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RLI Reports Second Quarter 2021 Results

RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2021 net earnings of $81.8 million ($1.79 per share), compared to $92.2 million ($2.04 per share) for the second quarter of 2020. Operating earnings(1) for the second quarter of 2021 were $49.9 million ($1.09 per share), compared to $34.8 million ($0.77 per share) for the same period in 2020.

 

Second Quarter

 

 

Year to Date

 

Earnings Per Diluted Share

2021

 

 

2020

 

 

2021

 

 

2020

 

Net earnings

$

1.79

 

 

$

2.04

 

 

$

3.39

 

 

$

0.68

 

Operating earnings (1)

$

1.09

 

 

$

0.77

 

 

$

1.96

 

 

$

1.43

 

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

Highlights for the quarter included:

  • Underwriting income(1) of $36.6 million on a combined ratio(1) of 84.8.
  • 25% increase in gross premiums written.
  • Favorable development in prior years’ loss reserves, resulting in a $27.5 million net increase in underwriting income.
  • Book value per share of $27.46, an increase of 11% (inclusive of dividends) from year-end 2020.

“We are pleased to report excellent second quarter financial results,” said RLI Corp. Chairman and CEO Jonathan E. Michael. “All three product segments contributed to our strong performance in the quarter. We achieved an 85 combined ratio and 25% growth in gross written premiums. Favorable market conditions and the continued economic recovery enabled our disciplined underwriters to find more niche opportunities that match our risk appetite. Our capital base continues to grow, supported by our insurance operations and investment returns, and book value per share has increased 11% year to date.”

“During the quarter, we also announced an increase in ordinary dividends for the 46th consecutive year. We are proud of this track record and I want to thank our talented associates for their hard work and continued dedication to our customers. We recently welcomed many of our team members back to our offices and appreciate their perseverance over the past 18 months.”

Underwriting Income

RLI achieved $36.6 million of underwriting income in the second quarter of 2021 on an 84.8 combined ratio, compared to $24.2 million on an 88.4 combined ratio in 2020.

Results for both years include net favorable development in prior years’ loss reserves, which totaled $27.5 million and $21.6 million for 2021 and 2020, respectively.

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

Underwriting Income(1)

 

 

Combined Ratio(1)

 

(in millions)

 

2021

 

 

2020

 

 

 

 

2021

 

 

2020

 

Casualty

 

$

26.4

 

 

$

9.7

 

 

Casualty

 

 

83.1

 

 

 

92.8

 

Property

 

 

8.9

 

 

 

6.2

 

 

Property

 

 

84.1

 

 

 

86.4

 

Surety

 

 

1.3

 

 

 

8.3

 

 

Surety

 

 

95.6

 

 

 

70.6

 

Total

 

$

36.6

 

 

$

24.2

 

 

Total

 

 

84.8

 

 

 

88.4

 

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

Other Income

Net investment income for the quarter decreased 1.5% to $16.7 million, compared to the same period in 2020. The investment portfolio’s total return was 2.8% for the quarter and 3.0% for the six months ended June 30, 2021.

RLI’s comprehensive earnings were $97.0 million for the quarter ($2.12 per share), compared to $145.7 million ($3.22 per share) for the same quarter in 2020. In addition to net earnings, comprehensive earnings (loss) included after-tax unrealized gains/(losses) from the fixed income portfolio.

Equity in earnings of Maui Jim, Inc., a producer of premium sunglasses, was $10.6 million for the quarter. Equity in earnings of Prime Holdings Insurance Services, Inc., a specialty insurance company, was $3.6 million. Comparatively, for the second quarter of 2020, equity in earnings of unconsolidated investees from Maui Jim and Prime was $2.6 million and $2.5 million, respectively.

Dividends Paid in the Second Quarter of 2021

On June 18, 2021, the company paid a regular quarterly dividend of $0.25 per share, a $0.01 increase over the prior quarter. RLI’s cumulative dividends total nearly $500 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 2021 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

At 10 a.m. central daylight time (CDT) tomorrow, July 22, 2021, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion through the Internet at https://edge.media-server.com/mmc/p/ged4yftt.

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, 2020.

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 46 consecutive years and delivered underwriting profits for 25 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 thousands, except per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Favorable development in casualty prior years' reserves

 

$

29.2

 

 

$

21.1

 

 

$

57.5

 

 

$

27.5

 

Favorable development in property prior years' reserves

 

$

3.8

 

 

$

0.7

 

 

$

9.9

 

 

$

5.5

 

Favorable (unfavorable) development in surety prior years' reserves

 

$

(2.7

)

 

$

3.8

 

 

$

0.1

 

 

$

7.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 storms

 

$

(8.0

)

 

$

-

 

 

$

(24.0

)

 

$

-

 

2020 and prior events(4)

 

$

2.1

 

 

$

(11.5

)

 

$

2.1

 

 

$

(17.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating Earnings Per Share(1)

 

$

1.09

 

 

$

0.77

 

 

$

1.96

 

 

$

1.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable development in casualty prior years' reserves

 

$

0.46

 

 

$

0.32

 

 

$

0.88

 

 

$

0.44

 

Net favorable development in property prior years' reserves

 

$

0.05

 

 

$

-

 

 

$

0.13

 

 

$

0.05

 

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

 

$

(0.06

)

 

$

0.06

 

 

$

(0.02

)

 

$

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 storms

 

$

(0.12

)

 

$

-

 

 

$

(0.35

)

 

$

-

 

2020 and prior events(4)

 

$

0.03

 

 

$

(0.18

)

 

$

0.03

 

 

$

(0.26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

(4) Includes COVID-19 reserves established in 2020.

RLI CORP

2021 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

SUMMARIZED INCOME STATEMENT DATA:

 

 

2021

 

 

 

2020

 

 

% Change

 

 

2021

 

 

 

 

2020

 

 

 

% Change

Net premiums earned

 

$

241,000

 

 

$

208,734

 

 

 

15.5

 

%

 

$

469,595

 

 

 

$

424,316

 

 

 

 

10.7

 

%

Net investment income

 

 

16,661

 

 

 

16,917

 

 

 

(1.5

)

%

 

 

33,085

 

 

 

 

34,695

 

 

 

 

(4.6

)

%

Net realized gains (losses)

 

 

36,463

 

 

 

(2,109

)

 

NM

 

 

 

 

50,613

 

 

 

 

13,043

 

 

 

NM

 

 

Net unrealized gains (losses) on equity securities

 

 

3,956

 

 

 

74,705

 

 

 

(94.7

)

%

 

 

32,118

 

 

 

 

(55,690

)

 

 

NM

 

 

Consolidated revenue

 

$

298,080

 

 

$

298,247

 

 

 

(0.1

)

%

 

$

585,411

 

 

 

$

416,364

 

 

 

 

40.6

 

%

Loss and settlement expenses

 

 

107,026

 

 

 

101,202

 

 

 

5.8

 

%

 

 

211,918

 

 

 

 

212,223

 

 

 

 

(0.1

)

%

Policy acquisition costs

 

 

77,235

 

 

 

69,463

 

 

 

11.2

 

%

 

 

152,225

 

 

 

 

142,404

 

 

 

 

6.9

 

%

Insurance operating expenses

 

 

20,148

 

 

 

13,906

 

 

 

44.9

 

%

 

 

38,944

 

 

 

 

28,287

 

 

 

 

37.7

 

%

Interest expense on debt

 

 

1,904

 

 

 

1,903

 

 

 

0.1

 

%

 

 

3,805

 

 

 

 

3,800

 

 

 

 

0.1

 

%

General corporate expenses

 

 

3,686

 

 

 

1,994

 

 

 

84.9

 

%

 

 

7,028

 

 

 

 

3,749

 

 

 

 

87.5

 

%

Total expenses

 

$

209,999

 

 

$

188,468

 

 

 

11.4

 

%

 

$

413,920

 

 

 

$

390,463

 

 

 

 

6.0

 

%

Equity in earnings of unconsolidated investees

 

 

13,940

 

 

 

5,100

 

 

 

173.3

 

%

 

 

20,364

 

 

 

 

9,614

 

 

 

 

111.8

 

%

Earnings before income taxes

 

$

102,021

 

 

$

114,879

 

 

 

(11.2

)

%

 

$

191,855

 

 

 

$

35,515

 

 

 

NM

 

 

Income tax expense

 

 

20,206

 

 

 

22,713

 

 

 

(11.0

)

%

 

 

37,028

 

 

 

 

4,616

 

 

 

NM

 

 

Net earnings

 

$

81,815

 

 

$

92,166

 

 

 

(11.2

)

%

 

$

154,827

 

 

 

$

30,899

 

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

15,177

 

 

 

53,571

 

 

 

(71.7

)

%

 

 

(29,570

)

 

 

 

40,540

 

 

 

NM

 

 

Comprehensive earnings

 

$

96,992

 

 

$

145,737

 

 

 

(33.4

)

%

 

$

125,257

 

 

 

$

71,439

 

 

 

 

75.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

81,815

 

 

$

92,166

 

 

 

(11.2

)

%

 

$

154,827

 

 

 

$

30,899

 

 

 

NM

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized (gains) losses

 

 

(36,463

)

 

 

2,109

 

 

NM

 

 

 

 

(50,613

)

 

 

 

(13,043

)

 

 

NM

 

 

Income tax on realized gains (losses)

 

 

7,656

 

 

 

(443

)

 

NM

 

 

 

 

10,628

 

 

 

 

2,739

 

 

 

NM

 

 

Unrealized (gains) losses on equity securities

 

 

(3,956

)

 

 

(74,705

)

 

 

(94.7

)

%

 

 

(32,118

)

 

 

 

55,690

 

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

831

 

 

 

15,688

 

 

 

(94.7

)

%

 

 

6,745

 

 

 

 

(11,695

)

 

 

NM

 

 

Operating earnings

 

$

49,883

 

 

$

34,815

 

 

 

43.3

 

%

 

$

89,469

 

 

 

$

64,590

 

 

 

 

38.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24.7

 

%

 

 

11.8

 

%

 

 

 

 

 

Comprehensive earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23.5

 

%

 

 

17.0

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in 000's)

 

 

45,715

 

 

 

45,274

 

 

 

 

 

 

 

 

45,703

 

 

 

 

45,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share

 

$

1.79

 

 

$

2.04

 

 

 

(12.3

)

%

 

$

3.39

 

 

 

$

0.68

 

 

 

NM

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized (gains) losses

 

 

(0.80

)

 

 

0.05

 

 

NM

 

 

 

 

(1.11

)

 

 

 

(0.29

)

 

 

NM

 

 

Income tax on realized gains (losses)

 

 

0.17

 

 

 

(0.01

)

 

NM

 

 

 

 

0.23

 

 

 

 

0.06

 

 

 

NM

 

 

Unrealized (gains) losses on equity securities

 

 

(0.09

)

 

 

(1.66

)

 

 

(94.6

)

%

 

 

(0.70

)

 

 

 

1.24

 

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

0.02

 

 

 

0.35

 

 

 

(94.3

)

%

 

 

0.15

 

 

 

 

(0.26

)

 

 

NM

 

 

EPS from operations(1)

 

$

1.09

 

 

$

0.77

 

 

 

41.6

 

%

 

$

1.96

 

 

 

$

1.43

 

 

 

 

37.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings per share

 

$

2.12

 

 

$

3.22

 

 

 

(34.2

)

%

 

$

2.74

 

 

 

$

1.58

 

 

 

 

73.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share - ordinary

 

$

0.25

 

 

$

0.24

 

 

 

4.2

 

%

 

$

0.49

 

 

 

$

0.47

 

 

 

 

4.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow provided by Operations

 

$

104,222

 

 

$

89,540

 

 

 

16.4

 

%

 

$

164,509

 

 

 

$

83,773

 

 

 

 

96.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

NM = Not Meaningful

RLI CORP

2021 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

June 30,

 

 

December 31,

 

 

 

 

 

 

 

 

 

2021

 

 

 

2020

 

 

% Change

SUMMARIZED BALANCE SHEET DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income, at fair value

 

$

2,319,244

 

 

$

2,196,626

 

 

 

5.6

 

%

(amortized cost - $2,219,502 at 6/30/21)

 

 

 

 

 

 

 

 

 

 

 

 

 

(amortized cost - $2,061,467 at 12/31/20)

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

566,870

 

 

 

524,006

 

 

 

8.2

 

%

(cost - $308,374 at 6/30/21)

 

 

 

 

 

 

 

 

 

 

 

 

 

(cost - $293,190 at 12/31/20)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other invested assets

 

 

52,849

 

 

 

54,232

 

 

 

(2.6

)

%

Cash and cash equivalents

 

 

95,457

 

 

 

62,217

 

 

 

53.4

 

%

Total investments and cash

 

$

3,034,420

 

 

$

2,837,081

 

 

 

7.0

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums and reinsurance balances receivable

 

 

177,237

 

 

 

174,628

 

 

 

1.5

 

%

Ceded unearned premiums

 

 

120,116

 

 

 

113,488

 

 

 

5.8

 

%

Reinsurance balances recoverable on unpaid losses

 

 

545,085

 

 

 

443,729

 

 

 

22.8

 

%

Deferred policy acquisition costs

 

 

99,898

 

 

 

88,425

 

 

 

13.0

 

%

Property and equipment

 

 

50,925

 

 

 

51,406

 

 

 

(0.9

)

%

Investment in unconsolidated investees

 

 

148,561

 

 

 

128,382

 

 

 

15.7

 

%

Goodwill and intangibles

 

 

53,582

 

 

 

53,719

 

 

 

(0.3

)

%

Other assets

 

 

50,806

 

 

 

47,627

 

 

 

6.7

 

%

Total assets

 

$

4,280,630

 

 

$

3,938,485

 

 

 

8.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

1,917,609

 

 

$

1,750,049

 

 

 

9.6

 

%

Unearned premiums

 

 

640,895

 

 

 

586,386

 

 

 

9.3

 

%

Reinsurance balances payable

 

 

34,946

 

 

 

42,265

 

 

 

(17.3

)

%

Funds held

 

 

89,474

 

 

 

81,747

 

 

 

9.5

 

%

Income taxes - deferred

 

 

82,110

 

 

 

80,235

 

 

 

2.3

 

%

Bonds payable, long-term debt

 

 

149,582

 

 

 

149,489

 

 

 

0.1

 

%

Accrued expenses

 

 

60,849

 

 

 

75,925

 

 

 

(19.9

)

%

Other liabilities

 

 

63,362

 

 

 

36,411

 

 

 

74.0

 

%

Total liabilities

 

$

3,038,827

 

 

$

2,802,507

 

 

 

8.4

 

%

Shareholders' equity

 

 

1,241,803

 

 

 

1,135,978

 

 

 

9.3

 

%

Total liabilities & shareholders' equity

 

$

4,280,630

 

 

$

3,938,485

 

 

 

8.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding (in 000's)

 

 

45,223

 

 

 

45,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

27.46

 

 

$

25.16

 

 

 

9.1

 

%

Closing stock price per share

 

$

104.59

 

 

$

104.15

 

 

 

0.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory surplus

 

$

1,227,879

 

 

$

1,121,592

 

 

 

9.5

 

%

RLI CORP

2021 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

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

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

190,047

 

 

 

 

 

 

 

$

69,286

 

 

 

 

 

 

 

$

27,820

 

 

 

 

 

 

 

$

287,153

 

 

 

 

 

 

Net premiums written

 

 

152,114

 

 

 

 

 

 

 

 

51,563

 

 

 

 

 

 

 

 

26,413

 

 

 

 

 

 

 

 

230,090

 

 

 

 

 

 

Net premiums earned

 

 

135,215

 

 

 

 

 

 

 

 

45,387

 

 

 

 

 

 

 

 

28,132

 

 

 

 

 

 

 

 

208,734

 

 

 

 

 

 

Net loss & settlement expenses

 

 

77,651

 

 

 

57.4

 

%

 

 

21,550

 

 

 

47.5

 

%

 

 

2,001

 

 

 

7.1

 

%

 

 

101,202

 

 

 

48.5

 

%

Net operating expenses

 

 

47,831

 

 

 

35.4

 

%

 

 

17,670

 

 

 

38.9

 

%

 

 

17,868

 

 

 

63.5

 

%

 

 

83,369

 

 

 

39.9

 

%

Underwriting income(1)

 

$

9,733

 

 

 

92.8

 

%

 

$

6,167

 

 

 

86.4

 

%

 

$

8,263

 

 

 

70.6

 

%

 

$

24,163

 

 

 

88.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

Casualty

 

 

Ratios

 

Property

 

 

Ratios

 

Surety

 

 

Ratios

 

Total

 

 

Ratios

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

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

349,283

 

 

 

 

 

 

 

$

126,007

 

 

 

 

 

 

 

$

57,695

 

 

 

 

 

 

 

$

532,985

 

 

 

 

 

 

Net premiums written

 

 

279,291

 

 

 

 

 

 

 

 

92,990

 

 

 

 

 

 

 

 

54,912

 

 

 

 

 

 

 

 

427,193

 

 

 

 

 

 

Net premiums earned

 

 

278,635

 

 

 

 

 

 

 

 

89,735

 

 

 

 

 

 

 

 

55,946

 

 

 

 

 

 

 

 

424,316

 

 

 

 

 

 

Net loss & settlement expenses

 

 

171,916

 

 

 

61.7

 

%

 

 

37,521

 

 

 

41.8

 

%

 

 

2,786

 

 

 

5.0

 

%

 

 

212,223

 

 

 

50.0

 

%

Net operating expenses

 

 

98,309

 

 

 

35.3

 

%

 

 

36,139

 

 

 

40.3

 

%

 

 

36,243

 

 

 

64.8

 

%

 

 

170,691

 

 

 

40.2

 

%

Underwriting income(1)

 

$

8,410

 

 

 

97.0

 

%

 

$

16,075

 

 

 

82.1

 

%

 

$

16,917

 

 

 

69.8

 

%

 

$

41,402

 

 

 

90.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Category: Earnings Release

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