UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 17, 2011
RLI Corp.
(Exact name of registrant as specified in its charter)
Illinois |
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001-09463 |
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37-0889946 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
of incorporation) |
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File Number) |
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Identification No.) |
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9025 North Lindbergh Drive, Peoria, IL |
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61615 | ||
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (309) 692-1000
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On November 17, 2011, RLI announced that its Board of Directors approved an extraordinary cash dividend on its common stock of $5.00 per share and a regular quarterly dividend on its common stock of $0.30 per share. Both dividends are payable on December 20, 2011, to shareholders of record as of November 30, 2011. Furnished as Exhibit 99.1 and incorporated herein by reference is the press release issued by RLI.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
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99.1 |
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Press Release dated November 17, 2011. |
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This Exhibit is furnished pursuant to Item 8.01 hereof and should not be deemed to be filed under the Securities Exchange Act of 1934. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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RLI CORP. | |
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Date: November 17, 2011 |
By: |
/s/ Daniel O. Kennedy |
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Daniel O. Kennedy | |
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Vice President and General Counsel |
Exhibit 99.1
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NEWS RELEASE | |
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RLI Corp. |
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9025 N. Lindbergh Drive | Peoria, IL 61615-1431 |
FOR IMMEDIATE RELEASE |
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CONTACT: Aaron Jacoby |
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(309) 693-5880 |
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Aaron.Jacoby@rlicorp.com |
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www.rlicorp.com |
RLI Declares Regular and Special Dividend
PEORIA, ILLINOIS, November 17, 2011, RLI Corp. (NYSE:RLI) The RLI Corp. board of directors has declared an extraordinary cash dividend of $5.00 per share of common stock, which is expected to total approximately $105 million, and a regular quarterly cash dividend of $0.30 per share. Both dividends are payable on December 20, 2011 to shareholders of record as of November 30, 2011.
Based on our strong balance sheet, cash position and confidence in the business, the Board has decided to return a portion of our excess capital to our shareholders with a special dividend, said RLI Corp. Chairman & CEO Jonathan E. Michael. Our top priority with excess capital is always to make strategic investments in our business, as demonstrated by the recent acquisition of CBIC. However, when our capital exceeds our needs, we return it to our shareholders.
Since the beginning of 2007, RLI has returned nearly $600 million dollars to shareholders, including this special dividend, in the form of dividends and share repurchases. RLIs special dividends are not regular in nature, and may or may not occur in the future. Any determination to declare a special dividend, as well as the amount of any special dividend, is based on the Companys financial position, earnings, market conditions and other relevant factors at that time.
RLI, a specialty insurance company, offers a diversified portfolio of property and casualty coverages and surety bonds serving niche or underserved markets. RLI operates in all 50 states from office locations across the country. RLIs insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and RLI Indemnity Company are rated A+ Superior by A.M. Best Company and A+ Strong by Standard & Poors. RLIs newest subsidiary, Contractors Bonding and Insurance Company, is rated A Excellent by A.M. Best Company. RLI is recognized as one of the insurance industrys top performing companies by its designation as a Wards 50® Top P&C Performer and has been a member of the group for 21 straight years since the lists inception in 1991.
For additional information, contact Aaron Jacoby, Vice President, Corporate Development at (309) 693-5880 or at aaron.jacoby@rlicorp.com or visit our website at www.rlicorp.com.
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