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RLI Reports Third Quarter 2022 Results

RLI Corp. (NYSE: RLI) – RLI Corp. reported third quarter 2022 net earnings of $439.9 million ($9.61 per share), compared to net earnings of $29.2 million ($0.64 per share) for the third quarter of 2021. Operating earnings(1) for the third quarter of 2022 were $23.0 million ($0.50 per share), compared to $25.6 million ($0.56 per share) for the same period in 2021.

 

 

Third Quarter

 

Year to Date

Earnings Per Diluted Share

 

2022

 

2021

 

2022

 

2021

Net earnings

 

$

9.61

 

$

0.64

 

$

10.61

 

$

4.03

Operating earnings (1) (2)

 

$

0.50

 

$

0.56

 

$

3.15

 

$

2.27

(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 due to the sale of RLI’s investment in Maui Jim. Prior period amounts have been restated to reflect the adjustment.

Highlights for the quarter included:

  • Underwriting income(1) of $8.8 million on a combined ratio(1) of 97.0.
  • 13% increase in gross premiums written.
  • 19% increase in net investment income.
  • Net earnings include $437.7 million ($9.56 per diluted share) related to the sale of Maui Jim, Inc.
  • Favorable development in prior years’ loss reserves, resulting in a $29.0 million net increase in underwriting income.
  • Losses from third quarter hurricanes, resulting in a $34.8 million net decrease in underwriting income.
  • Book value per share of $30.72, an increase of 16% (inclusive of dividends) from year-end 2021.

“After a fairly quiet start to the storm season, Hurricane Ian had an impact on our third quarter results,” said RLI Corp. President & CEO Craig Kliethermes. “Our thoughts are with all who have been affected by Ian, and I want to acknowledge the outstanding work our associates are doing to help our policyholders recover. Despite the sizable catastrophe losses related to this event, RLI produced an underwriting profit during the quarter. We also experienced continued growth across all three product segments. It is our financial strength that allows us to fulfill our promise to help restore our customers’ businesses and livelihoods following catastrophic events, and we remain focused on delivering on this commitment.”

Underwriting Income

RLI achieved $8.8 million of underwriting income in the third quarter of 2022 on a 97.0 combined ratio, compared to $13.7 million on a 94.6 combined ratio in 2021.

Results for the third quarter of both years include favorable development in prior years’ loss reserves, which resulted in a $29.0 million and $25.1 million net increase to underwriting income for 2022 and 2021, respectively. The favorable development in 2022 was offset by a $34.8 million net reduction to underwriting income for hurricane losses, compared to $29.8 million of hurricane and storm losses in 2021.

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

Underwriting Income (Loss)(1)

 

 

 

 

 

 

 

Combined Ratio(1)

 

 

 

 

(in millions)

 

2022

 

 

2021

 

 

 

 

2022

 

2021

Casualty

 

$

11.3

 

 

$

22.9

 

 

Casualty

 

93.7

 

85.9

Property

 

 

(8.3

)

 

 

(16.5

)

 

Property

 

110.3

 

127.2

Surety

 

 

5.8

 

 

 

7.3

 

 

Surety

 

81.4

 

75.3

Total

 

$

8.8

 

 

$

13.7

 

 

Total

 

97.0

 

94.6

(1)

See discussion below: Non-GAAP and Performance Measures.

Other Income

Net investment income for the quarter increased 19.2% to $21.3 million, compared to the same period in 2021. The investment portfolio’s total return was -3.4% for the quarter and -13.5% for the nine months ended September 30, 2022.

RLI’s comprehensive earnings was $358.6 million for the quarter ($7.84 per share), compared to $17.0 million ($0.37 per share) for the same quarter in 2021. In addition to net earnings, comprehensive earnings included after-tax unrealized losses from the fixed income portfolio, due to rising interest rates.

Equity in earnings (loss) of Maui Jim, Inc. (Maui Jim), a producer of premium sunglasses, was -$18.0 million for the quarter, primarily due to transaction related expenses from the sale of the company. Equity in earnings of Prime Holdings Insurance Services, Inc. (Prime), a specialty insurance company, was $2.9 million. Comparatively, for the third quarter of 2021, equity in earnings of unconsolidated investees from Maui Jim and Prime was $5.4 million and $4.4 million, respectively.

Dividends Paid in Third Quarter of 2022

On September 20, 2022, the company paid a regular quarterly dividend of $0.26 per share, the same amount as the prior quarter. RLI’s cumulative dividends total more than $513 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 due to the sale of RLI’s investment. Operating earnings and operating EPS for prior periods have been restated to reflect the equity in earnings of Maui Jim adjustment. 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 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

As previously announced, RLI completed the sale of its minority interest in Maui Jim. RLI’s pre-tax proceeds from the sale was $686.6 million, and remains subject to customary post-closing working capital and other adjustments. The impact of the sale on RLI’s financial statements was a $437.7 million increase to net earnings.

At 10 a.m. central daylight time (CDT) tomorrow, October 20, 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/974954525.

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

 

Nine Months Ended

 

 

September 30,

 

September 30,

(Dollars in millions, except per share amounts)

 

2022

 

2021

 

2022

 

2021

Favorable development in casualty prior years' reserves

 

$

28.2

 

 

$

26.4

 

 

$

72.9

 

 

$

83.8

 

Favorable development in property prior years' reserves

 

$

3.3

 

 

$

0.5

 

 

$

20.8

 

 

$

8.4

 

Favorable development in surety prior years' reserves

 

$

1.8

 

 

$

2.5

 

 

$

9.3

 

 

$

2.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

2022 storms

 

$

 

 

$

 

 

$

(5.0

)

 

$

 

2022 hurricanes

 

$

(40.0

)

 

$

 

 

$

(40.0

)

 

$

 

2021 and prior events

 

$

 

 

$

(34.9

)

 

$

 

 

$

(56.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2022

 

2021

 

2022

 

2021

Operating Earnings Per Share(1) (2)

 

$

0.50

 

 

$

0.56

 

 

$

3.15

 

 

$

2.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable development in casualty prior years' reserves

 

$

0.44

 

 

$

0.40

 

 

$

1.11

 

 

$

1.30

 

Net favorable development in property prior years' reserves

 

$

0.04

 

 

$

 

 

$

0.31

 

 

$

0.09

 

Net favorable development in surety prior years' reserves

 

$

0.02

 

 

$

0.03

 

 

$

0.13

 

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

2022 storms

 

$

 

 

$

 

 

$

(0.08

)

 

$

 

2022 hurricanes

 

$

(0.60

)

 

$

 

 

$

(0.60

)

 

$

 

2021 and prior events

 

$

 

 

$

(0.51

)

 

$

 

 

$

(0.84

)

(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 due to the sale of RLI’s investment in Maui Jim. Prior period amounts have been restated to reflect the adjustment.

(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

2022 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

SUMMARIZED INCOME STATEMENT DATA:

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net premiums earned

 

$

291,468

 

 

$

253,389

 

 

15.0

 

%

 

$

843,430

 

 

 

$

722,984

 

 

 

16.7

 

%

Net investment income

 

 

21,270

 

 

 

17,844

 

 

19.2

 

%

 

 

57,625

 

 

 

 

50,929

 

 

 

13.1

 

%

Net realized gains

 

 

573,170

 

 

 

1,829

 

 

NM

 

 

 

 

591,562

 

 

 

 

52,442

 

 

 

NM

 

 

Net unrealized gains (losses) on equity securities

 

 

(26,414

)

 

 

(2,592

)

 

NM

 

 

 

 

(155,218

)

 

 

 

29,526

 

 

 

NM

 

 

Consolidated revenue

 

$

859,494

 

 

$

270,470

 

 

NM

 

 

 

$

1,337,399

 

 

 

$

855,881

 

 

 

56.3

 

%

Loss and settlement expenses

 

 

165,089

 

 

 

143,656

 

 

14.9

 

%

 

 

388,527

 

 

 

 

355,574

 

 

 

9.3

 

%

Policy acquisition costs

 

 

96,977

 

 

 

80,449

 

 

20.5

 

%

 

 

271,879

 

 

 

 

232,674

 

 

 

16.8

 

%

Insurance operating expenses

 

 

20,606

 

 

 

15,560

 

 

32.4

 

%

 

 

58,794

 

 

 

 

54,504

 

 

 

7.9

 

%

Interest expense on debt

 

 

2,013

 

 

 

1,906

 

 

5.6

 

%

 

 

6,034

 

 

 

 

5,711

 

 

 

5.7

 

%

General corporate expenses

 

 

2,755

 

 

 

2,505

 

 

10.0

 

%

 

 

8,553

 

 

 

 

9,533

 

 

 

(10.3

)

%

Total expenses

 

$

287,440

 

 

$

244,076

 

 

17.8

 

%

 

$

733,787

 

 

 

$

657,996

 

 

 

11.5

 

%

Equity in earnings (loss) of unconsolidated investees

 

 

(17,352

)

 

 

9,043

 

 

NM

 

 

 

 

3,061

 

 

 

 

29,407

 

 

 

(89.6

)

%

Earnings before income taxes

 

$

554,702

 

 

$

35,437

 

 

NM

 

 

 

$

606,673

 

 

 

$

227,292

 

 

 

166.9

 

%

Income tax expense

 

 

114,809

 

 

 

6,194

 

 

NM

 

 

 

 

121,096

 

 

 

 

43,222

 

 

 

180.2

 

%

Net earnings(3)

 

$

439,893

 

 

$

29,243

 

 

NM

 

 

 

$

485,577

 

 

 

$

184,070

 

 

 

163.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

(81,248

)

 

 

(12,240

)

 

NM

 

 

 

 

(294,392

)

 

 

 

(41,810

)

 

 

NM

 

 

Comprehensive earnings

 

$

358,645

 

 

$

17,003

 

 

NM

 

 

 

$

191,185

 

 

 

$

142,260

 

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings(3)

 

$

439,893

 

 

$

29,243

 

 

NM

 

 

 

$

485,577

 

 

 

$

184,070

 

 

 

163.8

 

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains

 

 

(573,170

)

 

 

(1,829

)

 

NM

 

 

 

 

(591,562

)

 

 

 

(52,442

)

 

 

NM

 

 

Income tax on realized gains

 

 

121,199

 

 

 

385

 

 

NM

 

 

 

 

125,061

 

 

 

 

11,013

 

 

 

NM

 

 

Net unrealized (gains) losses on equity securities

 

 

26,414

 

 

 

2,592

 

 

NM

 

 

 

 

155,218

 

 

 

 

(29,526

)

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

(5,547

)

 

 

(544

)

 

NM

 

 

 

 

(32,596

)

 

 

 

6,200

 

 

 

NM

 

 

Equity in (earnings) loss of Maui Jim

 

 

17,993

 

 

 

(5,376

)

 

NM

 

 

 

 

3,121

 

 

 

 

(19,691

)

 

 

NM

 

 

Income tax on equity in earnings (loss) of Maui Jim

 

 

(3,779

)

 

 

1,129

 

 

NM

 

 

 

 

(655

)

 

 

 

4,135

 

 

 

NM

 

 

Operating earnings(2)

 

$

23,004

 

 

$

25,600

 

 

(10.1

)

%

 

$

144,164

 

 

 

$

103,759

 

 

 

38.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

47.8

 

%

 

 

22.8

 

%

 

 

 

Comprehensive earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

22.2

 

%

 

 

19.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in 000's)

 

 

45,775

 

 

 

45,689

 

 

 

 

 

 

45,775

 

 

 

 

45,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share(2)

 

$

9.61

 

 

$

0.64

 

 

NM

 

 

 

$

10.61

 

 

 

$

4.03

 

 

 

163.3

 

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains

 

 

(12.53

)

 

 

(0.04

)

 

NM

 

 

 

 

(12.93

)

 

 

 

(1.15

)

 

 

NM

 

 

Income tax on realized gains

 

 

2.65

 

 

 

0.01

 

 

NM

 

 

 

 

2.73

 

 

 

 

0.24

 

 

 

NM

 

 

Net unrealized (gains) losses on equity securities

 

 

0.58

 

 

 

0.05

 

 

NM

 

 

 

 

3.39

 

 

 

 

(0.65

)

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

(0.12

)

 

 

(0.01

)

 

NM

 

 

 

 

(0.71

)

 

 

 

0.14

 

 

 

NM

 

 

Equity in (earnings) loss of Maui Jim

 

 

0.39

 

 

 

(0.11

)

 

NM

 

 

 

 

0.07

 

 

 

 

(0.43

)

 

 

NM

 

 

Income tax on equity in earnings (loss) of Maui Jim

 

 

(0.08

)

 

 

0.02

 

 

NM

 

 

 

 

(0.01

)

 

 

 

0.09

 

 

 

NM

 

 

Operating earnings per share(1)(2)

 

$

0.50

 

 

$

0.56

 

 

(10.7

)

%

 

$

3.15

 

 

 

$

2.27

 

 

 

38.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings per share

 

$

7.84

 

 

$

0.37

 

 

NM

 

 

 

$

4.18

 

 

 

$

3.11

 

 

 

34.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share - ordinary

 

$

0.26

 

 

$

0.25

 

 

4.0

 

%

 

$

0.77

 

 

 

$

0.74

 

 

 

4.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow provided by Operations

 

$

112,241

 

 

$

115,932

 

 

(3.2

)

%

 

$

282,886

 

 

 

$

280,441

 

 

 

0.9

 

%

(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 due to the sale of RLI’s investment in Maui Jim. Prior period amounts have been restated to reflect the adjustment.

(3)

Net earnings include $437.7 million related to the sale of Maui Jim, which was completed in the third quarter of 2022.

 

NM = Not Meaningful

RLI CORP

2022 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

 

 

 

2022

 

2021

 

% Change

SUMMARIZED BALANCE SHEET DATA:

 

 

 

 

 

 

 

 

 

Fixed income, at fair value

 

$

2,452,039

 

$

2,409,887

 

1.7

 

%

(amortized cost - $2,753,631 at 9/30/22)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

462,988

 

 

613,776

 

(24.6

)

%

(cost - $327,964 at 9/30/22)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Other invested assets

 

 

48,837

 

 

50,501

 

(3.3

)

%

Cash and cash equivalents

 

 

723,511

 

 

88,804

 

NM

 

 

Total investments and cash

 

$

3,687,375

 

$

3,162,968

 

16.6

 

%

 

 

 

 

 

 

 

 

 

 

Premiums and reinsurance balances receivable

 

 

201,781

 

 

167,279

 

20.6

 

%

Ceded unearned premiums

 

 

137,346

 

 

130,916

 

4.9

 

%

Reinsurance balances recoverable on unpaid losses

 

 

770,858

 

 

608,086

 

26.8

 

%

Deferred policy acquisition costs

 

 

128,979

 

 

103,553

 

24.6

 

%

Property and equipment

 

 

50,385

 

 

52,161

 

(3.4

)

%

Investment in unconsolidated investees

 

 

58,105

 

 

171,311

 

(66.1

)

%

Goodwill and intangibles

 

 

53,562

 

 

53,562

 

0.0

 

%

Income taxes - deferred

 

 

51,791

 

 

 

NM

 

 

Other assets

 

 

71,483

 

 

58,466

 

22.3

 

%

Total assets

 

$

5,211,665

 

$

4,508,302

 

15.6

 

%

 

 

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

2,322,737

 

$

2,043,555

 

13.7

 

%

Unearned premiums

 

 

786,485

 

 

680,444

 

15.6

 

%

Reinsurance balances payable

 

 

50,349

 

 

42,851

 

17.5

 

%

Funds held

 

 

100,547

 

 

89,773

 

12.0

 

%

Income taxes - current

 

 

132,446

 

 

3,092

 

NM

 

 

Income taxes - deferred

 

 

 

 

83,509

 

(100.0

)

%

Current portion of long-term debt

 

 

149,816

 

 

 

NM

 

 

Long-term debt

 

 

50,000

 

 

199,676

 

(75.0

)

%

Accrued expenses

 

 

81,066

 

 

98,274

 

(17.5

)

%

Other liabilities

 

 

144,226

 

 

37,767

 

NM

 

 

Total liabilities

 

$

3,817,672

 

$

3,278,941

 

16.4

 

%

Shareholders' equity

 

 

1,393,993

 

 

1,229,361

 

13.4

 

%

Total liabilities & shareholders' equity

 

$

5,211,665

 

$

4,508,302

 

15.6

 

%

 

 

 

 

 

 

 

 

 

 

OTHER DATA:

 

 

 

 

 

 

 

 

 

Common shares outstanding (in 000's)

 

 

45,378

 

 

45,289

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

30.72

 

$

27.14

 

13.2

 

%

Closing stock price per share

 

$

102.38

 

$

112.10

 

(8.7

)

%

 

 

 

 

 

 

 

 

 

 

Statutory surplus

 

$

1,195,898

 

$

1,240,649

 

(3.6

)

%

RLI CORP

2022 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

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

240,366

 

 

 

 

$

126,083

 

 

 

 

 

$

37,301

 

 

 

 

$

403,750

 

 

 

Net premiums written

 

 

192,615

 

 

 

 

 

90,961

 

 

 

 

 

 

35,256

 

 

 

 

 

318,832

 

 

 

Net premiums earned

 

 

179,615

 

 

 

 

 

80,844

 

 

 

 

 

 

31,009

 

 

 

 

 

291,468

 

 

 

Net loss & settlement expenses

 

 

100,714

 

56.1

%

 

 

59,347

 

 

73.4

%

 

 

5,028

 

16.2

%

 

 

165,089

 

56.6

%

Net operating expenses

 

 

67,572

 

37.6

%

 

 

29,805

 

 

36.9

%

 

 

20,206

 

65.2

%

 

 

117,583

 

40.4

%

Underwriting income (loss)(1)

 

$

11,329

 

93.7

%

 

$

(8,308

)

 

110.3

%

 

$

5,775

 

81.4

%

 

$

8,796

 

97.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

GAAP

 

 

 

GAAP

 

 

 

GAAP

 

 

Casualty

 

Ratios

 

Property

 

Ratios

 

Surety

 

Ratios

 

Total

 

Ratios

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

704,502

 

 

 

 

$

371,529

 

 

 

 

 

$

105,667

 

 

 

 

$

1,181,698

 

 

 

Net premiums written

 

 

569,475

 

 

 

 

 

273,312

 

 

 

 

 

 

100,254

 

 

 

 

 

943,041

 

 

 

Net premiums earned

 

 

528,494

 

 

 

 

 

222,974

 

 

 

 

 

 

91,962

 

 

 

 

 

843,430

 

 

 

Net loss & settlement expenses

 

 

278,813

 

52.8

%

 

 

100,187

 

 

44.9

%

 

 

9,527

 

10.4

%

 

 

388,527

 

46.1

%

Net operating expenses

 

 

189,263

 

35.8

%

 

 

82,514

 

 

37.0

%

 

 

58,896

 

64.0

%

 

 

330,673

 

39.2

%

Underwriting income (loss)(1)

 

$

60,418

 

88.6

%

 

$

40,273

 

 

81.9

%

 

$

23,539

 

74.4

%

 

$

124,230

 

85.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

(1)

See discussion above: Non-GAAP and Performance Measures.

Category: Earnings Release

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