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RLI Reports Third Quarter 2021 Results

RLI Corp. (NYSE: RLI) – RLI Corp. reported third quarter 2021 net earnings of $29.2 million ($0.64 per share), compared to $42.4 million ($0.93 per share) for the third quarter of 2020. Operating earnings(1) for the third quarter of 2021 were $29.8 million ($0.65 per share), compared to $19.0 million ($0.42 per share) for the same period in 2020.

 

Third Quarter

 

 

Year to Date

 

Earnings Per Diluted Share

2021

 

 

2020

 

 

2021

 

 

2020

 

Net earnings

$

0.64

 

 

$

0.93

 

 

$

4.03

 

 

$

1.62

 

Operating earnings (1)

$

0.65

 

 

$

0.42

 

 

$

2.61

 

 

$

1.84

 

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

Highlights for the quarter included:

  • Underwriting income(1) of $13.7 million on a combined ratio(1) of 94.6.
  • 18% increase in gross premiums written.
  • Favorable development in prior years’ loss reserves, resulting in a $25.1 million net increase in underwriting income.
  • Losses from third quarter hurricanes, resulting in a $28.9 million net decrease in underwriting income.
  • Book value per share of $27.63, an increase of 13% (inclusive of dividends) from year-end 2020.

“Despite the impact of Hurricane Ida and other catastrophes that occurred during the quarter, we delivered strong underwriting results and a 95 combined ratio,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “We experienced growth in gross written premium across all three segments, reflecting favorable market conditions for most product lines. Although catastrophe activity impacted our bottom line results, these events reinforce our purpose and promise to be there for our customers in times of need. I’m proud of our team’s ongoing efforts to deliver outstanding service and value to all stakeholders we serve.”

Underwriting Income

RLI achieved $13.7 million of underwriting income in the third quarter of 2021 on a 94.6 combined ratio, compared to $1.2 million on a 99.5 combined ratio in 2020.

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

Underwriting Income (Loss)(1)

 

 

Combined Ratio(1)

 

(in millions)

 

2021

 

 

2020

 

 

 

 

2021

 

 

2020

 

Casualty

 

$

22.9

 

 

$

14.0

 

 

Casualty

 

 

85.9

 

 

 

90.2

 

Property

 

 

(16.5

)

 

 

(19.9

)

 

Property

 

 

127.2

 

 

 

144.0

 

Surety

 

 

7.3

 

 

 

7.1

 

 

Surety

 

 

75.3

 

 

 

74.8

 

Total

 

$

13.7

 

 

$

1.2

 

 

Total

 

 

94.6

 

 

 

99.5

 

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

Other Income

Net investment income for the quarter increased 7.9% to $17.8 million, compared to the same period in 2020. The investment portfolio’s total return was 0.1% for the quarter and 3.1% for the nine months ended September 30, 2021.

RLI’s comprehensive earnings were $17.0 million for the quarter ($0.37 per share), compared to $51.9 million ($1.14 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 $5.4 million for the quarter. Equity in earnings of Prime Holdings Insurance Services, Inc., a specialty insurance company, was $4.4 million. Comparatively, for the third quarter of 2020, equity in earnings of unconsolidated investees from Maui Jim and Prime was $6.2 million and $3.3 million, respectively.

Dividends Paid in the Third Quarter of 2021

On September 20, 2021, the company paid a regular quarterly dividend of $0.25 per share, the same amount as the prior quarter. RLI’s cumulative dividends total more than $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

On July 20, 2021, RLI was named as one of the insurance industry’s top performing companies by Ward benchmarking, a business unit of Aon, for the 31st 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.

At 10 a.m. central daylight time (CDT) tomorrow, October 21, 2021, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at https://edge.media-server.com/mmc/p/fyykgewf.

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 September 30,

 

 

Nine Months Ended September 30,

 

(Dollars in millions, except per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Favorable development in casualty prior years' reserves

 

$

26.4

 

 

$

22.0

 

 

$

83.8

 

 

$

49.5

 

Favorable development in property prior years' reserves

 

$

0.5

 

 

$

4.0

 

 

$

8.4

 

 

$

9.5

 

Favorable development in surety prior years' reserves

 

$

2.5

 

 

$

3.2

 

 

$

2.6

 

 

$

11.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 storms

 

$

(1.0

)

 

$

-

 

 

$

(25.0

)

 

$

-

 

 

3Q 2021 hurricanes

 

$

(34.0

)

 

$

-

 

 

$

(34.0

)

 

$

-

 

 

2020 and prior events(4)

 

$

0.1

 

 

$

(38.1

)

 

$

2.1

 

 

$

(55.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating Earnings Per Share(1)

$

0.65

 

 

$

0.42

 

 

$

2.61

 

 

$

1.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable development in casualty prior years' reserves

 

$

0.40

 

 

$

0.34

 

 

$

1.30

 

 

$

0.78

 

 

Net favorable development in property prior years' reserves

 

$

-

 

 

$

0.01

 

 

$

0.09

 

 

$

0.05

 

 

Net favorable development in surety prior years' reserves

 

$

0.03

 

 

$

0.05

 

 

$

0.01

 

 

$

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 storms

$

(0.01

)

 

$

-

 

 

$

(0.37

)

 

$

-

 

 

 

3Q 2021 hurricanes

$

(0.50

)

 

$

-

 

 

$

(0.50

)

 

$

-

 

 

 

2020 and prior events(4)

 

$

-

 

 

$

(0.60

)

 

$

0.03

 

 

$

(0.85

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 September 30,

 

Nine Months Ended September 30,

SUMMARIZED INCOME STATEMENT DATA:

 

 

2021

 

 

 

2020

 

 

% Change

 

 

2021

 

 

 

 

2020

 

 

 

% Change

Net premiums earned

 

$

253,389

 

 

$

216,630

 

 

 

17.0

 

%

 

$

722,984

 

 

 

$

640,946

 

 

 

 

12.8

 

%

Net investment income

 

 

17,844

 

 

 

16,543

 

 

 

7.9

 

%

 

 

50,929

 

 

 

 

51,238

 

 

 

 

(0.6

)

%

Net realized gains

 

 

1,829

 

 

 

1,512

 

 

 

21.0

 

%

 

 

52,442

 

 

 

 

14,555

 

 

 

NM

 

 

Net unrealized gains (losses) on equity securities

 

 

(2,592

)

 

 

28,126

 

 

NM

 

 

 

 

29,526

 

 

 

 

(27,564

)

 

 

NM

 

 

Consolidated revenue

 

$

270,470

 

 

$

262,811

 

 

 

2.9

 

%

 

$

855,881

 

 

 

$

679,175

 

 

 

 

26.0

 

%

Loss and settlement expenses

 

 

143,656

 

 

 

127,596

 

 

 

12.6

 

%

 

 

355,574

 

 

 

 

339,819

 

 

 

 

4.6

 

%

Policy acquisition costs

 

 

80,449

 

 

 

71,032

 

 

 

13.3

 

%

 

 

232,674

 

 

 

 

213,436

 

 

 

 

9.0

 

%

Insurance operating expenses

 

 

15,560

 

 

 

16,850

 

 

 

(7.7

)

%

 

 

54,504

 

 

 

 

45,137

 

 

 

 

20.8

 

%

Interest expense on debt

 

 

1,906

 

 

 

1,901

 

 

 

0.3

 

%

 

 

5,711

 

 

 

 

5,701

 

 

 

 

0.2

 

%

General corporate expenses

 

 

2,505

 

 

 

2,668

 

 

 

(6.1

)

%

 

 

9,533

 

 

 

 

6,417

 

 

 

 

48.6

 

%

Total expenses

 

$

244,076

 

 

$

220,047

 

 

 

10.9

 

%

 

$

657,996

 

 

 

$

610,510

 

 

 

 

7.8

 

%

Equity in earnings of unconsolidated investees

 

 

9,043

 

 

 

8,745

 

 

 

3.4

 

%

 

 

29,407

 

 

 

 

18,359

 

 

 

 

60.2

 

%

Earnings before income taxes

 

$

35,437

 

 

$

51,509

 

 

 

(31.2

)

%

 

$

227,292

 

 

 

$

87,024

 

 

 

 

161.2

 

%

Income tax expense

 

 

6,194

 

 

 

9,122

 

 

 

(32.1

)

%

 

 

43,222

 

 

 

 

13,738

 

 

 

NM

 

 

Net earnings

 

$

29,243

 

 

$

42,387

 

 

 

(31.0

)

%

 

$

184,070

 

 

 

$

73,286

 

 

 

 

151.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

(12,240

)

 

 

9,550

 

 

NM

 

 

 

 

(41,810

)

 

 

 

50,090

 

 

 

NM

 

 

Comprehensive earnings

 

$

17,003

 

 

$

51,937

 

 

 

(67.3

)

%

 

$

142,260

 

 

 

$

123,376

 

 

 

 

15.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

29,243

 

 

$

42,387

 

 

 

(31.0

)

%

 

$

184,070

 

 

 

$

73,286

 

 

 

 

151.2

 

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains

 

 

(1,829

)

 

 

(1,512

)

 

 

21.0

 

%

 

 

(52,442

)

 

 

 

(14,555

)

 

 

NM

 

 

Income tax on realized gains

 

 

385

 

 

 

318

 

 

 

21.1

 

%

 

 

11,013

 

 

 

 

3,057

 

 

 

NM

 

 

Unrealized (gains) losses on equity securities

 

 

2,592

 

 

 

(28,126

)

 

NM

 

 

 

 

(29,526

)

 

 

 

27,564

 

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

(544

)

 

 

5,905

 

 

NM

 

 

 

 

6,200

 

 

 

 

(5,789

)

 

 

NM

 

 

Operating earnings

 

$

29,847

 

 

$

18,972

 

 

 

57.3

 

%

 

$

119,315

 

 

 

$

83,563

 

 

 

 

42.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22.8

 

%

 

 

12.5

 

%

 

 

 

 

 

Comprehensive earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19.7

 

%

 

 

16.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in 000's)

 

 

45,689

 

 

 

45,426

 

 

 

 

 

 

 

 

45,714

 

 

 

 

45,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share

 

$

0.64

 

 

$

0.93

 

 

 

(31.2

)

%

 

$

4.03

 

 

 

$

1.62

 

 

 

 

148.8

 

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains

 

 

(0.04

)

 

 

(0.03

)

 

 

33.3

 

%

 

 

(1.15

)

 

 

 

(0.32

)

 

 

NM

 

 

Income tax on realized gains

 

 

0.01

 

 

 

0.01

 

 

 

0.0

 

%

 

 

0.24

 

 

 

 

0.07

 

 

 

NM

 

 

Unrealized (gains) losses on equity securities

 

 

0.05

 

 

 

(0.62

)

 

 

(108.1

)

%

 

 

(0.65

)

 

 

 

0.60

 

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

(0.01

)

 

 

0.13

 

 

 

(107.7

)

%

 

 

0.14

 

 

 

 

(0.13

)

 

 

NM

 

 

EPS from operations(1)

 

$

0.65

 

 

$

0.42

 

 

 

54.8

 

%

 

$

2.61

 

 

 

$

1.84

 

 

 

 

41.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings per share

 

$

0.37

 

 

$

1.14

 

 

 

(67.5

)

%

 

$

3.11

 

 

 

$

2.72

 

 

 

 

14.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share - ordinary

 

$

0.25

 

 

$

0.24

 

 

 

4.2

 

%

 

$

0.74

 

 

 

$

0.71

 

 

 

 

4.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow provided by Operations

 

$

115,932

 

 

$

79,471

 

 

 

45.9

 

%

 

$

280,441

 

 

 

$

163,244

 

 

 

 

71.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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)

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

 

 

 

 

2021

 

 

 

2020

 

 

% Change

SUMMARIZED BALANCE SHEET DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income, at fair value

 

$

2,394,669

 

 

$

2,196,626

 

 

 

9.0

 

%

(amortized cost - $2,310,314 at 9/30/21)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

565,238

 

 

 

524,006

 

 

 

7.9

 

%

(cost - $311,392 at 9/30/21)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Other invested assets

 

 

52,480

 

 

 

54,232

 

 

 

(3.2

)

%

Cash and cash equivalents

 

 

89,618

 

 

 

62,217

 

 

 

44.0

 

%

Total investments and cash

 

$

3,102,005

 

 

$

2,837,081

 

 

 

9.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums and reinsurance balances receivable

 

 

177,162

 

 

 

174,628

 

 

 

1.5

 

%

Ceded unearned premiums

 

 

127,765

 

 

 

113,488

 

 

 

12.6

 

%

Reinsurance balances recoverable on unpaid losses

 

 

602,154

 

 

 

443,729

 

 

 

35.7

 

%

Deferred policy acquisition costs

 

 

104,309

 

 

 

88,425

 

 

 

18.0

 

%

Property and equipment

 

 

50,860

 

 

 

51,406

 

 

 

(1.1

)

%

Investment in unconsolidated investees

 

 

158,721

 

 

 

128,382

 

 

 

23.6

 

%

Goodwill and intangibles

 

 

53,562

 

 

 

53,719

 

 

 

(0.3

)

%

Other assets

 

 

56,128

 

 

 

47,627

 

 

 

17.8

 

%

Total assets

 

$

4,432,666

 

 

$

3,938,485

 

 

 

12.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

2,033,517

 

 

$

1,750,049

 

 

 

16.2

 

%

Unearned premiums

 

 

673,809

 

 

 

586,386

 

 

 

14.9

 

%

Reinsurance balances payable

 

 

38,093

 

 

 

42,265

 

 

 

(9.9

)

%

Funds held

 

 

89,288

 

 

 

81,747

 

 

 

9.2

 

%

Income taxes - deferred

 

 

78,308

 

 

 

80,235

 

 

 

(2.4

)

%

Bonds payable, long-term debt

 

 

149,629

 

 

 

149,489

 

 

 

0.1

 

%

Accrued expenses

 

 

74,155

 

 

 

75,925

 

 

 

(2.3

)

%

Other liabilities

 

 

45,611

 

 

 

36,411

 

 

 

25.3

 

%

Total liabilities

 

$

3,182,410

 

 

$

2,802,507

 

 

 

13.6

 

%

Shareholders' equity

 

 

1,250,256

 

 

 

1,135,978

 

 

 

10.1

 

%

Total liabilities & shareholders' equity

 

$

4,432,666

 

 

$

3,938,485

 

 

 

12.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding (in 000's)

 

 

45,245

 

 

 

45,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

27.63

 

 

$

25.16

 

 

 

9.8

 

%

Closing stock price per share

 

$

100.27

 

 

$

104.15

 

 

 

(3.7

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory surplus

 

$

1,220,341

 

 

$

1,121,592

 

 

 

8.8

 

%

 

RLI CORP

2021 FINANCIAL HIGHLIGHTS

UNDERWRITING SEGMENT DATA

(Unaudited)

(Dollars in thousands, except per share amounts)

 

Three Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

Casualty

 

 

Ratios

 

Property

 

 

Ratios

 

Surety

 

 

Ratios

 

Total

 

 

Ratios

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

232,796

 

 

 

 

 

 

 

$

90,148

 

 

 

 

 

 

 

$

33,302

 

 

 

 

 

 

 

$

356,246

 

 

 

 

 

 

Net premiums written

 

 

 

178,586

 

 

 

 

 

 

 

 

68,444

 

 

 

 

 

 

 

 

31,623

 

 

 

 

 

 

 

 

278,653

 

 

 

 

 

 

Net premiums earned

 

 

 

162,852

 

 

 

 

 

 

 

 

60,886

 

 

 

 

 

 

 

 

29,651

 

 

 

 

 

 

 

 

253,389

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

84,139

 

 

 

51.7

 

%

 

 

55,695

 

 

 

91.5

 

%

 

 

3,822

 

 

 

12.9

 

%

 

 

143,656

 

 

 

56.7

 

%

Net operating expenses

 

 

 

55,764

 

 

 

34.2

 

%

 

 

21,749

 

 

 

35.7

 

%

 

 

18,496

 

 

 

62.4

 

%

 

 

96,009

 

 

 

37.9

 

%

Underwriting income (loss)(1)

 

 

$

22,949

 

 

 

85.9

 

%

 

$

(16,558

)

 

 

127.2

 

%

 

$

7,333

 

 

 

75.3

 

%

 

$

13,724

 

 

 

94.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

204,008

 

 

 

 

 

 

 

$

68,535

 

 

 

 

 

 

 

$

30,320

 

 

 

 

 

 

 

$

302,863

 

 

 

 

 

 

Net premiums written

 

 

 

157,330

 

 

 

 

 

 

 

 

48,895

 

 

 

 

 

 

 

 

28,823

 

 

 

 

 

 

 

 

235,048

 

 

 

 

 

 

Net premiums earned

 

 

 

143,002

 

 

 

 

 

 

 

 

45,380

 

 

 

 

 

 

 

 

28,248

 

 

 

 

 

 

 

 

216,630

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

78,076

 

 

 

54.6

 

%

 

 

46,874

 

 

 

103.3

 

%

 

 

2,646

 

 

 

9.4

 

%

 

 

127,596

 

 

 

58.9

 

%

Net operating expenses

 

 

 

50,933

 

 

 

35.6

 

%

 

 

18,457

 

 

 

40.7

 

%

 

 

18,492

 

 

 

65.4

 

%

 

 

87,882

 

 

 

40.6

 

%

Underwriting income (loss)(1)

 

 

$

13,993

 

 

 

90.2

 

%

 

$

(19,951

)

 

 

144.0

 

%

 

$

7,110

 

 

 

74.8

 

%

 

$

1,152

 

 

 

99.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

Casualty

 

 

Ratios

 

Property

 

 

Ratios

 

Surety

 

 

Ratios

 

Total

 

 

Ratios

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

658,021

 

 

 

 

 

 

 

$

256,596

 

 

 

 

 

 

 

$

95,508

 

 

 

 

 

 

 

$

1,010,125

 

 

 

 

 

 

Net premiums written

 

 

 

510,913

 

 

 

 

 

 

 

 

194,373

 

 

 

 

 

 

 

 

90,842

 

 

 

 

 

 

 

 

796,128

 

 

 

 

 

 

Net premiums earned

 

 

 

467,817

 

 

 

 

 

 

 

 

168,393

 

 

 

 

 

 

 

 

86,774

 

 

 

 

 

 

 

 

722,984

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

228,807

 

 

 

48.9

 

%

 

 

111,643

 

 

 

66.3

 

%

 

 

15,124

 

 

 

17.4

 

%

 

 

355,574

 

 

 

49.2

 

%

Net operating expenses

 

 

 

164,756

 

 

 

35.2

 

%

 

 

65,434

 

 

 

38.9

 

%

 

 

56,988

 

 

 

65.7

 

%

 

 

287,178

 

 

 

39.7

 

%

Underwriting income (loss)(1)

 

 

$

74,254

 

 

 

84.1

 

%

 

$

(8,684

)

 

 

105.2

 

%

 

$

14,662

 

 

 

83.1

 

%

 

$

80,232

 

 

 

88.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

553,291

 

 

 

 

 

 

 

$

194,542

 

 

 

 

 

 

 

$

88,015

 

 

 

 

 

 

 

$

835,848

 

 

 

 

 

 

Net premiums written

 

 

 

436,621

 

 

 

 

 

 

 

 

141,885

 

 

 

 

 

 

 

 

83,735

 

 

 

 

 

 

 

 

662,241

 

 

 

 

 

 

Net premiums earned

 

 

 

421,637

 

 

 

 

 

 

 

 

135,115

 

 

 

 

 

 

 

 

84,194

 

 

 

 

 

 

 

 

640,946

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

249,992

 

 

 

59.3

 

%

 

 

84,395

 

 

 

62.5

 

%

 

 

5,432

 

 

 

6.5

 

%

 

 

339,819

 

 

 

53.0

 

%

Net operating expenses

 

 

 

149,242

 

 

 

35.4

 

%

 

 

54,596

 

 

 

40.4

 

%

 

 

54,735

 

 

 

65.0

 

%

 

 

258,573

 

 

 

40.4

 

%

Underwriting income (loss)(1)

 

 

$

22,403

 

 

 

94.7

 

%

 

$

(3,876

)

 

 

102.9

 

%

 

$

24,027

 

 

 

71.5

 

%

 

$

42,554

 

 

 

93.4

 

%

(1)

See discussion above: Non-GAAP and Performance Measures.

Category: Earnings Release

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