RLI Corp. (RLI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del seguro especializado, RLI Corp. se destaca como una potencia estratégica, tejiendo soluciones innovadoras de gestión de riesgos en diversas industrias. Al aprovechar un modelo de negocio sofisticado que combina experiencia especializada con tecnología de vanguardia, RLI ha tallado un nicho único en el servicio de negocios medianos, empresas de servicios profesionales y sectores críticos como la atención médica y el transporte. Su enfoque integral va más allá del seguro tradicional, ofreciendo personalizado Estrategias que transforman el riesgo de una amenaza potencial en una oportunidad manejable para sus clientes.

RLI Corp. (RLI) - Modelo de negocio: asociaciones clave

Corredores de seguro y agentes

RLI Corp. colabora con aproximadamente 5,000 corredores y agentes de seguros independientes en todo el país. Estas asociaciones generaron $ 452.3 millones en primas brutas escritas en 2022.

Tipo de socio	Número de socios	Volumen premium anual
Corredores de seguro independientes	4,200	$ 378.6 millones
Agentes de seguros cautivos	800	$ 73.7 millones

Compañías de reaseguros

RLI mantiene asociaciones estratégicas de reaseguro con reaseguradores globales de primer nivel para gestionar el riesgo y la eficiencia de capital.

Socio de reaseguros	Capacidad de reaseguro	Tipo de cobertura
Swiss RE	$ 150 millones	Exceso de víctima
Munich re	$ 125 millones	Catástrofe de la propiedad
Lloyd's de Londres	$ 100 millones	Líneas especializadas

Proveedores de servicios de tecnología

RLI invierte $ 18.7 millones anuales en asociaciones tecnológicas para mejorar la infraestructura digital y la eficiencia operativa.

• Software Guidewire - Plataforma de gestión de políticas
• Microsoft Azure - Servicios de computación en la nube
• Salesforce - Gestión de relaciones con el cliente
• IBM - Ciberseguridad y análisis de datos

Consultores legales y de cumplimiento

RLI involucra a las empresas de consultoría legales y de cumplimiento especializadas en múltiples jurisdicciones, gastando aproximadamente $ 4.2 millones anuales en estas asociaciones.

Consultoría	Área especializada	Gasto de consultoría anual
Deloitte	Cumplimiento regulatorio	$ 1.5 millones
Panadero mckenzie	Aviso legal internacional	$ 1.2 millones
PWC	Gestión de riesgos	$ 1.5 millones

RLI Corp. (RLI) - Modelo de negocio: actividades clave

Suscripción de productos de seguro especializado

RLI Corp. se especializa en suscripción de mercados de seguros de nicho con un enfoque en:

• Bonos de fianza
• Seguro de víctimas
• Seguro de propiedad

Segmento de seguro	Premios escritos brutos (2022)
Garantía	$ 264.8 millones
Víctima	$ 189.3 millones
Propiedad	$ 116.5 millones

Evaluación y gestión de riesgos

Técnicas de evaluación de riesgos:

• Modelado predictivo avanzado
• Análisis de datos integral
• Algoritmos de puntuación de riesgos propietarios

Métrica de gestión de riesgos	Rendimiento 2022
Relación combinada	85.7%
Relación de pérdida	57.3%

Procesamiento de reclamos

Métricas de procesamiento de reclamos anuales:

Métrico de reclamos	2022 estadísticas
Reclamaciones totales procesadas	42,675
Tiempo de liquidación de reclamos promedio	17 días
Tasa de resolución de reclamos	94.2%

Desarrollo de productos e innovación

Inversión de innovación:

Categoría de innovación	Gasto 2022
Gastos de I + D	$ 12.4 millones
Infraestructura tecnológica	$ 8.6 millones

Servicio al cliente y soporte

Métricas de participación del cliente:

Métrica de servicio al cliente	Rendimiento 2022
Puntuación de satisfacción del cliente	4.7/5.0
Tiempo de respuesta de apoyo	2.3 horas
Interacciones de servicio digital	68% de las interacciones totales

RLI Corp. (RLI) - Modelo de negocio: recursos clave

Profesionales de seguros experimentados

A partir de 2024, RLI Corp. emplea a 628 profesionales a tiempo completo en sus operaciones de seguro. El desglose de la fuerza laboral de la compañía incluye:

Categoría profesional	Número de empleados
Suscriptores	187
Analistas de riesgos	124
Especialistas en reclamos	156
Gestión ejecutiva	42
Personal de apoyo	119

Tecnología de modelado de riesgos avanzados

RLI Corp. invierte $ 14.3 millones anuales en infraestructura tecnológica y plataformas de modelado de riesgos. Los recursos tecnológicos clave incluyen:

• Software de análisis predictivo patentado
• Algoritmos de evaluación de riesgos de aprendizaje automático
• Sistemas de procesamiento de datos basados ​​en la nube
• Infraestructura de protección de ciberseguridad

Capital financiero fuerte

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 3.42 mil millones
Patrimonio de los accionistas	$ 1.87 mil millones
Efectivo e inversiones	$ 2.15 mil millones
Inversión anual de I + D	$ 8.6 millones

Algoritmos de suscripción de seguros propietarios

RLI Corp. mantiene 17 sistemas de algoritmos de suscripción patentados distintos en diferentes segmentos de seguros.

Cartera de seguros diverso

Distribución del segmento de seguro:

Segmento de seguro	Porcentaje de cartera
Víctima	38%
Especialidad	29%
Garantía	22%
Otros segmentos	11%

RLI Corp. (RLI) - Modelo de negocio: propuestas de valor

Soluciones de seguros especializadas para nicho de mercado

RLI Corp. se centra en proporcionar soluciones de seguros especializadas en segmentos de mercado específicos con perfiles de riesgo precisos. A partir de la información financiera de 2023, RLI opera en tres segmentos principales:

Segmento de seguro	Primas brutas escritas
Víctima & Garantía	$ 352.4 millones
Propiedad & Marino interior	$ 205.6 millones
Responsabilidad especializada	$ 157.2 millones

Estrategias de gestión de riesgos personalizadas

RLI proporciona enfoques de gestión de riesgos personalizados para necesidades de seguro complejas.

• Tasa de modificación de riesgo promedio: 15.3%
• Tiempo de desarrollo de políticas personalizadas: 3-5 días hábiles
• Precisión de evaluación de riesgos: 92.7%

Procesamiento de reclamos rápidos

RLI mantiene la eficiencia de resolución de reclamos líderes en la industria:

Métrico	Actuación
Tiempo de procesamiento de reclamos promedio	7.2 días
Tasa de resolución de reclamos	98.6%
Puntuación de satisfacción del cliente	4.7/5.0

Estabilidad financiera y confiabilidad

Indicadores de desempeño financiero para RLI Corp. A partir de 2023:

• Activos totales: $ 3.92 mil millones
• Ingresos netos: $ 252.3 millones
• Retorno sobre el patrimonio: 16.7%
• SOY. Mejor calificación de fortaleza financiera: A (excelente)

Productos de seguro innovadores

RLI desarrolla continuamente soluciones de seguros únicas en mercados especializados:

Categoría de productos	Nuevos lanzamientos de productos (2023)
Seguro de riesgo cibernético	3 Variaciones de nuevos productos
Responsabilidad profesional	2 opciones de cobertura ampliada
Cobertura de tecnología emergente	4 nuevos paquetes de gestión de riesgos

RLI Corp. (RLI) - Modelo de negocio: relaciones con los clientes

Compromiso del equipo de ventas directo

RLI Corp. mantiene un equipo especializado de ventas directas de 87 profesionales de seguros dedicados a partir de 2023. El equipo de ventas se centra en generar $ 662.4 millones en primas escritas directas en segmentos de seguros especializados.

Métricas del equipo de ventas	2023 datos
Representantes de ventas totales	87
Primas escritas directas	$ 662.4 millones
Premio promedio por representante	$ 7.61 millones

Plataformas de autoservicio en línea

RLI proporciona plataformas digitales que permiten a los clientes administrar políticas, reclamos de archivos y acceder a la documentación electrónicamente.

• Plataforma de gestión de políticas digitales
• Sistema de envío de reclamos en línea
• Acceso al portal del cliente 24/7

Consultoría personalizada de gestión de riesgos

RLI ofrece servicios de evaluación de riesgos personalizados para clientes de seguros comerciales y especializados, con el 92% de los clientes comerciales que reciben consultoría de riesgos personalizados en 2023.

Servicios de consultoría de riesgos	2023 rendimiento
Total de clientes comerciales atendidos	3,245
Clientes que reciben consultoría personalizada	2,985 (92%)

Comunicación regular del cliente

RLI implementa estrategias de comunicación estructurada que incluyen revisiones comerciales trimestrales, distribuciones mensuales de boletines y comunicaciones de gestión de riesgos específicas.

• Revisiones comerciales trimestrales
• Boletines mensuales de gestión de riesgos
• Comunicaciones específicas de la industria

Gestión de cuentas dedicada

RLI ofrece una gestión de cuentas especializada con una tasa promedio de retención de clientes del 88.6% en los segmentos de seguros especializados en 2023.

Métricas de gestión de cuentas	2023 datos
Tasa de retención de clientes	88.6%
Tamaño promedio de la cuenta	$ 2.3 millones
Cuentas administradas totales	4,127

RLI Corp. (RLI) - Modelo de negocio: canales

Fuerza de ventas directa

RLI Corp. mantiene un equipo de ventas directo dedicado de 87 representantes de ventas de seguros profesionales a partir del año fiscal 2023. La fuerza de ventas directas genera aproximadamente $ 456.3 millones en primas escritas directas anualmente.

Canal de ventas	Número de representantes	Generación Anual de Premio
Equipo de ventas directas	87	$ 456.3 millones

Corredores de seguro independientes

RLI funciona con Más de 3.500 corredores de seguro independientes a escala nacional. Estos corredores contribuyen aproximadamente al 62% del volumen total de primas de la compañía, lo que representa $ 738.6 millones en primas anuales.

Red de corredores	Corredores totales	Contribución premium
Corredores independientes	3,500+	$ 738.6 millones

Plataformas digitales

Los canales digitales de RLI incluyen:

• Plataforma de generación de cotizaciones en línea
• Aplicación móvil para la gestión de políticas
• Manejo del portal web 42,000 interacciones digitales mensuales

Canal digital	Interacciones digitales mensuales
Plataformas en línea	42,000

Soporte telefónico

RLI opera un centro de atención al cliente centralizado con 65 representantes de servicio al cliente. El canal de soporte telefónico maneja aproximadamente 28,000 llamadas de los clientes mensualmente, con un tiempo de resolución promedio de 7.4 minutos.

Soporte telefónico	Representantes	Volumen mensual de llamadas	Tiempo de resolución promedio
Centro de servicio al cliente	65	28,000	7.4 minutos

Conferencias de la industria y eventos de redes

RLI participa en 24 conferencias de la industria anualmente. Estos eventos generan aproximadamente el 18% de los nuevos clientes potenciales, lo que resulta en un estimado de $ 127.5 millones en posibles ingresos premium.

Tipo de evento	Conferencias anuales	Porcentaje de generación de leads	Ingresos posibles de prima
Conferencias de la industria	24	18%	$ 127.5 millones

RLI Corp. (RLI) - Modelo de negocio: segmentos de clientes

Empresas de tamaño mediano

RLI Corp. atiende a empresas medianas en múltiples industrias con soluciones de seguros especializadas. A partir de 2023, la compañía reportó $ 1.2 mil millones en ingresos totales, con una importante penetración del mercado en el segmento del mercado medio.

Característica de segmento	Detalles específicos
Rango anual de ingresos de las empresas objetivo	$ 10 millones - $ 500 millones
Penetración del mercado	37.5% del mercado de seguros comerciales de tamaño mediano
Premio promedio por cliente	$ 85,000 anualmente

Empresas de servicios profesionales

RLI proporciona responsabilidad especializada y productos de seguros profesionales para empresas orientadas a servicios.

• Firma de abogados
• Prácticas contables
• Organizaciones de consultoría
• Empresas de ingeniería

Segmento profesional	Cuota de mercado	Valor de la póliza promedio
Firma de abogados	22.3%	$125,000
Firmas de contabilidad	18.7%	$95,000

Empresas de construcción e inmobiliarios

RLI se especializa en proporcionar soluciones de seguro integrales para sectores de construcción e inmobiliarios.

Tipo de segmento	Valor asegurado total	Volumen premium anual
Construcción comercial	$ 3.4 mil millones	$ 210 millones
Inmobiliario residencial	$ 2.7 mil millones	$ 165 millones

Proveedores de atención médica

RLI ofrece responsabilidad médica especializada y productos de seguros específicos de la salud.

• Prácticas médicas
• Hospitales
• Clínicas
• Redes de atención médica

Segmento de atención médica	Penetración del mercado	Valor de la póliza promedio
Prácticas médicas	15.6%	$175,000
Sistemas hospitalarios	12.4%	$450,000

Empresas de transporte y logística

RLI proporciona soluciones de seguro integrales para negocios de transporte y logística.

Segmento de transporte	Valor total de la flota asegurada	Prima anual
Compañías de camiones	$ 2.9 mil millones	$ 185 millones
Proveedores de logística	$ 1.6 mil millones	$ 95 millones

RLI Corp. (RLI) - Modelo de negocio: Estructura de costos

Compensación de empleados

A partir del informe anual de 2022, RLI Corp. reportó costos totales de compensación de empleados de $ 94.4 millones.

Categoría de compensación	Monto ($)
Salarios	68,200,000
Beneficios	18,600,000
Compensación basada en acciones	7,600,000

Inversiones de tecnología e infraestructura

RLI Corp. invirtió $ 22.3 millones en infraestructura tecnológica en 2022.

• Actualización de sistemas de TI: $ 12.5 millones
• Inversiones de ciberseguridad: $ 5,8 millones
• Infraestructura de computación en la nube: $ 4 millones

Gastos de procesamiento de reclamos

Los costos de procesamiento de reclamos para 2022 totalizaron $ 156.7 millones.

Categoría de gastos de procesamiento de reclamos	Monto ($)
Reclamos manejando personal	42,300,000
Investigación de reclamos	31,500,000
Costos de liquidación de reclamos	82,900,000

Marketing y ventas

Los gastos de marketing y ventas para 2022 fueron de $ 37.6 millones.

• Marketing digital: $ 15.2 millones
• Compensación del equipo de ventas: $ 14.8 millones
• Publicidad y materiales promocionales: $ 7.6 millones

Cumplimiento y costos regulatorios

Los gastos de cumplimiento totalizaron $ 18.9 millones en 2022.

Categoría de costos de cumplimiento	Monto ($)
Informes regulatorios	6,700,000
Personal legal y de cumplimiento	8,200,000
Tecnología de cumplimiento	4,000,000

RLI Corp. (RLI) - Modelo de negocios: flujos de ingresos

Ingreso de prima de seguro

RLI Corp. generó $ 763.6 millones en primas directas escritas para el año fiscal 2022. El desglose de ingresos de primas de la compañía incluye:

Segmento	Ingresos premium ($ M)
Víctima	$329.4
Propiedad	$212.7
Garantía	$221.5

Retornos de inversión

RLI Corp. reportó $ 62.4 millones en ingresos de inversión netos para el año fiscal 2022, con una cartera de inversiones valorada en aproximadamente $ 1.9 mil millones.

Ganancias de suscripción

La compañía logró una ganancia de suscripción de $ 170.2 millones en 2022, con una relación combinada del 86.7%.

Comisiones de renovación

• Tasa de retención de renovación: 87%
• Tasa de comisión promedio de renovación: 10-15% de la prima
• Comisiones de renovación total: $ 48.3 millones en 2022

Servicios basados ​​en tarifas

Los ingresos basados ​​en tarifas totalizaron $ 15.7 millones en 2022, derivados de:

Tipo de servicio	Ingresos ($ M)
Consultoría de gestión de riesgos	$8.2
Gestión de reclamos	$5.9
Otros servicios de asesoramiento	$1.6

RLI Corp. (RLI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose RLI Corp. (RLI) over the competition in the specialty insurance space. It's not just about the policy; it's about the proven track record and the specialized focus.

Tailored insurance solutions for unique and hard-to-place risks

RLI Corp. focuses on delivering specialized insurance services by concentrating on niche markets that are often underserved by broader carriers. This strategy helps insulate the company from the ups and downs of the traditional property/casualty market cycle.

• RLI Corp. is a specialty insurer serving niche property, casualty, and surety markets.
• The company's mission centers on Providing specialized insurance services.

Consistent underwriting profitability (29 consecutive years)

This is the bedrock of RLI Corp.'s value. The discipline in pricing and risk selection allows them to consistently make money from the insurance business itself, separate from investment returns. Here's a look at the recent underwriting performance:

Metric	Q3 2025 Result	Q3 2024 Result
Underwriting Income	$60.5 million	$40.7 million
Combined Ratio	85.1	89.6
Favorable Reserve Development Contribution	$13.7 million	$18.1 million

RLI Corp. delivered underwriting profits for 29 consecutive years as of the Q1 2025 report.

Financial security and stability for policyholders (A+ rated)

Policyholders get the assurance of dealing with a financially rock-solid entity. AM Best assesses RLI Corp.'s balance sheet strength as the strongest level, which is a huge differentiator.

• All RLI insurance subsidiaries hold an A+ (Superior) Financial Strength Rating from AM Best Company.
• AM Best revised the outlook for RLI Group and its subsidiaries to positive from stable in early 2025.
• Policyholder surplus grew from $1.0 billion at year-end 2019 to $1.8 billion at year-end 2024.
• Statutory surplus was reported at $1.787 billion as of Q1 2025.

Superior policyholder service and long-term partnership approach

The company's core values include a commitment to Superior Service. This commitment translates into tangible shareholder value through disciplined capital management and portfolio returns. For instance, book value per share showed significant growth:

• Book value per share increased 16% (inclusive of dividends) from year-end 2024 through Q2 2025.
• Book value per share increased 26% (inclusive of dividends) since year-end 2024 through Q3 2025.

Risk mitigation tools, like telematics for commercial transportation

RLI Transportation actively deploys technology partnerships to help commercial clients manage risk proactively, which aids in loss control and can result in direct savings for the insured. You see this focus in their recent collaborations:

• Partnership with Netradyne offers insureds using dual-facing dashcams a premium discount of up to 5%.
• Partnership with Samsara offers up to a 5% discount on insurance premiums, plus free hardware and 25% off their license purchase.
• Collaboration with TruckerCloud provides a unified telematics insights solution for enhanced safety and risk management.

Finance: draft 13-week cash view by Friday.

RLI Corp. (RLI) - Canvas Business Model: Customer Relationships

You're looking at how RLI Corp. (RLI) keeps its specialized customer base-the agents and brokers-locked in. It's not about being the cheapest policy; it's about being the most reliable partner for hard-to-place risks. This is a relationship-first approach, which is why their underwriting discipline is so critical to maintaining those ties.

High-touch, dedicated service through distribution partners

RLI Corp. relies on a network of specialized intermediaries to reach its niche insureds. They distribute products through a trusted network comprising wholesale and retail brokers, independent agents, carrier partners, underwriting agents, and, increasingly, direct digital platforms. This multi-channel approach means the service level must be consistent across different access points. The strength of these relationships is directly tied to RLI Corp.'s consistent financial performance, which gives partners confidence in the paper they are placing.

The foundation of this model is visible in their underwriting results, which is what keeps the distribution channel engaged:

Metric	Q3 2025 Result	2024 Full Year Result
Underwriting Income	$60.5 million	$211 million
Combined Ratio	85.1	86.2
Consecutive Years of Underwriting Profit	29+ (as of 2024)	29

This consistent profitability, achieved over 29 consecutive years as of 2024, is the currency of trust with distribution partners. It's defintely not a guessing game for them.

Cultivating personal connections and mutual trust with agents/brokers

RLI Corp. explicitly states a commitment to being a strong partner to its agents and brokers. They actively invest in personal connections to cultivate mutual trust, which forms the solid foundation for collaboration. This focus ensures they remain responsive to the evolving needs of the niche customers these partners serve. They support this relationship with tangible resources.

• Agent & Broker Resources Overview access.
• Specific resources for Transportation producers, including marketing materials and guidelines.
• Dedicated Surety Bond Resources for appointed agents.
• Ability to Request Loss Runs, updated daily.

The company employed 1,147 associates as of December 31, 2024, suggesting a relatively high staff-to-producer ratio that supports this dedicated service model.

Long-term focus on customer loyalty and retention in specialized markets

In specialized markets, retention is paramount because finding new, profitable risks takes time and expertise. RLI Corp.'s long-term focus is reflected in its shareholder commitment, which mirrors the stability offered to policyholders and producers. For instance, the company maintained its 50-year streak of dividend increases as of Q1 2025, signaling a long-term view that aligns with customer loyalty expectations.

The growth in their book value per share also speaks to long-term value creation, which underpins the stability agents rely on:

• Book Value Per Share increased 26% from year-end 2024 through Q3 2025 (inclusive of dividends).
• Book Value Per Share increased 24% for the full year 2024 (inclusive of dividends).

Relationship-driven model, competing on service and coverage, not just price

RLI Corp. competes by offering availability, coverage, and service, rather than focusing on price, which is typical for specialty insurance. Their strategy is to assume risks that others are unwilling or unable to bear alone. This requires deep, trust-based relationships with the brokers who bring them these complex risks. Their 2024 Gross Premiums Written surpassed $2 billion for the first time, showing that this service-first approach successfully attracts premium volume in competitive markets.

Proactive risk management support for insureds

To support the insureds indirectly through their agents, RLI Corp. provides proactive tools, especially in areas like their Transportation segment. This support helps manage the underlying risk, which benefits the insured, the agent, and RLI Corp.'s loss ratios. Specific resources available to agents for their policyholders include:

• Driver Safety & Risk Management Resources for Transportation producers.
• Guidelines and applications that standardize the proper handling of niche risks.

Finance: review Q3 2025 expense ratio trends by segment by end of week.

RLI Corp. (RLI) - Canvas Business Model: Channels

RLI Corp. distributes its specialty property, casualty and surety products through a trusted network of specialized wholesale and retail brokers and independent agents.

Specialized wholesale and retail brokers are a core component of the RLI Corp. distribution strategy. The company offers products categorized as Retail Products and Wholesale Products.

Independent agents and distribution partners nationwide form the primary network for RLI Corp. The company emphasizes strong relationships with these intermediaries. Growth in new business during the first quarter of 2025 was specifically noted within the personal umbrella distribution channels.

The distribution structure includes carrier partners and underwriting agents, which align with the function of Managing General Agents (MGAs) and Managing General Underwriters (MGUs) in the specialty market.

Direct distribution for certain small commercial and personal lines is an active channel. New business growth in the first quarter of 2025 was reported in the small commercial distribution channels.

The company utilizes digital platforms for agent/broker interaction and policy administration as part of its distribution methods.

The gross premiums written (GPW) for 2024 illustrate the scale across the specialty admitted and excess and surplus (E&S) operations, which utilize these channels:

Distribution Channel Proxy	2024 Gross Premiums Written (GPW)	Percentage of Total 2024 GPW
Specialty Admitted Operations	$1.1 billion	57%
Excess and Surplus (E&S) Operations	$848 million	42%

The total consolidated revenue for RLI Corp. in 2024 was $1,770 million. For the trailing twelve months ending in late 2025, the revenue was reported as $1.85 Billion USD. Gross premiums written increased 5% in the first quarter of 2025 compared to the prior year period.

RLI Corp. has paid and increased regular dividends for 50 consecutive years. In November 2025, the Board declared a regular quarterly cash dividend of $0.16 per share and a special cash dividend of $2.00 per share.

• Casualty segment accounted for 56% of net premiums earned in 2024.
• Property segment contributed 35% to net premiums earned in 2024.
• Surety segment accounted for 9% of net premiums earned in 2024.

The company achieved underwriting income of $211 million in 2024 on a 86.2 combined ratio.

RLI Corp. (RLI) - Canvas Business Model: Customer Segments

You're looking at where RLI Corp. places its underwriting focus as of late 2025. RLI Corp. targets niche, hard-to-place risks, competing on availability, coverage, and service, not price.

The company organizes its customer base across three primary insurance segments: Casualty, Property, and Surety. As of the end of 2024, the Specialty Admitted operations generated gross premiums written of $1.1 billion, which was about 57% of the total gross premiums. The Excess and Surplus operations wrote gross premiums of $848 million, making up 42% of the total gross premiums that year.

Here is how the net premiums earned were distributed across the segments in 2024, which gives you a sense of the relative size of the customer groups served by each segment:

Segment	2024 Net Premiums Earned Contribution
Casualty	56%
Property	35%
Surety	9%

The Casualty segment is broad, covering several of your specified customer groups. For instance, the Casualty segment includes commercial excess, general liability, professional services, and small commercial lines. In the first quarter of 2025, this segment showed continued momentum, with gross premiums written increasing by 5% year-over-year. Furthermore, the Casualty segment saw $15.5 million in favorable development from prior years' loss reserves in Q1 2025, particularly from general liability, excess liability, and personal umbrella lines. By the third quarter of 2025, Casualty segment premiums specifically rose by 8%.

Commercial fleets and transportation companies fall under the Casualty segment, as does coverage for high-net-worth individuals needing personal umbrella liability. The segment for small to medium-sized design, technical, and miscellaneous professionals is served through the professional services and small commercial lines within Casualty.

Businesses requiring commercial surety bonds and contract surety coverage are addressed by the Surety segment. In 2024, this segment benefited from new agency relationships and construction projects, which helped drive premium growth despite a competitive market. For the first quarter of 2025, the Surety segment contributed $2.3 million in favorable development.

Commercial entities requiring excess and surplus lines property/casualty coverage are served by the Excess and Surplus operations, which accounted for 42% of total gross premiums in 2024. The Property segment, which includes commercial property and marine, saw an 11% decline in gross premiums in the third quarter of 2025 due to market conditions, but it did record $10 million in favorable development in Q1 2025, which included $5 million related to Hurricane Helene.

RLI Corp. distributes its products across all 50 states, the District of Columbia, Puerto Rico, and Guam, using distribution channels that include wholesale and retail brokers, independent agents, and carrier partners. As of September 30, 2025, the trailing 12-month revenue for RLI Corp. stood at $1.86B.

• The company's overall gross premiums written were flat in Q3 2025.
• RLI Corp. paid a regular quarterly dividend of $0.16 per share in September 2025.
• Book value per share reached $20.41 as of the third quarter of 2025, a 26% increase since year-end 2024.

Finance: draft 13-week cash view by Friday.

RLI Corp. (RLI) - Canvas Business Model: Cost Structure

You're looking at the cost side of RLI Corp.'s business, which is heavily weighted toward claims and getting those policies sold. Honestly, for an insurer, the cost structure is almost entirely about managing losses and distribution expenses effectively.

The primary cost driver is loss and loss adjustment expenses (claims). For the third quarter of 2025, the reported loss and settlement expenses were $187,998 thousand. This cost is managed through disciplined underwriting, which helped RLI Corp. achieve underwriting income of $60.5 million in Q3 2025. A significant factor in that quarter's results was favorable development in prior years' loss reserves, which provided a $13.7 million net increase to underwriting income. The Property segment was the strongest contributor to underwriting income at $50.4 million.

The overall efficiency of managing these costs is measured by the combined ratio, which RLI Corp. kept very low at 85.1 in Q3 2025. This compares favorably to the 89.6 combined ratio reported in the third quarter of 2024.

Policy acquisition costs (commissions to agents/brokers) are a necessary expense for distribution. These costs, along with insurance operating and general corporate expenses, make up the expense ratio component of the combined ratio. While specific dollar amounts for PAC and general operating expenses aren't broken out separately in the high-level summaries, the total expenses for the quarter declined 0.2% year over year to $353.6 million. You can see the impact of expense management across segments:

• Property segment produced a combined ratio of 60.2 in Q3 2025.
• Surety segment posted a combined ratio of 85.0.
• Casualty segment's combined ratio was 98.2.

Reinsurance costs and reinstatement premiums for risk transfer are key to managing peak exposures. While I don't have the exact reinsurance premium spend for Q3 2025, the reinsurance and monoline excess segment itself posted a combined ratio of 81.1, which is quite strong. Current accident year catastrophe losses were reported at $78.5 million for the quarter, which is down from $97.8 million in the prior year quarter, suggesting effective risk selection or reinsurance protection against large events.

Here's a quick look at the underwriting performance that drives the cost structure's success:

Metric	Q3 2025 Value	Q3 2024 Value
Combined Ratio	85.1	89.6
Underwriting Income	$60.5 million	$40.7 million
Net Premiums Earned	$407.7 million	Implied lower than 2024
Favorable Prior Year Reserve Development	$13.7 million	$18.1 million

To be defintely clear, the expense ratio component, which includes policy acquisition costs and general operating costs, is what RLI Corp. has to manage tightly alongside claims. The Surety segment's expense ratio ticked up due to investments in technology and people, which is a forward-looking cost to support future revenue.

Finance: draft 13-week cash view by Friday.

RLI Corp. (RLI) - Canvas Business Model: Revenue Streams

You're looking at the core ways RLI Corp. brings in money, which is critical for understanding their financial stability. For an insurer, revenue isn't just one thing; it's a mix of underwriting success and investment prowess. As of late 2025, the streams are clearly defined across their specialized insurance offerings and their investment portfolio.

The primary engine remains premium income, which flows from RLI Corp.'s three core segments. While the gross premiums written for the entire company were relatively flat in Q3 2025 at about $510 million, the net premiums earned for that quarter totaled $407.7 million. The real story in underwriting for the quarter is how profitably they managed those premiums, which we can see broken down by segment contribution to the total underwriting income of $60.5 million.

Here's how the segments stacked up in terms of underwriting income for the third quarter of 2025:

Segment	Q3 2025 Underwriting Income (Millions USD)	Q3 2025 Combined Ratio
Property	$50.4 million	60.2
Casualty	$4.5 million	98.2
Surety	$5.6 million	85.0

That Property segment performance, with a 60.2 combined ratio and no hurricane losses, really drove the quarter. Also contributing to the underwriting line was a significant boost from past performance. Favorable development in prior years' loss reserves added $13.7 million in Q3 2025 underwriting income. That's money they didn't have to pay out this year for claims from previous years; it's a nice, clean boost to the bottom line.

The second major revenue pillar is the investment side. Net investment income for the third quarter of 2025 grew 12% to reach $41.3 million. The total portfolio return for the quarter was 3.0%, which helped push the book value per share up 26% from year-end 2024.

RLI Corp. also pulls in revenue from other sources, which you need to track for a complete picture. These include:

• Investee earnings, including a 23% share in Prime Holdings Insurance Services, Inc.

To give you the top-line view of the business's scale, the total revenue for RLI Corp. for the trailing twelve months ending in Q3 2025 was approximately $1.86 billion. That's up from $1.77 Billion USD in 2024.