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RLI Reports Third Quarter 2023 Results

RLI Corp. (NYSE: RLI) – RLI Corp. reported third quarter 2023 net earnings of $13.5 million ($0.29 per share), compared to $439.9 million ($9.61 per share) for the third quarter of 2022, which included $437.7 million from the sale of RLI’s investment in Maui Jim, Inc.

Operating earnings(1)(2) for the third quarter of 2023 were $28.3 million ($0.61 per share), compared to $23.0 million ($0.50 per share) for the same period in 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

Year to Date

Earnings Per Diluted Share

 

2023

 

2022

 

2023

 

2022

Net earnings

 

$

0.29

 

$

9.61

 

$

4.12

 

$

10.61

Operating earnings (1) (2)

 

$

0.61

 

$

0.50

 

$

3.40

 

$

3.15

(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 $4.2 million on a combined ratio(1) of 98.7.
  • 11% increase in gross premiums written.
  • 50% increase in net investment income.
  • Favorable development in prior years’ loss reserves, resulting in a $19.8 million net increase in underwriting income.
  • Losses from Hawaiian wildfires, resulting in a $58.2 million net decrease in underwriting income.
  • Book value per share of $28.47, an increase of 13% (inclusive of dividends) from year-end 2022.

“We have been working diligently to help our policyholders recover from the devastating Hawaiian wildfires that occurred in the quarter,” said RLI Corp. President & CEO Craig Kliethermes. “This event contributed 17 points to our combined ratio. Despite this impact, our diversified portfolio delivered underwriting profitability and an 11% increase in gross premiums written. Growth in investment income supported $0.61 per share of operating income, while book value per share increased to $28.47. Recent catastrophes reinforce RLI’s purpose to protect and serve policyholders in times of need. I would like to thank our associate owners, and especially our claim and Hawaii-based teams, for providing unparalleled service to our insureds and agents.”

Underwriting Income

RLI achieved $4.2 million of underwriting income in the third quarter of 2023 on a 98.7 combined ratio, compared to $8.8 million on a 97.0 combined ratio in 2022.

Results for both years include favorable development in prior years’ loss reserves, which resulted in a $19.8 million and $29.0 million net increase to underwriting income for 2023 and 2022, respectively. The favorable development in 2023 was offset by a $58.2 million net reduction to underwriting income for Hawaiian wildfire losses, compared to $34.8 million of hurricane losses in 2022.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting Income (Loss)(1)

 

 

 

 

 

 

 

Combined Ratio(1)

 

 

 

 

(in millions)

 

2023

 

2022

 

 

 

2023

 

2022

Casualty

 

$

18.7

 

 

$

11.3

 

 

Casualty

 

90.1

 

93.7

Property

 

 

(20.7

)

 

 

(8.3

)

 

Property

 

121.8

 

110.3

Surety

 

 

6.2

 

 

 

5.8

 

 

Surety

 

81.7

 

81.4

Total

 

$

4.2

 

 

$

8.8

 

 

Total

 

98.7

 

97.0

(1)

See discussion below: Non-GAAP and Performance Measures.

Other Income

Net investment income for the quarter increased 50.3% to $32.0 million, compared to the same period in 2022. The investment portfolio’s total return was -1.7% for the quarter and 2.2% for the nine months ended September 30, 2023.

RLI’s comprehensive loss was $43.3 million for the quarter (-$0.94 per share), compared to comprehensive earnings of $358.6 million ($7.84 per share) for the same quarter in 2022. In addition to net earnings, comprehensive loss included after-tax unrealized losses from the fixed income portfolio, due to rising interest rates. Comprehensive earnings for 2022 were elevated from the sale of RLI’s investment in Maui Jim.

Dividends Paid in Third Quarter of 2023

On September 20, 2023, the company paid a regular quarterly dividend of $0.27 per share, the same amount as the prior quarter. RLI’s cumulative dividends total more than $764 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

At 10 a.m. central daylight time (CDT) tomorrow, October 24, 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/461007055.

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

 

Nine Months Ended

 

 

September 30,

 

September 30,

(Dollars in millions, except per share amounts)

 

2023

 

2022

 

2023

 

2022

Favorable development in casualty prior years' reserves

 

$

22.1

 

 

$

28.2

 

 

$

67.0

 

 

$

72.9

 

Favorable (unfavorable) development in property prior years' reserves

 

$

(1.9

)

 

$

3.3

 

 

$

14.3

 

 

$

20.8

 

Favorable development in surety prior years' reserves

 

$

0.8

 

 

$

1.8

 

 

$

8.2

 

 

$

9.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

2023 storms

 

$

(5.0

)

 

$

 

 

$

(27.0

)

 

$

 

Hawaiian wildfires

 

$

(51.6

)

 

$

 

 

$

(51.6

)

 

$

 

2022 and prior events

 

$

1.4

 

 

$

(40.0

)

 

$

4.5

 

 

$

(45.0

)

Reinstatement premium from Hawaiian wildfires

 

$

(14.4

)

 

$

 

 

$

(14.4

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2023

 

2022

 

2023

 

2022

Operating Earnings Per Share(1) (2)

 

$

0.61

 

 

$

0.50

 

 

$

3.40

 

 

$

3.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable development in casualty prior years' reserves

 

$

0.33

 

 

$

0.44

 

 

$

1.00

 

 

$

1.11

 

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

 

$

(0.04

)

 

$

0.04

 

 

$

0.20

 

 

$

0.31

 

Net favorable development in surety prior years' reserves

 

$

0.01

 

 

$

0.02

 

 

$

0.12

 

 

$

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

2023 storms

 

$

(0.07

)

 

$

 

 

$

(0.40

)

 

$

 

Hawaiian wildfires (incurred loss and reinstatement premium)

 

$

(0.97

)

 

$

 

 

$

(0.97

)

 

$

 

2022 and prior events

 

$

0.02

 

 

$

(0.60

)

 

$

0.06

 

 

$

(0.68

)

(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 September 30,

 

 

Nine Months Ended September 30,

 

SUMMARIZED INCOME STATEMENT DATA:

 

2023

 

2022

 

% Change

 

 

2023

 

2022

 

 

% Change

 

Net premiums earned

 

$

318,409

 

 

$

291,468

 

 

9.2

 

%

 

$

948,412

 

 

$

843,430

 

 

 

12.4

 

%

Net investment income

 

 

31,963

 

 

 

21,270

 

 

50.3

 

%

 

 

87,835

 

 

 

57,625

 

 

 

52.4

 

%

Net realized gains

 

 

6,558

 

 

 

573,170

 

 

(98.9

)

%

 

 

26,758

 

 

 

591,562

 

 

 

(95.5

)

%

Net unrealized gains (losses) on equity securities

 

 

(25,236

)

 

 

(26,414

)

 

(4.5

)

%

 

 

15,474

 

 

 

(155,218

)

 

 

NM

 

 

Consolidated revenue

 

$

331,694

 

 

$

859,494

 

 

(61.4

)

%

 

$

1,078,479

 

 

$

1,337,399

 

 

 

(19.4

)

%

Loss and settlement expenses

 

 

189,558

 

 

 

165,089

 

 

14.8

 

%

 

 

457,989

 

 

 

388,527

 

 

 

17.9

 

%

Policy acquisition costs

 

 

103,013

 

 

 

96,977

 

 

6.2

 

%

 

 

307,083

 

 

 

271,879

 

 

 

12.9

 

%

Insurance operating expenses

 

 

21,591

 

 

 

20,606

 

 

4.8

 

%

 

 

70,002

 

 

 

58,794

 

 

 

19.1

 

%

Interest expense on debt

 

 

1,873

 

 

 

2,013

 

 

(7.0

)

%

 

 

5,928

 

 

 

6,034

 

 

 

(1.8

)

%

General corporate expenses

 

 

2,372

 

 

 

2,755

 

 

(13.9

)

%

 

 

10,805

 

 

 

8,553

 

 

 

26.3

 

%

Total expenses

 

$

318,407

 

 

$

287,440

 

 

10.8

 

%

 

$

851,807

 

 

$

733,787

 

 

 

16.1

 

%

Equity in earnings (loss) of unconsolidated investees

 

 

1,732

 

 

 

(17,352

)

 

NM

 

 

 

 

7,169

 

 

 

3,061

 

 

 

134.2

 

%

Earnings before income taxes

 

$

15,019

 

 

$

554,702

 

 

(97.3

)

%

 

$

233,841

 

 

$

606,673

 

 

 

(61.5

)

%

Income tax expense

 

 

1,483

 

 

 

114,809

 

 

(98.7

)

%

 

 

43,842

 

 

 

121,096

 

 

 

(63.8

)

%

Net earnings

 

$

13,536

 

 

$

439,893

 

 

(96.9

)

%

 

$

189,999

 

 

$

485,577

 

 

 

(60.9

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

(56,834

)

 

 

(81,248

)

 

(30.0

)

%

 

 

(38,848

)

 

 

(294,392

)

 

 

(86.8

)

%

Comprehensive earnings (loss)

 

$

(43,298

)

 

$

358,645

 

 

NM

 

 

 

$

151,151

 

 

$

191,185

 

 

 

(20.9

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

13,536

 

 

$

439,893

 

 

(96.9

)

%

 

$

189,999

 

 

$

485,577

 

 

 

(60.9

)

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains

 

 

(6,558

)

 

 

(573,170

)

 

(98.9

)

%

 

 

(26,758

)

 

 

(591,562

)

 

 

(95.5

)

%

Income tax on realized gains

 

 

1,377

 

 

 

121,199

 

 

(98.9

)

%

 

 

5,619

 

 

 

125,061

 

 

 

(95.5

)

%

Net unrealized (gains) losses on equity securities

 

 

25,236

 

 

 

26,414

 

 

(4.5

)

%

 

 

(15,474

)

 

 

155,218

 

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

(5,299

)

 

 

(5,547

)

 

(4.5

)

%

 

 

3,250

 

 

 

(32,596

)

 

 

NM

 

 

Equity in earnings of Maui Jim

 

 

 

 

 

17,993

 

 

(100.0

)

%

 

 

 

 

 

3,121

 

 

 

(100.0

)

%

Income tax on equity in earnings of Maui Jim

 

 

 

 

 

(3,778

)

 

(100.0

)

%

 

 

 

 

 

(655

)

 

 

(100.0

)

%

Operating earnings(2)

 

$

28,292

 

 

$

23,004

 

 

23.0

 

%

 

$

156,636

 

 

$

144,164

 

 

 

8.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

22.1

 

%

 

47.8

 

%

 

 

 

Comprehensive earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

20.3

 

%

 

22.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in 000's)

 

 

46,065

 

 

 

45,775

 

 

 

 

 

 

46,067

 

 

 

45,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share(2)

 

$

0.29

 

 

$

9.61

 

 

(97.0

)

%

 

$

4.12

 

 

$

10.61

 

 

 

(61.2

)

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains

 

 

(0.14

)

 

 

(12.53

)

 

(98.9

)

%

 

 

(0.58

)

 

 

(12.93

)

 

 

(95.5

)

%

Income tax on realized gains

 

 

0.03

 

 

 

2.65

 

 

(98.9

)

%

 

 

0.13

 

 

 

2.73

 

 

 

(95.2

)

%

Net unrealized (gains) losses on equity securities

 

 

0.55

 

 

 

0.58

 

 

(5.2

)

%

 

 

(0.34

)

 

 

3.39

 

 

 

NM

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

(0.12

)

 

 

(0.12

)

 

 

%

 

 

0.07

 

 

 

(0.71

)

 

 

NM

 

 

Equity in earnings of Maui Jim

 

 

 

 

 

0.39

 

 

(100.0

)

%

 

 

 

 

 

0.07

 

 

 

(100.0

)

%

Income tax on equity in earnings of Maui Jim

 

 

 

 

 

(0.08

)

 

(100.0

)

%

 

 

 

 

 

(0.01

)

 

 

(100.0

)

%

Operating earnings per share(1)(2)

 

$

0.61

 

 

$

0.50

 

 

22.0

 

%

 

$

3.40

 

 

$

3.15

 

 

 

7.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings (loss) per share

 

$

(0.94

)

 

$

7.84

 

 

NM

 

 

 

$

3.28

 

 

$

4.18

 

 

 

(21.5

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share - ordinary

 

$

0.27

 

 

$

0.26

 

 

3.8

 

%

 

$

0.80

 

 

$

0.77

 

 

 

3.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow provided by Operations

 

$

85,030

 

 

$

112,241

 

 

(24.2

)

%

 

$

328,625

 

 

$

282,886

 

 

 

16.2

 

%

(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)

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

 

 

 

2023

 

2022

 

% Change

 

SUMMARIZED BALANCE SHEET DATA:

 

 

 

 

 

 

 

 

 

Fixed income, at fair value

 

$

2,717,627

 

$

2,666,950

 

1.9

 

%

(amortized cost - $3,046,785 at 9/30/23)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

534,436

 

 

498,382

 

7.2

 

%

(cost - $347,772 at 9/30/23)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

125,032

 

 

36,229

 

245.1

 

%

Other invested assets

 

 

59,730

 

 

47,922

 

24.6

 

%

Cash and cash equivalents

 

 

18,445

 

 

22,818

 

(19.2

)

%

Total investments and cash

 

$

3,455,270

 

$

3,272,301

 

5.6

 

%

 

 

 

 

 

 

 

 

 

 

Accrued investment income

 

 

25,328

 

 

21,259

 

19.1

 

%

Premiums and reinsurance balances receivable

 

 

225,821

 

 

189,501

 

19.2

 

%

Ceded unearned premiums

 

 

111,072

 

 

138,457

 

(19.8

)

%

Reinsurance balances recoverable on unpaid losses

 

 

820,954

 

 

740,089

 

10.9

 

%

Deferred policy acquisition costs

 

 

150,666

 

 

127,859

 

17.8

 

%

Property and equipment

 

 

48,596

 

 

49,573

 

(2.0

)

%

Investment in unconsolidated investees

 

 

56,110

 

 

58,275

 

(3.7

)

%

Goodwill and intangibles

 

 

53,562

 

 

53,562

 

0.0

 

%

Income taxes - deferred

 

 

51,403

 

 

40,269

 

27.6

 

%

Other assets

 

 

84,744

 

 

75,923

 

11.6

 

%

Total assets

 

$

5,083,526

 

$

4,767,068

 

6.6

 

%

 

 

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

2,488,695

 

$

2,315,637

 

7.5

 

%

Unearned premiums

 

 

906,139

 

 

785,085

 

15.4

 

%

Reinsurance balances payable

 

 

56,570

 

 

61,100

 

(7.4

)

%

Funds held

 

 

103,424

 

 

101,144

 

2.3

 

%

Income taxes - current

 

 

5,546

 

 

 

NM

 

 

Debt

 

 

100,000

 

 

199,863

 

(50.0

)

%

Accrued expenses

 

 

85,640

 

 

94,869

 

(9.7

)

%

Other liabilities

 

 

38,421

 

 

32,029

 

20.0

 

%

Total liabilities

 

$

3,784,435

 

$

3,589,727

 

5.4

 

%

Shareholders' equity

 

 

1,299,091

 

 

1,177,341

 

10.3

 

%

Total liabilities & shareholders' equity

 

$

5,083,526

 

$

4,767,068

 

6.6

 

%

 

 

 

 

 

 

 

 

 

 

OTHER DATA:

 

 

 

 

 

 

 

 

 

Common shares outstanding (in 000's)

 

 

45,626

 

 

45,470

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

28.47

 

$

25.89

 

10.0

 

%

Closing stock price per share

 

$

135.89

 

$

131.27

 

3.5

 

%

 

 

 

 

 

 

 

 

 

 

Statutory surplus

 

$

1,509,538

 

$

1,437,324

 

5.0

 

%

RLI CORP

2023 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

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

254,307

 

 

 

$

158,590

 

 

 

 

$

36,427

 

 

 

$

449,324

 

 

 

Net premiums written

 

 

207,177

 

 

 

 

93,207

 

 

 

 

 

34,340

 

 

 

 

334,724

 

 

 

Net premiums earned

 

 

189,305

 

 

 

 

94,988

 

 

 

 

 

34,116

 

 

 

 

318,409

 

 

 

Net loss & settlement expenses

 

 

101,750

 

53.7

%

 

81,932

 

 

86.3

%

 

5,876

 

17.2

%

 

189,558

 

59.5

%

Net operating expenses

 

 

68,885

 

36.4

%

 

33,727

 

 

35.5

%

 

21,992

 

64.5

%

 

124,604

 

39.2

%

Underwriting income (loss)(1)

 

$

18,670

 

90.1

%

$

(20,671

)

 

121.8

%

$

6,248

 

81.7

%

$

4,247

 

98.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

Casualty

 

Ratios

 

Property

 

Ratios

 

Surety

 

Ratios

 

Total

 

Ratios

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

723,198

 

 

 

$

539,325

 

 

 

$

109,777

 

 

 

$

1,372,300

 

 

 

Net premiums written

 

 

597,356

 

 

 

 

395,903

 

 

 

 

103,591

 

 

 

 

1,096,850

 

 

 

Net premiums earned

 

 

562,384

 

 

 

 

285,596

 

 

 

 

100,432

 

 

 

 

948,412

 

 

 

Net loss & settlement expenses

 

 

296,633

 

52.7

%

 

149,508

 

52.3

%

 

11,848

 

11.8

%

 

457,989

 

48.3

%

Net operating expenses

 

 

208,273

 

37.1

%

 

102,499

 

35.9

%

 

66,313

 

66.0

%

 

377,085

 

39.7

%

Underwriting income (loss)(1)

 

$

57,478

 

89.8

%

$

33,589

 

88.2

%

$

22,271

 

77.8

%

$

113,338

 

88.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

(1)

See discussion above: Non-GAAP and Performance Measures.

Category: Earnings Release

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