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): July 17, 2013
RLI Corp.
(Exact name of registrant as specified in its charter)
Illinois |
|
001-09463 |
|
37-0889946 |
(State or other jurisdiction |
|
(Commission |
|
(IRS Employer |
of incorporation) |
|
File Number) |
|
Identification No.) |
9025 North Lindbergh Drive, Peoria, IL |
|
61615 |
(Address of principal executive offices) |
|
(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 2.02 Results of Operations and Financial Condition.
On July 17, 2013, RLI Corp. announced its results of operations for the second quarter of 2013. Furnished as Exhibit 99.1 and incorporated herein by reference is the press release issued by RLI Corp.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
|
Description |
|
|
|
99.1 |
|
Press Release dated July 17, 2013 (this Exhibit is furnished pursuant to Item 2.02 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.
|
RLI CORP. | |
|
| |
Date: July 17, 2013 |
By: |
/s/ Daniel O. Kennedy |
|
Daniel O. Kennedy | |
|
Vice President and General Counsel |
Exhibit 99.1
· RLI Corp. |
|
NEWS RELEASE
9025 N. Lindbergh Drive | Peoria, IL 61615-1431 P: 309-692-1000 | F: 309-692-1068 | www.rlicorp.com |
FOR IMMEDIATE RELEASE |
|
CONTACT: Aaron Jacoby |
|
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(309) 693-5880 |
|
|
Aaron.Jacoby@rlicorp.com |
|
|
www.rlicorp.com |
RLI Reports Second Quarter 2013 Results
PEORIA, ILLINOIS, July 17, 2013 RLI Corp. (NYSE: RLI) RLI Corp. reported second quarter 2013 operating earnings of $27.5 million ($1.27 per share), compared to $25.2 million ($1.17 per share) for the second quarter of 2012. For the six months ended June 30, 2013, operating earnings were $49.9 million ($2.31 per share) compared to $45.8 million ($2.13 per share) for the same period in 2012.
|
|
Second Quarter |
| ||||
Earnings Per Diluted Share |
|
2013 |
|
2012 |
| ||
Operating earnings (1) |
|
$ |
1.27 |
|
$ |
1.17 |
|
Net earnings |
|
$ |
1.38 |
|
$ |
1.15 |
|
(1) See discussion of non-GAAP financial measures on page 2.
Highlights for the quarter included:
· 11% growth in gross premiums written and 15% growth in net premiums written.
· Underwriting income of $25.6 million, resulting in a combined ratio of 83.4.
· $24.6 million net increase in underwriting income resulting from favorable development on prior years loss reserves.
· $8.8 million net decrease in underwriting income resulting from 2013 spring storms.
· Book value per share of $38.64, an increase of 3.2% from year end 2012.
Our underwriters delivered excellent results, as evidenced by the 83 combined ratio and 11% growth in gross premiums written this quarter, said RLI Corp. Chairman & CEO Jonathan E. Michael. Premium production continues to benefit from improved market conditions and newer product initiatives, particularly within our casualty segment.
Our performance during the quarter showcases RLIs underwriting-focused business model and well-diversified product portfolio, which enable the agile pursuit of new underwriting opportunities and the consistent delivery of superior results, said Michael.
Underwriting income
RLI achieved $25.6 million of underwriting income in the second quarter of 2013 on an 83.4 combined ratio, compared to $21.6 million of underwriting income on an 84.7 combined ratio in the same quarter for 2012.
Underwriting Income (Loss) |
|
Second Quarter |
| ||||
(in millions) |
|
2013 |
|
2012 |
| ||
Casualty |
|
$ |
14.6 |
|
$ |
11.0 |
|
Property |
|
2.2 |
|
(0.3 |
) | ||
Surety |
|
8.8 |
|
10.9 |
| ||
Total |
|
$ |
25.6 |
|
$ |
21.6 |
|
|
|
Second Quarter |
| ||
Combined Ratio |
|
2013 |
|
2012 |
|
Casualty |
|
81.3 |
|
83.2 |
|
Property |
|
95.6 |
|
100.6 |
|
Surety |
|
67.2 |
|
58.2 |
|
Total |
|
83.4 |
|
84.7 |
|
Results for 2013 include $24.6 million in favorable development in prior years loss reserves, compared to $26.5 million in favorable development in prior years loss reserves in 2012. Partially offsetting the favorable results in both periods were spring storm losses of $8.8 million in 2013 and $12.0 million in 2012.
RLI reported year-to-date underwriting income of $45.4 million representing an 84.8 combined ratio through June 30, 2013, versus $36.6 million of underwriting income representing an 86.9 combined ratio for the same period last year.
more
Other income
RLIs net investment income for the quarter declined 13.3% to $12.8 million, compared to the same period in 2012. For the six-month period ended June 30, 2013, investment income was $25.7 million versus $30.1 million for the same period in 2012. The investment portfolios total return was -1.8% for the quarter. The bond portfolios return was -2.9% in the quarter, which was largely due to an increase in interest rates, while the equity portfolio gained 2.4%. Through six months, the investment portfolios total return was 0.7% with the bond portfolio returning -2.7% and equities returning 14.3%.
Comprehensive earnings, which include after-tax unrealized gains/losses from the investment portfolio, were -$3.6 million (-$0.17 per share) for the quarter compared to $30.6 million ($1.42 per share) for the same quarter in 2012. Year-to-date comprehensive earnings were $38.8 million ($1.79 per share), compared to $69.5 million ($3.23 per share) for the same period last year.
During the quarter, equity in earnings of unconsolidated investee was $4.6 million compared to $4.1 million from the same period last year. These results are related to Maui Jim, Inc., a producer of premium sunglasses. For the six-month period ended June 30, 2013, equity in earnings of unconsolidated investee was $8.1 million versus $7.1 million in 2012.
Dividend paid in the second quarter 2013
On June 20, 2013, the company paid a dividend of $0.34 per share, its 148th consecutive quarterly dividend paid to shareholders. This dividend represents a $0.02 increase over the prior quarter, marking the 38th consecutive year that RLI has increased its dividend.
Non-GAAP measures
Underwriting income, operating earnings, earnings per share (EPS) from operations and other per share items are non-GAAP financial measures, and we believe that investors understanding of RLIs core operating performance is enhanced by our disclosure of these financial measures. Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting losses and settlement expenses, policy acquisition costs, and insurance operating expenses from net premium earned. Operating earnings and EPS from operations consist of our net earnings adjusted by net realized investment gains/(losses) and taxes related to net realized gains/(losses). Our definitions of these items may not be comparable to the definitions used by other companies. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and EPS from operations. All earnings per share data are calculated using fully diluted shares. Combined ratio refers to a GAAP combined ratio.
Other news
During the second quarter, the Companys A+ Superior financial strength rating was affirmed by A.M. Best for the following RLI insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company, RLI Indemnity Company and Contractors Bonding and Insurance Company.
At 10 a.m. central time (CT) tomorrow, July 18, 2013, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion through the Internet at www.media-server.com/m/p/e95efvm5.
Except for historical information, this news release may include forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectations about the future performance of our company or our business segments or about future market conditions. These statements are subject to certain risk factors that could cause actual results to differ materially. Various risk factors that could affect future results are listed in the companys filings with the Securities and Exchange Commission; including the Form 10-K Annual Report for the year ended December 31, 2012.
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, RLI Indemnity Company and Contractors Bonding and Insurance Company are rated A+ Superior by A.M. Best Company.
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.
Supplemental disclosure regarding the earnings impact of specific items:
|
|
Operating Earnings Per Share |
| ||||||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||
|
|
2nd Qtr |
|
2nd Qtr |
|
6 Mos. |
|
6 Mos. |
| ||||
Operating Earnings Per Share |
|
$ |
1.27 |
|
$ |
1.17 |
|
$ |
2.31 |
|
$ |
2.13 |
|
|
|
|
|
|
|
|
|
|
| ||||
Specific items included in operating earnings per share: (1) (2) |
|
|
|
|
|
|
|
|
| ||||
· Favorable development on casualty prior years reserves |
|
$ |
0.55 |
|
$ |
0.47 |
|
$ |
0.85 |
|
$ |
0.65 |
|
· Favorable development on property prior years reserves |
|
$ |
0.02 |
|
$ |
0.11 |
|
$ |
0.02 |
|
$ |
0.18 |
|
· Favorable development on surety prior years reserves |
|
$ |
0.13 |
|
$ |
0.22 |
|
$ |
0.14 |
|
$ |
0.17 |
|
· Catastrophe impact |
|
|
|
|
|
|
|
|
| ||||
· 2013 spring storms |
|
$ |
(0.26 |
) |
$ |
|
|
$ |
(0.26 |
) |
$ |
|
|
· 2012 and prior spring storms |
|
$ |
|
|
$ |
(0.39 |
) |
$ |
(0.01 |
) |
$ |
(0.39 |
) |
· 2012 and prior hurricanes |
|
$ |
0.04 |
|
$ |
0.03 |
|
$ |
0.05 |
|
$ |
0.06 |
|
(1) Includes bonus and profit sharing-related impacts which affected other insurance and general corporate expenses.
(2) Reserve development reflects changes from previously estimated losses.
RLI CORP.
2013 FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| ||||||||||||
|
|
2013 |
|
2012 |
|
% Change |
|
2013 |
|
2012 |
|
% Change |
| ||||
SUMMARIZED INCOME STATEMENT DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net premiums earned |
|
$ |
154,553 |
|
$ |
141,584 |
|
9.2 |
% |
$ |
298,704 |
|
$ |
278,864 |
|
7.1 |
% |
Net investment income |
|
12,847 |
|
14,826 |
|
-13.3 |
% |
25,733 |
|
30,119 |
|
-14.6 |
% | ||||
Net realized investment gains (losses) |
|
3,742 |
|
(664 |
) |
|
|
7,426 |
|
10,752 |
|
-30.9 |
% | ||||
Consolidated revenue |
|
171,142 |
|
155,746 |
|
9.9 |
% |
331,863 |
|
319,735 |
|
3.8 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loss and settlement expenses |
|
65,607 |
|
61,005 |
|
7.5 |
% |
127,055 |
|
122,888 |
|
3.4 |
% | ||||
Policy acquisition costs |
|
51,502 |
|
48,173 |
|
6.9 |
% |
101,838 |
|
96,370 |
|
5.7 |
% | ||||
Other insurance expenses |
|
11,885 |
|
10,783 |
|
10.2 |
% |
24,454 |
|
23,042 |
|
6.1 |
% | ||||
Interest expense on debt |
|
1,513 |
|
1,525 |
|
-0.8 |
% |
3,025 |
|
3,025 |
|
0.0 |
% | ||||
General corporate expenses |
|
1,692 |
|
1,815 |
|
-6.8 |
% |
4,078 |
|
3,802 |
|
7.3 |
% | ||||
Total expenses |
|
132,199 |
|
123,301 |
|
7.2 |
% |
260,450 |
|
249,127 |
|
4.5 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Equity in earnings of unconsolidated investee |
|
4,633 |
|
4,123 |
|
12.4 |
% |
8,132 |
|
7,069 |
|
15.0 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Earnings before income taxes |
|
43,576 |
|
36,568 |
|
19.2 |
% |
79,545 |
|
77,677 |
|
2.4 |
% | ||||
Income tax expense |
|
13,674 |
|
11,820 |
|
15.7 |
% |
24,796 |
|
24,891 |
|
-0.4 |
% | ||||
Net earnings |
|
$ |
29,902 |
|
$ |
24,748 |
|
20.8 |
% |
$ |
54,749 |
|
$ |
52,786 |
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Other comprehensive earnings (loss), net of tax |
|
(33,481 |
) |
5,890 |
|
|
|
(15,928 |
) |
16,666 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Comprehensive earnings (loss) |
|
$ |
(3,579 |
) |
$ |
30,638 |
|
|
|
$ |
38,821 |
|
$ |
69,452 |
|
-44.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Operating earnings: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net earnings |
|
$ |
29,902 |
|
$ |
24,748 |
|
20.8 |
% |
$ |
54,749 |
|
$ |
52,786 |
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Less: Realized investment gains (losses), net of tax |
|
2,432 |
|
(431 |
) |
|
|
4,827 |
|
6,989 |
|
-30.9 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Operating earnings |
|
$ |
27,470 |
|
$ |
25,179 |
|
9.1 |
% |
$ |
49,922 |
|
$ |
45,797 |
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Return on Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net earnings (trailing four quarters) |
|
|
|
|
|
|
|
12.5 |
% |
12.8 |
% |
|
| ||||
Comprehensive earnings (trailing four quarters) |
|
|
|
|
|
|
|
11.7 |
% |
16.4 |
% |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted average shares outstanding (in 000s) |
|
21,670 |
|
21,514 |
|
|
|
21,634 |
|
21,521 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
EPS from operations (1) |
|
$ |
1.27 |
|
$ |
1.17 |
|
8.5 |
% |
$ |
2.31 |
|
$ |
2.13 |
|
8.5 |
% |
Realized gains (losses), net of tax |
|
0.11 |
|
(0.02 |
) |
|
|
0.22 |
|
0.32 |
|
-31.3 |
% | ||||
Net earnings per share |
|
$ |
1.38 |
|
$ |
1.15 |
|
20.0 |
% |
$ |
2.53 |
|
$ |
2.45 |
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Comprehensive earnings (loss) per share |
|
$ |
(0.17 |
) |
$ |
1.42 |
|
|
|
$ |
1.79 |
|
$ |
3.23 |
|
-44.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash dividends per share |
|
$ |
0.34 |
|
$ |
0.32 |
|
6.3 |
% |
$ |
0.66 |
|
$ |
0.62 |
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Cash Flow provided by (used in) Operations |
|
$ |
33,109 |
|
$ |
(28,806 |
) |
|
|
$ |
26,781 |
|
$ |
(32,053 |
) |
|
|
(1) See discussion of non-GAAP financial measures on page 2.
RLI CORP.
2013 FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
|
|
June 30, |
|
December 31, |
|
|
| ||
|
|
2013 |
|
2012 |
|
% Change |
| ||
SUMMARIZED BALANCE SHEET DATA: |
|
|
|
|
|
|
| ||
Fixed income |
|
$ |
1,400,161 |
|
$ |
1,390,317 |
|
0.7 |
% |
(amortized cost - $1,381,425 at 6/30/13) |
|
|
|
|
|
|
| ||
(amortized cost - $1,306,084 at 12/31/12) |
|
|
|
|
|
|
| ||
Equity securities |
|
416,814 |
|
375,788 |
|
10.9 |
% | ||
(cost - $240,066 at 6/30/13) |
|
|
|
|
|
|
| ||
(cost - $240,287 at 12/31/12) |
|
|
|
|
|
|
| ||
Cash and cash equivalents |
|
23,573 |
|
74,776 |
|
-68.5 |
% | ||
Total investments and cash |
|
1,840,548 |
|
1,840,881 |
|
0.0 |
% | ||
|
|
|
|
|
|
|
| ||
Premiums and reinsurance balances receivable |
|
159,297 |
|
139,355 |
|
14.3 |
% | ||
Ceded unearned premiums |
|
79,493 |
|
73,192 |
|
8.6 |
% | ||
Reinsurance recoverable on unpaid losses |
|
339,132 |
|
359,884 |
|
-5.8 |
% | ||
Deferred acquisition costs |
|
62,007 |
|
52,344 |
|
18.5 |
% | ||
Property and equipment |
|
34,491 |
|
27,987 |
|
23.2 |
% | ||
Investment in unconsolidated investee |
|
60,004 |
|
52,128 |
|
15.1 |
% | ||
Goodwill and intangibles |
|
75,463 |
|
76,113 |
|
-0.9 |
% | ||
Other assets |
|
25,240 |
|
22,748 |
|
11.0 |
% | ||
Total assets |
|
$ |
2,675,675 |
|
$ |
2,644,632 |
|
1.2 |
% |
|
|
|
|
|
|
|
| ||
Unpaid losses and settlement expenses |
|
1,111,491 |
|
1,158,483 |
|
-4.1 |
% | ||
Unearned premiums |
|
429,858 |
|
369,346 |
|
16.4 |
% | ||
Reinsurance balances payable |
|
41,232 |
|
43,959 |
|
-6.2 |
% | ||
Funds held |
|
57,759 |
|
56,633 |
|
2.0 |
% | ||
Debt - notes payable |
|
100,000 |
|
100,000 |
|
0.0 |
% | ||
Income taxes - deferred |
|
51,586 |
|
55,566 |
|
-7.2 |
% | ||
Accrued expenses |
|
34,895 |
|
49,933 |
|
-30.1 |
% | ||
Other liabilities |
|
24,217 |
|
14,349 |
|
68.8 |
% | ||
Total liabilities |
|
1,851,038 |
|
1,848,269 |
|
0.1 |
% | ||
Shareholders equity |
|
824,637 |
|
796,363 |
|
3.6 |
% | ||
Total liabilities & shareholders equity |
|
$ |
2,675,675 |
|
$ |
2,644,632 |
|
1.2 |
% |
|
|
|
|
|
|
|
| ||
OTHER DATA |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Common shares outstanding (in 000s) |
|
21,341 |
|
21,263 |
|
|
| ||
|
|
|
|
|
|
|
| ||
Book value per share |
|
$ |
38.64 |
|
$ |
37.45 |
|
3.2 |
% |
Closing stock price per share |
|
$ |
76.41 |
|
$ |
64.66 |
|
18.2 |
% |
Cash dividends per share - ordinary (annualized) |
|
$ |
1.34 |
|
$ |
1.26 |
|
6.3 |
% |
Cash dividends per share - special |
|
$ |
|
|
$ |
5.00 |
|
|
|
|
|
|
|
|
|
|
| ||
Statutory Surplus |
|
$ |
772,492 |
|
$ |
684,072 |
|
12.9 |
% |
RLI CORP.
2013 FINANCIAL HIGHLIGHTS
UNDERWRITING SEGMENT DATA
(Unaudited)
(Dollars in thousands, except per share amounts)
|
|
|
|
GAAP |
|
|
|
GAAP |
|
|
|
GAAP |
|
|
|
GAAP |
| ||||
Three Months Ended June 30, |
|
Casualty |
|
Ratios |
|
Property |
|
Ratios |
|
Surety |
|
Ratios |
|
Total |
|
Ratios |
| ||||
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Gross premiums written |
|
$ |
123,486 |
|
|
|
$ |
102,454 |
|
|
|
$ |
30,100 |
|
|
|
$ |
256,040 |
|
|
|
Net premiums written |
|
99,247 |
|
|
|
71,937 |
|
|
|
28,765 |
|
|
|
199,949 |
|
|
| ||||
Net premiums earned |
|
78,372 |
|
|
|
49,619 |
|
|
|
26,562 |
|
|
|
154,553 |
|
|
| ||||
Net loss & settlement expenses |
|
35,530 |
|
45.3 |
% |
28,911 |
|
58.3 |
% |
1,166 |
|
4.4 |
% |
65,607 |
|
42.4 |
% | ||||
Net operating expenses |
|
28,228 |
|
36.0 |
% |
18,486 |
|
37.3 |
% |
16,673 |
|
62.8 |
% |
63,387 |
|
41.0 |
% | ||||
Underwriting income |
|
$ |
14,614 |
|
81.3 |
% |
$ |
2,222 |
|
95.6 |
% |
$ |
8,723 |
|
67.2 |
% |
$ |
25,559 |
|
83.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Gross premiums written |
|
$ |
104,314 |
|
|
|
$ |
97,209 |
|
|
|
$ |
28,361 |
|
|
|
$ |
229,884 |
|
|
|
Net premiums written |
|
76,764 |
|
|
|
70,341 |
|
|
|
26,308 |
|
|
|
173,413 |
|
|
| ||||
Net premiums earned |
|
65,705 |
|
|
|
49,848 |
|
|
|
26,031 |
|
|
|
141,584 |
|
|
| ||||
Net loss & settlement expenses |
|
30,928 |
|
47.1 |
% |
32,387 |
|
65.0 |
% |
(2,310 |
) |
-8.9 |
% |
61,005 |
|
43.1 |
% | ||||
Net operating expenses |
|
23,726 |
|
36.1 |
% |
17,751 |
|
35.6 |
% |
17,479 |
|
67.1 |
% |
58,956 |
|
41.6 |
% | ||||
Underwriting income (loss) |
|
$ |
11,051 |
|
83.2 |
% |
$ |
(290 |
) |
100.6 |
% |
$ |
10,862 |
|
58.2 |
% |
$ |
21,623 |
|
84.7 |
% |
|
|
|
|
GAAP |
|
|
|
GAAP |
|
|
|
GAAP |
|
|
|
GAAP |
| ||||
Six Months Ended June 30, |
|
Casualty |
|
Ratios |
|
Property |
|
Ratios |
|
Surety |
|
Ratios |
|
Total |
|
Ratios |
| ||||
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Gross premiums written |
|
$ |
226,937 |
|
|
|
$ |
166,474 |
|
|
|
$ |
56,421 |
|
|
|
$ |
449,832 |
|
|
|
Net premiums written |
|
181,744 |
|
|
|
117,529 |
|
|
|
53,642 |
|
|
|
352,915 |
|
|
| ||||
Net premiums earned |
|
151,341 |
|
|
|
94,600 |
|
|
|
52,763 |
|
|
|
298,704 |
|
|
| ||||
Net loss & settlement expenses |
|
76,825 |
|
50.8 |
% |
44,045 |
|
46.6 |
% |
6,185 |
|
11.7 |
% |
127,055 |
|
42.5 |
% | ||||
Net operating expenses |
|
55,798 |
|
36.9 |
% |
37,409 |
|
39.5 |
% |
33,085 |
|
62.7 |
% |
126,292 |
|
42.3 |
% | ||||
Underwriting income |
|
$ |
18,718 |
|
87.7 |
% |
$ |
13,146 |
|
86.1 |
% |
$ |
13,493 |
|
74.4 |
% |
$ |
45,357 |
|
84.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Gross premiums written |
|
$ |
188,682 |
|
|
|
$ |
161,061 |
|
|
|
$ |
56,159 |
|
|
|
$ |
405,902 |
|
|
|
Net premiums written |
|
139,628 |
|
|
|
118,010 |
|
|
|
52,333 |
|
|
|
309,971 |
|
|
| ||||
Net premiums earned |
|
129,215 |
|
|
|
96,840 |
|
|
|
52,809 |
|
|
|
278,864 |
|
|
| ||||
Net loss & settlement expenses |
|
69,797 |
|
54.0 |
% |
48,453 |
|
50.0 |
% |
4,638 |
|
8.9 |
% |
122,888 |
|
44.1 |
% | ||||
Net operating expenses |
|
47,815 |
|
37.0 |
% |
36,760 |
|
37.9 |
% |
34,837 |
|
66.0 |
% |
119,412 |
|
42.8 |
% | ||||
Underwriting income |
|
$ |
11,603 |
|
91.0 |
% |
$ |
11,627 |
|
87.9 |
% |
$ |
13,334 |
|
74.9 |
% |
$ |
36,564 |
|
86.9 |
% |
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