RLI
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Jonathan Michael has been RLI CEO since 2001. -
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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Craig Kliethermes says full exposure from US state government shutdowns “will take significant time to reveal” itself.
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The specialty carrier lightly beats consensus but reports weaker casualty underwriting with limited details on the Covid-19 effect.
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Samantha Constantinou has joined the carrier’s ocean marine team in New York.
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