RLI

The event cost the carrier $66mn, including $14mn related to reinstatement premiums on its catastrophe treaties.

On the company’s Q3 earnings call, COO Jennifer Klobnak said the E&S property division grew 39%, including via a 42% rate increase.

The Inside P&C news team runs you through the earnings results for the day.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.

Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.

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.

The Inside P&C news team runs you through the earnings results for the day.

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%.

The specialty carrier booked $4mn of net incurred losses associated with 2023 storms.

RLI renewed its property per-risk treaty with an estimated 40% risk-adjusted rate increase, and the first dollar retention went up to $2mn.

Inside P&C’s morning summary of the key stories to get you up to speed fast.