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 14, 2013
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.) |
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 14, 2013, RLI Corp. (RLI) announced that its Board of Directors approved the following: (i) an extraordinary cash dividend on its common stock of $3.00 per share, (ii) a regular quarterly dividend on its common stock of $0.34 per share, and (iii) a two-for-one stock split of its common stock.
Both dividends are payable on December 20, 2013, to shareholders of record as of November 29, 2013. The two-for-one stock split is for shareholders of record as of December 30, 2013, and will be payable on January 15, 2014. Both the regular and special dividends will be paid on the pre-split shares.
Furnished as Exhibit 99.1 and incorporated herein by reference is a copy of the press release issued by RLI announcing the dividends and stock split.
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 14, 2013. |
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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 14, 2013 |
By: |
/s/ Daniel O. Kennedy |
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Daniel O. Kennedy | |
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Vice President and General Counsel |
Exhibit 99.1
NEWS RELEASE | |
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RLI Corp. |
9025 N. Lindbergh Drive | Peoria, IL 61615-1431 |
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P: 309-692-1000 | F: 309-692-1068 | www.rlicorp.com |
FOR IMMEDIATE RELEASE |
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 $3.00 Special Dividend and Two-for-One Stock Split
PEORIA, ILLINOIS, November 14, 2013, RLI Corp. (NYSE:RLI) RLI Corp. announced today that its board of directors has declared an extraordinary cash dividend of $3.00 per share of common stock, which is expected to total approximately $65 million, and a regular quarterly cash dividend of $0.34 per share, unchanged from the prior quarter. In addition, the board announced a two-for-one stock split.
Both dividends are payable on December 20, 2013, to shareholders of record as of November 29, 2013. The two-for-one stock split is for shareholders of record as of December 30, 2013, and will be payable on January 15, 2014. Both the regular and special dividends will be paid on the pre-split shares.
Todays special dividend announcement by the RLI Board of Directors acknowledges our strong financial performance, said RLI Corp. Chairman & CEO Jonathan E. Michael. In addition to generating significant capital through solid underwriting and investment results, RLI has consistently been able to use capital to grow our business. This growth is a result of new products we have launched, niche acquisitions and the hard work of our talented underwriters, who continue to find opportunities in a challenging economic environment.
Going forward, I am optimistic that we can fulfill our first priority for capital, which is putting it to work to grow our business profitably. RLI has a long history of book value growth and stock price appreciation. In the past, stock splits have been a way to acknowledge that success, and todays announcement carries forward that tradition.
Since the beginning of 2009, RLI has returned more than $600 million to shareholders, including todays announced dividends, 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, as determined by the board of directors.
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.
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