RLI
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Big ticket commercial insurance rates rose 22% in Q4 overall, Marsh data shows.
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The specialty insurer produced an operating profit of $34mn in Q4, compared with $28.6mn in Q4 2019. -
Inside P&C’s research team examines some of the areas that will be closely watched during the results season.
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Jonathan Michael has been RLI CEO since 2001.
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The specialty insurer provides positive news on rates, growth and claims trends.
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Hurricanes Hanna, Isaias, Laura, and Sally cost the insurer $33.2mn and pushed its property combined ratio up YoY to 144%.
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The estimate includes claims from four hurricanes: Hanna, Isaias, Laura and Sally.
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Ward is replacing John Stenhouse who has retired after two decades at the specialty insurer.
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RLI’s combined ratio improved by 4.4 points in the second quarter to 88.4%.
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The carrier recognized a $6mn of Covid-related losses, following no such losses reported in Q1.
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The second day of P&C earnings played out with more of the “leaning in” to negativity we had been expecting, and led to investors punishing the stocks of Chubb and RLI.
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RLI shares plunged by nearly 12 percent, while and Argo dropped over 6 percent.
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