

 

3.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow provided by Operations

 

$

174,376

 

 

$

131,631

 

 

32.5

 

%

 

$

243,595

 

 

$

170,645

 

 

 

42.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

See discussion above: Non-GAAP and Performance Measures.

(2)

Equity in earnings of Maui Jim and the related taxes were excluded from operating earnings and operating earnings per share in 2022 due to the sale of RLI’s investment in Maui Jim in the third quarter of 2022.

 

NM = Not Meaningful

RLI CORP

2023 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

 

 

 

2023

 

2022

 

% Change

 

SUMMARIZED BALANCE SHEET DATA:

 

 

 

 

 

 

 

 

 

Fixed income, at fair value

 

$

2,689,100

 

$

2,666,950

 

0.8

 

%

(amortized cost - $2,946,920 at 6/30/23)

 

 

 

 

 

 

 

 

 

(amortized cost - $2,945,273 at 12/31/22)

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

552,566

 

 

498,382

 

10.9

 

%

(cost - $340,184 at 6/30/23)

 

 

 

 

 

 

 

 

 

(cost - $328,019 at 12/31/22)

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

271,296

 

 

36,229

 

648.8

 

%

Other invested assets

 

 

60,907

 

 

47,922

 

27.1

 

%

Cash and cash equivalents

 

 

16,707

 

 

22,818

 

(26.8

)

%

Total investments and cash

 

$

3,590,576

 

$

3,272,301

 

9.7

 

%

 

 

 

 

 

 

 

 

 

 

Accrued investment income

 

 

22,525

 

 

21,259

 

6.0

 

%

Premiums and reinsurance balances receivable

 

 

229,471

 

 

189,501

 

21.1

 

%

Ceded unearned premiums

 

 

112,353

 

 

138,457

 

(18.9

)

%

Reinsurance balances recoverable on unpaid losses

 

 

720,858

 

 

740,089

 

(2.6

)

%

Deferred policy acquisition costs

 

 

148,336

 

 

127,859

 

16.0

 

%

Property and equipment

 

 

48,358

 

 

49,573

 

(2.5

)

%

Investment in unconsolidated investees

 

 

55,250

 

 

58,275

 

(5.2

)

%

Goodwill and intangibles

 

 

53,562

 

 

53,562

 

0.0

 

%

Income taxes - deferred

 

 

29,864

 

 

40,269

 

(25.8

)

%

Other assets

 

 

54,693

 

 

75,923

 

(28.0

)

%

Total assets

 

$

5,065,846

 

$

4,767,068

 

6.3

 

%

 

 

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

2,361,577

 

$

2,315,637

 

2.0

 

%

Unearned premiums

 

 

891,103

 

 

785,085

 

13.5

 

%

Reinsurance balances payable

 

 

35,931

 

 

61,100

 

(41.2

)

%

Funds held

 

 

102,429

 

 

101,144

 

1.3

 

%

Income taxes - current

 

 

5,326

 

 

 

NM

 

 

Current portion of long-term debt

 

 

199,956

 

 

199,863

 

0.0

 

%

Accrued expenses

 

 

70,220

 

 

94,869

 

(26.0

)

%

Other liabilities

 

 

47,392

 

 

32,029

 

48.0

 

%

Total liabilities

 

$

3,713,934

 

$

3,589,727

 

3.5

 

%

Shareholders' equity

 

 

1,351,912

 

 

1,177,341

 

14.8

 

%

Total liabilities & shareholders' equity

 

$

5,065,846

 

$

4,767,068

 

6.3

 

%

 

 

 

 

 

 

 

 

 

 

OTHER DATA:

 

 

 

 

 

 

 

 

 

Common shares outstanding (in 000's)

 

 

45,596

 

 

45,470

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

29.65

 

$

25.89

 

14.5

 

%

Closing stock price per share

 

$

136.47

 

$

131.27

 

4.0

 

%

 

 

 

 

 

 

 

 

 

 

Statutory surplus

 

$

1,539,490

 

$

1,437,324

 

7.1

 

%

RLI CORP

2023 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

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

251,057

 

 

 

$

221,889

 

 

 

$

35,018

 

 

 

$

507,964

 

 

 

Net premiums written

 

 

208,978

 

 

 

 

177,830

 

 

 

 

32,733

 

 

 

 

419,541

 

 

 

Net premiums earned

 

 

187,048

 

 

 

 

101,841

 

 

 

 

33,391

 

 

 

 

322,280

 

 

 

Net loss & settlement expenses

 

 

110,195

 

58.9

%

 

41,139

 

40.4

%

 

2,609

 

7.8

%

 

153,943

 

47.8

%

Net operating expenses

 

 

69,876

 

37.4

%

 

34,825

 

34.2

%

 

22,435

 

67.2

%

 

127,136

 

39.4

%

Underwriting income(1)

 

$

6,977

 

96.3

%

$

25,877

 

74.6

%

$

8,347

 

75.0

%

$

41,201

 

87.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

Casualty

 

Ratios

 

Property

 

Ratios

 

Surety

 

Ratios

 

Total

 

Ratios

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

468,891

 

 

 

$

380,735

 

 

 

$

73,350

 

 

 

$

922,976

 

 

 

Net premiums written

 

 

390,179

 

 

 

 

302,696

 

 

 

 

69,251

 

 

 

 

762,126

 

 

 

Net premiums earned

 

 

373,079

 

 

 

 

190,608

 

 

 

 

66,316

 

 

 

 

630,003

 

 

 

Net loss & settlement expenses

 

 

194,883

 

52.2

%

 

67,576

 

35.5

%

 

5,972

 

9.0

%

 

268,431

 

42.6

%

Net operating expenses

 

 

139,388

 

37.4

%

 

68,772

 

36.0

%

 

44,321

 

66.8

%

 

252,481

 

40.1

%

Underwriting income(1)

 

$

38,808

 

89.6

%

$

54,260

 

71.5

%

$

16,023

 

75.8

%

$

109,091

 

82.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

(1)

See discussion above: Non-GAAP and Performance Measures.

Category: Earnings Release

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