RLI

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

The carrier had a minority stake in the eyewear firm.

The new offering is underwritten by specialty insurer RLI and covers home and offsite exposures such as general liability, equipment, furniture, fixtures and inventory.

Stock prices fluctuated, and InsurTech short-sellers took some profits.

The carrier purchased $100mn of additional catastrophe reinsurance, effective January 1, to support its property business growth.

Gross written premiums were up 12% to $337mn, a slowdown from the roughly 18% growth reported in Q3.

InsurTechs, including Lemonade, Root, Hippo, and Metromile, shed some short interest but remain the target of choice for short-sellers.

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.

The appointments are in line with the planned retirement of RLI’s current chairman and CEO, Jonathan Michael in December.

The firm’s margin expansion – despite rates tapering in some lines, including excess casualty – offset Ida losses during Q3.

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.

The carrier’s disclosure on Wednesday is among the earliest looks at Ida's toll across the sector.