RLI (RLI) 10-Q 22 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 14, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	001-09463
Entity Registrant Name	RLI Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-0889946
Entity Address, Address Line One	9025 North Lindbergh Drive
Entity Address, City or Town	Peoria
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61615
City Area Code	309
Local Phone Number	692-1000
Title of 12(b) Security	Common Stock $0.01 par value
Trading Symbol	RLI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,368,804
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000084246
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net premiums earned	$ 282,810	$ 241,000	$ 551,962	$ 469,595
Net investment income	18,472	16,661	36,355	33,085
Net realized gains	12,804	36,463	18,392	50,613
Net unrealized gains (losses) on equity securities	(100,994)	3,956	(128,804)	32,118
Consolidated revenue	213,092	298,080	477,905	585,411
Losses and settlement expenses	117,914	107,026	223,438	211,918
Policy acquisition costs	89,615	77,235	174,902	152,225
Insurance operating expenses	19,325	20,148	38,188	38,944
Interest expense on debt	2,011	1,904	4,021	3,805
General corporate expenses	2,435	3,686	5,798	7,028
Total expenses	231,300	209,999	446,347	413,920
Equity in earnings of unconsolidated investees	11,654	13,940	20,413	20,364
Earnings (loss) before income taxes	(6,554)	102,021	51,971	191,855
Income tax expense (benefit)	(4,315)	20,206	6,287	37,028
Net earnings (loss)	(2,239)	81,815	45,684	154,827
Other comprehensive earnings (loss), net of tax	(97,563)	15,177	(213,144)	(29,570)
Comprehensive earnings (loss)	$ (99,802)	$ 96,992	$ (167,460)	$ 125,257
Basic net earnings (loss) per share	$ (0.05)	$ 1.81	$ 1.01	$ 3.43
Diluted net earnings (loss) per share	$ (0.05)	$ 1.79	$ 1	$ 3.39
Weighted average number of common shares outstanding:
Basic	45,354	45,226	45,330	45,202
Diluted	45,354	45,715	45,748	45,703

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Available-for-sale, at fair value (amortized cost of $2480,480 and allowance for credit losses of $292 at 6/30/22) (amortized cost of $2,346,267 and allowance for credit losses of $441 at 12/31/21)	$ 2,280,909	$ 2,409,887
Equity securities, at fair value (cost - $327,246 at 6/30/22 and $324,501 at 12/31/21)	487,995	613,776
Other invested assets	51,018	50,501
Cash	113,044	88,804
Total investments and cash	2,932,966	3,162,968
Accrued investment income	18,465	17,505
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $18,193 at 6/30/22 and $18,067 at 12/31/21	191,391	167,279
Ceded unearned premium	132,417	130,916
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $10,949 at 6/30/22 and $11,188 at 12/31/21	666,730	608,086
Deferred policy acquisition costs	123,055	103,553
Property and equipment, at cost, net of accumulated depreciation of $71,680 at 6/30/22 and $75,236 at 12/31/21	50,955	52,161
Investment in unconsolidated investees	187,310	171,311
Goodwill and intangibles	53,562	53,562
Other assets	44,912	40,961
TOTAL ASSETS	4,401,763	4,508,302
Liabilities
Unpaid losses and settlement expenses	2,150,519	2,043,555
Unearned premiums	754,192	680,444
Reinsurance balances payable	39,291	42,851
Funds held	101,983	89,773
Income taxes-deferred	2,389	83,509
Bonds payable, long-term debt	199,769	199,676
Accrued expenses	68,052	98,274
Other liabilities	41,380	40,859
TOTAL LIABILITIES	3,357,575	3,278,941
Shareholders’ Equity
Common stock ($0.01 par value) (Shares authorized - 200,000,000) (68,299,018 shares issued, 45,368,804 shares outstanding at 6/30/22) (68,219,551 shares issued, 45,289,337 shares outstanding at 12/31/21)	683	682
Paid-in capital	349,161	343,742
Accumulated other comprehensive earnings (loss)	(163,318)	49,826
Retained earnings	1,250,661	1,228,110
Deferred compensation	8,945	9,642
Less: Treasury shares, at cost (22,930,214 shares at 6/30/22 and 12/31/21)	(401,944)	(402,641)
TOTAL SHAREHOLDERS’ EQUITY	1,044,188	1,229,361
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 4,401,763	$ 4,508,302

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Available-for-sale, amortized cost	$ 2,480,480	$ 2,346,267
Available-for-sale, allowance for credit losses	292	441
Equity securities, cost	327,246	324,501
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	18,193	18,067
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	10,949	11,188
Property and equipment, accumulated depreciation	$ 71,680	$ 75,236
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	68,299,018	68,219,551
Common stock, shares outstanding (in shares)	45,368,804	45,289,337
Treasury stock, shares (in shares)	22,930,214	22,930,214

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common stock	Paid-in Capital	Accumulated Other Comprehensive Earnings (Loss)	Retained Earnings	Deferred Compensation	Treasury Stock at Cost
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020	$ 1,135,978	$ 681	$ 335,365	$ 108,714	$ 1,084,217	$ 8,292	$ (401,291)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020		45,142,580
Increase Decrease In Stockholders Equity Roll Forward
Net earnings (loss)	73,012				73,012
Other comprehensive earnings (loss), net of tax	(44,747)			(44,747)
Deferred compensation						(366)	366
Share-based compensation	1,392		1,392
Share-based compensation (in shares)		60,858
Dividends and dividend equivalents	(10,849)				(10,849)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2021	1,154,786	$ 681	336,757	63,967	1,146,380	7,926	(400,925)
Shares, Outstanding, Ending Balance at Mar. 31, 2021		45,203,438
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020	1,135,978	$ 681	335,365	108,714	1,084,217	8,292	(401,291)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020		45,142,580
Increase Decrease In Stockholders Equity Roll Forward
Net earnings (loss)	154,827
Other comprehensive earnings (loss), net of tax	(29,570)
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2021	1,241,803	$ 682	338,099	79,144	1,216,877	8,251	(401,250)
Shares, Outstanding, Ending Balance at Jun. 30, 2021		45,223,343
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2021	1,154,786	$ 681	336,757	63,967	1,146,380	7,926	(400,925)
Shares, Outstanding, Beginning Balance at Mar. 31, 2021		45,203,438
Increase Decrease In Stockholders Equity Roll Forward
Net earnings (loss)	81,815				81,815
Other comprehensive earnings (loss), net of tax	15,177			15,177
Deferred compensation						325	(325)
Share-based compensation	1,343	$ 1	1,342
Share-based compensation (in shares)		19,905
Dividends and dividend equivalents	(11,318)				(11,318)
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2021	1,241,803	$ 682	338,099	79,144	1,216,877	8,251	(401,250)
Shares, Outstanding, Ending Balance at Jun. 30, 2021		45,223,343
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021	1,229,361	$ 682	343,742	49,826	1,228,110	9,642	(402,641)
Shares, Outstanding, Beginning Balance at Dec. 31, 2021		45,289,337
Increase Decrease In Stockholders Equity Roll Forward
Net earnings (loss)	47,923				47,923
Other comprehensive earnings (loss), net of tax	(115,581)			(115,581)
Deferred compensation						(973)	973
Share-based compensation	3,049		3,049
Share-based compensation (in shares)		26,605
Dividends and dividend equivalents	(11,330)				(11,330)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2022	1,153,422	$ 682	346,791	(65,755)	1,264,703	8,669	(401,668)
Shares, Outstanding, Ending Balance at Mar. 31, 2022		45,315,942
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021	1,229,361	$ 682	343,742	49,826	1,228,110	9,642	(402,641)
Shares, Outstanding, Beginning Balance at Dec. 31, 2021		45,289,337
Increase Decrease In Stockholders Equity Roll Forward
Net earnings (loss)	45,684
Other comprehensive earnings (loss), net of tax	(213,144)
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2022	1,044,188	$ 683	349,161	(163,318)	1,250,661	8,945	(401,944)
Shares, Outstanding, Ending Balance at Jun. 30, 2022		45,368,804
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2022	1,153,422	$ 682	346,791	(65,755)	1,264,703	8,669	(401,668)
Shares, Outstanding, Beginning Balance at Mar. 31, 2022		45,315,942
Increase Decrease In Stockholders Equity Roll Forward
Net earnings (loss)	(2,239)				(2,239)
Other comprehensive earnings (loss), net of tax	(97,563)			(97,563)
Deferred compensation						276	(276)
Share-based compensation	2,371	$ 1	2,370
Share-based compensation (in shares)		52,862
Dividends and dividend equivalents	(11,803)				(11,803)
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2022	$ 1,044,188	$ 683	$ 349,161	$ (163,318)	$ 1,250,661	$ 8,945	$ (401,944)
Shares, Outstanding, Ending Balance at Jun. 30, 2022		45,368,804

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Cash dividends paid per common share	$ 0.26	$ 0.25	$ 0.25	$ 0.24

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement Of Cash Flows [Abstract]
Net cash provided by operating activities	$ 170,645	$ 164,509
Purchase of:
Fixed income securities, available-for-sale	(292,056)	(376,690)
Equity securities	(36,605)	(110,148)
Property and equipment	(3,024)	(3,188)
Other	(6,326)	(8,638)
Proceeds from sale of:
Fixed income securities, available-for-sale	20,892	31,808
Equity securities	53,525	152,170
Other	1,172	1,110
Proceeds from call or maturity of:
Fixed income securities, available-for-sale	137,476	204,960
Net cash used in investing activities	(124,946)	(108,616)
Cash Flows from Financing Activities
Cash dividends paid	(23,115)	(22,144)
Proceeds from (payments related to) stock option exercises	1,656	(509)
Net cash used in financing activities	(21,459)	(22,653)
Net increase (decrease) in cash	24,240	33,240
Cash at the beginning of the period	88,804	62,217
Cash at the end of the period	$ 113,044	$ 95,457

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. BASIS OF PRESENTATION The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with our 2021 Annual Report on Form 10-K. Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at June 30, 2022 and the results of operations of RLI Corp. (the Company) and subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year. The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements and the reported amounts of revenue and expenses during the period. These estimates are inherently subject to change and actual results could differ significantly from these estimates. B. ADOPTED ACCOUNTING STANDARDS No new accounting standards applicable in 2022 materially impact our financial statements. C. PROSPECTIVE ACCOUNTING STANDARDS There are no prospective accounting standards which would have a material impact on our financial statements as of June 30, 2022. D. REINSURANCE Ceded unearned premiums and reinsurance balances recoverable on unpaid losses and settlement expenses are reported separately as an asset, rather than being netted with the related liability, since reinsurance does not relieve the Company of our liability to policyholders. Such balances are subject to the credit risk associated with the individual reinsurer. We continually monitor the financial condition of our reinsurers and actively follow up on any past due or disputed amounts. As part of our monitoring efforts, we review reinsurers’ annual financial statements and Securities and Exchange Commission filings for those that are publicly traded. We also review insurance industry developments that may impact the financial condition of our reinsurers. We analyze the credit risk associated with our reinsurance balances recoverable by monitoring the AM Best and Standard & Poor’s (S&P) ratings of our reinsurers. In addition, we subject our reinsurance recoverables to detailed recoverability tests, including a segment-based analysis using the average default rating percentage by S&P rating, which assists the Company in assessing the sufficiency of its allowance. Additionally, we perform an in-depth reinsurer financial condition analysis prior to the renewal of each of our reinsurance placements. Our policy is to charge to earnings, in the form of an allowance, an estimate of unrecoverable amounts from reinsurers. This allowance is reviewed on an ongoing basis to ensure that the amount makes a reasonable provision for reinsurance balances that we may be unable to recover. Once regulatory action (such as receivership, finding of insolvency, order of conservation or order of liquidation) is taken against a reinsurer, the paid and unpaid recoverable for the reinsurer are specifically identified and written off through use of our allowance for estimated unrecoverable amounts from reinsurers. When we write-off such a balance, it is done in full. We then re-evaluate the overall allowance and determine whether the balance is sufficient and, if needed, an additional allowance is recognized. The allowances for uncollectible amounts on paid and unpaid reinsurance recoverables were $16.1 million and $10.9 million, respectively, at June 30, 2022. At December 31, 2021, the amounts were $16.1 million and $11.2 million, respectively. Changes in the allowances were due to changes in the amount of reinsurance balances outstanding, the composition of reinsurers from whom the balances were recoverable and their associated S&P default ratings. No write-offs were applied to the allowances in the first six months of 2022 and less than $0.1 million was recovered. We have no receivables with a due date that extends beyond one year that are not included in our allowance for uncollectible amounts. E. INTANGIBLE ASSETS The composition of goodwill and intangible assets at June 30, 2022 and December 31, 2021 is detailed in the following table: June 30, December 31, (in thousands) 2022 2021 Goodwill Surety $ 40,816 $ 40,816 Casualty 5,246 5,246 Total goodwill $ 46,062 $ 46,062 Intangibles Indefinite-lived intangibles - state insurance licenses 7,500 7,500 Total goodwill and intangibles $ 53,562 $ 53,562 Annual impairment assessments were performed on our goodwill and state insurance license indefinite-lived intangible asset during the second quarter of 2022. Based upon these reviews, none of the assets were impaired. In addition, there were no triggering events as of June 30, 2022 that would suggest an updated impairment test would be needed for our goodwill and intangible assets. F. EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock or common stock equivalents were exercised or converted into common stock. When inclusion of these items increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive. Under these circumstances, the diluted net earnings or net loss per share is computed excluding these items. The following represents a reconciliation of the numerator and denominator of the basic and diluted EPS computations contained in the unaudited condensed consolidated interim financial statements: For the Three Months For the Three Months Ended June 30, 2022 Ended June 30, 2021 Income Shares Per Share Income Shares Per Share (in thousands, except per share data) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS Earnings (loss) available to common shareholders $ (2,239 ) 45,354 $ (0.05 ) $ 81,815 45,226 $ 1.81 Effect of Dilutive Securities Stock options and restricted stock units — — — 489 Diluted EPS Earnings (loss) available to common shareholders $ (2,239 ) 45,354 $ (0.05 ) $ 81,815 45,715 $ 1.79 Anti-dilutive securities excluded from diluted EPS 736 169 For the Six Months For the Six Months Ended June 30, 2022 Ended June 30, 2021 Income Shares Per Share Income Shares Per Share (in thousands, except per share data) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS Earnings (loss) available to common shareholders $ 45,684 45,330 $ 1.01 $ 154,827 45,202 $ 3.43 Effect of Dilutive Securities Stock options and restricted stock units — 418 — 501 Diluted EPS Earnings (loss) available to common shareholders $ 45,684 45,748 $ 1.00 $ 154,827 45,703 $ 3.39 Anti-dilutive securities excluded from diluted EPS 436 169 G. COMPREHENSIVE EARNINGS (LOSS) Our comprehensive earnings (loss) include net earnings (loss) plus after-tax unrealized gains and losses on our available-for-sale fixed income portfolio. In reporting the components of comprehensive earnings (loss), we used the federal statutory tax rate of 21 percent. Other comprehensive earnings (loss) , as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax benefit of $ 25.9 million for the second quarter of 202 2 , compared to $ 4.0 million of tax expense fo r the same period in 2021 . For the six-month period ended June 30, 2022, other comprehensive earnings (loss) is net of tax benefit of $ 56.7 million, compared to $ 7.9 million for the same period in 2021. Unrealized losses, net of tax, recognized in other comprehensive earnings (loss) were $213.1 million for the first six months of 2022, compared to $29.6 million during the same period last year. The unrealized losses were attributable to increased interest rates in both periods, which decreased the fair value of securities held in the fixed income portfolio. The following table illustrates the changes in the balance of each component of accumulated other comprehensive earnings (loss) for each period presented in the unaudited condensed consolidated interim financial statements: (in thousands) For the Three Months For the Six Months Ended June 30, Ended June 30, Unrealized Gains/Losses on Available-for-Sale Securities 2022 2021 2022 2021 Beginning balance $ (65,755 ) $ 63,967 $ 49,826 $ 108,714 Other comprehensive earnings (loss) before reclassifications (97,894 ) 15,601 (213,636 ) (28,194 ) Amounts reclassified from accumulated other comprehensive earnings 331 (424 ) 492 (1,376 ) Net current-period other comprehensive earnings (loss) $ (97,563 ) $ 15,177 $ (213,144 ) $ (29,570 ) Ending balance $ (163,318 ) $ 79,144 $ (163,318 ) $ 79,144 Balance of securities for which an allowance for credit losses has been recognized in net earnings $ 1,083 $ 321 Credit losses on or the sale of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive earnings (loss) to current period net earnings. The effects of reclassifications out of accumulated other comprehensive earnings (loss) by the respective line items of net earnings are presented in the following table: Amount Reclassified from Accumulated Other (in thousands) Comprehensive Earnings (Loss) For the Three Months For the Six Months Component of Accumulated Ended June 30, Ended June 30, Affected line item in the Other Comprehensive Earnings (Loss) 2022 2021 2022 2021 Statement of Earnings Unrealized gains and losses on available-for-sale securities $ (722 ) $ 366 $ (772 ) $ 1,549 Net realized gains (losses) 303 171 149 193 Credit gains presented within net realized gains $ (419 ) $ 537 $ (623 ) $ 1,742 Earnings (loss) before income taxes 88 (113 ) 131 (366 ) Income tax (expense) benefit $ (331 ) $ 424 $ (492 ) $ 1,376 Net earnings (loss) H. FAIR VALUE MEASUREMENTS Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. We determined the fair value of certain financial instruments based on their underlying characteristics and relevant transactions in the marketplace. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value. Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets. Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data. Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable. As a part of management’s process to determine fair value, we utilize widely recognized, third-party pricing sources to determine our fair values. We have obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy. Corporate, Agencies, Government and Municipal Bonds: The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in approximate order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All corporate, agency, government and municipal securities are deemed Level 2. Mortgage-backed Securities (MBS)/Commercial Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS): The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (non-volatile, volatile or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate MBS and CMBS volatility, an option adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates and recent trade activity. MBS/CMBS and ABS with corroborated, observable inputs are classified as Level 2. All of our MBS/CMBS and ABS are deemed Level 2. Regulation D Private Placement Securities: All Regulation D privately-placed bonds are classified as corporate securities and deemed Level 3. The pricing vendor evaluation methodology for these securities includes a combination of observable and unobservable inputs. Observable inputs include public corporate spread matrices classified by sector, rating and average life, as well as investment and non-investment grade matrices created from fixed income indices. Unobservable inputs include a liquidity spread premium calculated based on public corporate spread and private corporate spread matrices. The quantitative detail of the liquidity spread premium is neither provided nor reasonably available to the Company. An increase to the credit spread assumptions would result in a lower fair value. For all of our fixed income securities classified as Level 2, we periodically conduct a review to assess the reasonableness of the fair values provided by our pricing services. Our review consists of a two-pronged approach. First, we compare prices provided by our pricing services to those provided by an additional source. In some cases, we obtain prices from securities brokers and compare them to the prices provided by our pricing services. If discrepancies are found in our comparisons, we compare our prices to actual reported trade data for like securities. No changes to the fair values supplied by our pricing services have occurred as a result of our reviews. Based on these assessments, we have determined that the fair values of our Level 2 fixed income securities provided by our pricing services are reasonable. Equity Securities: As of June 30, 2022, nearly all of our equity holdings were traded on an exchange. Exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). Pricing for the equity securities not traded on an exchange is provided by a third-party pricing source using observable inputs are classified as Level 2. Pricing for one equity security not traded on an exchange relies on one or more unobservable inputs and is classified as Level 3. Due to the relatively short-term nature of cash, short-term investments, accounts receivable and accounts payable, their carrying amounts are reasonable estimates of fair value. Our investments in private funds, classified as other invested assets, are measured using the investments’ net asset value per share and are not categorized within the fair value hierarchy. I. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy, including inflation; rising interest rates; volatile equity markets; and ongoing supply chain disruptions, could lower demand for our insurance products, result in increased levels of loss costs that we could not anticipate at the time we priced our coverages, or negatively impact our investment results, all of which could have an adverse effect on the profitability of our operations. The COVID-19 pandemic may result in significant disruptions in economic activity and financial markets or exacerbate the impact of other economic trends. The cumulative effects of any public health outbreak could reduce demand for our insurance policies; result in increased level of losses, settlement expenses or other operating costs; reduce the market value of invested assets held by the Company or negatively impact the fair value of our goodwill. Catastrophe Exposures Our catastrophe reinsurance treaty renewed on January 1, 2022. We purchased limits of $600 million in excess of $25 million first-dollar retention for earthquakes in California, $625 million in excess of $25 million first-dollar retention for earthquakes outside of California and $475 million in excess of $25 million first-dollar retention for all other perils, including wind. These amounts are subject to certain co-participations by the Company on losses in excess of the $25 million retentions. On May 1, 2022, we purchased $150 million of additional catastrophe reinsurance protection on top of the previously described coverage. This increases the limits to $750 million for earthquakes in California, $775 million for earthquakes outside of California and $625 million for all other perils, including wind, all of which are still subject to $25 million first-dollar retentions and certain co-participations in excess of the retentions.

Investments

Investments	6 Months Ended
	Jun. 30, 2022
Investments Debt And Equity Securities [Abstract]
Investments	2. INVESTMENTS Our investments are primarily composed of fixed income debt securities and common stock equity securities. We carry our equity securities at fair value and categorize all of our debt securities as available-for-sale, which are carried at fair value. Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date. The following is a summary of the disposition of fixed income and equity securities for the six-month periods ended June 30, 2022 and 2021: Sales Proceeds Gross Realized Net Realized (in thousands) From Sales Gains Losses Gain (Loss) 2022 Fixed income securities - available-for-sale $ 19,390 $ 215 $ (432 ) $ (217 ) Equity securities 53,525 19,244 (15 ) 19,229 2021 Fixed income securities - available-for-sale $ 31,928 $ 1,252 $ (46 ) $ 1,206 Equity securities 152,170 50,656 (1,784 ) 48,872 Calls/Maturities Gross Realized Net Realized (in thousands) Proceeds Gains Losses Gain (Loss) 2022 Fixed income securities - available-for-sale $ 137,499 $ 76 $ (55 ) $ 21 2021 Fixed income securities - available-for-sale $ 204,960 $ 406 $ (63 ) $ 343 FAIR VALUE MEASUREMENTS Assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are summarized below: As of June 30, 2022 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Total Fixed income securities - available-for-sale U.S. government $ — $ 181,678 $ — $ 181,678 U.S. agency — 33,573 — 33,573 Non-U.S. government & agency — 6,068 — 6,068 Agency MBS — 312,721 — 312,721 ABS/CMBS/MBS* — 246,345 — 246,345 Corporate — 886,114 55,615 941,729 Municipal — 558,795 — 558,795 Total fixed income securities - available-for-sale $ — $ 2,225,294 $ 55,615 $ 2,280,909 Equity securities 486,780 42 1,173 487,995 Total $ 486,780 $ 2,225,336 $ 56,788 $ 2,768,904 * Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities As of December 31, 2021 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Total Fixed income securities - available-for-sale U.S. government $ — $ 134,554 $ — $ 134,554 U.S. agency — 32,760 — 32,760 Non-U.S. government & agency — 8,481 — 8,481 Agency MBS — 367,187 — 367,187 ABS/CMBS/MBS* — 264,054 — 264,054 Corporate — 913,577 43,518 957,095 Municipal — 645,756 — 645,756 Total fixed income securities - available-for-sale $ — $ 2,366,369 $ 43,518 $ 2,409,887 Equity securities 613,712 64 — 613,776 Total $ 613,712 $ 2,366,433 $ 43,518 $ 3,023,663 * Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities The following table summarizes changes in the balance of securities whose fair value was measured using significant unobservable inputs (Level 3). (in thousands) Level 3 Securities Balance as of January 1, 2022 $ 43,518 Net realized and unrealized gains (losses) Included in net earnings as a part of: Net investment income (506 ) Net realized gains (433 ) Included in other comprehensive earnings (loss) (6,623 ) Total net realized and unrealized gains (losses) $ (7,562 ) Purchases 21,701 Transfers out of Level 3 (869 ) Balance as of June 30, 2022 $ 56,788 Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in net realized gains $ (433 ) Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss) $ (6,623 ) The amortized cost and fair value of available-for-sale fixed income securities by contractual maturity as of June 30, 2022 were as follows: June 30, 2022 (in thousands) Amortized Cost Fair Value Due in one year or less $ 48,305 $ 48,372 Due after one year through five years 790,904 765,266 Due after five years through 10 years 516,860 477,956 Due after 10 years 514,144 430,249 ABS/CMBS/MBS* 610,267 559,066 Total available-for-sale $ 2,480,480 $ 2,280,909 * Asset-backed, commercial mortgage-backed and mortgage-backed securities The amortized cost and fair value of available-for-sale securities at June 30, 2022 and December 31, 2021 are presented in the tables below. Amortized cost does not include the $17.5 million and $16.4 million of accrued interest receivable as of June 30, 2022 and December 31, 2021, respectively. June 30, 2022 Cost or Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair (in thousands) Cost Losses Gains Losses Value U.S. government $ 183,368 $ — $ 220 $ (1,910 ) $ 181,678 U.S. agency 34,220 — 190 (837 ) 33,573 Non-U.S. government & agency 6,797 — - (729 ) 6,068 Agency MBS 338,639 — 591 (26,509 ) 312,721 ABS/CMBS/MBS* 271,628 (10 ) 82 (25,355 ) 246,345 Corporate 1,011,726 (282 ) 428 (70,143 ) 941,729 Municipal 634,102 — 1,860 (77,167 ) 558,795 Total Fixed Income $ 2,480,480 $ (292 ) $ 3,371 $ (202,650 ) $ 2,280,909 December 31, 2021 Cost or Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair (in thousands) Cost Losses Gains Losses Value U.S. government $ 127,752 $ — $ 6,846 $ (44 ) $ 134,554 U.S. agency 30,403 — 2,374 (17 ) 32,760 Non-U.S. government & agency 8,297 — 338 (154 ) 8,481 Agency MBS 362,861 — 9,277 (4,951 ) 367,187 ABS/CMBS/MBS* 264,273 — 2,120 (2,339 ) 264,054 Corporate 925,394 (441 ) 37,247 (5,105 ) 957,095 Municipal 627,287 — 22,750 (4,281 ) 645,756 Total Fixed Income $ 2,346,267 $ (441 ) $ 80,952 $ (16,891 ) $ 2,409,887 * Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities Allowance for Credit Losses and Unrealized Losses on Fixed Income Securities A reversable allowance for credit losses is recognized on available-for-sale fixed income securities. Several criteria are reviewed to determine if securities in the fixed income portfolio should be included in the allowance for expected credit loss evaluation, including: • Changes in technology that may impair the earnings potential of the investment, • The discontinuance of a segment of business that may affect future earnings potential, • Reduction of or non-payment of interest and/or principal, • Specific concerns related to the issuer’s industry or geographic area of operation, • Significant or recurring operating losses, poor cash flows and/or deteriorating liquidity ratios and • Downgrades in credit quality by a major rating agency. If changes in interest rates and credit spreads do not reasonably explain the unrealized loss for an available-for-sale security or if any of the criteria above indicate a potential credit loss, the security is subjected to a discounted cash flow analysis. Inputs into the discounted cash flow analysis include prepayment assumptions for structured securities, default rates and recoverability rates based on credit rating. The allowance for any security is limited to the amount that the security’s fair value is below amortized cost. As of June 30, 2022, the discounted cash flow analysis resulted in an allowance for credit losses on 14 securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Beginning balance $ 594 $ 375 $ 441 $ 397 Increase to allowance from securities for which credit losses were not previously recorded 149 - 223 - Reduction from securities sold during the period (433 ) - (433 ) Reductions from intent to sell securities - - (17 ) - Net increase (decrease) from securities that had an allowance at the beginning of the period (18 ) (171 ) 78 (193 ) Balance as of June 30, $ 292 $ 204 $ 292 $ 204 During 2022, net realized gains included $0.1 million of losses on fixed income securities for which we no longer had the intent to hold until recovery and the cost basis was written down to fair value. No such losses were recognized during the first six months of 2021. As of June 30, 2022, in addition to the securities included in the allowance for credit losses, the fixed income portfolio contained 1,341 securities with an unrealized loss position for which an allowance for credit losses had not been recorded. The $202.7 million in associated unrealized losses represents 8.2 percent of the fixed income portfolio’s cost basis and 6.9 nrealized losses increased through the first six months of 2022, as interest rates increased during the period. The following table illustrates the total value of fixed income securities that were in an unrealized loss position as of June 30, 2022 and December 31, 2021 after factoring in the allowance for credit losses. June 30, 2022 December 31, 2021 (in thousands) < 12 Mos. 12 Mos. & Greater Total < 12 Mos. 12 Mos. & Greater Total U.S. government Fair value $ 142,944 $ — $ 142,944 $ 2,942 $ — $ 2,942 Amortized cost 144,854 — 144,854 2,986 — 2,986 Unrealized loss $ (1,910 ) $ — $ (1,910 ) $ (44 ) $ — $ (44 ) U.S. agency Fair value $ 15,788 $ — $ 15,788 $ 1,498 $ — $ 1,498 Amortized cost 16,625 — 16,625 1,515 — 1,515 Unrealized loss $ (837 ) $ — $ (837 ) $ (17 ) $ — $ (17 ) Non-U.S. government Fair value $ 3,731 $ 2,337 $ 6,068 $ 4,346 $ — $ 4,346 Amortized cost 3,797 3,000 6,797 4,500 — 4,500 Unrealized Loss $ (66 ) $ (663 ) $ (729 ) $ (154 ) $ — $ (154 ) Agency MBS Fair value $ 221,563 $ 68,070 $ 289,633 $ 102,145 $ 62,669 $ 164,814 Amortized cost 236,671 79,471 316,142 104,336 65,429 169,765 Unrealized loss $ (15,108 ) $ (11,401 ) $ (26,509 ) $ (2,191 ) $ (2,760 ) $ (4,951 ) ABS/CMBS/MBS* Fair value $ 214,266 $ 22,312 $ 236,578 $ 150,997 $ 3,935 $ 154,932 Amortized cost 236,298 25,635 261,933 153,235 4,036 157,271 Unrealized loss $ (22,032 ) $ (3,323 ) $ (25,355 ) $ (2,238 ) $ (101 ) $ (2,339 ) Corporate Fair value $ 762,770 $ 78,901 $ 841,671 $ 217,791 $ 53,818 $ 271,609 Amortized cost 821,145 90,669 911,814 221,010 55,704 276,714 Unrealized loss $ (58,375 ) $ (11,768 ) $ (70,143 ) $ (3,219 ) $ (1,886 ) $ (5,105 ) Municipal Fair value $ 387,833 $ 30,986 $ 418,819 $ 162,998 $ 15,037 $ 178,035 Amortized cost 454,930 41,056 495,986 166,602 15,714 182,316 Unrealized loss $ (67,097 ) $ (10,070 ) $ (77,167 ) $ (3,604 ) $ (677 ) $ (4,281 ) Total fixed income Fair value $ 1,748,895 $ 202,606 $ 1,951,501 $ 642,717 $ 135,459 $ 778,176 Amortized cost 1,914,320 239,831 2,154,151 654,184 140,883 795,067 Unrealized loss $ (165,425 ) $ (37,225 ) $ (202,650 ) $ (11,467 ) $ (5,424 ) $ (16,891 ) * Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities The following table shows the composition of the fixed income securities in unrealized loss positions, after factoring in the allowance for credit losses, at June 30, 2022 by the National Association of Insurance Commissioners (NAIC) rating and the generally equivalent Standard & Poor’s (S&P) and Moody’s ratings. The vast majority of the securities are rated by S&P and/or Moody’s. Equivalent Equivalent (dollars in thousands) NAIC S&P Moody’s Amortized Unrealized Percent Rating Rating Rating Cost Fair Value Loss to Total 1 AAA/AA/A Aaa/Aa/A $ 1,658,961 $ 1,499,693 $ (159,268 ) 78.6 % 2 BBB Baa 350,114 319,538 (30,576 ) 15.1 % 3 BB Ba 86,132 78,065 (8,067 ) 4.0 % 4 B B 56,650 52,186 (4,464 ) 2.2 % 5 CCC Caa 2,294 2,019 (275 ) 0.1 % 6 CC or lower Ca or lower - - - 0.0 % Total $ 2,154,151 $ 1,951,501 $ (202,650 ) 100.0 % Other Invested Assets We had $51.0 million of other invested assets at June 30, 2022, compared to $50.5 million at December 31, 2021. Other invested assets include investments in low income housing tax credit partnerships (LIHTC), membership in the Federal Home Loan Bank of Chicago (FHLBC), and investments in private funds. Our LIHTC investments are carried at amortized cost and our investment in FHLBC stock is carried at cost. Due to the nature of the LIHTC and our membership in the FHLBC, their carrying amounts approximate fair value. The private funds are carried at fair value, using each investment’s net asset value. Our LIHTC interests had a balance of $15.1 million at June 30, 2022, compared to $16.6 million at December 31, 2021, and recognized a total tax benefit of $0.9 million during the second quarters of 2022 and 2021. For the six-months ended June 30, 2022, our LIHTC interests recognized a total benefit of $1.7 million, compared to $1.8 million for the same period in 2021. Our unfunded commitment for our LIHTC investments totaled $1.3 million at June 30, 2022 and will be paid out in installments through 2035. As of June 30, 2022, $58.2 million of investments were pledged as collateral with the FHLBC to ensure timely access to the secured lending facility that ownership of FHLBC stock provides. As of June 30, 2022, $50.0 million of borrowings were outstanding with the FHLBC. Our investments in private funds totaled $30.3 million at June 30, 2022, compared to $28.6 million at December 31, 2021, and we had $5.9 million of associated unfunded commitments at June 30, 2022. Our interest in private funds is generally restricted from being transferred or otherwise redeemed without prior consent by the respective entities, and the timed dissolution of the partnerships would trigger redemption. Investments in Unconsolidated Investees We had $187.3 million of investments in unconsolidated investees at June 30, 2022, compared to $171.3 million at December 31, 2021. Our investments accounted for under the equity method are primarily related to Maui Jim, Inc. (Maui Jim) and Prime Holdings Insurance Services, Inc. (Prime). At June 30, 2022 our investment in Maui Jim was $127.4 million and our investment in Prime was $47.6 million. Other investments in unconsolidated investees totaled $12.3 million at June 30, 2022 and had unfunded commitments of $8.6 million. Cash Cash consists of uninvested balances in bank accounts. We had a cash balance of $113.0 million at June 30, 2022, compared to $88.8 million at December 31, 2021.

Historical Loss And LAE Develop

Historical Loss And LAE Development	6 Months Ended
	Jun. 30, 2022
Historical Loss And L A E Development Disclosure [Abstract]
Historical Loss And LAE Development	3. HISTORICAL LOSS AND LAE DEVELOPMENT The following table is a reconciliation of our unpaid losses and settlement expenses (LAE) for the first six months of 2022 and 2021: For the Six Months Ended June 30, (in thousands) 2022 2021 Unpaid losses and LAE at beginning of year Gross $ 2,043,555 $ 1,750,049 Ceded (608,086 ) (443,729 ) Net $ 1,435,469 $ 1,306,320 Increase (decrease) in incurred losses and LAE Current accident year $ 293,158 $ 279,380 Prior accident years (69,720 ) (67,462 ) Total incurred $ 223,438 $ 211,918 Loss and LAE payments for claims incurred Current accident year $ (21,628 ) $ (28,991 ) Prior accident years (153,490 ) (116,723 ) Total paid $ (175,118 ) $ (145,714 ) Net unpaid losses and LAE at June 30 $ 1,483,789 $ 1,372,524 Unpaid losses and LAE at June 30 Gross $ 2,150,519 $ 1,917,609 Ceded (666,730 ) (545,085 ) Net $ 1,483,789 $ 1,372,524 For the first six months of 2022, incurred losses and LAE included $69.7 million of favorable development on prior years’ loss reserves. General liability, professional services, transportation, marine and surety were drivers of the favorable development. No products experienced significant adverse development. For the first six months of 2021, incurred losses and LAE included $67.5 million of favorable development on prior years’ loss reserves. General liability, transportation, professional services, small commercial, personal umbrella and marine were drivers of the favorable development. No products experienced significant adverse development. Actuarial models base future emergence on historical experience, with adjustments for current trends, and the appropriateness of these assumptions involved more uncertainty as of June 30, 2022. We expect the timing of loss emergence and ultimate loss ratios for certain coverages we underwrite will be affected as a result of COVID-19 and the related economic impact. The industry is experiencing new issues, including the postponement of civil court cases, the extension of various statutes of limitations and changes in settlement trends. Our recorded reserves include consideration of these factors, but the duration and degree to which these issues persist, along with potential legislative, regulatory or judicial actions, could result in loss reserve deficiencies and reduce earnings in future periods.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	4. INCOME TAXES Our effective tax rate for the three and six months ended June 30, 2022 was 65.8 percent and 12.1 percent, respectively, compared to 19.8 percent and 19.3 percent, respectively, for the same period in 2021. Effective rates are dependent upon components of pretax earnings and the related tax effects. Tax-favored adjustments acting on a pretax loss, caused by unrealized losses on the equity portfolio, resulted in a higher effective tax rate for the second quarter of 2022. The effective tax rate was lower for the six-month period in 2022, as lower pretax income increased the percentage impact of tax-favored adjustments. Income tax expense attributable to income from operations for the three and six-month periods ended June 30, 2022 and 2021 differed from the amounts computed by applying the U.S. federal tax rate of 21 percent to pretax income by the items detailed in the below table. In interim periods, income taxes are adjusted to reflect the effective tax rate we anticipate for the year, with adjustments flowing through the other items, net line. For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Amount % Amount % Amount % Amount % Provision for income taxes at the statutory rate of 21% $ (1,376 ) 21.0 % $ 21,424 21.0 % $ 10,914 21.0 % $ 40,290 21.0 % Increase (reduction) in taxes resulting from: Excess tax benefit on share-based compensation (761 ) 11.6 % (270 ) (0.3 ) % (2,175 ) (4.2 ) % (2,194 ) (1.1 ) % Tax exempt interest income (288 ) 4.4 % (310 ) (0.3 ) % (570 ) (1.1 ) % (629 ) (0.3 ) % Dividends received deduction (163 ) 2.5 % (248 ) (0.2 ) % (434 ) (0.8 ) % (484 ) (0.3 ) % Investment tax credit (1,182 ) 18.0 % (801 ) (0.8 ) % (2,363 ) (4.5 ) % (1,603 ) (0.8 ) % ESOP dividends paid deduction (138 ) 2.1 % (137 ) (0.1 ) % (268 ) (0.5 ) % (267 ) (0.1 ) % Nondeductible expenses 258 (3.9 ) % 826 0.8 % 574 1.1 % 1,237 0.6 % Other items, net (665 ) 10.1 % (278 ) (0.3 ) % 609 1.1 % 678 0.3 % Total tax expense $ (4,315 ) 65.8 % $ 20,206 19.8 % $ 6,287 12.1 % $ 37,028 19.3 %

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	5. STOCK BASED COMPENSATION Our RLI Corp. Long-Term Incentive Plan (2010 LTIP) was in place from 2010 to 2015. The 2010 LTIP provided for equity-based compensation, including stock options, up to a maximum of 4,000,000 shares of common stock (subject to adjustment for changes in our capitalization and other events). Between 2010 and 2015, we granted 2,878,000 stock options under the 2010 LTIP. The 2010 LTIP was replaced in 2015. In 2015, our shareholders approved the 2015 RLI Corp. Long-Term Incentive Plan (2015 LTIP), which provides for equity-based compensation and replaced the 2010 LTIP. In conjunction with the adoption of the 2015 LTIP, effective May 7, 2015, options were no longer granted under the 2010 LTIP. Awards under the 2015 LTIP may be in the form of restricted stock, restricted stock units, stock options (non-qualified only), stock appreciation rights, performance units as well as other stock-based awards. Eligibility under the 2015 LTIP is limited to employees and directors of the Company or any affiliate. The granting of awards under the 2015 LTIP is solely at the discretion of the board of directors. The maximum number of shares of common stock available for distribution under the 2015 LTIP is 4,000,000 shares (subject to adjustment for changes in our capitalization and other events). Since the plan’s approval in 2015, we have granted 3,213,225 awards under the 2015 LTIP, including 312,805 thus far in 2022. Compensation expense is based on the probable number of awards expected to vest. The total compensation expense related to equity awards was $2.3 million and $3.7 million in the three and six-month periods ended June 30, 2022, respectively, compared to $1.7 million and $3.2 million, respectively, for the same period in 2021. The total income tax benefit was $0.4 million and $0.6 million for the three and six-month periods ended June 30, 2022, compared to $0.3 million and $0.5 million, respectively, for the same period in 2021. Total unrecognized compensation expense relating to outstanding and unvested awards was $10.1 million, which will be recognized over the weighted average vesting period of 2.27 years. Stock Options Under the 2015 LTIP, as under the 2010 LTIP, we grant stock options for shares with an exercise price equal to the fair market value of the shares at the date of grant (subject to adjustments for changes in our capitalization, special dividends and other events as set forth in such plans). Options generally vest and become exercisable ratably over a five-year For most participants, the requisite service period and vesting period will be the same. For participants who are retirement eligible, defined by the plan as those individuals whose age and years of service equals 75, the requisite service period is deemed to be met and options are immediately expensed on the date of grant. For participants who will become retirement eligible during the vesting period, the requisite service period over which expense is recognized is the period between the grant date and the attainment of retirement eligibility. Shares issued upon option exercise are newly issued shares. The following tables summarize option activity for the six-month period ended June 30, 2022: Weighted Aggregate Weighted Average Intrinsic Average Remaining Value Options Exercise Price Contractual Life (in 000’s) Outstanding options at January 1, 2022 1,669,325 $ 78.63 Options granted 296,100 115.65 Options exercised (88,047 ) 59.38 Options canceled/forfeited (7,590 ) 90.80 Outstanding options at June 30, 2022 1,869,788 $ 85.35 5.06 $ 58,408 Exercisable options at June 30, 2022 905,015 $ 69.91 3.58 $ 42,245 The intrinsic value, which is the difference between the fair value and the exercise price, of options exercised was $5.0 million and $7.3 million during the first six months of 2022 and 2021, respectively. The fair value of options was estimated using a Black-Scholes based option pricing model with the following weighted average grant-date assumptions and weighted average fair values as of June 30: 2022 2021 Weighted-average fair value of grants $ 21.05 $ 17.00 Risk-free interest rates 2.84 % 0.69 % Dividend yield 2.50 % 2.07 % Expected volatility 22.89 % 22.73 % Expected option life 5.06 years 4.97 years The risk-free rate was determined based on U.S. treasury yields that most closely approximated the option’s expected life. The dividend yield was determined based on the average annualized quarterly dividends paid during the most recent five-year period and incorporated a consideration for special dividends paid in recent history. The expected volatility was calculated based on the median of the rolling volatilities for the expected life of the options. The expected option life was determined based on historical exercise behavior and the assumption that all outstanding options will be exercised at the midpoint of the current date and remaining contractual term, adjusted for the demographics of the current year’s grant. Restricted Stock Units In addition to stock options, restricted stock units (RSUs) are granted with a value equal to the closing stock price of the Company’s stock on the dates the units are granted. For employees, these units generally have a three-year Weighted Average Grant Date RSUs Fair Value Nonvested at January 1, 2022 45,068 $ 97.67 Granted 16,705 116.60 Reinvested 197 108.86 Vested (21,380 ) 93.07 Forfeited (1,030 ) 96.30 Nonvested at June 30, 2022 39,560 $ 108.24

Operating Segment Information

Operating Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Operating Segment Information	6. OPERATING SEGMENT INFORMATION Selected information by operating segment is presented in the table below. Additionally, the table reconciles segment totals to total earnings and total revenues. For the Three Months For the Six Months Revenues Ended June 30, Ended June 30, (in thousands) 2022 2021 2022 2021 Casualty $ 177,123 $ 156,195 $ 348,879 $ 304,965 Property 74,690 55,865 142,130 107,507 Surety 30,997 28,940 60,953 57,123 Net premiums earned $ 282,810 $ 241,000 $ 551,962 $ 469,595 Net investment income 18,472 16,661 36,355 33,085 Net realized gains 12,804 36,463 18,392 50,613 Net unrealized gains (losses) on equity securities (100,994 ) 3,956 (128,804 ) 32,118 Total consolidated revenue $ 213,092 $ 298,080 $ 477,905 $ 585,411 Net Earnings (in thousands) 2022 2021 2022 2021 Casualty $ 21,442 $ 26,438 $ 49,089 $ 51,305 Property 26,105 8,879 48,581 7,874 Surety 8,409 1,274 17,764 7,329 Net underwriting income $ 55,956 $ 36,591 $ 115,434 $ 66,508 Net investment income 18,472 16,661 36,355 33,085 Net realized gains 12,804 36,463 18,392 50,613 Net unrealized gains (losses) on equity securities (100,994 ) 3,956 (128,804 ) 32,118 General corporate expense and interest on debt (4,446 ) (5,590 ) (9,819 ) (10,833 ) Equity in earnings of unconsolidated investees 11,654 13,940 20,413 20,364 Earnings (loss) before income taxes $ (6,554 ) $ 102,021 $ 51,971 $ 191,855 Income tax expense (benefit) (4,315 ) 20,206 6,287 37,028 Net earnings (loss) $ (2,239 ) $ 81,815 $ 45,684 $ 154,827 The following table further summarizes revenues by major product type within each operating segment: For the Three Months For the Six Months Net Premiums Earned Ended June 30, Ended June 30, (in thousands) 2022 2021 2022 2021 Casualty Commercial excess and personal umbrella $ 62,463 $ 53,448 $ 122,535 $ 105,002 General liability 25,106 22,053 48,846 44,460 Commercial transportation 23,941 21,525 47,569 38,355 Professional services 23,861 21,966 47,416 43,694 Small commercial 16,813 16,279 33,458 32,001 Executive products 7,075 5,083 13,652 10,324 Other casualty 17,864 15,841 35,403 31,129 Total $ 177,123 $ 156,195 $ 348,879 $ 304,965 Property Commercial property $ 38,929 $ 25,093 $ 72,218 $ 47,805 Marine 28,178 24,363 54,907 47,321 Specialty personal 6,100 5,264 11,996 10,298 Other property 1,483 1,145 3,009 2,083 Total $ 74,690 $ 55,865 $ 142,130 $ 107,507 Surety Commercial $ 11,663 $ 11,040 $ 23,366 $ 22,053 Miscellaneous 11,587 10,845 22,940 21,480 Contract 7,747 7,055 14,647 13,590 Total $ 30,997 $ 28,940 $ 60,953 $ 57,123 Grand Total $ 282,810 $ 241,000 $ 551,962 $ 469,595

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	7. LEASES Right-of-use (ROU) assets are included in the other assets line item and lease liabilities are included in the other liabilities line item of the consolidated balance sheet. We determine if a contract contains a lease at inception and recognize operating lease ROU assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements may include options to extend or terminate. The options are exercised at our discretion and are included in operating lease liabilities if it is reasonably certain the option will be exercised. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Operating lease cost for future minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease cost is expensed in the period in which the obligation is incurred. Sublease income is recognized on a straight-line basis over the sublease term. The Company’s operating lease obligations are for branch office facilities. The components of lease expense and other lease information as of and during the three and six-month periods ended June 30, 2022 and 2021 were as follows: For the Three Months For the Six Months Ended June 30, Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 1,256 $ 1,328 $ 2,414 $ 2,679 Variable lease cost 349 357 695 741 Sublease income (139 ) (123 ) (277 ) (246 ) Total lease cost $ 1,466 $ 1,562 $ 2,832 $ 3,174 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 1,278 $ 1,477 $ 2,600 $ 2,965 ROU assets obtained in exchange for new operating lease liabilities $ 2,431 $ 206 $ 2,431 $ 265 Reduction to ROU assets resulting from reduction to lease liabilities $ — $ 1,191 $ — $ 1,250 Other non-cash reductions to ROU assets $ — $ — $ 73 $ — (in thousands) June 30, 2022 December 31, 2021 Operating lease ROU assets $ 14,881 $ 14,765 Operating lease liabilities $ 16,902 $ 16,905 Weighted-average remaining lease term - operating leases 4.40 years 4.52 years Weighted-average discount rate - operating leases 2.08 % 2.02 % Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows: (in thousands) June 30, 2022 2022 $ 2,778 2023 5,529 2024 3,552 2025 2,138 2026 1,285 2027 826 Thereafter 1,589 Total future minimum lease payments $ 17,697 Less imputed interest (795 ) Total operating lease liability $ 16,902

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	A. BASIS OF PRESENTATION The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with our 2021 Annual Report on Form 10-K. Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at June 30, 2022 and the results of operations of RLI Corp. (the Company) and subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year. The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements and the reported amounts of revenue and expenses during the period. These estimates are inherently subject to change and actual results could differ significantly from these estimates.
Adopted Accounting Standards	B. ADOPTED ACCOUNTING STANDARDS No new accounting standards applicable in 2022 materially impact our financial statements.
Prospective Accounting Standards	C. PROSPECTIVE ACCOUNTING STANDARDS There are no prospective accounting standards which would have a material impact on our financial statements as of June 30, 2022.
Reinsurance	D. REINSURANCE Ceded unearned premiums and reinsurance balances recoverable on unpaid losses and settlement expenses are reported separately as an asset, rather than being netted with the related liability, since reinsurance does not relieve the Company of our liability to policyholders. Such balances are subject to the credit risk associated with the individual reinsurer. We continually monitor the financial condition of our reinsurers and actively follow up on any past due or disputed amounts. As part of our monitoring efforts, we review reinsurers’ annual financial statements and Securities and Exchange Commission filings for those that are publicly traded. We also review insurance industry developments that may impact the financial condition of our reinsurers. We analyze the credit risk associated with our reinsurance balances recoverable by monitoring the AM Best and Standard & Poor’s (S&P) ratings of our reinsurers. In addition, we subject our reinsurance recoverables to detailed recoverability tests, including a segment-based analysis using the average default rating percentage by S&P rating, which assists the Company in assessing the sufficiency of its allowance. Additionally, we perform an in-depth reinsurer financial condition analysis prior to the renewal of each of our reinsurance placements. Our policy is to charge to earnings, in the form of an allowance, an estimate of unrecoverable amounts from reinsurers. This allowance is reviewed on an ongoing basis to ensure that the amount makes a reasonable provision for reinsurance balances that we may be unable to recover. Once regulatory action (such as receivership, finding of insolvency, order of conservation or order of liquidation) is taken against a reinsurer, the paid and unpaid recoverable for the reinsurer are specifically identified and written off through use of our allowance for estimated unrecoverable amounts from reinsurers. When we write-off such a balance, it is done in full. We then re-evaluate the overall allowance and determine whether the balance is sufficient and, if needed, an additional allowance is recognized. The allowances for uncollectible amounts on paid and unpaid reinsurance recoverables were $16.1 million and $10.9 million, respectively, at June 30, 2022. At December 31, 2021, the amounts were $16.1 million and $11.2 million, respectively. Changes in the allowances were due to changes in the amount of reinsurance balances outstanding, the composition of reinsurers from whom the balances were recoverable and their associated S&P default ratings. No write-offs were applied to the allowances in the first six months of 2022 and less than $0.1 million was recovered. We have no receivables with a due date that extends beyond one year that are not included in our allowance for uncollectible amounts.
Intangible Assets	E. INTANGIBLE ASSETS The composition of goodwill and intangible assets at June 30, 2022 and December 31, 2021 is detailed in the following table: June 30, December 31, (in thousands) 2022 2021 Goodwill Surety $ 40,816 $ 40,816 Casualty 5,246 5,246 Total goodwill $ 46,062 $ 46,062 Intangibles Indefinite-lived intangibles - state insurance licenses 7,500 7,500 Total goodwill and intangibles $ 53,562 $ 53,562 Annual impairment assessments were performed on our goodwill and state insurance license indefinite-lived intangible asset during the second quarter of 2022. Based upon these reviews, none of the assets were impaired. In addition, there were no triggering events as of June 30, 2022 that would suggest an updated impairment test would be needed for our goodwill and intangible assets.
Earnings Per Share	F. EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock or common stock equivalents were exercised or converted into common stock. When inclusion of these items increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive. Under these circumstances, the diluted net earnings or net loss per share is computed excluding these items. The following represents a reconciliation of the numerator and denominator of the basic and diluted EPS computations contained in the unaudited condensed consolidated interim financial statements: For the Three Months For the Three Months Ended June 30, 2022 Ended June 30, 2021 Income Shares Per Share Income Shares Per Share (in thousands, except per share data) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS Earnings (loss) available to common shareholders $ (2,239 ) 45,354 $ (0.05 ) $ 81,815 45,226 $ 1.81 Effect of Dilutive Securities Stock options and restricted stock units — — — 489 Diluted EPS Earnings (loss) available to common shareholders $ (2,239 ) 45,354 $ (0.05 ) $ 81,815 45,715 $ 1.79 Anti-dilutive securities excluded from diluted EPS 736 169 For the Six Months For the Six Months Ended June 30, 2022 Ended June 30, 2021 Income Shares Per Share Income Shares Per Share (in thousands, except per share data) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS Earnings (loss) available to common shareholders $ 45,684 45,330 $ 1.01 $ 154,827 45,202 $ 3.43 Effect of Dilutive Securities Stock options and restricted stock units — 418 — 501 Diluted EPS Earnings (loss) available to common shareholders $ 45,684 45,748 $ 1.00 $ 154,827 45,703 $ 3.39 Anti-dilutive securities excluded from diluted EPS 436 169
Comprehensive Earnings (Loss)	G. COMPREHENSIVE EARNINGS (LOSS) Our comprehensive earnings (loss) include net earnings (loss) plus after-tax unrealized gains and losses on our available-for-sale fixed income portfolio. In reporting the components of comprehensive earnings (loss), we used the federal statutory tax rate of 21 percent. Other comprehensive earnings (loss) , as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax benefit of $ 25.9 million for the second quarter of 202 2 , compared to $ 4.0 million of tax expense fo r the same period in 2021 . For the six-month period ended June 30, 2022, other comprehensive earnings (loss) is net of tax benefit of $ 56.7 million, compared to $ 7.9 million for the same period in 2021. Unrealized losses, net of tax, recognized in other comprehensive earnings (loss) were $213.1 million for the first six months of 2022, compared to $29.6 million during the same period last year. The unrealized losses were attributable to increased interest rates in both periods, which decreased the fair value of securities held in the fixed income portfolio. The following table illustrates the changes in the balance of each component of accumulated other comprehensive earnings (loss) for each period presented in the unaudited condensed consolidated interim financial statements: (in thousands) For the Three Months For the Six Months Ended June 30, Ended June 30, Unrealized Gains/Losses on Available-for-Sale Securities 2022 2021 2022 2021 Beginning balance $ (65,755 ) $ 63,967 $ 49,826 $ 108,714 Other comprehensive earnings (loss) before reclassifications (97,894 ) 15,601 (213,636 ) (28,194 ) Amounts reclassified from accumulated other comprehensive earnings 331 (424 ) 492 (1,376 ) Net current-period other comprehensive earnings (loss) $ (97,563 ) $ 15,177 $ (213,144 ) $ (29,570 ) Ending balance $ (163,318 ) $ 79,144 $ (163,318 ) $ 79,144 Balance of securities for which an allowance for credit losses has been recognized in net earnings $ 1,083 $ 321 Credit losses on or the sale of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive earnings (loss) to current period net earnings. The effects of reclassifications out of accumulated other comprehensive earnings (loss) by the respective line items of net earnings are presented in the following table: Amount Reclassified from Accumulated Other (in thousands) Comprehensive Earnings (Loss) For the Three Months For the Six Months Component of Accumulated Ended June 30, Ended June 30, Affected line item in the Other Comprehensive Earnings (Loss) 2022 2021 2022 2021 Statement of Earnings Unrealized gains and losses on available-for-sale securities $ (722 ) $ 366 $ (772 ) $ 1,549 Net realized gains (losses) 303 171 149 193 Credit gains presented within net realized gains $ (419 ) $ 537 $ (623 ) $ 1,742 Earnings (loss) before income taxes 88 (113 ) 131 (366 ) Income tax (expense) benefit $ (331 ) $ 424 $ (492 ) $ 1,376 Net earnings (loss)
Fair Value Measurements	H. FAIR VALUE MEASUREMENTS Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. We determined the fair value of certain financial instruments based on their underlying characteristics and relevant transactions in the marketplace. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value. Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets. Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data. Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable. As a part of management’s process to determine fair value, we utilize widely recognized, third-party pricing sources to determine our fair values. We have obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy. Corporate, Agencies, Government and Municipal Bonds: The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in approximate order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All corporate, agency, government and municipal securities are deemed Level 2. Mortgage-backed Securities (MBS)/Commercial Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS): The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (non-volatile, volatile or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate MBS and CMBS volatility, an option adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates and recent trade activity. MBS/CMBS and ABS with corroborated, observable inputs are classified as Level 2. All of our MBS/CMBS and ABS are deemed Level 2. Regulation D Private Placement Securities: All Regulation D privately-placed bonds are classified as corporate securities and deemed Level 3. The pricing vendor evaluation methodology for these securities includes a combination of observable and unobservable inputs. Observable inputs include public corporate spread matrices classified by sector, rating and average life, as well as investment and non-investment grade matrices created from fixed income indices. Unobservable inputs include a liquidity spread premium calculated based on public corporate spread and private corporate spread matrices. The quantitative detail of the liquidity spread premium is neither provided nor reasonably available to the Company. An increase to the credit spread assumptions would result in a lower fair value. For all of our fixed income securities classified as Level 2, we periodically conduct a review to assess the reasonableness of the fair values provided by our pricing services. Our review consists of a two-pronged approach. First, we compare prices provided by our pricing services to those provided by an additional source. In some cases, we obtain prices from securities brokers and compare them to the prices provided by our pricing services. If discrepancies are found in our comparisons, we compare our prices to actual reported trade data for like securities. No changes to the fair values supplied by our pricing services have occurred as a result of our reviews. Based on these assessments, we have determined that the fair values of our Level 2 fixed income securities provided by our pricing services are reasonable. Equity Securities: As of June 30, 2022, nearly all of our equity holdings were traded on an exchange. Exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). Pricing for the equity securities not traded on an exchange is provided by a third-party pricing source using observable inputs are classified as Level 2. Pricing for one equity security not traded on an exchange relies on one or more unobservable inputs and is classified as Level 3. Due to the relatively short-term nature of cash, short-term investments, accounts receivable and accounts payable, their carrying amounts are reasonable estimates of fair value. Our investments in private funds, classified as other invested assets, are measured using the investments’ net asset value per share and are not categorized within the fair value hierarchy.
Risks and Uncertainties	I. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy, including inflation; rising interest rates; volatile equity markets; and ongoing supply chain disruptions, could lower demand for our insurance products, result in increased levels of loss costs that we could not anticipate at the time we priced our coverages, or negatively impact our investment results, all of which could have an adverse effect on the profitability of our operations. The COVID-19 pandemic may result in significant disruptions in economic activity and financial markets or exacerbate the impact of other economic trends. The cumulative effects of any public health outbreak could reduce demand for our insurance policies; result in increased level of losses, settlement expenses or other operating costs; reduce the market value of invested assets held by the Company or negatively impact the fair value of our goodwill. Catastrophe Exposures Our catastrophe reinsurance treaty renewed on January 1, 2022. We purchased limits of $600 million in excess of $25 million first-dollar retention for earthquakes in California, $625 million in excess of $25 million first-dollar retention for earthquakes outside of California and $475 million in excess of $25 million first-dollar retention for all other perils, including wind. These amounts are subject to certain co-participations by the Company on losses in excess of the $25 million retentions. On May 1, 2022, we purchased $150 million of additional catastrophe reinsurance protection on top of the previously described coverage. This increases the limits to $750 million for earthquakes in California, $775 million for earthquakes outside of California and $625 million for all other perils, including wind, all of which are still subject to $25 million first-dollar retentions and certain co-participations in excess of the retentions.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Goodwill and Intangible Assets	June 30, December 31, (in thousands) 2022 2021 Goodwill Surety $ 40,816 $ 40,816 Casualty 5,246 5,246 Total goodwill $ 46,062 $ 46,062 Intangibles Indefinite-lived intangibles - state insurance licenses 7,500 7,500 Total goodwill and intangibles $ 53,562 $ 53,562
Schedule of Reconciliation of Numerator and Denominator of the Basic and Diluted Earnings Per Share Computations	For the Three Months For the Three Months Ended June 30, 2022 Ended June 30, 2021 Income Shares Per Share Income Shares Per Share (in thousands, except per share data) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS Earnings (loss) available to common shareholders $ (2,239 ) 45,354 $ (0.05 ) $ 81,815 45,226 $ 1.81 Effect of Dilutive Securities Stock options and restricted stock units — — — 489 Diluted EPS Earnings (loss) available to common shareholders $ (2,239 ) 45,354 $ (0.05 ) $ 81,815 45,715 $ 1.79 Anti-dilutive securities excluded from diluted EPS 736 169 For the Six Months For the Six Months Ended June 30, 2022 Ended June 30, 2021 Income Shares Per Share Income Shares Per Share (in thousands, except per share data) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS Earnings (loss) available to common shareholders $ 45,684 45,330 $ 1.01 $ 154,827 45,202 $ 3.43 Effect of Dilutive Securities Stock options and restricted stock units — 418 — 501 Diluted EPS Earnings (loss) available to common shareholders $ 45,684 45,748 $ 1.00 $ 154,827 45,703 $ 3.39 Anti-dilutive securities excluded from diluted EPS 436 169
Schedule of Changes in the Balance of Each Component of Accumulated Other Comprehensive Earnings (Loss)	(in thousands) For the Three Months For the Six Months Ended June 30, Ended June 30, Unrealized Gains/Losses on Available-for-Sale Securities 2022 2021 2022 2021 Beginning balance $ (65,755 ) $ 63,967 $ 49,826 $ 108,714 Other comprehensive earnings (loss) before reclassifications (97,894 ) 15,601 (213,636 ) (28,194 ) Amounts reclassified from accumulated other comprehensive earnings 331 (424 ) 492 (1,376 ) Net current-period other comprehensive earnings (loss) $ (97,563 ) $ 15,177 $ (213,144 ) $ (29,570 ) Ending balance $ (163,318 ) $ 79,144 $ (163,318 ) $ 79,144 Balance of securities for which an allowance for credit losses has been recognized in net earnings $ 1,083 $ 321
Schedule of Effects of Reclassifications out of Accumulated Other Comprehensive Earnings (Loss)	Amount Reclassified from Accumulated Other (in thousands) Comprehensive Earnings (Loss) For the Three Months For the Six Months Component of Accumulated Ended June 30, Ended June 30, Affected line item in the Other Comprehensive Earnings (Loss) 2022 2021 2022 2021 Statement of Earnings Unrealized gains and losses on available-for-sale securities $ (722 ) $ 366 $ (772 ) $ 1,549 Net realized gains (losses) 303 171 149 193 Credit gains presented within net realized gains $ (419 ) $ 537 $ (623 ) $ 1,742 Earnings (loss) before income taxes 88 (113 ) 131 (366 ) Income tax (expense) benefit $ (331 ) $ 424 $ (492 ) $ 1,376 Net earnings (loss)

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments Debt And Equity Securities [Abstract]
Schedule of Disposition of Fixed Income and Equity Securities	Sales Proceeds Gross Realized Net Realized (in thousands) From Sales Gains Losses Gain (Loss) 2022 Fixed income securities - available-for-sale $ 19,390 $ 215 $ (432 ) $ (217 ) Equity securities 53,525 19,244 (15 ) 19,229 2021 Fixed income securities - available-for-sale $ 31,928 $ 1,252 $ (46 ) $ 1,206 Equity securities 152,170 50,656 (1,784 ) 48,872 Calls/Maturities Gross Realized Net Realized (in thousands) Proceeds Gains Losses Gain (Loss) 2022 Fixed income securities - available-for-sale $ 137,499 $ 76 $ (55 ) $ 21 2021 Fixed income securities - available-for-sale $ 204,960 $ 406 $ (63 ) $ 343
Fair Value, Assets Measured on Recurring Basis	Assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are summarized below: As of June 30, 2022 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Total Fixed income securities - available-for-sale U.S. government $ — $ 181,678 $ — $ 181,678 U.S. agency — 33,573 — 33,573 Non-U.S. government & agency — 6,068 — 6,068 Agency MBS — 312,721 — 312,721 ABS/CMBS/MBS* — 246,345 — 246,345 Corporate — 886,114 55,615 941,729 Municipal — 558,795 — 558,795 Total fixed income securities - available-for-sale $ — $ 2,225,294 $ 55,615 $ 2,280,909 Equity securities 486,780 42 1,173 487,995 Total $ 486,780 $ 2,225,336 $ 56,788 $ 2,768,904 * Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities As of December 31, 2021 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Total Fixed income securities - available-for-sale U.S. government $ — $ 134,554 $ — $ 134,554 U.S. agency — 32,760 — 32,760 Non-U.S. government & agency — 8,481 — 8,481 Agency MBS — 367,187 — 367,187 ABS/CMBS/MBS* — 264,054 — 264,054 Corporate — 913,577 43,518 957,095 Municipal — 645,756 — 645,756 Total fixed income securities - available-for-sale $ — $ 2,366,369 $ 43,518 $ 2,409,887 Equity securities 613,712 64 — 613,776 Total $ 613,712 $ 2,366,433 $ 43,518 $ 3,023,663 * Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities
Summary of Changes in Balance of Level 3 Securities	(in thousands) Level 3 Securities Balance as of January 1, 2022 $ 43,518 Net realized and unrealized gains (losses) Included in net earnings as a part of: Net investment income (506 ) Net realized gains (433 ) Included in other comprehensive earnings (loss) (6,623 ) Total net realized and unrealized gains (losses) $ (7,562 ) Purchases 21,701 Transfers out of Level 3 (869 ) Balance as of June 30, 2022 $ 56,788 Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in net realized gains $ (433 ) Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss) $ (6,623 )
Schedule of Contractual Maturity of Securities	June 30, 2022 (in thousands) Amortized Cost Fair Value Due in one year or less $ 48,305 $ 48,372 Due after one year through five years 790,904 765,266 Due after five years through 10 years 516,860 477,956 Due after 10 years 514,144 430,249 ABS/CMBS/MBS* 610,267 559,066 Total available-for-sale $ 2,480,480 $ 2,280,909 * Asset-backed, commercial mortgage-backed and mortgage-backed securities
Schedule of Amortized Cost and Fair Value of Available-for-sale Securities	The amortized cost and fair value of available-for-sale securities at June 30, 2022 and December 31, 2021 are presented in the tables below. Amortized cost does not include the $17.5 million and $16.4 million of accrued interest receivable as of June 30, 2022 and December 31, 2021, respectively. June 30, 2022 Cost or Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair (in thousands) Cost Losses Gains Losses Value U.S. government $ 183,368 $ — $ 220 $ (1,910 ) $ 181,678 U.S. agency 34,220 — 190 (837 ) 33,573 Non-U.S. government & agency 6,797 — - (729 ) 6,068 Agency MBS 338,639 — 591 (26,509 ) 312,721 ABS/CMBS/MBS* 271,628 (10 ) 82 (25,355 ) 246,345 Corporate 1,011,726 (282 ) 428 (70,143 ) 941,729 Municipal 634,102 — 1,860 (77,167 ) 558,795 Total Fixed Income $ 2,480,480 $ (292 ) $ 3,371 $ (202,650 ) $ 2,280,909 December 31, 2021 Cost or Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair (in thousands) Cost Losses Gains Losses Value U.S. government $ 127,752 $ — $ 6,846 $ (44 ) $ 134,554 U.S. agency 30,403 — 2,374 (17 ) 32,760 Non-U.S. government & agency 8,297 — 338 (154 ) 8,481 Agency MBS 362,861 — 9,277 (4,951 ) 367,187 ABS/CMBS/MBS* 264,273 — 2,120 (2,339 ) 264,054 Corporate 925,394 (441 ) 37,247 (5,105 ) 957,095 Municipal 627,287 — 22,750 (4,281 ) 645,756 Total Fixed Income $ 2,346,267 $ (441 ) $ 80,952 $ (16,891 ) $ 2,409,887 * Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities
Schedule of Debt Securities Available-for-sale Allowance for Credit Loss	Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Beginning balance $ 594 $ 375 $ 441 $ 397 Increase to allowance from securities for which credit losses were not previously recorded 149 - 223 - Reduction from securities sold during the period (433 ) - (433 ) Reductions from intent to sell securities - - (17 ) - Net increase (decrease) from securities that had an allowance at the beginning of the period (18 ) (171 ) 78 (193 ) Balance as of June 30, $ 292 $ 204 $ 292 $ 204
Schedule of Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position	June 30, 2022 December 31, 2021 (in thousands) < 12 Mos. 12 Mos. & Greater Total < 12 Mos. 12 Mos. & Greater Total U.S. government Fair value $ 142,944 $ — $ 142,944 $ 2,942 $ — $ 2,942 Amortized cost 144,854 — 144,854 2,986 — 2,986 Unrealized loss $ (1,910 ) $ — $ (1,910 ) $ (44 ) $ — $ (44 ) U.S. agency Fair value $ 15,788 $ — $ 15,788 $ 1,498 $ — $ 1,498 Amortized cost 16,625 — 16,625 1,515 — 1,515 Unrealized loss $ (837 ) $ — $ (837 ) $ (17 ) $ — $ (17 ) Non-U.S. government Fair value $ 3,731 $ 2,337 $ 6,068 $ 4,346 $ — $ 4,346 Amortized cost 3,797 3,000 6,797 4,500 — 4,500 Unrealized Loss $ (66 ) $ (663 ) $ (729 ) $ (154 ) $ — $ (154 ) Agency MBS Fair value $ 221,563 $ 68,070 $ 289,633 $ 102,145 $ 62,669 $ 164,814 Amortized cost 236,671 79,471 316,142 104,336 65,429 169,765 Unrealized loss $ (15,108 ) $ (11,401 ) $ (26,509 ) $ (2,191 ) $ (2,760 ) $ (4,951 ) ABS/CMBS/MBS* Fair value $ 214,266 $ 22,312 $ 236,578 $ 150,997 $ 3,935 $ 154,932 Amortized cost 236,298 25,635 261,933 153,235 4,036 157,271 Unrealized loss $ (22,032 ) $ (3,323 ) $ (25,355 ) $ (2,238 ) $ (101 ) $ (2,339 ) Corporate Fair value $ 762,770 $ 78,901 $ 841,671 $ 217,791 $ 53,818 $ 271,609 Amortized cost 821,145 90,669 911,814 221,010 55,704 276,714 Unrealized loss $ (58,375 ) $ (11,768 ) $ (70,143 ) $ (3,219 ) $ (1,886 ) $ (5,105 ) Municipal Fair value $ 387,833 $ 30,986 $ 418,819 $ 162,998 $ 15,037 $ 178,035 Amortized cost 454,930 41,056 495,986 166,602 15,714 182,316 Unrealized loss $ (67,097 ) $ (10,070 ) $ (77,167 ) $ (3,604 ) $ (677 ) $ (4,281 ) Total fixed income Fair value $ 1,748,895 $ 202,606 $ 1,951,501 $ 642,717 $ 135,459 $ 778,176 Amortized cost 1,914,320 239,831 2,154,151 654,184 140,883 795,067 Unrealized loss $ (165,425 ) $ (37,225 ) $ (202,650 ) $ (11,467 ) $ (5,424 ) $ (16,891 ) * Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities
Schedule of Credit Quality Indicators for Investments in Unrealized Loss Positions	Equivalent Equivalent (dollars in thousands) NAIC S&P Moody’s Amortized Unrealized Percent Rating Rating Rating Cost Fair Value Loss to Total 1 AAA/AA/A Aaa/Aa/A $ 1,658,961 $ 1,499,693 $ (159,268 ) 78.6 % 2 BBB Baa 350,114 319,538 (30,576 ) 15.1 % 3 BB Ba 86,132 78,065 (8,067 ) 4.0 % 4 B B 56,650 52,186 (4,464 ) 2.2 % 5 CCC Caa 2,294 2,019 (275 ) 0.1 % 6 CC or lower Ca or lower - - - 0.0 % Total $ 2,154,151 $ 1,951,501 $ (202,650 ) 100.0 %

Historical Loss And LAE Devel_2

Historical Loss And LAE Development (Tables)	6 Months Ended
	Jun. 30, 2022
Historical Loss And L A E Development Disclosure [Abstract]
Schedule of Reconciliation of Unpaid Losses and Settlement Expenses (LAE)	The following table is a reconciliation of our unpaid losses and settlement expenses (LAE) for the first six months of 2022 and 2021: For the Six Months Ended June 30, (in thousands) 2022 2021 Unpaid losses and LAE at beginning of year Gross $ 2,043,555 $ 1,750,049 Ceded (608,086 ) (443,729 ) Net $ 1,435,469 $ 1,306,320 Increase (decrease) in incurred losses and LAE Current accident year $ 293,158 $ 279,380 Prior accident years (69,720 ) (67,462 ) Total incurred $ 223,438 $ 211,918 Loss and LAE payments for claims incurred Current accident year $ (21,628 ) $ (28,991 ) Prior accident years (153,490 ) (116,723 ) Total paid $ (175,118 ) $ (145,714 ) Net unpaid losses and LAE at June 30 $ 1,483,789 $ 1,372,524 Unpaid losses and LAE at June 30 Gross $ 2,150,519 $ 1,917,609 Ceded (666,730 ) (545,085 ) Net $ 1,483,789 $ 1,372,524

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Income Tax Expense Attributable to Income from Operations with Amounts Computed by Applying U.S. Federal Tax Rate to Pretax Income from Continuing Operations	For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Amount % Amount % Amount % Amount % Provision for income taxes at the statutory rate of 21% $ (1,376 ) 21.0 % $ 21,424 21.0 % $ 10,914 21.0 % $ 40,290 21.0 % Increase (reduction) in taxes resulting from: Excess tax benefit on share-based compensation (761 ) 11.6 % (270 ) (0.3 ) % (2,175 ) (4.2 ) % (2,194 ) (1.1 ) % Tax exempt interest income (288 ) 4.4 % (310 ) (0.3 ) % (570 ) (1.1 ) % (629 ) (0.3 ) % Dividends received deduction (163 ) 2.5 % (248 ) (0.2 ) % (434 ) (0.8 ) % (484 ) (0.3 ) % Investment tax credit (1,182 ) 18.0 % (801 ) (0.8 ) % (2,363 ) (4.5 ) % (1,603 ) (0.8 ) % ESOP dividends paid deduction (138 ) 2.1 % (137 ) (0.1 ) % (268 ) (0.5 ) % (267 ) (0.1 ) % Nondeductible expenses 258 (3.9 ) % 826 0.8 % 574 1.1 % 1,237 0.6 % Other items, net (665 ) 10.1 % (278 ) (0.3 ) % 609 1.1 % 678 0.3 % Total tax expense $ (4,315 ) 65.8 % $ 20,206 19.8 % $ 6,287 12.1 % $ 37,028 19.3 %

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Option Activity	The following tables summarize option activity for the six-month period ended June 30, 2022: Weighted Aggregate Weighted Average Intrinsic Average Remaining Value Options Exercise Price Contractual Life (in 000’s) Outstanding options at January 1, 2022 1,669,325 $ 78.63 Options granted 296,100 115.65 Options exercised (88,047 ) 59.38 Options canceled/forfeited (7,590 ) 90.80 Outstanding options at June 30, 2022 1,869,788 $ 85.35 5.06 $ 58,408 Exercisable options at June 30, 2022 905,015 $ 69.91 3.58 $ 42,245
Summary of Weighted Average Grant-date Assumptions and Weighted Average Fair Values	The fair value of options was estimated using a Black-Scholes based option pricing model with the following weighted average grant-date assumptions and weighted average fair values as of June 30: 2022 2021 Weighted-average fair value of grants $ 21.05 $ 17.00 Risk-free interest rates 2.84 % 0.69 % Dividend yield 2.50 % 2.07 % Expected volatility 22.89 % 22.73 % Expected option life 5.06 years 4.97 years
Schedule of Restricted Stock Units Activity	Weighted Average Grant Date RSUs Fair Value Nonvested at January 1, 2022 45,068 $ 97.67 Granted 16,705 116.60 Reinvested 197 108.86 Vested (21,380 ) 93.07 Forfeited (1,030 ) 96.30 Nonvested at June 30, 2022 39,560 $ 108.24

Operating Segment Information (

Operating Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary of Selected Information by Operating Segment	Selected information by operating segment is presented in the table below. Additionally, the table reconciles segment totals to total earnings and total revenues. For the Three Months For the Six Months Revenues Ended June 30, Ended June 30, (in thousands) 2022 2021 2022 2021 Casualty $ 177,123 $ 156,195 $ 348,879 $ 304,965 Property 74,690 55,865 142,130 107,507 Surety 30,997 28,940 60,953 57,123 Net premiums earned $ 282,810 $ 241,000 $ 551,962 $ 469,595 Net investment income 18,472 16,661 36,355 33,085 Net realized gains 12,804 36,463 18,392 50,613 Net unrealized gains (losses) on equity securities (100,994 ) 3,956 (128,804 ) 32,118 Total consolidated revenue $ 213,092 $ 298,080 $ 477,905 $ 585,411 Net Earnings (in thousands) 2022 2021 2022 2021 Casualty $ 21,442 $ 26,438 $ 49,089 $ 51,305 Property 26,105 8,879 48,581 7,874 Surety 8,409 1,274 17,764 7,329 Net underwriting income $ 55,956 $ 36,591 $ 115,434 $ 66,508 Net investment income 18,472 16,661 36,355 33,085 Net realized gains 12,804 36,463 18,392 50,613 Net unrealized gains (losses) on equity securities (100,994 ) 3,956 (128,804 ) 32,118 General corporate expense and interest on debt (4,446 ) (5,590 ) (9,819 ) (10,833 ) Equity in earnings of unconsolidated investees 11,654 13,940 20,413 20,364 Earnings (loss) before income taxes $ (6,554 ) $ 102,021 $ 51,971 $ 191,855 Income tax expense (benefit) (4,315 ) 20,206 6,287 37,028 Net earnings (loss) $ (2,239 ) $ 81,815 $ 45,684 $ 154,827
Summary of Revenue by Major Product Type	The following table further summarizes revenues by major product type within each operating segment: For the Three Months For the Six Months Net Premiums Earned Ended June 30, Ended June 30, (in thousands) 2022 2021 2022 2021 Casualty Commercial excess and personal umbrella $ 62,463 $ 53,448 $ 122,535 $ 105,002 General liability 25,106 22,053 48,846 44,460 Commercial transportation 23,941 21,525 47,569 38,355 Professional services 23,861 21,966 47,416 43,694 Small commercial 16,813 16,279 33,458 32,001 Executive products 7,075 5,083 13,652 10,324 Other casualty 17,864 15,841 35,403 31,129 Total $ 177,123 $ 156,195 $ 348,879 $ 304,965 Property Commercial property $ 38,929 $ 25,093 $ 72,218 $ 47,805 Marine 28,178 24,363 54,907 47,321 Specialty personal 6,100 5,264 11,996 10,298 Other property 1,483 1,145 3,009 2,083 Total $ 74,690 $ 55,865 $ 142,130 $ 107,507 Surety Commercial $ 11,663 $ 11,040 $ 23,366 $ 22,053 Miscellaneous 11,587 10,845 22,940 21,480 Contract 7,747 7,055 14,647 13,590 Total $ 30,997 $ 28,940 $ 60,953 $ 57,123 Grand Total $ 282,810 $ 241,000 $ 551,962 $ 469,595

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Components of Lease Expense and Other lease Information	The Company’s operating lease obligations are for branch office facilities. The components of lease expense and other lease information as of and during the three and six-month periods ended June 30, 2022 and 2021 were as follows: For the Three Months For the Six Months Ended June 30, Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 1,256 $ 1,328 $ 2,414 $ 2,679 Variable lease cost 349 357 695 741 Sublease income (139 ) (123 ) (277 ) (246 ) Total lease cost $ 1,466 $ 1,562 $ 2,832 $ 3,174 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 1,278 $ 1,477 $ 2,600 $ 2,965 ROU assets obtained in exchange for new operating lease liabilities $ 2,431 $ 206 $ 2,431 $ 265 Reduction to ROU assets resulting from reduction to lease liabilities $ — $ 1,191 $ — $ 1,250 Other non-cash reductions to ROU assets $ — $ — $ 73 $ — (in thousands) June 30, 2022 December 31, 2021 Operating lease ROU assets $ 14,881 $ 14,765 Operating lease liabilities $ 16,902 $ 16,905 Weighted-average remaining lease term - operating leases 4.40 years 4.52 years Weighted-average discount rate - operating leases 2.08 % 2.02 %
Schedule of Future Minimum Lease Payments under Non-cancellable Leases	Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows: (in thousands) June 30, 2022 2022 $ 2,778 2023 5,529 2024 3,552 2025 2,138 2026 1,285 2027 826 Thereafter 1,589 Total future minimum lease payments $ 17,697 Less imputed interest (795 ) Total operating lease liability $ 16,902

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reinsurance - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Ceded Credit Risk [Line Items]
Amount of allowance for uncollectible amounts on paid recoverables	$ 16,100,000	$ 16,100,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	10,949,000	$ 11,188,000
Financing receivable, allowance for credit Loss, write-off	0
Amount of allowance for uncollectible amounts due beyond one year	$ 0
Threshold period for including reinsurance receivables in the allowance for uncollectible amounts	1 year
Maximum
Ceded Credit Risk [Line Items]
Financing receivable, allowance for credit loss, recovery	$ 100,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 46,062	$ 46,062
Indefinite-lived intangibles - state insurance licenses	7,500	7,500
Total goodwill and intangibles	53,562	53,562
Surety
Business Acquisition [Line Items]
Goodwill	40,816	40,816
Casualty
Business Acquisition [Line Items]
Goodwill	$ 5,246	$ 5,246

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Intangible Assets - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill and intangible asset impairment	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Reconciliation of Numerator and Denominator of the Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic EPS, Income (Numerator)
Earnings (loss) available to common shareholders	$ (2,239)	$ 81,815	$ 45,684	$ 154,827
Diluted EPS, Income (Numerator)
Earnings (loss) available to common shareholders	$ (2,239)	$ 81,815	$ 45,684	$ 154,827
Basic EPS, Weighted Average Shares (Denominator)
Number of shares outstanding	45,354	45,226	45,330	45,202
Effect of Dilutive Securities, Shares (Denominator)
Stock options and restricted stock units		489	418	501
Diluted EPS, Weighted Average Shares (Denominator)
Number of shares outstanding	45,354	45,715	45,748	45,703
Earnings Per Share, Diluted, Other Disclosures
Anti-dilutive securities excluded from diluted EPS	736	169	436	169
Basic EPS, Per Share Amount
Basic net earnings per share (in dollars per share)	$ (0.05)	$ 1.81	$ 1.01	$ 3.43
Diluted EPS, Per Share Amount
Diluted earnings per share (in dollars per share)	$ (0.05)	$ 1.79	$ 1	$ 3.39

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Comprehensive Earnings (Loss) - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
COMPREHENSIVE EARNINGS (LOSS)
Tax rate used (as a percent)	21%		21%		21%	21%
Other comprehensive income (loss), tax	$ (25,900)		$ 4,000		$ (56,700)	$ (7,900)
Changes in the balance of each component of accumulated other comprehensive earnings (loss)
Other comprehensive earnings (loss), net of tax	$ (97,563)	$ (115,581)	$ 15,177	$ (44,747)	$ (213,144)	$ (29,570)

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Changes in the Balance of Each Component of Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Changes in the balance of each component of accumulated other comprehensive earnings (loss)
Beginning balance		$ 49,826			$ 49,826
Net current-period other comprehensive earnings (loss)	$ (97,563)	(115,581)	$ 15,177	$ (44,747)	(213,144)	$ (29,570)
Ending balance	(163,318)				(163,318)
Balance of securities for which an allowance for credit losses has been recognized in net earnings	1,083		321		1,083	321
Unrealized Gains and Losses on Available-for-Sale Securities
Changes in the balance of each component of accumulated other comprehensive earnings (loss)
Beginning balance	(65,755)	49,826	63,967	108,714	49,826	108,714
Other comprehensive earnings (loss) before reclassifications	(97,894)		15,601		(213,636)	(28,194)
Amounts reclassified from accumulated other comprehensive earnings	331		(424)		492	(1,376)
Ending balance	$ (163,318)	$ (65,755)	$ 79,144	$ 63,967	$ (163,318)	$ 79,144

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Effects of Reclassifications out of Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss)
Net realized gains (losses)	$ 12,804		$ 36,463		$ 18,392	$ 50,613
Earnings (loss) before income taxes	(6,554)		102,021		51,971	191,855
Income tax (expense) benefit	4,315		(20,206)		(6,287)	(37,028)
Net earnings (loss)	(2,239)	$ 47,923	81,815	$ 73,012	45,684	154,827
Unrealized Gains and Losses on Available-for-Sale Securities | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss)
Net realized gains (losses)	(722)		366		(772)	1,549
Credit gains presented within net realized gains	303		171		149	193
Earnings (loss) before income taxes	(419)		537		(623)	1,742
Income tax (expense) benefit	88		(113)		131	(366)
Net earnings (loss)	$ (331)		$ 424		$ (492)	$ 1,376

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Catastrophe Exposures - Additional Information (Details) - USD ($) $ in Thousands	May 01, 2022	Jan. 01, 2022
California Earthquake
Accumulated Other Comprehensive Income Loss [Line Items]
Catastrophe reinsurance	$ 750	$ 600
First-dollar retention	25	25
Outside of California Earthquake
Accumulated Other Comprehensive Income Loss [Line Items]
Catastrophe reinsurance	775	625
First-dollar retention	25	25
Other Perils including Wind
Accumulated Other Comprehensive Income Loss [Line Items]
Catastrophe reinsurance	625	475
First-dollar retention	25	25
Catastrophe
Accumulated Other Comprehensive Income Loss [Line Items]
First-dollar retention	25	$ 25
Additional catastrophe reinsurance	$ 150

Investments - Disposition of Fi

Investments - Disposition of Fixed Income and Equity Securities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
SALES | Equity Securities
Summary of the disposition of fixed income and equity securities
Proceeds From Sales	$ 53,525	$ 152,170
Gross Realized Gains	19,244	50,656
Gross Realized Losses	(15)	(1,784)
Net Realized Gain (Loss)	19,229	48,872
SALES | Fixed Income Securities | Available for sale securities
Summary of the disposition of fixed income and equity securities
Proceeds From Sales	19,390	31,928
Gross Realized Gains	215	1,252
Gross Realized Losses	(432)	(46)
Net Realized Gain (Loss)	(217)	1,206
Calls And Maturities Of Marketable Securities | Fixed Income Securities | Available for sale securities
Summary of the disposition of fixed income and equity securities
Proceeds From Sales	137,499	204,960
Gross Realized Gains	76	406
Gross Realized Losses	(55)	(63)
Net Realized Gain (Loss)	$ 21	$ 343

Investments - Assets Measured a

Investments - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets measured at Fair Value
Available-for-sale fixed income	$ 2,280,909	$ 2,409,887
Equity securities	487,995	613,776
Municipal
Assets measured at Fair Value
Available-for-sale fixed income	558,795	645,756
Fair Value Measured on Recurring Basis
Assets measured at Fair Value
Available-for-sale fixed income	2,280,909	2,409,887
Equity securities	487,995	613,776
Total assets at fair value	2,768,904	3,023,663
Fair Value Measured on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets measured at Fair Value
Equity securities	486,780	613,712
Total assets at fair value	486,780	613,712
Fair Value Measured on Recurring Basis | Significant Other Observable Inputs (Level 2)
Assets measured at Fair Value
Available-for-sale fixed income	2,225,294	2,366,369
Equity securities	42	64
Total assets at fair value	2,225,336	2,366,433
Fair Value Measured on Recurring Basis | Significant Unobservable Inputs (Level 3)
Assets measured at Fair Value
Available-for-sale fixed income	55,615	43,518
Equity securities	1,173
Total assets at fair value	56,788	43,518
Fair Value Measured on Recurring Basis | U.S. government
Assets measured at Fair Value
Available-for-sale fixed income	181,678	134,554
Fair Value Measured on Recurring Basis | U.S. government | Significant Other Observable Inputs (Level 2)
Assets measured at Fair Value
Available-for-sale fixed income	181,678	134,554
Fair Value Measured on Recurring Basis | U.S. Agency
Assets measured at Fair Value
Available-for-sale fixed income	33,573	32,760
Fair Value Measured on Recurring Basis | U.S. Agency | Significant Other Observable Inputs (Level 2)
Assets measured at Fair Value
Available-for-sale fixed income	33,573	32,760
Fair Value Measured on Recurring Basis | Non-U.S. government & agency
Assets measured at Fair Value
Available-for-sale fixed income	6,068	8,481
Fair Value Measured on Recurring Basis | Non-U.S. government & agency | Significant Other Observable Inputs (Level 2)
Assets measured at Fair Value
Available-for-sale fixed income	6,068	8,481
Fair Value Measured on Recurring Basis | Agency MBS
Assets measured at Fair Value
Available-for-sale fixed income	312,721	367,187
Fair Value Measured on Recurring Basis | Agency MBS | Significant Other Observable Inputs (Level 2)
Assets measured at Fair Value
Available-for-sale fixed income	312,721	367,187
Fair Value Measured on Recurring Basis | ABS/CMBS/MBS
Assets measured at Fair Value
Available-for-sale fixed income	246,345	264,054
Fair Value Measured on Recurring Basis | ABS/CMBS/MBS | Significant Other Observable Inputs (Level 2)
Assets measured at Fair Value
Available-for-sale fixed income	246,345	264,054
Fair Value Measured on Recurring Basis | Corporate Debt
Assets measured at Fair Value
Available-for-sale fixed income	941,729	957,095
Fair Value Measured on Recurring Basis | Corporate Debt | Significant Other Observable Inputs (Level 2)
Assets measured at Fair Value
Available-for-sale fixed income	886,114	913,577
Fair Value Measured on Recurring Basis | Corporate Debt | Significant Unobservable Inputs (Level 3)
Assets measured at Fair Value
Available-for-sale fixed income	55,615	43,518
Fair Value Measured on Recurring Basis | Municipal
Assets measured at Fair Value
Available-for-sale fixed income	558,795	645,756
Fair Value Measured on Recurring Basis | Municipal | Significant Other Observable Inputs (Level 2)
Assets measured at Fair Value
Available-for-sale fixed income	$ 558,795	$ 645,756

Investments - Summary of Change

Investments - Summary of Changes in Balance of Level 3 securities (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Summary of changes in Level 3 securities
Beginning balance	$ 43,518
Net investment income	(506)
Net realized gains	(433)
Included in other comprehensive earnings (loss)	(6,623)
Total net realized and unrealized gains (losses)	(7,562)
Purchases	21,701
Transfers out of Level 3	(869)
Ending balance	56,788
Net Realized Gains (Losses)
Summary of changes in Level 3 securities
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end	(433)
Other Comprehensive Earnings (Loss)
Summary of changes in Level 3 securities
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end	$ (6,623)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Available-for-sale Fixed Income Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 48,305
Due after one year through five years	790,904
Due after five years through 10 years	516,860
Due after 10 years	514,144
ABS/CMBS/MBS	610,267
Total available-for-sale	2,480,480	$ 2,346,267
Fair Value
Due in one year or less	48,372
Due after one year through five years	765,266
Due after five years through 10 years	477,956
Due after 10 years	430,249
ABS/CMBS/MBS	559,066
Total available-for-sale	$ 2,280,909	$ 2,409,887

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) security	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Investment Holdings [Line Items]
Accrued investment income | $	$ 18,465		$ 17,505
Fixed Income Securities
Investment Holdings [Line Items]
Accrued investment income | $	$ 17,500		16,400
Number of debt securities for which there is an allowance for credit losses | security	14
Number of debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded | security	1,341
Unrealized loss | $	$ 202,650		$ 16,891
Unrealized losses as percentage of fixed income portfolio cost basis	8.20%
Unrealized losses relative to total invested assets (as a percent)	6.90%
Number of unrealized loss positions | security	1,341
Number of securities in unrealized loss positions for 12 months or longer | security	133
Losses on fixed income securities | $	$ 100	$ 0

Investments - Amortized Cost _2

Investments - Amortized Cost and Fair Value of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale	$ 2,480,480		$ 2,346,267
Allowance for Credit Losses	(292)	$ (594)	(441)	$ (204)	$ (375)	$ (397)
Gross Unrealized Gains	3,371		80,952
Gross Unrealized Losses	(202,650)		(16,891)
Fair Value	2,280,909		2,409,887
U.S. government
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale	183,368		127,752
Gross Unrealized Gains	220		6,846
Gross Unrealized Losses	(1,910)		(44)
Fair Value	181,678		134,554
U.S. Agency
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale	34,220		30,403
Gross Unrealized Gains	190		2,374
Gross Unrealized Losses	(837)		(17)
Fair Value	33,573		32,760
Non-U.S. government & agency
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale	6,797		8,297
Gross Unrealized Gains			338
Gross Unrealized Losses	(729)		(154)
Fair Value	6,068		8,481
Agency MBS
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale	338,639		362,861
Gross Unrealized Gains	591		9,277
Gross Unrealized Losses	(26,509)		(4,951)
Fair Value	312,721		367,187
ABS/CMBS/MBS
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale	271,628		264,273
Allowance for Credit Losses	(10)
Gross Unrealized Gains	82		2,120
Gross Unrealized Losses	(25,355)		(2,339)
Fair Value	246,345		264,054
Corporate Debt
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale	1,011,726		925,394
Allowance for Credit Losses	(282)		(441)
Gross Unrealized Gains	428		37,247
Gross Unrealized Losses	(70,143)		(5,105)
Fair Value	941,729		957,095
Municipal
Schedule Of Available For Sale Securities [Line Items]
Total available-for-sale	634,102		627,287
Gross Unrealized Gains	1,860		22,750
Gross Unrealized Losses	(77,167)		(4,281)
Fair Value	$ 558,795		$ 645,756

Investments - Schedule of Debt

Investments - Schedule of Debt Securities Available-for-sale Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Beginning balance	$ 594	$ 375	$ 441	$ 397
Increase to allowance from securities for which credit losses were not previously recorded	149		223
Reduction from securities sold during the period	(433)		(433)
Reductions from intent to sell securities			(17)
Net increase (decrease) from securities that had an allowance at the beginning of the period	(18)	(171)	78	(193)
Balance as of June 30,	$ 292	$ 204	$ 292	$ 204

Investments - Schedule of Secur

Investments - Schedule of Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
U.S. government
Fair value
Less than 12 months	$ 142,944	$ 2,942
Total Fair Value	142,944	2,942
Amortized Cost
Amortized cost, less than 12 months	144,854	2,986
Total Cost or Amortized Cost	144,854	2,986
Unrealized Loss
Less than 12 months	(1,910)	(44)
Total Unrealized Loss	(1,910)	(44)
U.S. Agency
Fair value
Less than 12 months	15,788	1,498
Total Fair Value	15,788	1,498
Amortized Cost
Amortized cost, less than 12 months	16,625	1,515
Total Cost or Amortized Cost	16,625	1,515
Unrealized Loss
Less than 12 months	(837)	(17)
Total Unrealized Loss	(837)	(17)
Non-U.S. government & agency
Fair value
Less than 12 months	3,731	4,346
12 months and greater	2,337
Total Fair Value	6,068	4,346
Amortized Cost
Amortized cost, less than 12 months	3,797	4,500
12 months and greater	3,000
Total Cost or Amortized Cost	6,797	4,500
Unrealized Loss
Less than 12 months	(66)	(154)
12 months and greater	(663)
Total Unrealized Loss	(729)	(154)
Agency MBS
Fair value
Less than 12 months	221,563	102,145
12 months and greater	68,070	62,669
Total Fair Value	289,633	164,814
Amortized Cost
Amortized cost, less than 12 months	236,671	104,336
12 months and greater	79,471	65,429
Total Cost or Amortized Cost	316,142	169,765
Unrealized Loss
Less than 12 months	(15,108)	(2,191)
12 months and greater	(11,401)	(2,760)
Total Unrealized Loss	(26,509)	(4,951)
ABS/CMBS/MBS
Fair value
Less than 12 months	214,266	150,997
12 months and greater	22,312	3,935
Total Fair Value	236,578	154,932
Amortized Cost
Amortized cost, less than 12 months	236,298	153,235
12 months and greater	25,635	4,036
Total Cost or Amortized Cost	261,933	157,271
Unrealized Loss
Less than 12 months	(22,032)	(2,238)
12 months and greater	(3,323)	(101)
Total Unrealized Loss	(25,355)	(2,339)
Corporate Debt
Fair value
Less than 12 months	762,770	217,791
12 months and greater	78,901	53,818
Total Fair Value	841,671	271,609
Amortized Cost
Amortized cost, less than 12 months	821,145	221,010
12 months and greater	90,669	55,704
Total Cost or Amortized Cost	911,814	276,714
Unrealized Loss
Less than 12 months	(58,375)	(3,219)
12 months and greater	(11,768)	(1,886)
Total Unrealized Loss	(70,143)	(5,105)
Municipal
Fair value
Less than 12 months	387,833	162,998
12 months and greater	30,986	15,037
Total Fair Value	418,819	178,035
Amortized Cost
Amortized cost, less than 12 months	454,930	166,602
12 months and greater	41,056	15,714
Total Cost or Amortized Cost	495,986	182,316
Unrealized Loss
Less than 12 months	(67,097)	(3,604)
12 months and greater	(10,070)	(677)
Total Unrealized Loss	(77,167)	(4,281)
Fixed Income Securities
Fair value
Less than 12 months	1,748,895	642,717
12 months and greater	202,606	135,459
Total Fair Value	1,951,501	778,176
Amortized Cost
Amortized cost, less than 12 months	1,914,320	654,184
12 months and greater	239,831	140,883
Total Cost or Amortized Cost	2,154,151	795,067
Unrealized Loss
Less than 12 months	(165,425)	(11,467)
12 months and greater	(37,225)	(5,424)
Total Unrealized Loss	$ (202,650)	$ (16,891)

Investments - Unrealized Losses

Investments - Unrealized Losses (Details) - Fixed Income Securities - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cost or amortized Cost
Total Cost or Amortized Cost	$ 2,154,151	$ 795,067
Fair value
Total Fair Value	1,951,501	778,176
Unrealized Loss
Total Unrealized Loss	$ (202,650)	$ (16,891)
Percent to Total	100%
NAIC Rating 1 | AAA/AA/A | Aaa/Aa/A
Cost or amortized Cost
Total Cost or Amortized Cost	$ 1,658,961
Fair value
Total Fair Value	1,499,693
Unrealized Loss
Total Unrealized Loss	$ (159,268)
Percent to Total	78.60%
NAIC Rating 2 | BBB | Baa
Cost or amortized Cost
Total Cost or Amortized Cost	$ 350,114
Fair value
Total Fair Value	319,538
Unrealized Loss
Total Unrealized Loss	$ (30,576)
Percent to Total	15.10%
NAIC Rating 3 | BB | Ba
Cost or amortized Cost
Total Cost or Amortized Cost	$ 86,132
Fair value
Total Fair Value	78,065
Unrealized Loss
Total Unrealized Loss	$ (8,067)
Percent to Total	4%
NAIC Rating 4 | B | B
Cost or amortized Cost
Total Cost or Amortized Cost	$ 56,650
Fair value
Total Fair Value	52,186
Unrealized Loss
Total Unrealized Loss	$ (4,464)
Percent to Total	2.20%
NAIC Rating 5 | CCC | Caa
Cost or amortized Cost
Total Cost or Amortized Cost	$ 2,294
Fair value
Total Fair Value	2,019
Unrealized Loss
Total Unrealized Loss	$ (275)
Percent to Total	0.10%
NAIC Six Rating Member | Standard Poors CC Or Lower Member | Ca
Unrealized Loss
Percent to Total	0%

Investments - Debt and Short-te

Investments - Debt and Short-term Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Investment Holdings [Line Items]
Other investments	$ 51,018,000		$ 51,018,000		$ 50,501,000
Investment in federal home loan bank stock	us-gaap:AssetPledgedAsCollateralMember		us-gaap:AssetPledgedAsCollateralMember		us-gaap:AssetPledgedAsCollateralMember
Cash and Short-term Investments
Investment in unconsolidated investees	$ 187,310,000		$ 187,310,000		$ 171,311,000
Cash	113,044,000		113,044,000		88,804,000
Other Investments in Unconsolidated Investees
Cash and Short-term Investments
Investment in unconsolidated investees	12,300,000		12,300,000
Unfunded commitments	8,600,000		8,600,000
Maui Jim Inc.
Cash and Short-term Investments
Investment in unconsolidated investees	127,400,000		127,400,000
Prime Holdings Insurance Services, Inc. (Prime)
Cash and Short-term Investments
Investment in unconsolidated investees	47,600,000		47,600,000
FHLBC
Investment Holdings [Line Items]
Investments pledged as collateral	58,200,000		58,200,000
Federal home loan bank borrowings fair value disclosure	50,000,000		50,000,000
Investment In Low Income Housing Tax Credit Partnership Net Of Amortization
Investment Holdings [Line Items]
Other investments	15,100,000		15,100,000		16,600,000
Total tax benefit on investments in housing tax credit partnership	900,000	$ 900,000	1,700,000	$ 1,800,000
Qualified affordable housing project investments, commitment	1,300,000		1,300,000
Investment in Private Funds
Investment Holdings [Line Items]
Other investments	30,300,000		30,300,000		$ 28,600,000
Fair value investments entities that calculate net asset value per share unfunded commitments	$ 5,900,000		$ 5,900,000

Historical Loss and LAE Devel_3

Historical Loss and LAE Development - Schedule of Reconciliation of Unpaid Losses and Settlement Expenses (LAE) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Unpaid losses and LAE at beginning of year
Gross	$ 2,043,555	$ 1,750,049
Ceded	(608,086)	(443,729)
Net	1,435,469	1,306,320
Increase (decrease) in incurred losses and LAE
Current accident year	293,158	279,380
Prior accident years	(69,720)	(67,462)
Total incurred	223,438	211,918
Loss and LAE payments for claims incurred
Current accident year	(21,628)	(28,991)
Prior accident years	(153,490)	(116,723)
Total paid	(175,118)	(145,714)
Net unpaid losses and LAE at June 30	1,483,789	1,372,524
Unpaid losses and LAE at June 30
Gross	2,150,519	1,917,609
Ceded	(666,730)	(545,085)
Net unpaid losses and LAE at June 30	$ 1,483,789	$ 1,372,524

Historical Loss and LAE Devel_4

Historical Loss and LAE Development - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Historical Loss And L A E Development Disclosure [Abstract]
Favorable development on prior years' loss reserves	$ 69,720	$ 67,462

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent, total	65.80%	19.80%	12.10%	19.30%
U.S. federal tax rate	21%	21%	21%	21%

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Income Tax Expense Attributable to Income from Operations with Amounts Computed by Applying U.S. Federal Tax Rate to Pretax Income from Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of income tax expense reported to amount computed by applying the U.S. federal tax rate
Provision for income taxes at the statutory rate	$ (1,376)	$ 21,424	$ 10,914	$ 40,290
Increase (reduction) in taxes resulting from:
Excess tax benefit on share-based compensation	(761)	(270)	(2,175)	(2,194)
Tax exempt interest income	(288)	(310)	(570)	(629)
Dividends received deduction	(163)	(248)	(434)	(484)
Investment tax credit	(1,182)	(801)	(2,363)	(1,603)
ESOP dividends paid deduction	(138)	(137)	(268)	(267)
Nondeductible expenses	258	826	574	1,237
Other items, net	(665)	(278)	609	678
Total tax expense	$ (4,315)	$ 20,206	$ 6,287	$ 37,028
Reconciliation of income tax expense rate to the U.S. federal tax rate
Tax rate used (as a percent)	21%	21%	21%	21%
Excess tax benefit on share-based compensation (as a percent)	11.60%	(0.30%)	(4.20%)	(1.10%)
Effective rate reduction due to tax exempt interest income (as a percent)	4.40%	(0.30%)	(1.10%)	(0.30%)
Effective rate reduction due to dividend received (as a percent)	2.50%	(0.20%)	(0.80%)	(0.30%)
Effective rate reduction due to investment tax credit (as a percent)	18%	(0.80%)	(4.50%)	(0.80%)
Effective rate reduction due to dividend paid to ESOP (as a percent)	2.10%	(0.10%)	(0.50%)	(0.10%)
Effective rate reduction due to nondeductible expenses (as a percent)	(3.90%)	0.80%	1.10%	0.60%
Effective rate reduction due to other items, net (as a percent)	10.10%	(0.30%)	1.10%	0.30%
Total tax expense	65.80%	19.80%	12.10%	19.30%

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		60 Months Ended	86 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 06, 2015	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted (in shares)			296,100
Intrinsic value of options			$ 5	$ 7.3
RLI Corp. Long-Term Incentive Plan (2010 LTIP)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for grant					4,000,000
Options granted (in shares)					2,878,000
RLI Corp. Long-Term Incentive Plan (2015 LTIP)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for grant	4,000,000		4,000,000			4,000,000
Options granted (in shares)			312,805			3,213,225
Stock-based compensation expenses	$ 2.3	$ 1.7	$ 3.7	3.2
Income tax benefit from stock-based compensation	0.4	$ 0.3	0.6	$ 0.5
Unrecognized stock-based compensation expense	$ 10.1		$ 10.1			$ 10.1
Stock-based compensation expenses, recognition period			2 years 3 months 7 days
RLI Corp. Long-Term Incentive Plan (LTIP 2010 and LTIP 2015) | Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			5 years
Term of options			8 years
Age and period of service of the participant to be eligible for retirement			75 years

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)
Weighted Number of Options Outstanding
Outstanding options, Beginning Balance | shares	1,669,325
Options granted (in shares) | shares	296,100
Options exercised | shares	(88,047)
Options canceled/forfeited | shares	(7,590)
Outstanding options, Ending Balance | shares	1,869,788
Exercisable options, Ending Balance | shares	905,015
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding options, Beginning Balance | $ / shares	$ 78.63
Weighted Average Exercise Price, Options granted | $ / shares	115.65
Weighted Average Exercise Price, Options exercised | $ / shares	59.38
Weighted Average Exercise Price, Options canceled/forfeited | $ / shares	90.80
Weighted Average Exercise Price, Outstanding options, Ending Balance | $ / shares	85.35
Weighted Average Exercise Price, Exercisable options | $ / shares	$ 69.91
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life, Outstanding options	5 years 21 days
Weighted Average Remaining Contractual Life, Exercisable options	3 years 6 months 29 days
Aggregate Intrinsic Value, Options exercised | $	$ 5,000	$ 7,300
Aggregate Intrinsic Value, Outstanding options | $	58,408
Aggregate Intrinsic Value, Exercisable options | $	$ 42,245

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Weighted Average Grant-date Assumptions and Weighted Average Fair Values (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Weighted average grant date assumptions and weighted average fair value
Weighted-average fair value of grants	$ 21.05	$ 17
Risk-free interest rates	2.84%	0.69%
Dividend yield	2.50%	2.07%
Expected volatility	22.89%	22.73%
Expected option life	5 years 21 days	4 years 11 months 19 days

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Stock Units - Additional Information (Details) - Restricted Stock Units (RSUs) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Age and period of service of the participant to be eligible for retirement	75 years
Fair value of restricted stock units vested	$ 2,500	$ 2,200
Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Restricted Stock Units Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of RSUs
RSUs Nonvested, Beginning Balance | shares	45,068
RSUs Granted | shares	16,705
RSUs Reinvested | shares	197
RSUs Vested | shares	(21,380)
RSUs Forfeited | shares	(1,030)
RSUs Nonvested, Ending Balance | shares	39,560
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance | $ / shares	$ 97.67
Weighted Average Grant Date Fair Value, Granted | $ / shares	116.60
Weighted Average Grant Date Fair Value, Reinvested | $ / shares	108.86
Weighted Average Grant Date Fair Value, Vested | $ / shares	93.07
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	96.30
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance | $ / shares	$ 108.24

Operating Segment Information -

Operating Segment Information - Summary of Selected Information by Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Net premiums earned	$ 282,810		$ 241,000		$ 551,962	$ 469,595
Net investment income	18,472		16,661		36,355	33,085
Net realized gains	12,804		36,463		18,392	50,613
Net unrealized gains (losses) on equity securities	(100,994)		3,956		(128,804)	32,118
Consolidated revenue	213,092		298,080		477,905	585,411
Net Earnings
Net underwriting income	55,956		36,591		115,434	66,508
Net investment income	18,472		16,661		36,355	33,085
Net realized gains	12,804		36,463		18,392	50,613
Net unrealized gains (losses) on equity securities	(100,994)		3,956		(128,804)	32,118
General corporate expense and interest on debt	(4,446)		(5,590)		(9,819)	(10,833)
Equity in earnings of unconsolidated investees	11,654		13,940		20,413	20,364
Earnings (loss) before income taxes	(6,554)		102,021		51,971	191,855
Income tax expense (benefit)	(4,315)		20,206		6,287	37,028
Net earnings (loss)	(2,239)	$ 47,923	81,815	$ 73,012	45,684	154,827
Casualty Segment
Revenues
Net premiums earned	177,123		156,195		348,879	304,965
Net Earnings
Net underwriting income	21,442		26,438		49,089	51,305
Property Segment
Revenues
Net premiums earned	74,690		55,865		142,130	107,507
Net Earnings
Net underwriting income	26,105		8,879		48,581	7,874
Surety Segment
Revenues
Net premiums earned	30,997		28,940		60,953	57,123
Net Earnings
Net underwriting income	$ 8,409		$ 1,274		$ 17,764	$ 7,329

Operating Segment Information_2

Operating Segment Information - Summary of Revenue by Major Product Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net premiums earned	$ 282,810	$ 241,000	$ 551,962	$ 469,595
Casualty Segment
Segment Reporting Information [Line Items]
Net premiums earned	177,123	156,195	348,879	304,965
Casualty Segment | Commercial excess and personal umbrella
Segment Reporting Information [Line Items]
Net premiums earned	62,463	53,448	122,535	105,002
Casualty Segment | General liability
Segment Reporting Information [Line Items]
Net premiums earned	25,106	22,053	48,846	44,460
Casualty Segment | Commercial transportation
Segment Reporting Information [Line Items]
Net premiums earned	23,941	21,525	47,569	38,355
Casualty Segment | Professional services
Segment Reporting Information [Line Items]
Net premiums earned	23,861	21,966	47,416	43,694
Casualty Segment | Small commercial
Segment Reporting Information [Line Items]
Net premiums earned	16,813	16,279	33,458	32,001
Casualty Segment | Executive products
Segment Reporting Information [Line Items]
Net premiums earned	7,075	5,083	13,652	10,324
Casualty Segment | Other casualty
Segment Reporting Information [Line Items]
Net premiums earned	17,864	15,841	35,403	31,129
Property Segment
Segment Reporting Information [Line Items]
Net premiums earned	74,690	55,865	142,130	107,507
Property Segment | Commercial property
Segment Reporting Information [Line Items]
Net premiums earned	38,929	25,093	72,218	47,805
Property Segment | Marine
Segment Reporting Information [Line Items]
Net premiums earned	28,178	24,363	54,907	47,321
Property Segment | Specialty personal
Segment Reporting Information [Line Items]
Net premiums earned	6,100	5,264	11,996	10,298
Property Segment | Other property
Segment Reporting Information [Line Items]
Net premiums earned	1,483	1,145	3,009	2,083
Surety Segment
Segment Reporting Information [Line Items]
Net premiums earned	30,997	28,940	60,953	57,123
Surety Segment | Commercial
Segment Reporting Information [Line Items]
Net premiums earned	11,663	11,040	23,366	22,053
Surety Segment | Miscellaneous
Segment Reporting Information [Line Items]
Net premiums earned	11,587	10,845	22,940	21,480
Surety Segment | Contract
Segment Reporting Information [Line Items]
Net premiums earned	$ 7,747	$ 7,055	$ 14,647	$ 13,590

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense and Other lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,256	$ 1,328	$ 2,414	$ 2,679
Variable lease cost	349	357	695	741
Sublease income	(139)	(123)	(277)	(246)
Total lease cost	1,466	1,562	2,832	3,174
Cash paid for amounts included in measurement of lease liabilities
Operating cash outflows from operating leases	1,278	1,477	2,600	2,965
ROU assets obtained in exchange for new operating lease liabilities	2,431	206	2,431	265
Reduction to ROU assets resulting from reduction to lease liabilities		$ 1,191		$ 1,250
Other non-cash reductions to ROU assets			73
Operating lease ROU assets	$ 14,881		$ 14,881		$ 14,765
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets		Other assets		Other assets
Operating lease liabilities	$ 16,902		$ 16,902		$ 16,905
Operating Lease, Liability, Statement of Financial Position	Other liabilities		Other liabilities		Other liabilities
Weighted-average remaining lease term - operating leases	4 years 4 months 24 days		4 years 4 months 24 days		4 years 6 months 7 days
Weighted-average discount rate - operating leases	2.08%		2.08%		2.02%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Future minimum lease payments under non-cancellable leases
2022	$ 2,778
2023	5,529
2024	3,552
2025	2,138
2026	1,285
2027	826
Thereafter	1,589
Total future minimum lease payments	17,697
Less imputed interest	(795)
Operating lease liabilities	$ 16,902	$ 16,905