RLI
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Competition, particularly from MGAs, is expected to accelerate in 2024.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Michael served as RLI CEO for around 20 years until he stepped down from the specialty insurer in 2021.
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Brodeur will have executive leadership and oversight responsibility for RLI’s pricing, reserving, risk management, reinsurance and due diligence functions.
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The event cost the carrier $66mn, including $14mn related to reinstatement premiums on its catastrophe treaties.
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On the company’s Q3 earnings call, COO Jennifer Klobnak said the E&S property division grew 39%, including via a 42% rate increase.
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The Inside P&C news team runs you through the earnings results for the day.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
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Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.
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The January decision affected the company’s ability to offer primary-only policies and it subsequently did not believe the business model was viable long term.
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The Inside P&C news team runs you through the earnings results for the day.
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Management was speaking after RLI reported a Q1 combined ratio of 77.9% for Q1 2023, unchanged compared to the prior-year quarter, as top line growth accelerated sequentially to 15.6%.
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The specialty carrier booked $4mn of net incurred losses associated with 2023 storms.
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RLI renewed its property per-risk treaty with an estimated 40% risk-adjusted rate increase, and the first dollar retention went up to $2mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The insurer’s NWP grew 14.4% to $298mn, while GWP rose almost 14% to $384mn in Q4.
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In tandem, the company announced promotions of Chris Hughs to VP of general liability and Chris Gleason to VP of contract surety.
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Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The two specialty insurers reported strong Q3 2022 earnings, continuing to outperform the commercial industry in underwriting gains and value creation.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Of the ~$40mn Ian loss net of reinsurance, $33mn impacted RLI’s property business and $7mn its casualty unit for some package policies.
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Overall, the company recorded an $8.8mn underwriting profit for the quarter, down almost 36% from last year.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
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A differentiated investment strategy has led to increased value creation and price-to-book multiples for a small group of specialty carriers.
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The insurer’s results are in line with other carriers, but they are ahead of the curve on adjusting loss costs.
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Commercial insurers surprised with continued positive results despite economic conditions.
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The specialty carrier said hurricane season will have to play out before any market easing takes place, especially in the Southeast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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GWP growth slowed to about 17% on the year, versus the 22% increase in Q1 2022.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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The specialty players are better placed than the commercial lines cohort with pricing and growth outperforming the broader market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive added that the specialty carrier purchased roughly $100mn more reinsurance in its catastrophe tower for both hurricane and earthquake exposure.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company’s underwriting income spiked 99% on the year to $59.5mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The carrier had a minority stake in the eyewear firm.
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The new offering is underwritten by specialty insurer RLI and covers home and offsite exposures such as general liability, equipment, furniture, fixtures and inventory.
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Stock prices fluctuated, and InsurTech short-sellers took some profits.
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The carrier purchased $100mn of additional catastrophe reinsurance, effective January 1, to support its property business growth.
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Gross written premiums were up 12% to $337mn, a slowdown from the roughly 18% growth reported in Q3.
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InsurTechs, including Lemonade, Root, Hippo, and Metromile, shed some short interest but remain the target of choice for short-sellers.
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The elevations of Schick and Ward follow last November’s confirmation of Kliethermes as the insurer’s new effective this January after the retirement of Jonathan Michael at end of this year.
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The appointments are in line with the planned retirement of RLI’s current chairman and CEO, Jonathan Michael in December.
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The firm’s margin expansion – despite rates tapering in some lines, including excess casualty – offset Ida losses during Q3.
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GWP at the carrier grew 18%, a slowdown from the 25% expansion in Q2, while underwriting profits were also boosted by stronger favorable prior-year development.