RLI - Earnings call 3 2023

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Operator

Good morning, and welcome to the RLI Corp.

Third Quarter Earnings Teleconference. After management's prepared remarks, we will open the conference up for question and answers.

Before we get started, let me remind everyone that through the course of the teleconference, RLI management may make comments that reflect their intentions, beliefs and expectations for the future.

As always, these forward-looking statements are subject to certain factors and uncertainties, which could cause actual results to differ materially. all risk in in Form the supplemented Form the SEC company's XX-K to be in including should filings, annual XX-Q, refer factors the described various as reviewed Please carefully. which of report on with filed that Exchange press announcing X-K the results. Securities third and The company quarter Form the has release a Commission contains

earnings non-GAAP after-tax the losses per the operating share from per call, and earnings earnings RLI consist operations RLI During from or gains securities. elimination results. which share management and measures are of operating earnings after or financial may unrealized equity after-tax and realized refer to earnings losses of operations, on net gains of

operating earnings and RLI definition to Maui periods Jim due earnings. useful but may and investment were the other performance the sale equity be core operating of excluded to these reporting the believes of in XXXX. for earnings companies' of EPS gauging third of quarter operating comparable RLI's XXXX taxes Additionally, are and measures in management related from not operating across

conference I earnings now Please contains available Mr. go the operating and ready. www.rlicorp.com. reconciliation you're website between press earnings. Diefenthaler. to over at Investment net Chief Officer The Form and at Form X-K release The the a are turn RLI's Aaron and company's X-K will Treasurer, ahead whenever

Aaron Diefenthaler

Third Call XXXX. for Earnings joining Quarter morning. Thank you RLI's for Good

The for Officer; with Todd remarks. and opening on Financial final Joining conditions us on Chief will up Jen Operating high-level open Craig with are will Craig the CEO; our Bryant, Craig? in call line the offer questions, financial quarter. then add Todd for some our thoughts. portfolio. Chief Kliethermes, product will President commentary Today's market detail Klobnak, operator include some close the agenda additional results and Officer. will will Craig Jen

Craig Kliethermes

business this The our Thank notable quarter. a occurred our wildfires our team event early customers, for you, morning, and that Maui good August and Aaron, devastating everyone. in were

We continue this to event. support are to affected all extend who our heartfelt by tragic

results were Todd catastrophe. As will touch this by impacted shortly, significantly quarter's the on

in the quickly claim helping and of parts possible. both begin recover as remain responded team, to Our the Hawaii quickly other damage dedicated to to as affected assess and policyholders country,

purpose to be can't on borne risks we Our premium. an impacted or in we a diversify policyholders. or execute and promises to business our fulfill for take to is a exchange that mission unexpected have individual by Subsequent event, the to made our catastrophic

detail Jen to I affected Our into go financial more Todd, our financials strength and take the in as market to a well is on as Todd let those away. benefit the and shareholders. will it general.

Todd Bryant

combined earnings XX.X% XXX Thanks, overall in, XX.X% we we reported $X.XX posted Craig. of of quarter an operating were but now the Good The affected remain quarter, by in wildfires, combined income. and everyone. positive Yesterday, a for quarter's with losses share. continued growth from of third results Hawaii the ratio morning, per below year-to-date. investment adversely ratio All

improved Jen bit. unpack We reinvestment been income advanced base have rates in line experience continue quarter, growth as XX% up a will asset to in the XX% a Investment invested and larger which top accretive.

gain to heavily remained influenced net $X.XX, Maui our sale flow QX of the of earnings continued achieved assets. Jim. stake per cash in growth year's the Operating invested is $X.XX at XXXX was year-to-date, to in as on $XXX million support strong challenging share to and by compare realized last

losses by net income Our were unrealized partially realized previously on underwriting $X the growth of $XX investment mentioned gains million profitability, in of equities offset and quarter. modest million the

to reported relates Losses previously announced our for $XX the from million quarter, year activity the our ratio. treaties. this $XX last combined the quarter's affected of event which catastrophe on lower million From to compares an the ratio XX on underwriting periods. catastrophe income both were Maui perspective, combined XX.X% was quarter's from XX% added recorded the wildfires as Of amount, points reinstatement end premiums range. Impact this to

recorded quarter. comparative from included in year Hurricane last million the losses Ian. The also other million $XX in storm-related quarter $X We losses in

retention a As XXXX, $XX our on catastrophe from January reminder, $XX treaties first previously. up dollar in million to increased the million

also the Apart growth from losses from storm ratio of on loss remain moderate growth Property Elevated Property for overall were rates in but of certainly is ratio, basis. to incurred X losses, combined impact achieved catastrophe continue the third losses made impact year. segment contained events, the with a quarter the the the catastrophe XX% premium the part well year-to-date and low Earned for notable revenue Property XXXX the segment's quarters a story. over on segment's of trailing at

a accident a multiple personal casualty umbrella benefits across emergence notable From recorded. drove the and had of general benefit lines. overall million of perspective, over majority number of reserves years. the prior $XX access, posted Executive products, Casualty commercial liability favorable loss year's product

Property was remains year. accident This which year largely on current driven Marine, the by modestly on was basis. adverse a XXXX favorable

development by surety, the was $X segment. million, favorable driven reserve Commercial For

reserving each same reserves. noted of evaluating results remains reflective for As consistent a quarter, the quarter's are loss our the and process approach to

greater, The decreased X.X are been ceded Moving ratio reinstatement perspective. reinsurance would XX.X%. comparisons. to for ceded decline our recorded expenses. trend to in premiums net from and earned aforementioned expense elevated Compared as premiums adversely last points to expense quarterly earned year, but a premiums earned the result These lower The fully impact premiums. have ratio

impact point the expense For ratio basis, X.X due up X.X the to On impact. was quarter, increase. this the year-to-date points a was

to continued long-term technology drive however, growth, and to efficiencies. experience people customer and improve in the have, support increase We investments

quarter for in X% High-quality the investments. declining, stocks book above purchase a a our and to total X.X% of portfolio. Markets dominated some with yields Capital Turning return in income and minus current QX, fixed bonds strategy combined resulting time, both for averaged challenging had portfolio's yield. well the

debt down Corp. by from RLI liquidity. XX drawing facility $XX for used required September on from proceeds June PNC. our repayment was existing as investment issue claim XXXX at the allocation additional of and short-term the million A XX at and sourced credit cash repayment were activity Our long-term our bond portion of

compared sheet shape, income high-quality Overall, in available is income, lower per the portfolio, XX, fixed for fixed from and in allocation liquidity. XXXX slightly slightly Incorporating from the value solid increased earnings strong but and year-end the to were June with $XX.XX. up comprehensive share investee million leverage traditional up declined slightly All XXXX million expenses -- at transaction-related declines Away compared book balance in a and XX% an dividends, Jim, adjusting earnings, influenced from significantly, Maui when remains on momentum quarter. quarter excuse the $X impact investment in solid to operating to the our me, call that, better by a year over and was which operating for to continued last the to all, turn comparison. heavily we the when to And referenced year. release, in Jen. Maui excluded positive as offers I'll earnings Jim's have with $X the press

Jennifer Klobnak

delegated reduced business. led you, rate E&S Catastrophe grew Capacity when I growth been but segment. Property right be some details remains earthquake appetite. our authority XX% The on our are division, increase. the jump was Thank MGA narrower to continues the a market risk and many hurricane will with into which only hard premium quarter on XX% competitive, Todd. markets XX%. pulled markets and from for included by up Property business or their facilities. beats has opportunities and still both The binding by

less or in are buying Commercial are markets. starting to see businesses return limited Florida increasing competition We their control some limit deductibles spend. from admitted to

managing concentrations We exposure acceptable by are sell levels. by our lower region to and controlling our continuing limits to

predominantly Our to growth, the this rate which line. contributed is by at point, positively driven has bottom

insurers, immediately the producer stable event August with supporting housing event, and support, grew We've Hawaii XX and providing within was local underwriting been week. premium packages partners extreme of an the the wildfire for years. We employees. a in homeowner The tragic Hawaii first alternative homeowners mobilized market channels after and in Our for including both direct line over quarter. XX% care claim our

allowed to behind were fulfill expeditiously. Given the promise locations losses, claims take quickly our and which us many and cover severity complete on

We housing. help with loss work totality to continue their secure understand the to long-term of insurers and us

market, event new in owners' our state. to we'll business to the We're of the We homeowners and associate their write customer and this service. commitment provide ongoing committed are continue response to proud exceptional Hawaii to

top has slower division quarter due dynamics and growth Marine in market to made. adjustments line Our the underwriting

in the quarter the but However, hard all near combined opportunities the our our achieving which we near see the due continued is XX%, was Property market. to losses, current combined for to the ratio in increased in ratio XXX% term. we're segment markets year-to-date reflects medium margins term, Hawaii for the of The property

we but Surety our premium quarter. for X% down was combined to posted Contract XX% the was quarter, segment. Surety ratio. down Premium an the for X% Turning

is are to due economic costs ability cause These their a their for profitability period, execute. slowing higher to uncertain particular. can which puts particularly stretch and win rates material contractors in projects, conditions and in We more to it but pressure interest on sector private construction, to

financial and backlog. project We are security closely monitoring our contractors'

We and managing completed to while ensure are working claims notices are with closely costs. jobs seeing are some increased claim collaboratively contractors our

slightly. down was premium Surety Commercial also

We pressure and bonds line broad-based several that the renewals but writing the market, quarter into of are of in the release put this top having timing in fourth success bond growth. business shifted new sizable on

by achieved industry surety results, [indiscernible] are as our to surety on we overall the review focus team we underwriting the profitability we continue for discipline. As

X% umbrella Casualty continued led supported with premium by the market ratio. premiums way Personal a combined the grew growth, on XX% disruption. XX%

is inability those homeowners back adequate states auto is our or the demand lines reminder, their umbrella due to losses sold to businesses been basis, stand-alone a product have in personal their where rising obtain on levels. or rate on As and personal a pulling carriers

Given instituted buy these their manage who attachment requirements insurers to underlying growth issues, have line higher partners with our the or and points. have producer down surcharged we work

We have many a X% personal quarter. rate states, from increases into for increase also which translated rate this umbrella obtained

serving professional our offering this and quarter focus services. and a through risk as commercial engineers product division in to continue services broad Premium architects, contractors management value-added on grew small we and X%

are X% older emergence experiencing cash are executive collectively construction costs. to challenges, was products, market accident of transportation which within we segment and as for moderation, the in challenges products construction years slowdown the and some we select decreases units quarter, overall. in from revenue some consolidation which would our executive We like ahead X% increasing casualty increase of transportation in up XX% market for loss loss of some a discipline stay showing the and includes more production transportation see news flat these for for Despite For mature industry the in to a to and due a casualty, standpoint. drive Rate risks. a is businesses, decrease certain continue business insurers more our in in segments, change and competition, other regions

As performance are Once focus referenced, pleased in momentum we several but with are parts continue casualty, again, a constant we eye of very underwriting positive with moving the key we there forward. to selection, risk on going product see our several areas portfolio, and in profit. towards

outstanding our diverse and well. to by producer to Our service continues perform is partners, portfolio supported insurers

I'll the questions. open moderator the over for to Now to up some call turn it

Operator

first from [Operator Instructions] Instructions] comes today question [Operator Peters Greg James. Our from Raymond

Charles Peters

everyone. morning, Jen, Good back, your during wanted on Great. in comments go pricing I casualty. to

your Can lines on think matching inflation? your a umbrella, but or just pricing out the and us minute around view and with also down. flat other are spend I pricing how said trends called some is up these where X% loss in you cost financial you give expectations of products you

Jennifer Klobnak

within subject our of states, opportunity challenging. stats. Personal approved is Sure, fairly casualty success Casualty had diverse. we've which filings, in way on question. Greg. in book And the I'd certain that umbrella say it's to growth. been market of varies in the other for a leading is that rate seeing and a lot by But It states we're more Thanks lot the segment,

place. we that can't we're region sure approvals by are with states make we So producers get and our in not in managing that those where growth growing to working quickly too

that a dedicated But on how happening. as is based others, based of a I in industry, We know our are service support and performance compare hear in difficult commitment on area, to on But trends that staying us. claim coverage. top think our that continue that to that book to managing from reinsurance they partners. the we are we they we're growth that that our overall,

think in we okay doing that area. we're So

here we've lot for that the XX% is recently, far related quarter, I think transportation We've area auto a that the got an X% X% news XXXX, as losses. chart had year It's between to the back capitation XX% I've a a and for shows hit consecutively. rate year-to-date. rate too. got every as increase increases

day we in that losses know every continue happen transportation our And to division. so

whether or we to get [ to or of So injury get poly it's inflation, to continue ] do there. happens, court rate we to need need rate system the damage continue

too, We're general. selection, risk on because parts division certain in been sell focused really in Transportation in it's that We've so shrinking our competitive. been

about understand they losses, not and it's how their the it's long the and looking trucks their of you individual so rate maintaining And training at controlling that term, risks and that are drivers making how sure of about they're possibility nature. versus things

into the dig we So there. details

year. year-to-date. other mentioned of area. reductions the there the again, see rate our get X% interest much. decreases of headlines which off executive some that did the quarter, area for it's first that used products And is to we've been group, we I The selection rate D&O then I risk a think too of been we usually includes think drastic have accounts the But reduction. decrease larger X% half Yes, in the the where

at come and But so back of account And strong. underwriter risk renewing pretty on the paid and an each The decrease. since risk should as a it the that is there to that actually line, that's we're making renewal. with forward. the an changed rate last comfortable they individual going moment momentum see looking if And one a at sure is is look what they underwriting bottom take they and even continue has to

supporting is them. other at to and can yes. we And to times, away. have And well, be sometimes we able account answer keep performed has the walk That

of kind scenario. that's so And the

If you that. any areas, on other happy have I'm the on questions other answer any of questions to

Charles Peters

for to on portion. Well, the that second was like pivot would reinsurance great color. I guess I a

Just range coming think the losses up at Hawaii of curious about the originally how you -- you what guided low I end wound said of the to.

And how how been think worked about to you can affect least for you Or year? have reinsurance early that the going elsewhere for it's on So year-to-date, that view pretty reinsurance then cover parameters catastrophes that? curious next you left considering just provide? a curious some next loss, is costs much or pricing just limited your year. I'm get if you'll that for have on your pass an at maybe do

Craig Kliethermes

the thinks it Jim a lot Well, Jim this I'm to year program. what loss there about let about the Matt, premium program no is she's with going [ -- reinstated next let say going talk you -- because previous But Todd is I'm did me. that it Craig. probably Maui all he ] The just to to to the referred are to, holes to loss. closer our like in exists

that of we just power, we premium like another So was event, large it the reinstatement have if as to have would were through the result a pre-Maui we coverage paid.

Jennifer Klobnak

Yes.

disclosed had And net would of we to million million be. So a that reinsurance $XX that $XX include range, in. all would net

booked includes We $XX that reinstatement million. So premiums.

end low $XX of as Todd million the referenced reinstatement premium, at earlier. it range. was see the can of included You That

tower event. at million tower is If not the with of going retention. We're our a excess of $XX near at top $XXX it, tower piece get that million you to look this

fact, have towards lower for end. of we think In events plenty this. we're We the like coverage

I think odd this an was event.

a you while. have a local the quite island. seen there they staff, quite If they severe like It and never anything Hawaii They've event. our been talk would underwriting claims this was on to say

concentrations business for property But we look at our portfolio. across

properties, much all circles that do our marine, do limits, we are just with number that from products And packaged in whatever the event, property we a to reinsurers. on cases, we business, old-fashioned have to of time limit are We loss that put particular through information in Hawaii. how units a And basis of write E&S comfortable sustaining that area, comfortable net came a sharing in area. and we that an our to

contact have been we'll unusual Bermuda think least We've we more this our and [indiscernible] but given was our have this them. London reinsurers already been at conversations we our I in with year. for history, portfolio, in -- with

contact loss. when to pretty in we're a it with So everybody. transparent We're comes

happening around the and how lot losses we we them what's detail individual particular the adjusted claims. a So give of and

several event there this are in In involved. coverages particular Hawaii,

estimate, like additional of housing for the -- and in that So loss will for cost long we example, we increased expense, we a take we because full amount we our to in reserved at an living things have and have looked the area, limit it think seen rebuild. time

that into with estimates. forward. So our we've all assumptions of going in comfortable built those We're

say, to to going are course of That's they want charge reinsurers what you do. "We The more."

is, differentiation them is area, because, this We're exposure job in with time. long in process for we You a work our do it headlines. to them hear the doing again, that a the and for our what show pretty been all market we to think what going and in we've good look

expect And reinsurance very early the we're huge so our association a to at we cause but it ] stages this wouldn't [ impact to quarter. X-Xs for in renewal process,

how we'll out. So turns it see

Charles Peters

question Excellent. for in -- headlines going last be next the I there's business might look your about I'm And willing through going curious, might as there budgeting would a helpful. customer the guidepost final my That's you are you had noise of year. question. surety, the of just for growth, provide be just some with to to in guys guess Any economic sort lot the growth process, the the shape next out think of set, the economy talked year. I'm marketplace premium area you the is is how up curious, talked I about surety you how that in of challenges and premium business. you

Jennifer Klobnak

Sure.

if results came elevated been for the pretty a quarter. the you'll line big And if terms SFA the get the in line say, month ago. know to of But that They don't our published look From well they've industry, perspective, performing industry last you lag. you chart a years. falling bottom for look about a results at market. the top a very -- bit the I you see couple surety actually little a of results, at compared I'll we're larger perspective. down out from follow the that So There if we've every

largest right now the around XXth we're So market. surety

to people we're largest. the We some "Oh, tenth used I think, say, not. But that's would And disappointing." be,

stretch the as -- do to they're contract I that is is to disappointing, in particular, And the good on projects business. be point more that want so by little but in profits sure a they so bit sometimes, mentioned, we the competitive enough building and sustain that their

hard us, selection. it's how going our say to our depend But to is and to the for the we're continue how to risk competitors business So on going to It's discipline on grow. focus going act.

Operator

question next Our Jefferies. from Andrew comes Andersen from

Andrew Andersen

Looking are reserve though a has secondly, And a through that casualty the I months is stronger X different changed lower reserve little that bit reviewed at bit start, approach to second? quarter-over-quarter, the trends this studies inflation quarter the viewing versus leases and third year-over-year. guess in year? there reserves were to

Todd Bryant

is The Todd. it's Andrew, the same. process

So there's quarter-to-quarter. different nothing

first third year. the about quarter relative quarters. And to unique the nothing as what been X third quarter, last done So compare to nothing we have would different of

is if the So just whatsoever. you no studies fell change out, This how will.

Andrew Andersen

the any I change similar picks And Was casualty? there second accident changes it. made year, some this you in in picks year type quarter for current year of quarter energy some current business. the think of to this Got in

Todd Bryant

all. not accident year, current material on whatsoever Nothing at the

Andrew Andersen

the little noise perhaps maybe the perhaps the kind expense premium. reinstatement a do ratio of you of me. a call, At in technology Okay. mentioned improve to you last little with X the making ratio top that improving here and investments of what bit from And for here? expense the of from But opportunities bit see the you're kind

Todd Bryant

question. good a that's yes, Well,

I drive looking to see we think where we're efficiencies can we as always grow.

getting on system. So the billing there there fewer get or to front. is Trying opportunity technology front-end X systems either to

the So looking there. on efficiencies

really that experience. of customer big a But part is it

that that of the standpoint, ratio. supportive would we which also that be anything in would be do expense will from -- premium, positive the So growth that hope improve

to we investments focused there's need we're of that. opportunity, certainly on and make, So all

Operator

from Meyer comes from KBW. question next Shields Our

Meyer Shields

quick Jen. One for question

underwriting on could adjustments was bit. little about Marine. a in talked you hoping You I expand that

Jennifer Klobnak

Sorry, you were talking so understand fast. question. I the didn't

Meyer Shields

your means. an adjustments underwriting not That's comments, occupational talked actually sure about that opening marine, you hazard. In Sorry. I'm and what Yes. in

Jennifer Klobnak

Sure.

was that's So heard property may the you we plans to have that quarter. years bit a that had say reserve some And little adverse a from couple marine I loss -- -- this related of release liability reserve ago.

to that don't liability caused both we though a but to few in a segment. But combination want we're a cargo the normally a So so book, the historically in just on segment, activity I seen some we liability reduce bit [ little side, book, That's a -- growth issues and we've adjustments. property. Marine the seen we property seen even to and for us we've made why have adjusting the which coverages underwriting small have Marine ] our not the we're underwrite said I has and it's is, edges property bit bit of that as on like of of late. little in a

That's healthy book, very a though.

get to positive in continue Marine. rate We

X% year-to-date. So X% quarter, had we Marine, in for rate the increase a

noticeable was we're on taking So but do little line. accident, more the case, in it we particular but bit top minor throughout, a this just underwriting

on a Marine thought ] [ that's So book.

Meyer Shields

Okay.

So underwriting it in just standards? There's numerical wasn't like a adjustment.

Jennifer Klobnak

yes. Yes,

Meyer Shields

right. All

any all a I'm question. are in we downside that's you market challenges Sorry, is I personal want leave of creating personal the sort personal in wasn't wouldn't business for know turmoil lot -- wondering, opportunity that about sure. on is the how lines? to there I there Related any umbrella. of lines because talked lost stand-alone --

Jennifer Klobnak

an not business now. I interesting That's we're question. really losing right --

much pretty steady. is -- are We our retention

say would there. So there's notable I nothing

be because new if In take fact, gain to retention it was higher effort does our nice it'd business.

But not move that would that be to losing business So not seeing that be want higher. would we're any we're nights point. say this there'll to we at

Meyer Shields

we the segments losses and breakdown use? reinstatement the final property of X question, Okay. modeling Excellent. Is catastrophe for a can premium and that just casualty there the given then purposes. between And

Todd Bryant

it's Todd. Meyer,

the contained. For was really it quarter,

were the contained the Maui of All premium. losses within Property segment as well reinstatement the as

losses storm $X there but the was $X about Casualty the other of is around I that million other segment. quarter, The in mentioned, the in million that

the well. So the in was bulk that as Property of segment

Operator

comes from RBC Instructions] Scott question next [Operator from Heleniak Our Capital.

Scott Heleniak

the I what from losses was before. trying is Hawaii share if somebody could you're to gross wondering that the to -- are I the to you if that something -- wildfires? you're But at able think able was share? get

Todd Bryant

Got reserves Todd. I way do to XXX I'm XXX not in think range. And of to But the more in to XXX-plus in and on constantly standpoint. see we from We're going any have our conservative that do comparative mean, it. you're range, extent we you initial relevance book. changes terms the a kind a mean, be made. that initial that the in we're it. the to it's the that estimate sure I you It's I attempting to can mean, periods that to side when you're be trying prior reinsurance. going of to --

Scott Heleniak

those touching And was then on particular there? of releases helpful. any there came where the out? That's reserve from? year that Okay. Anything out most just spread accident Or again, it releases notable stood was

Todd Bryant

a accident have to was 'XX, 'XX It coming bit spread any Pretty spread. out. the 'XX that year bulk particular in mean, 'XX. we to I a little of of really it I the that wasn't through. was some mean,

Scott Heleniak

carriers. -- on be seeing mid-market think can little -- give increased able detail on from areas, that was or the signs certain if regions? there you of I I some -- competition about more then And that. wondering if you might Or property a share it was just are a more X from just And that on made Okay. X curious to was my just last Is book, you was was in X anything that. comment certain

Jennifer Klobnak

Sure.

So this is Jen.

on focus Florida days. these we So

it's surprising say we -- to but and account in we're it some Florida, was -- not widespread. little I'd by it. surprised to you're X see green see lost But you seeing somebody, these shoots So

difficult be market navigate admitted Florida think an the to I would particular on very So basis. in

know of trend. So that's I that don't sort a

and of to think well from things, unfortunate big I big a the comes as is see. there, force a continues also then lot citizens competition be MGAs to those which but

You less hope would be that an of emphasis.

So seeing is competition don't to That market starting of there, some emerge. not ton but know. there a continue I evolve. We're will to

Operator

there Thank closing questions, remarks. you. will over Mr. no are Kliethermes conference now I to further for any Craig the If turn

Craig Kliethermes

environment. simply growth's we we the you, lean expertise today. where We and with and relationships. with understand Consistent disruption deep financial talented loss. specialty and willingness markets into the everyone, reflects away run exposures don't market and We we sake, results grow for don't portfolio, organizational growth from large yesterday experts top markets investments Thank the our in opportunities and with and see for profitability serve growth our we first our deep to prudently the a a product reported to The claim joining our and chosen line are in resiliency. diversified underwriting testament

of and the our long-term us organization. our shareholders commitment best to served our customers disciplined for well of Our our and and decisions is all to a culture make being different owners' forward proud effort with works. different differentiator associate look has because model our ownership are quarter. we we you visiting maintained, We have to next committed the being and I'm unique

Operator

conference Ladies and disconnect. this an wish day. now you for with gentlemen, call you have for replay our and access do participating, X you if XXX-XXXX Thank concludes This of may your dialing today. a of to parties access (XXX) rest for All code the call, XXXXXX. so nice may by

RLI (RLI) 24 Oct 232023 Q3 Earnings call transcript