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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended September 30, 2021

 

or

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from                 to                

 

Commission File Number:    001-09463

 

RLI Corp.

(Exact name of registrant as specified in its charter)

 

 

 

 

Delaware

 

37-0889946

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

 

 

 

9025 North Lindbergh Drive, PeoriaIL

 

61615

(Address of principal executive offices)

 

(Zip Code)

 

(309) 692-1000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock $0.01 par value

RLI

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes     No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes     No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

 

 

 

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.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

As of October 14, 2021, the number of shares outstanding of the registrant’s Common Stock was 45,244,505.

 

 

 


 

 

Table of Contents

 

 

 

 

Page

 

 

 

 

Part I - Financial Information

3

 

 

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

 

 

Condensed Consolidated Statements of Earnings and Comprehensive Earnings for the Three and Nine-Month Periods Ended September 30, 2021 and 2020 (unaudited)

3

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 (unaudited)

4

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine-Month Periods Ended September 30, 2021 and 2020 (unaudited)

5

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine-Month Periods Ended September 30, 2021 and 2020 (unaudited)

6

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Interim Financial Statements

7

 

 

 

 

 

Item 2.

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

23

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

36

 

 

 

 

 

Item 4.

Controls and Procedures

36

 

 

 

 

Part II - Other Information

37

 

 

 

 

 

Item 1.

Legal Proceedings

37

 

 

 

 

 

Item 1a.

Risk Factors

37

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

 

 

 

 

 

Item 3.

Defaults upon Senior Securities

37

 

 

 

 

 

Item 4.

Mine Safety Disclosures

37

 

 

 

 

 

Item 5.

Other Information

37

 

 

 

 

 

Item 6.

Exhibits

37

 

 

 

 

Signatures

 

38

 


Table of Contents

 

 

PART I - FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

RLI Corp. and Subsidiaries

Condensed Consolidated Statements of Earnings and Comprehensive Earnings

(Unaudited)

 

 

 

For the Three Months

 

 

For the Nine Months

 

 

 

Ended September 30,

 

 

Ended September 30,

 

(in thousands, except per share data)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net premiums earned

 

$

253,389

 

 

$

216,630

 

 

$

722,984

 

 

$

640,946

 

Net investment income

 

 

17,844

 

 

 

16,543

 

 

 

50,929

 

 

 

51,238

 

Net realized gains

 

 

1,829

 

 

 

1,512

 

 

 

52,442

 

 

 

14,555

 

Net unrealized gains (losses) on equity securities

 

 

(2,592

)

 

 

28,126

 

 

 

29,526

 

 

 

(27,564

)

Consolidated revenue

 

$

270,470

 

 

$

262,811

 

 

$

855,881

 

 

$

679,175

 

Losses and settlement expenses

 

 

143,656

 

 

 

127,596

 

 

 

355,574

 

 

 

339,819

 

Policy acquisition costs

 

 

80,449

 

 

 

71,032

 

 

 

232,674

 

 

 

213,436

 

Insurance operating expenses

 

 

15,560

 

 

 

16,850

 

 

 

54,504

 

 

 

45,137

 

Interest expense on debt

 

 

1,906

 

 

 

1,901

 

 

 

5,711

 

 

 

5,701

 

General corporate expenses

 

 

2,505

 

 

 

2,668

 

 

 

9,533

 

 

 

6,417

 

Total expenses

 

$

244,076

 

 

$

220,047

 

 

$

657,996

 

 

$

610,510

 

Equity in earnings of unconsolidated investees

 

 

9,043

 

 

 

8,745

 

 

 

29,407

 

 

 

18,359

 

Earnings before income taxes

 

$

35,437

 

 

$

51,509

 

 

$

227,292

 

 

$

87,024

 

Income tax expense

 

 

6,194

 

 

 

9,122

 

 

 

43,222

 

 

 

13,738

 

Net earnings

 

$

29,243

 

 

$

42,387

 

 

$

184,070

 

 

$

73,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

(12,240

)

 

 

9,550

 

 

 

(41,810

)

 

 

50,090

 

Comprehensive earnings

 

$

17,003

 

 

$

51,937

 

 

$

142,260

 

 

$

123,376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings per share

 

$

0.65

 

 

$

0.94

 

 

$

4.07

 

 

$

1.63

 

Diluted net earnings per share

 

$

0.64

 

 

$

0.93

 

 

$

4.03

 

 

$

1.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

45,243

 

 

 

45,014

 

 

 

45,216

 

 

 

44,962

 

Diluted

 

 

45,689

 

 

 

45,426

 

 

 

45,714

 

 

 

45,339

 

 

See accompanying notes to the unaudited condensed consolidated interim financial statements.

3


Table of Contents

 

RLI Corp. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

(in thousands, except share and per share data)

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Investments and cash:

 

 

 

 

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

Available-for-sale, at fair value

 

$

2,394,669

 

 

$

2,196,626

 

(amortized cost of $2,310,314 and allowance for credit losses of $226 at 9/30/21)

 

 

 

 

 

 

 

 

(amortized cost of $2,061,467 and allowance for credit losses of $397 at 12/31/20)

 

 

 

 

 

 

 

 

Equity securities, at fair value (cost - $311,392 at 9/30/21 and $293,190 at 12/31/20)

 

 

565,238

 

 

 

524,006

 

Other invested assets

 

 

52,480

 

 

 

54,232

 

Cash

 

 

89,618

 

 

 

62,217

 

Total investments and cash

 

$

3,102,005

 

 

$

2,837,081

 

Accrued investment income

 

 

17,143

 

 

 

16,126

 

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $18,860 at 9/30/21 and $17,658 at 12/31/20

 

 

177,162

 

 

 

174,628

 

Ceded unearned premium

 

 

127,765

 

 

 

113,488

 

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $10,067 at 9/30/21 and $8,634 at 12/31/20

 

 

602,154

 

 

 

443,729

 

Deferred policy acquisition costs

 

 

104,309

 

 

 

88,425

 

Property and equipment, at cost, net of accumulated depreciation of $73,746 at 9/30/21 and $68,682 at 12/31/20

 

 

50,860

 

 

 

51,406

 

Investment in unconsolidated investees

 

 

158,721

 

 

 

128,382

 

Goodwill and intangibles

 

 

53,562

 

 

 

53,719

 

Other assets

 

 

38,985

 

 

 

31,501

 

TOTAL ASSETS

 

$

4,432,666

 

 

$

3,938,485

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

2,033,517

 

 

$

1,750,049

 

Unearned premiums

 

 

673,809

 

 

 

586,386

 

Reinsurance balances payable

 

 

38,093

 

 

 

42,265

 

Funds held

 

 

89,288

 

 

 

81,747

 

Income taxes-deferred

 

 

78,308

 

 

 

80,235

 

Bonds payable, long-term debt

 

 

149,629

 

 

 

149,489

 

Accrued expenses

 

 

74,155

 

 

 

75,925

 

Other liabilities

 

 

45,611

 

 

 

36,411

 

TOTAL LIABILITIES

 

$

3,182,410

 

 

$

2,802,507

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Common stock ($0.01 par value)

 

 

 

 

 

 

 

 

(Shares authorized - 200,000,000 at 9/30/21 and 12/31/20)

 

 

 

 

 

 

 

 

(68,174,719 shares issued, 45,244,505 shares outstanding at 9/30/21)

 

 

 

 

 

 

 

 

(68,072,794 shares issued, 45,142,580 shares outstanding at 12/31/20)

 

$

682

 

 

$

681

 

Paid-in capital

 

 

340,868

 

 

 

335,365

 

Accumulated other comprehensive earnings

 

 

66,904

 

 

 

108,714

 

Retained earnings

 

 

1,234,801

 

 

 

1,084,217

 

Deferred compensation

 

 

8,330

 

 

 

8,292

 

Less: Treasury shares, at cost (22,930,214 shares at 9/30/21 and 12/31/20)

 

 

(401,329

)

 

 

(401,291

)

TOTAL SHAREHOLDERS’ EQUITY

 

$

1,250,256

 

 

$

1,135,978

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

4,432,666

 

 

$

3,938,485

 

 

See accompanying notes to the unaudited condensed consolidated interim financial statements.

4


Table of Contents

 

RLI Corp. and Subsidiaries

Condensed Consolidated Statements of Shareholders’ Equity

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

 

Treasury

 

 

 

Common

 

 

Shareholders’

Common

Paid-in

Earnings

 

 

Retained

Deferred

Shares

 

(in thousands, except share and per share data)

 

Shares

 

 

Equity

Stock

Capital

(Loss)

 

 

Earnings

Compensation

at Cost

 

Balance, January 1, 2020

 

 

44,869,015

 

 

$

995,388

 

 

$

678

 

 

$

321,190

 

 

$

52,473

 

 

$

1,014,046

 

 

$

7,980

 

 

$

(400,979

)

Cumulative-effect adjustment from ASU 2016-13

 

 

 

 

 

1,095

 

 

 

 

 

 

 

 

 

22

 

 

 

1,073

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

(61,267

)

 

 

 

 

 

 

 

 

 

 

 

(61,267

)

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

 

 

 

(13,031

)

 

 

 

 

 

 

 

 

(13,031

)

 

 

 

 

 

 

 

 

 

Deferred compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,010

)

 

 

1,010

 

Share-based compensation

 

 

53,641

 

 

 

3,863

 

 

 

1

 

 

 

3,862

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and dividend equivalents ($0.23 per share)

 

 

 

 

 

(10,343

)

 

 

 

 

 

 

 

 

 

 

 

(10,343

)

 

 

 

 

 

 

Balance, March 31, 2020

 

 

44,922,656

 

 

$

915,705

 

 

$

679

 

 

$

325,052

 

 

$

39,464

 

 

$

943,509

 

 

$

6,970

 

 

$

(399,969

)

Net earnings

 

 

 

 

 

92,166

 

 

 

 

 

 

 

 

 

 

 

 

92,166

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

 

 

 

53,571

 

 

 

 

 

 

 

 

 

53,571

 

 

 

 

 

 

 

 

 

 

Deferred compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

630

 

 

 

(630

)

Share-based compensation

 

 

29,946

 

 

 

810

 

 

 

 

 

 

810

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and dividend equivalents ($0.24 per share)

 

 

 

 

 

(10,794

)

 

 

 

 

 

 

 

 

 

 

 

(10,794

)

 

 

 

 

 

 

Balance, June 30, 2020

 

 

44,952,602

 

 

$

1,051,458

 

 

$

679

 

 

$

325,862

 

 

$

93,035

 

 

$

1,024,881

 

 

$

7,600

 

 

$

(400,599

)

Net earnings

 

 

 

 

 

42,387

 

 

 

 

 

 

 

 

 

 

 

 

42,387

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

 

 

 

9,550

 

 

 

 

 

 

 

 

 

9,550

 

 

 

 

 

 

 

 

 

 

Deferred compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

103

 

 

 

(103

)

Share-based compensation

 

 

102,562

 

 

 

6,768

 

 

 

1

 

 

 

6,767

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and dividend equivalents ($0.24 per share)

 

 

 

 

 

(10,823

)

 

 

 

 

 

 

 

 

 

 

 

(10,823

)

 

 

 

 

 

 

Balance, September 30, 2020

 

 

45,055,164

 

 

$

1,099,340

 

 

$

680

 

 

$

332,629

 

 

$

102,585

 

 

$

1,056,445

 

 

$

7,703

 

 

$

(400,702

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other