RLI

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.

The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.

Employment data indicates that easy growth and margin expansion may slow soon.

RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.