RLI Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>RLI Corp. has filed its 2023 10-K, providing a comprehensive overview of its financial results and operational segments.</b>

AI Summary

RLI CORP (RLI) filed a Annual Report (10-K) with the SEC on February 23, 2024. RLI Corp. filed its 2023 Form 10-K on February 23, 2024, detailing its financial performance and operations for the fiscal year ending December 31, 2023. The filing covers RLI Corp.'s business segments, including Casualty, Surety, and Property Insurance. Key accounting standards and disclosures related to assets, liabilities, and other comprehensive income are referenced. The report includes data on allowances for reinsurance recoverable for the years 2021, 2022, and 2023. Specific product lines within segments, such as General Liability, Personal Umbrella, Commercial Umbrella, Professional Services, Executive Products, and P&C Package Business, are detailed for 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking RLI CORP, this filing contains several important signals. This 10-K filing provides investors with the latest detailed financial statements and management discussion, crucial for understanding RLI Corp.'s performance and strategic direction in the insurance market. The granular data on specific insurance product lines and segments allows for a deeper analysis of where RLI Corp. is generating revenue and managing risk, informing investment decisions.

Risk Assessment

Risk Level: medium — RLI CORP shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial and operational information, but lacks specific forward-looking statements or immediate crisis indicators that would elevate the risk level.

Analyst Insight

Investors should review the detailed segment performance and risk factor disclosures within the 10-K to assess RLI Corp.'s current financial health and future prospects.

Key Numbers

• 2023 — Fiscal Year End (20231231)
• 2024-02-23 — Filed As Of Date (20240223)
• 0000084246 — Central Index Key (RLI CORP)
• 6331 — Standard Industrial Classification (FIRE, MARINE & CASUALTY INSURANCE)

Key Players & Entities

• RLI CORP (company) — FILER
• 2023 (date) — Fiscal Year End
• 2024-02-23 (date) — Filed As Of Date
• DE (jurisdiction) — State of Incorporation
• PEORIA (location) — Business Address City
• IL (location) — Business Address State
• 61615 (postal_code) — Business Address Zip
• 3096921000 (phone_number) — Business Phone

FAQ

Industry Context

RLI Corp. operates within the FIRE, MARINE & CASUALTY INSURANCE industry, a sector characterized by risk management and underwriting.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Review RLI Corp.'s detailed segment performance data for Casualty, Surety, and Property Insurance.
2. Analyze the disclosures on allowances for reinsurance recoverable across multiple years.
3. Examine the specific product line performance within the Casualty and Property Insurance segments.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date RLI Corp. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock $0.01 par value RLI New York Stock Exchan
• $992 m — ions produced gross premiums written of $992 million, representing approximately 55 pe
• $794 m — plus operations wrote gross premiums of $794 million, or 44 percent, of our total gros
• $21 m — ance operations wrote gross premiums of $21 million, representing approximately 1 per
• $75 million — ty accounts are permitted to exceed the $75 million limit. These accounts are subject to ad

Filing Documents

• rli-20231231x10k.htm (10-K) — 8259KB
• rli-20231231xex4d1.htm (EX-4.1) — 22KB
• rli-20231231xex21d1.htm (EX-21.1) — 21KB
• rli-20231231xex23d1.htm (EX-23.1) — 3KB
• rli-20231231xex31d1.htm (EX-31.1) — 9KB
• rli-20231231xex31d2.htm (EX-31.2) — 9KB
• rli-20231231xex32d1.htm (EX-32.1) — 7KB
• rli-20231231xex32d2.htm (EX-32.2) — 7KB
• rli-20231231xex97d1.htm (EX-97.1) — 30KB
• rli-20231231x10k005.jpg (GRAPHIC) — 47KB
• 0001558370-24-001599.txt (&nbsp;) — 34451KB
• rli-20231231.xsd (EX-101.SCH) — 102KB
• rli-20231231_cal.xml (EX-101.CAL) — 155KB
• rli-20231231_def.xml (EX-101.DEF) — 436KB
• rli-20231231_lab.xml (EX-101.LAB) — 1012KB
• rli-20231231_pre.xml (EX-101.PRE) — 812KB
• rli-20231231x10k_htm.xml (XML) — 10260KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6. Reserved 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 Item 9A.

Controls and Procedures

Controls and Procedures 92 Item 9B. Other Information 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 Part III Item 10. Directors, Executive Officers and Corporate Governance 92 Item 11.

Executive Compensation

Executive Compensation 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 93 Item 13. Certain Relationships and Related Transactions and Director Independence 93 Item 14. Principal Accountant Fees and Services 93 Part IV Item 15. Exhibits and Financial Statement Schedules 93 Item 16. Form 10-K Summary 95 Table of Contents PART I

Business

Item 1. Business RLI Corp. was founded in 1965. References to "the Company," "we," "our," "us" or like terms refer to the business of RLI Corp. and its subsidiaries. We underwrite select property, casualty and surety products through major subsidiaries collectively known as RLI Insurance Group. We conduct operations through three insurance companies. RLI Insurance Company (RLI Ins.), a subsidiary of RLI Corp. and our principal insurance subsidiary, writes multiple lines of insurance on an admitted basis in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam. Mt. Hawley Insurance Company (Mt. Hawley), a subsidiary of RLI Ins., writes excess and surplus lines insurance on a non-admitted basis in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam. Contractors Bonding and Insurance Company (CBIC), a subsidiary of RLI Ins., writes multiple lines of insurance on an admitted basis in all 50 states and the District of Columbia. Each of our insurance companies is domiciled in Illinois. We have no material foreign operations. As a specialty insurance company with a niche focus, we offer insurance coverages in the specialty admitted and excess and surplus markets. We distribute our property, casualty and surety products through locations across the country that market to wholesale and retail brokers, independent agents and carrier partners. We offer limited coverages on a direct basis to select insureds, as well as various reinsurance coverages. From time to time, we also write a limited amount of business under agreements with managing general agents under the direction of our product leadership. We make our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with or furnished to the Securities and Exchange Commission (SEC) available free of charge on our website (http://www.rlicorp.com). Information contained on our website is not intende

View Full Filing

View this 10-K filing on SEC EDGAR