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Section 1: 8-K (8-K)

rli_Current Folio_8K_2nd_QTR_Release

 

 

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):  April 18, 2018

 

logo-3

 

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)

 

Registrant’s 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:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

On April 18, 2018, RLI Corp. announced its results of operations for the first quarter of 2018. 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 April 18, 2018

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.

 

 

2


 

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.

 

 

Pril

 

 

 

RLI CORP.

 

 

 

Date: April 18, 2018

By:

/s/ Thomas L. Brown

 

Thomas L. Brown

 

Senior Vice President, Chief Financial Officer

 

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(Back To Top)

Section 2: EX-99.1 (EX-99.1)

RLI Earnings Release

Exhibit 99.1

Picture 1

RLI REPORTS FIRST QUARTER 2018 RESULTS

PEORIA, ILLINOIS, April 18, 2018 -- RLI Corp. (NYSE: RLI) – RLI Corp. reported first quarter 2018 net earnings of $12.2 million ($0.27 per share), compared to $19.8 million ($0.45 per share) for the first quarter of 2017. Operating earnings(1) for the first quarter of 2018 were $26.7 million ($0.60 per share) compared to $19.4 million ($0.44 per share) for the same period in 2017.

 

 

 

 

 

 

 

 

 

 

First Quarter

Earnings Per Diluted Share

2018

 

2017

Net earnings (2)

$

0.27

 

$

0.45

Operating earnings (1)

$

0.60

 

$

0.44

 

 

 

 

 

 

 

(1)

See discussion below:  Non-GAAP and Performance Measures.

(2)

Unrealized losses on equity securities and the related taxes were included in net earnings in 2018. See discussion below:  Recently Adopted Accounting Standard and Tax Reform.

 

Highlights for the quarter included:

·

Underwriting income(1) of $17.5 million, resulting in a combined ratio(1) of 90.8.

·

11%  increase in gross premiums written and 9% increase in investment income.

·

Favorable development in prior years’ loss reserves resulting in a $12.5 million net increase in underwriting income.

·

Book value per share of $18.82, a decrease of 2%  from year-end 2017, inclusive of dividends.

 

“RLI is off to an excellent start in 2018 with a 91 combined ratio and continued strong organic growth across much of our product portfolio,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Gross premium in the quarter was up 11%, marking the second consecutive quarter of double-digit growth. Most of our products contributed to this growth, including a healthy mix of newer and mature products. Underwriting income, combined with investment income growth of 9% in the quarter, drove operating EPS of $0.60 per share.” He continued, “Our results reflect the hard work of our talented team, who remain focused on delivering superior products and service to our customers.”

 

Underwriting Income

RLI achieved $17.5 million of underwriting income in the first quarter of 2018 on a 90.8 combined ratio, compared to $13.1 million of underwriting income on a 92.9 combined ratio in the same quarter for 2017. Results for both years include favorable development in prior years’ loss reserves which totaled $12.5 million and $4.7 million for 2018 and 2017, respectively.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting Income(1)

 

 

 

Combined Ratio(1)

 

 

(in millions)

 

 

2018

 

 

2017

 

 

 

2018

 

2017

Casualty

 

$

1.6

 

$

(6.8)

 

Casualty

 

98.8

 

105.8

Property

 

 

5.9

 

 

8.8

 

Property

 

83.3

 

75.5

Surety

 

 

10.0

 

 

11.1

 

Surety

 

65.4

 

63.5

Total

 

$

17.5

 

$

13.1

 

Total

 

90.8

 

92.9

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

--more--

Picture 2


 

Other Income

RLI’s net investment income for the quarter increased 9.4% to $14.2 million, compared to the same period in 2017. The investment portfolio’s total return was -1.5% for the quarter.

 

Comprehensive earnings were  -$14.2 million for the quarter (-$0.32 per share) compared to $31.6 million ($0.71 per share) for the same quarter in 2017. In addition to net earnings, comprehensive earnings included after-tax unrealized gains/losses from the fixed income portfolio in 2018 and after-tax unrealized gains/losses from the fixed income and equity portfolios in 2017. See Recently Adopted Accounting Standard and Tax Reform discussion below.

 

Equity in earnings of unconsolidated investees was $5.2 million for the quarter compared to $4.9 million from the same period last year. These results are related to Maui Jim, Inc. ($4.2 million), a producer of premium sunglasses, and Prime Holdings Insurance Services, Inc. ($1.0 million), a specialty E&S insurance company. For the first quarter of 2017, equity in earnings of unconsolidated investees from Maui Jim and Prime was $4.3 million and $0.6 million, respectively.

 

Dividends Paid in the First Quarter of 2018

On March 20, 2018,  the company paid an ordinary dividend of $0.21 per share, the same amount as the prior quarter. RLI’s cumulative dividends total more than $611 million paid over the last five years.

 

Recently Adopted Accounting Standard and Tax Reform

As disclosed in RLI’s Annual Report on Form 10-K for the year ended December 31, 2017, accounting guidance for financial instruments changed in 2018 under ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. We adopted this accounting standard update, effective January 1, 2018, using a cumulative-effect adjustment. This adjustment moved the historical unrealized gains and losses, net of tax, on the equity portfolio from accumulated other comprehensive earnings to retained earnings, but had no impact on overall shareholders’ equity. In addition,  for 2018 and forward, the change in fair value for equity securities is required to be recognized through net earnings rather than through other comprehensive income. As defined below, we exclude these unrealized gains and losses in arriving at operating earnings and earnings per share from operations. For the first quarter of 2018, $26.8 million of unrealized losses, gross of tax, were recognized within pre-tax earnings and the income tax expense was reduced by $5.6 million. The impact to our income statement will vary depending upon the level of volatility in the performance of the securities held in our equity portfolio and the overall market.

 

The change in the federal corporate tax rate from 35% to 21% commencing January 1, 2018, as enacted by the Tax Cuts and Jobs Act of 2017 (TCJA), contributed to a lower effective tax rate for 2018 as compared to 2017.

 

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 for 2018 only and taxes related thereto. The adjustment for net unrealized gains/(losses) on equity securities is only applicable for 2018 due to the adoption of the above mentioned accounting standard update. 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 2018 financial highlights below.

 

--more—

2

 


 

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

At 10 a.m. central daylight time (CDT) tomorrow, April 19, 2018, 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/m6/p/2cwpvw3e.

 

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, 2017.

 

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 42 consecutive years and delivered underwriting profits for 22 consecutive years. To learn more about RLI, visit www.rlicorp.com.  

 

Media Contact

Aaron Jacoby

Vice President, Corporate Development

309-693-5880

Aaron.Jacoby@rlicorp.com 

 

3

 


 

Supplemental disclosure regarding the earnings impact of specific items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share

 

 

 

 

2018

 

2017

 

 

 

 

1st Qtr

 

1st Qtr

Operating Earnings Per Share(1)

$

0.60

 

$

0.44

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Favorable (unfavorable) development in casualty prior years' reserves

$

0.12

 

$

(0.05)

Favorable development in property prior years' reserves

$

0.01

 

$

0.03

Favorable development in surety prior years' reserves

$

0.09

 

$

0.09

Catastrophe impact

 

 

 

 

 

 

2018 winter storms

$

(0.03)

 

$

 -

 

 

 

 

 

 

 

 

 

(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.

 

4

 


 

 

 

 

 

 

 

 

 

 

 

 

 

RLI CORP.

2018 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2018

 

  

2017

 

 

% Change

SUMMARIZED INCOME STATEMENT DATA:

 

 

 

 

 

 

 

 

 

 

Net premiums earned

$

190,027

 

 

$

183,285

 

 

3.7

%

Net investment income

 

14,232

 

 

 

13,005

 

 

9.4

%

Net realized gains

 

8,404

 

 

 

624

 

 

 -

 

Net unrealized losses on equity securities

 

 

(26,772)

 

 

 

 -

 

 

 -

 

  Consolidated revenue

 

$

185,891

 

 

$

196,914

 

 

(5.6)

%

 

 

 

 

 

 

 

 

 

 

 

 

Loss and settlement expenses

 

$

92,421

 

 

$

93,390

 

 

(1.0)

%

Policy acquisition costs

 

 

66,734

 

 

 

63,503

 

 

5.1

%

Insurance operating expenses

 

 

13,385

 

 

 

13,335

 

 

0.4

%

Interest expense on debt

 

 

1,856

 

 

 

1,856

 

 

0.0

%

General corporate expenses

 

 

2,283

 

 

 

3,325

 

 

(31.3)

%

  Total expenses

 

$

176,679

 

 

$

175,409

 

 

0.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated investees

 

 

5,166

 

 

 

4,938

 

 

4.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

14,378

 

 

$

26,443

 

 

(45.6)

%

Income tax expense

 

 

2,162

 

 

 

6,615

 

 

(67.3)

%

  Net earnings

 

$

12,216

 

 

$

19,828

 

 

(38.4)

%

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

(26,398)

 

 

 

11,769

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings (loss)

 

$

(14,182)

 

 

$

31,597

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

12,216

 

 

$

19,828

 

 

(38.4)

%

Less: Realized gains

 

 

(8,404)

 

 

 

(624)

 

 

 -

 

Income tax on realized gains

 

 

1,765

 

 

 

219

 

 

 -

 

Less: Unrealized losses on equity securities

 

 

26,772

 

 

 

 -

 

 

 -

 

Income tax on unrealized losses on equity securities

 

 

(5,622)

 

 

 

 -

 

 

 -

 

Operating earnings

 

$

26,727

 

 

$

19,423

 

 

37.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity:

 

 

 

 

 

 

 

 

 

 

 

 Net earnings (trailing four quarters)

 

 

11.4

%

 

 

11.8

%

 

 

 

 Comprehensive earnings (trailing four quarters)

 

 

11.0

%

 

 

10.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in 000's)

 

 

44,650

 

 

 

44,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share

 

$

0.27

 

 

$

0.45

 

 

(40.0)

%

Less: Realized gains

 

 

(0.19)

 

 

 

(0.01)

 

 

 -

 

Income tax on realized gains

 

 

0.04

 

 

 

 -

 

 

 -

 

Less: Unrealized losses on equity securities

 

 

0.60

 

 

 

 -

 

 

 -

 

Income tax on unrealized losses on equity securities

 

 

(0.12)

 

 

 

 -

 

 

 -

 

EPS from operations(1) 

 

$

0.60

 

 

$

0.44

 

 

36.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings per share

 

$

(0.32)

 

 

$

0.71

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share - ordinary

 

$

0.21

 

 

$

0.20

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow provided by Operations

 

$

15,393

 

 

$

11,265

 

 

36.6

%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

5

 


 

 

 

 

 

 

 

 

 

 

 

RLI CORP.

2018 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

 

 

 

2018

 

2017

 

% Change

SUMMARIZED BALANCE SHEET DATA:

 

 

 

 

 

 

 

 

 

Fixed income

 

$

1,653,674

 

$

1,672,239

 

(1.1)

%

  (amortized cost - $1,661,490 at 3/31/18)

 

 

 

 

 

 

 

 

 

  (amortized cost - $1,646,411 at 12/31/17)

 

 

 

 

 

 

 

 

 

Equity securities

 

 

378,253

 

 

400,492

 

(5.6)

%

  (cost - $186,520 at 3/31/18)

 

 

 

 

 

 

 

 

 

  (cost - $182,002 at 12/31/17)

 

 

 

 

 

 

 

 

 

Other invested assets

 

 

35,065

 

 

33,808

 

3.7

%

Cash and cash equivalents

 

 

28,927

 

 

34,251

 

(15.5)

%

  Total investments and cash

 

$

2,095,919

 

$

2,140,790

 

(2.1)

%

 

 

 

 

 

 

 

 

 

 

Premiums and reinsurance balances receivable

 

 

132,682

 

 

134,351

 

(1.2)

%

Ceded unearned premiums

 

 

57,356

 

 

57,928

 

(1.0)

%

Reinsurance balances recoverable on unpaid losses

 

 

308,703

 

 

301,991

 

2.2

%

Deferred policy acquisition costs

 

 

77,622

 

 

77,716

 

(0.1)

%

Property and equipment

 

 

56,153

 

 

55,849

 

0.5

%

Investment in unconsolidated investees

 

 

85,564

 

 

90,067

 

(5.0)

%

Goodwill and intangibles

 

 

54,793

 

 

59,302

 

(7.6)

%

Other assets

 

 

25,400

 

 

29,250

 

(13.2)

%

  Total assets

 

$

2,894,192

 

$

2,947,244

 

(1.8)

%

 

 

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

1,303,131

 

$

1,271,503

 

2.5

%

Unearned premiums

 

 

444,296

 

 

451,449

 

(1.6)

%

Reinsurance balances payable

 

 

12,233

 

 

21,624

 

(43.4)

%

Funds held

 

 

67,415

 

 

74,560

 

(9.6)

%

Income taxes - deferred

 

 

40,234

 

 

53,768

 

(25.2)

%

Bonds payable, long-term debt

 

 

148,975

 

 

148,928

 

0.0

%

Accrued expenses

 

 

26,621

 

 

52,848

 

(49.6)

%

Other liabilities

 

 

18,354

 

 

18,966

 

(3.2)

%

  Total liabilities

 

$

2,061,259

 

$

2,093,646

 

(1.5)

%

  Shareholders' equity

 

 

832,933

 

 

853,598

 

(2.4)

%

  Total liabilities & shareholders' equity

 

$

2,894,192

 

$

2,947,244

 

(1.8)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding (in 000's)

 

 

44,253

 

 

44,148

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

18.82

 

$

19.33

 

(2.6)

%

Closing stock price per share

 

$

63.39

 

$

60.66

 

4.5

%

Cash dividends per share - ordinary (annualized)

 

$

0.84

 

$

0.83

 

1.2

%

Cash dividends per share - special

 

$

 -

 

$

1.75

 

(100.0)

%

 

 

 

 

 

 

 

 

 

 

Statutory surplus

 

$

895,546

 

$

864,554

 

3.6

%

 

6

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RLI CORP.

2018 FINANCIAL HIGHLIGHTS

UNDERWRITING SEGMENT DATA

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

Casualty

 

Ratios

 

 

 

Property

 

Ratios

 

 

 

Surety

 

Ratios

 

 

 

Total

 

Ratios

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

140,455

 

 

 

 

$

45,907

 

 

 

 

$

30,502

 

 

 

 

$

216,864

 

 

 

Net premiums written

 

 

118,316

 

 

 

 

 

35,890

 

 

 

 

 

29,240

 

 

 

 

 

183,446

 

 

 

Net premiums earned

 

 

125,850

 

 

 

 

 

35,182

 

 

 

 

 

28,995

 

 

 

 

 

190,027

 

 

 

Net loss & settlement expenses

 

 

78,969

 

62.8

%

 

 

13,100

 

37.2

%

 

 

352

 

1.2

%

 

 

92,421

 

48.6

%

Net operating expenses

 

 

45,320

 

36.0

%

 

 

16,200

 

46.1

%

 

 

18,599

 

64.2

%

 

 

80,119

 

42.2

%

 Underwriting income (loss)(1)

 

$

1,561

 

98.8

%

 

$

5,882

 

83.3

%

 

$

10,044

 

65.4

%

 

$

17,487

 

90.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

126,834

 

 

 

 

$

37,079

 

 

 

 

$

30,963

 

 

 

 

$

194,876

 

 

 

Net premiums written

 

 

107,191

 

 

 

 

 

28,999

 

 

 

 

 

29,548

 

 

 

 

 

165,738

 

 

 

Net premiums earned

 

 

116,984

 

 

 

 

 

35,805

 

 

 

 

 

30,496

 

 

 

 

 

183,285

 

 

 

Net loss & settlement expenses

 

 

82,401

 

70.4

%

 

 

10,333

 

28.9

%

 

 

656

 

2.2

%

 

 

93,390

 

51.0

%

Net operating expenses

 

 

41,464

 

35.4

%

 

 

16,668

 

46.6

%

 

 

18,706

 

61.3

%

 

 

76,838

 

41.9

%

 Underwriting income (loss)(1)

 

$

(6,881)

 

105.8

%

 

$

8,804

 

75.5

%

 

$

11,134

 

63.5

%

 

$

13,057

 

92.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

7

 


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