RLI had ‘excellent start in 2018’, says CEO
US specialty insurer RLI is “off to an excellent start in 2018” with a 91 combined ratio and continued strong organic growth across much of the product portfolio, CEO Jonathan Michael commented the first quarter 2018 results.
Gross premiums written grew 11 percent year on year to $216.86 million in the first quarter of 2018, driven by the property and casualty businesses.
“Most of our products contributed to this growth, including a healthy mix of newer and mature products,” Michael said.
Underwriting income grew to $17.5 million in the first quarter of 2018 compared to $13.1 million in the same quarter of 2017. The combined ratio improved to 90.8 percent from 92.9 over the period.
Nevertheless, net earnings dropped to $12.2 million in the first quarter of 2018 compared to $19.8 million inthe first quarter of 2017. The insurer incurred $26.8 million in net unrealized losses on equity securities in the first quarter of 2018.
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