RLI

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.

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The insurer’s NWP grew 14.4% to $298mn, while GWP rose almost 14% to $384mn in Q4.

In tandem, the company announced promotions of Chris Hughs to VP of general liability and Chris Gleason to VP of contract surety.

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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The two specialty insurers reported strong Q3 2022 earnings, continuing to outperform the commercial industry in underwriting gains and value creation.

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

Of the ~$40mn Ian loss net of reinsurance, $33mn impacted RLI’s property business and $7mn its casualty unit for some package policies.

Overall, the company recorded an $8.8mn underwriting profit for the quarter, down almost 36% from last year.

The carrier is the latest in a string of primary insurers to provide loss estimates.