Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference, Webcast

RLI Reports Third Quarter 2019 Results


RLI Corp. (NYSE: RLI) ? RLI Corp. reported third quarter 2019 net earnings of $32.3 million ($0.71 per share), compared to $39.4 million ($0.88 per share) for the third quarter of 2018. Operating earnings(1) for the third quarter of 2019 were $25.9 million ($0.57 per share) compared to $20.8 million ($0.46 per share) for the same period in 2018.

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

Year to Date

Earnings Per Diluted Share

2019

 

2018

 

2019

 

2018

Net earnings

$

 

0.71

 

$

 

0.88

 

$

 

3.06

 

$

 

1.90

Operating earnings (1)

$

 

0.57

 

$

 

0.46

 

$

 

1.94

 

$

 

1.66

(1) See discussion below: Non-GAAP and Performance Measures.

Highlights for the quarter included:

"We are pleased with our sound financial results and continued top line growth during the quarter," said RLI Corp. Chairman & CEO Jonathan E. Michael. "We achieved a 93.5 combined ratio overall, with contributions from each major product segment. Throughout 2019, we have been focused on using capital generated from our businesses to selectively expand our existing footprint. Quarterly operating earnings of $0.57 per share, in addition to positive investment returns, generated strong book value growth of 27% from year-end 2018. We remain well positioned to take advantage of favorable market conditions, while providing exceptional service to our customers and delivering value to our shareholders."

Underwriting Income

RLI achieved $13.7 million of underwriting income in the third quarter of 2019 on a 93.5 combined ratio, compared to $7.8 million on a 96.1 combined ratio in 2018. Results for both years include favorable development in prior years' loss reserves which totaled $12.1 million and $9.7 million for 2019 and 2018, respectively.

The following table highlights underwriting income and combined ratios by segment.

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting Income (Loss)(1)

 

Combined Ratio(1)

(in millions)

 

2019

 

2018

 

 

 

2019

 

2018

Casualty

 

$

 

2.4

 

$

 

(1.9

)

 

Casualty

 

98.3

 

101.5

Property

 

 

6.2

 

 

2.6

 

 

Property

 

85.0

 

93.3

Surety

 

 

5.1

 

 

7.1

 

 

Surety

 

82.4

 

76.4

Total

 

$

 

13.7

 

$

 

7.8

 

 

Total

 

93.5

 

96.1

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See discussion below: Non-GAAP and Performance Measures.

Other Income

RLI's net investment income for the quarter increased 7.5% to $17.5 million, compared to the same period in 2018. The investment portfolio's total return was 1.9% for the quarter and 9.6% for the year.

Comprehensive earnings were $47.7 million for the quarter ($1.05 per share) compared to $31.7 million ($0.70 per share) for the same quarter in 2018. In addition to net earnings, comprehensive earnings included after-tax unrealized gains/(losses) from the fixed income portfolio.

Equity in earnings of unconsolidated investees was $4.0 million for the quarter compared to $3.6 million from the same period last year. These results are related to Maui Jim, Inc. ($2.8 million), a producer of premium sunglasses, and Prime Holdings Insurance Services, Inc. ($1.2 million), a specialty insurance company. For the third quarter of 2018, equity in earnings of unconsolidated investees from Maui Jim and Prime was $2.6 million and $1.0 million, respectively.

Dividends Paid in the Third Quarter of 2019

On September 20, 2019, the company paid a regular quarterly dividend of $0.23 per share, the same amount as the prior quarter. RLI's cumulative dividends total more than $606 million paid over the last five years.

Non-GAAP and Performance Measures

Management has included certain non-generally accepted accounting principles (non-GAAP) financial measures in presenting the company's results. Management believes that these non-GAAP measures better explain the company's results of operations and allow for a more complete understanding of the underlying trends in the company's business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (GAAP). In addition, our definitions of these items may not be comparable to the definitions used by other companies.

Operating earnings and earnings per share (EPS) from operations consist of our GAAP net earnings adjusted by the net realized gains/(losses), net unrealized gains/(losses) on equity securities and taxes related thereto. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and EPS from operations. A reconciliation of the operating earnings and EPS from operations to the comparable GAAP financial measures is included in the 2019 financial highlights below.

Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting loss and settlement expenses, policy acquisition costs and insurance operating expenses from net premium earned, which are all GAAP financial measures. The combined ratio, which is derived from components of underwriting income, is a performance measure commonly used by property and casualty insurance companies and is calculated as the sum of loss and settlement expenses, policy acquisition costs and insurance operating expenses, divided by net premiums earned, which are all GAAP measures.

Other News

On July 16, 2019, RLI was named as one of the insurance industry's top performing companies by Ward Group for the 29th consecutive year. RLI is one of only two property-casualty insurers to be recognized as a Ward's 50® Top P&C Performer every year since the list's inception in 1991.

At 10 a.m. central daylight time (CDT) tomorrow, October 17, 2019, 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 https://edge.media-server.com/mmc/p/vy5j5zy8.

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 company's filings with the Securities and Exchange Commission, including the Form 10-K Annual Report for the year ended December 31, 2018.

About RLI

RLI Corp. (NYSE: RLI) is a specialty insurer serving diverse, niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI's products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI's insurance subsidiaries are rated A+ (Superior) by A.M. Best Company. RLI has paid and increased regular dividends for 44 consecutive years and delivered underwriting profits for 23 consecutive years. To learn more about RLI, visit www.rlicorp.com.

Supplemental disclosure regarding the earnings impact of specific items:

Operating Earnings Per Share

 

2019

 

 

2018

 

 

2019

 

 

2018

 

3rd Qtr

3rd Qtr

9 Mos.

9 Mos.

Operating Earnings Per Share(1)

$

 

0.57

 

$

 

0.46

 

$

 

1.94

 

$

 

1.66

 

 
Specific items included in operating earnings per share:(2) (3)

? Favorable development in casualty prior years' reserves

$

 

0.19

 

$

 

0.11

 

$

 

0.68

 

$

 

0.36

 

? Favorable development in property prior years' reserves

$

 

0.02

 

$

 

0.01

 

$

 

0.02

 

$

 

0.07

 

? Favorable development in surety prior years' reserves

$

 

-

 

$

 

0.03

 

$

 

0.12

 

$

 

0.16

 

?Catastrophe impact

? 2019 storms

$

 

(0.04

)

$

 

-

 

$

 

(0.12

)

$

 

-

 

? 2018 and prior events

$

 

-

 

$

 

(0.09

)

$

 

-

 

$

 

(0.24

)

(1) See discussion above: Non-GAAP and Performance Measures
(2) Includes incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses.
(3) Reserve development reflects changes from previously estimated losses.

RLI CORP

2019 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

SUMMARIZED INCOME STATEMENT DATA:

 

2019

 

 

 

2018

 

 

% Change

 

 

2019

 

 

 

 

2018

 

 

 

% Change

Net premiums earned

 

$

 

211,255

 

 

$

 

200,815

 

 

5.2

 

%

 

$

 

623,485

 

 

 

$

 

587,364

 

 

 

6.1

 

%

Net investment income

 

 

17,532

 

 

 

16,314

 

 

7.5

 

%

 

 

51,095

 

 

 

 

45,123

 

 

 

13.2

 

%

Net realized gains

 

 

3,211

 

 

 

18,647

 

 

(82.8

)

%

 

 

17,043

 

 

 

 

47,900

 

 

 

(64.4

)

%

Net unrealized gains (losses) on equity securities

 

 

4,906

 

 

 

4,848

 

 

1.2

 

%

 

 

47,214

 

 

 

 

(34,535

)

 

 

-

 

 

Consolidated revenue

 

$

 

236,904

 

 

$

 

240,624

 

 

(1.5

)

%

 

$

 

738,837

 

 

 

$

 

645,852

 

 

 

14.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and settlement expenses

 

$

 

108,990

 

 

$

 

110,231

 

 

(1.1

)

%

 

$

 

307,206

 

 

 

$

 

304,305

 

 

 

1.0

 

%

Policy acquisition costs

 

 

71,552

 

 

 

68,414

 

 

4.6

 

%

 

 

214,586

 

 

 

 

201,473

 

 

 

6.5

 

%

Insurance operating expenses

 

 

16,982

 

 

 

14,408

 

 

17.9

 

%

 

 

50,597

 

 

 

 

42,191

 

 

 

19.9

 

%

Interest expense on debt

 

 

1,861

 

 

 

1,862

 

 

(0.1

)

%

 

 

5,583

 

 

 

 

5,576

 

 

 

0.1

 

%

General corporate expenses

 

 

2,583

 

 

 

2,947

 

 

(12.4

)

%

 

 

9,142

 

 

 

 

7,871

 

 

 

16.1

 

%

Total expenses

 

$

 

201,968

 

 

$

 

197,862

 

 

2.1

 

%

 

$

 

587,114

 

 

 

$

 

561,416

 

 

 

4.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated investees

 

 

4,011

 

 

 

3,587

 

 

11.8

 

%

 

 

17,793

 

 

 

 

15,853

 

 

 

12.2

 

%

Earnings before income taxes

 

$

 

38,947

 

 

$

 

46,349

 

 

(16.0

)

%

 

$

 

169,516

 

 

 

$

 

100,289

 

 

 

69.0

 

%

Income tax expense

 

 

6,623

 

 

 

6,977

 

 

(5.1

)

%

 

 

31,252

 

 

 

 

15,450

 

 

 

102.3

 

%

Net earnings

 

$

 

32,324

 

 

$

 

39,372

 

 

(17.9

)

%

 

$

 

138,264

 

 

 

$

 

84,839

 

 

 

63.0

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

15,341

 

 

 

(7,696

)

 

-

 

 

 

 

72,506

 

 

 

 

(41,769

)

 

 

-

 

 

Comprehensive earnings

 

$

 

47,665

 

 

$

 

31,676

 

 

50.5

 

%

 

$

 

210,770

 

 

 

$

 

43,070

 

 

 

389.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

32,324

 

 

$

 

39,372

 

 

(17.9

)

%

 

$

 

138,264

 

 

 

$

 

84,839

 

 

 

63.0

 

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains

 

 

(3,211

)

 

 

(18,647

)

 

(82.8

)

%

 

 

(17,043

)

 

 

 

(47,900

)

 

 

(64.4

)

%

Income tax on realized gains

 

 

674

 

 

 

3,916

 

 

(82.8

)

%

 

 

3,579

 

 

 

 

10,059

 

 

 

(64.4

)

%

Unrealized (gains) losses on equity securities

 

 

(4,906

)

 

 

(4,848

)

 

1.2

 

%

 

 

(47,214

)

 

 

 

34,535

 

 

 

-

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

1,031

 

 

 

1,018

 

 

1.3

 

%

 

 

9,915

 

 

 

 

(7,252

)

 

 

-

 

 

Operating earnings

 

$

 

25,912

 

 

$

 

20,811

 

 

24.5

 

%

 

$

 

87,501

 

 

 

$

 

74,281

 

 

 

17.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

13.0

 

%

 

 

16.6

 

%

 

 

 

Comprehensive earnings (trailing four quarters)

 

 

 

 

 

 

 

 

 

 

 

21.8

 

%

 

 

12.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in 000's)

 

 

45,349

 

 

 

44,940

 

 

 

 

 

 

45,192

 

 

 

 

44,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share

 

$

 

0.71

 

 

$

 

0.88

 

 

(19.3

)

%

 

$

 

3.06

 

 

 

$

 

1.90

 

 

 

61.1

 

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains

 

 

(0.07

)

 

 

(0.42

)

 

(83.3

)

%

 

 

(0.38

)

 

 

 

(1.07

)

 

 

(64.5

)

%

Income tax on realized gains

 

 

0.01

 

 

 

0.09

 

 

(88.9

)

%

 

 

0.08

 

 

 

 

0.22

 

 

 

(63.6

)

%

Unrealized (gains) losses on equity securities

 

 

(0.10

)

 

 

(0.11

)

 

(9.1

)

%

 

 

(1.04

)

 

 

 

0.77

 

 

 

-

 

 

Income tax on unrealized gains (losses) on equity securities

 

 

0.02

 

 

 

0.02

 

 

-

 

%

 

 

0.22

 

 

 

 

(0.16

)

 

 

-

 

 

EPS from operations(1)

 

$

 

0.57

 

 

$

 

0.46

 

 

23.9

 

%

 

$

 

1.94

 

 

 

$

 

1.66

 

 

 

16.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings per share

 

$

 

1.05

 

 

$

 

0.70

 

 

50.0

 

%

 

$

 

4.66

 

 

 

$

 

0.96

 

 

 

385.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share - ordinary

 

$

 

0.23

 

 

$

 

0.22

 

 

4.5

 

%

 

$

 

0.68

 

 

 

$

 

0.65

 

 

 

4.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow provided by Operations

 

$

 

81,415

 

 

$

 

63,369

 

 

28.5

 

%

 

$

 

186,762

 

 

 

$

 

163,369

 

 

 

14.3

 

%

(1) See discussion above: Non-GAAP and Performance Measures.

RLI CORP

2019 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

 

 

 

2019

 

2018

 

% Change

SUMMARIZED BALANCE SHEET DATA:

 

 

 

 

 

 

 

 

 

Fixed income, at fair value

 

$

1,957,025

 

$

1,760,515

 

11.2

%

(amortized cost - $1,881,963 at 9/30/19)

 

 

 

 

 

 

 

 

 

(amortized cost - $1,776,465 at 12/31/18)

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

428,297

 

 

340,483

 

25.8

%

(cost - $260,883 at 9/30/19)

 

 

 

 

 

 

 

 

 

(cost - $220,373 at 12/31/18)

 

 

 

 

 

 

 

 

 

Other invested assets

 

 

59,577

 

 

51,542

 

15.6

%

Cash and cash equivalents

 

 

69,582

 

 

41,690

 

66.9

%

Total investments and cash

 

$

2,514,481

 

$

2,194,230

 

14.6

%

 

 

 

 

 

 

 

 

 

 

Premiums and reinsurance balances receivable

 

 

157,111

 

 

152,576

 

3.0

%

Ceded unearned premiums

 

 

88,174

 

 

71,174

 

23.9

%

Reinsurance balances recoverable on unpaid losses

 

 

382,030

 

 

364,999

 

4.7

%

Deferred policy acquisition costs

 

 

86,523

 

 

84,934

 

1.9

%

Property and equipment

 

 

52,626

 

 

54,692

 

(3.8)

%

Investment in unconsolidated investees

 

 

113,528

 

 

94,967

 

19.5

%

Goodwill and intangibles

 

 

54,228

 

 

54,534

 

(0.6)

%

Other assets

 

 

56,363

 

 

32,959

 

71.0

%

Total assets

 

$

3,505,064

 

$

3,105,065

 

12.9

%

 

 

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

1,557,358

 

$

1,461,348

 

6.6

%

Unearned premiums

 

 

532,493

 

 

496,505

 

7.2

%

Reinsurance balances payable

 

 

25,690

 

 

22,591

 

13.7

%

Funds held

 

 

78,161

 

 

72,309

 

8.1

%

Income taxes - deferred

 

 

55,910

 

 

24,238

 

130.7

%

Bonds payable, long-term debt

 

 

149,255

 

 

149,115

 

0.1

%

Accrued expenses

 

 

47,952

 

 

45,124

 

6.3

%

Other liabilities

 

 

58,625

 

 

26,993

 

117.2

%

Total liabilities

 

$

2,505,444

 

$

2,298,223

 

9.0

%

Shareholders' equity

 

 

999,620

 

 

806,842

 

23.9

%

Total liabilities & shareholders' equity

 

$

3,505,064

 

$

3,105,065

 

12.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding (in 000's)

 

 

44,832

 

 

44,504

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

22.30

 

$

18.13

 

23.0

%

Closing stock price per share

 

$

92.91

 

$

68.99

 

34.7

%

 

 

 

 

 

 

 

 

 

 

Statutory surplus

 

$

1,021,283

 

$

829,775

 

23.1

%

 

RLI CORP

2019 FINANCIAL HIGHLIGHTS

UNDERWRITING SEGMENT DATA

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

Casualty

 

Ratios

 

 

Property

 

Ratios

 

 

Surety

 

Ratios

 

 

Total

 

Ratios

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

183,420

 

 

 

 

$

63,406

 

 

 

 

$

30,163

 

 

 

 

$

276,989

 

 

 

Net premiums written

 

 

144,478

 

 

 

 

 

47,585

 

 

 

 

 

28,649

 

 

 

 

 

220,712

 

 

 

Net premiums earned

 

 

140,423

 

 

 

 

 

41,476

 

 

 

 

 

29,356

 

 

 

 

 

211,255

 

 

 

Net loss & settlement expenses

 

 

86,587

 

61.7

%

 

 

17,404

 

42.0

%

 

 

4,999

 

17.0

%

 

 

108,990

 

51.6

%

Net operating expenses

 

 

51,466

 

36.6

%

 

 

17,870

 

43.0

%

 

 

19,198

 

65.4

%

 

 

88,534

 

41.9

%

Underwriting income (loss) (1)

 

$

2,370

 

98.3

%

 

$

6,202

 

85.0

%

 

$

5,159

 

82.4

%

 

$

13,731

 

93.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

157,553

 

 

 

 

$

50,933

 

 

 

 

$

30,648

 

 

 

 

$

239,134

 

 

 

Net premiums written

 

 

131,611

 

 

 

 

 

39,606

 

 

 

 

 

29,353

 

 

 

 

 

200,570

 

 

 

Net premiums earned

 

 

131,605

 

 

 

 

 

39,067

 

 

 

 

 

30,143

 

 

 

 

 

200,815

 

 

 

Net loss & settlement expenses

 

 

85,992

 

65.3

%

 

 

20,144

 

51.6

%

 

 

4,095

 

13.6

%

 

 

110,231

 

54.9

%

Net operating expenses

 

 

47,587

 

36.2

%

 

 

16,302

 

41.7

%

 

 

18,933

 

62.8

%

 

 

82,822

 

41.2

%

Underwriting income (loss) (1)

 

$

(1,974)

 

101.5

%

 

$

2,621

 

93.3

%

 

$

7,115

 

76.4

%

 

$

7,762

 

96.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

 

GAAP

 

 

 

Casualty

 

Ratios

 

 

Property

 

Ratios

 

 

Surety

 

Ratios

 

 

Total

 

Ratios

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

524,650

 

 

 

 

$

176,787

 

 

 

 

$

89,735

 

 

 

 

$

791,172

 

 

 

Net premiums written

 

 

423,016

 

 

 

 

 

134,018

 

 

 

 

 

85,439

 

 

 

 

 

642,473

 

 

 

Net premiums earned

 

 

415,667

 

 

 

 

 

120,194

 

 

 

 

 

87,624

 

 

 

 

 

623,485

 

 

 

Net loss & settlement expenses

 

 

247,162

 

59.5

%

 

 

52,934

 

44.0

%

 

 

7,110

 

8.1

%

 

 

307,206

 

49.3

%

Net operating expenses

 

 

153,853

 

37.0

%

 

 

53,248

 

44.3

%

 

 

58,082

 

66.3

%

 

 

265,183

 

42.5

%

Underwriting income (loss) (1)

 

$

14,652

 

96.5

%

 

$

14,012

 

88.3

%

 

$

22,432

 

74.4

%

 

$

51,096

 

91.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

476,529

 

 

 

 

$

155,095

 

 

 

 

$

94,189

 

 

 

 

$

725,813

 

 

 

Net premiums written

 

 

399,562

 

 

 

 

 

120,891

 

 

 

 

 

90,294

 

 

 

 

 

610,747

 

 

 

Net premiums earned

 

 

387,068

 

 

 

 

 

111,439

 

 

 

 

 

88,857

 

 

 

 

 

587,364

 

 

 

Net loss & settlement expenses

 

 

246,391

 

63.7

%

 

 

50,393

 

45.2

%

 

 

7,521

 

8.5

%

 

 

304,305

 

51.8

%

Net operating expenses

 

 

138,236

 

35.7

%

 

 

48,896

 

43.9

%

 

 

56,532

 

63.6

%

 

 

243,664

 

41.5

%

Underwriting income (loss) (1)

 

$

2,441

 

99.4

%

 

$

12,150

 

89.1

%

 

$

24,804

 

72.1

%

 

$

39,395

 

93.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See discussion above: Non-GAAP and Performance Measures.


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