RLI Corp. (RLI): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique de l'assurance spécialisée, RLI Corp. se distingue comme une puissance stratégique, tissant des solutions de gestion des risques innovantes dans diverses industries. En tirant parti d'un modèle commercial sophistiqué qui mélange une expertise spécialisée avec la technologie de pointe, RLI a sculpté un créneau unique pour servir des entreprises de taille moyenne, des entreprises de services professionnels et des secteurs critiques comme les soins de santé et les transports. Leur approche complète va au-delà de l'assurance traditionnelle, offrant personnalisé Stratégies qui transforment le risque d'une menace potentielle en une opportunité gérable pour leurs clients.

RLI Corp. (RLI) - Modèle d'entreprise: partenariats clés

Brokers et agents d'assurance

RLI Corp. collabore avec environ 5 000 courtiers et agents d'assurance indépendants à l'échelle nationale. Ces partenariats ont généré 452,3 millions de dollars en primes écrites brutes en 2022.

Type de partenaire	Nombre de partenaires	Volume de prime annuel
Brokers d'assurance indépendante	4,200	378,6 millions de dollars
Agents d'assurance captifs	800	73,7 millions de dollars

Sociétés de réassurance

RLI maintient des partenariats stratégiques de réassurance avec les réassureurs mondiaux de haut niveau pour gérer l'efficacité des risques et du capital.

Partenaire de réassurance	Capacité de réassurance	Type de couverture
Suisse re	150 millions de dollars	Excès de victimes
Munich re	125 millions de dollars	Catastrophe immobilière
Lloyd's of London	100 millions de dollars	Lignes de spécialité

Fournisseurs de services technologiques

RLI investit 18,7 millions de dollars par an en partenariats technologiques pour améliorer l'infrastructure numérique et l'efficacité opérationnelle.

• Guidewire Software - Plateforme de gestion des politiques
• Microsoft Azure - Services de cloud computing
• Salesforce - Gestion de la relation client
• IBM - cybersécurité et analyse des données

Consultants juridiques et conformes

RLI engage des sociétés de conseil juridique et de conformité spécialisées dans plusieurs juridictions, dépensant environ 4,2 millions de dollars par an sur ces partenariats.

Cabinet de conseil	Domaine spécialisé	Dépenses de conseil annuelles
Deloitte	Conformité réglementaire	1,5 million de dollars
Baker McKenzie	Avis international juridique	1,2 million de dollars
Pwc	Gestion des risques	1,5 million de dollars

RLI Corp. (RLI) - Modèle d'entreprise: activités clés

Produits d'assurance spécialisée de souscription

RLI Corp. se spécialise dans les marchés d'assurance de niche de souscription avec un accent sur:

• Cautionnement
• Assurance victime
• Assurance immobilière

Segment de l'assurance	Primes écrites brutes (2022)
Caution	264,8 millions de dollars
Victime	189,3 millions de dollars
Propriété	116,5 millions de dollars

Évaluation et gestion des risques

Techniques d'évaluation des risques:

• Modélisation prédictive avancée
• Analyse complète des données
• Algorithmes de notation des risques propriétaires

Métrique de gestion des risques	2022 Performance
Rapport combiné	85.7%
Ratio de perte	57.3%

Traitement des réclamations

Métriques annuelles de traitement des réclamations:

Réclame la métrique	2022 statistiques
Total des réclamations traitées	42,675
Temps de règlement des réclamations moyennes	17 jours
Taux de résolution des réclamations	94.2%

Développement et innovation de produits

Investissement en innovation:

Catégorie d'innovation	2022 dépenses
Dépenses de R&D	12,4 millions de dollars
Infrastructure technologique	8,6 millions de dollars

Service client et assistance

Métriques d'engagement client:

Métrique du service client	2022 Performance
Score de satisfaction du client	4.7/5.0
Soutenir le temps de réponse	2,3 heures
Interactions de service numérique	68% des interactions totales

RLI Corp. (RLI) - Modèle d'entreprise: Ressources clés

Professionnels de l'assurance expérimentés

En 2024, RLI Corp. emploie 628 professionnels à temps plein dans ses opérations d'assurance. La rupture de la main-d'œuvre de l'entreprise comprend:

Catégorie professionnelle	Nombre d'employés
Souscripteurs	187
Analystes à risque	124
Spécialistes des réclamations	156
Direction	42
Personnel de soutien	119

Technologie avancée de modélisation des risques

RLI Corp. investit 14,3 millions de dollars par an dans les plateformes d'infrastructure technologique et de modélisation des risques. Les ressources technologiques clés comprennent:

• Logiciel d'analyse prédictif propriétaire
• Algorithmes d'évaluation des risques d'apprentissage automatique
• Systèmes de traitement des données basés sur le cloud
• Infrastructure de protection de la cybersécurité

Capital financier solide

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Actif total	3,42 milliards de dollars
Capitaux propres des actionnaires	1,87 milliard de dollars
Espèce et investissements	2,15 milliards de dollars
Investissement annuel de R&D	8,6 millions de dollars

Algorithmes de souscription d'assurance propriétaire

RLI Corp. maintient 17 systèmes d'algorithmes de souscription propriétaires distincts dans différents segments d'assurance.

Portefeuille d'assurance diversifié

Distribution du segment de l'assurance:

Segment de l'assurance	Pourcentage de portefeuille
Victime	38%
Spécialité	29%
Caution	22%
Autres segments	11%

RLI Corp. (RLI) - Modèle d'entreprise: propositions de valeur

Solutions d'assurance spécialisées pour les marchés de niche

RLI Corp. se concentre sur la fourniture de solutions d'assurance spécialisées dans les segments de marché ciblés avec des profils de risque précis. En 2023, RLI opère dans trois segments principaux:

Segment de l'assurance	Primes brutes écrites
Victime & Caution	352,4 millions de dollars
Propriété & Marine intérieur	205,6 millions de dollars
Responsabilité spécialisée	157,2 millions de dollars

Stratégies de gestion des risques personnalisés

RLI fournit des approches de gestion des risques sur mesure pour les besoins d'assurance complexes.

• Taux de modification du risque moyen: 15,3%
• Temps de développement des politiques personnalisées: 3-5 jours ouvrables
• Précision d'évaluation des risques: 92,7%

Traitement rapide des réclamations

RLI maintient l'efficacité de la résolution des réclamations de pointe:

Métrique	Performance
Temps de traitement moyen des réclamations moyennes	7,2 jours
Taux de résolution des réclamations	98.6%
Score de satisfaction du client	4.7/5.0

Stabilité financière et fiabilité

Indicateurs de performance financière pour RLI Corp. à partir de 2023:

• Actif total: 3,92 milliards de dollars
• Revenu net: 252,3 millions de dollars
• Retour des capitaux propres: 16,7%
• SUIS. Meilleure note de force financière: A (excellent)

Produits d'assurance innovants

RLI développe continuellement des solutions d'assurance uniques sur les marchés spécialisés:

Catégorie de produits	Lancements de nouveaux produits (2023)
Assurance cyber-risque	3 nouvelles variations de produits
Responsabilité professionnelle	2 options de couverture élargies
Couverture technologique émergente	4 nouveaux packages de gestion des risques

RLI Corp. (RLI) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

RLI Corp. maintient une équipe de vente directe spécialisée de 87 professionnels de l'assurance dévoués en 2023. L'équipe de vente se concentre sur la génération de 662,4 millions de dollars en primes écrites directes dans les segments d'assurance spécialisés.

Métriques de l'équipe de vente	2023 données
Représentants des ventes totales	87
Primes écrites directes	662,4 millions de dollars
Prime moyenne par représentant	7,61 millions de dollars

Plateformes en libre-service en ligne

RLI fournit des plates-formes numériques permettant aux clients de gérer les politiques, de déposer des réclamations et d'accès par voie électronique.

• Plateforme de gestion des politiques numériques
• Système de soumission des réclamations en ligne
• Accès du portail client 24/7

Conseil de gestion des risques personnalisés

RLI propose des services d'évaluation des risques personnalisés pour les clients d'assurance commerciale et spécialisés, 92% des clients commerciaux recevant un conseil à risque personnalisé en 2023.

Services de conseil à risque	Performance de 2023
Les clients commerciaux totaux ont servi	3,245
Clients recevant un conseil personnalisé	2,985 (92%)

Communication client régulière

RLI met en œuvre des stratégies de communication structurées, notamment des revues commerciales trimestrielles, des distributions de newsletter mensuelles et des communications de gestion des risques ciblés.

• Avis sur les entreprises trimestrielles
• Newsletters de gestion des risques mensuels
• Communications spécifiques à l'industrie ciblées

Gestion de compte dédiée

RLI fournit à la gestion des comptes spécialisée un taux moyen de rétention de la clientèle de 88,6% entre les segments d'assurance spécialisée en 2023.

Métriques de gestion des comptes	2023 données
Taux de rétention des clients	88.6%
Taille moyenne du compte	2,3 millions de dollars
Comptes gérés totaux	4,127

RLI Corp. (RLI) - Modèle d'entreprise: canaux

Force de vente directe

RLI Corp. maintient une équipe de vente directe dédiée de 87 représentants des ventes d'assurance professionnelle à l'exercice 2023. La force de vente directe génère environ 456,3 millions de dollars de primes écrites directes par an.

Canal de vente	Nombre de représentants	Génération annuelle de primes
Équipe de vente directe	87	456,3 millions de dollars

Brokers d'assurance indépendante

RLI travaille avec Plus de 3 500 courtiers d'assurance indépendants à l'échelle nationale. Ces courtiers contribuent à environ 62% du volume total des primes de la société, ce qui représente 738,6 millions de dollars en primes annuelles.

Réseau de courtiers	Total des courtiers	Contribution premium
Courtiers indépendants	3,500+	738,6 millions de dollars

Plates-formes numériques

Les canaux numériques de RLI comprennent:

• Plateforme de génération de devis en ligne
• Application mobile pour la gestion des politiques
• Portail Web Gestion de 42 000 interactions numériques mensuelles

Canal numérique	Interactions numériques mensuelles
Plateformes en ligne	42,000

Assistance téléphonique

RLI exploite un centre de support client centralisé avec 65 représentants du service client. Le canal de support téléphonique gère environ 28 000 appels clients mensuellement, avec un temps de résolution moyen de 7,4 minutes.

Assistance téléphonique	Représentants	Volume d'appel mensuel	Temps de résolution moyen
Centre de service à la clientèle	65	28,000	7,4 minutes

Conférences de l'industrie et événements de réseautage

RLI participe à 24 conférences de l'industrie par an. Ces événements génèrent environ 18% des nouvelles pistes commerciales, ce qui a entraîné environ 127,5 millions de dollars de revenus de primes potentiels.

Type d'événement	Conférences annuelles	Pourcentage de génération de leads	Revenus de primes potentiels
Conférences de l'industrie	24	18%	127,5 millions de dollars

RLI Corp. (RLI) - Modèle d'entreprise: segments de clientèle

Entreprises de taille moyenne

RLI Corp. dessert les entreprises de taille moyenne dans plusieurs secteurs avec des solutions d'assurance spécialisées. En 2023, la société a déclaré 1,2 milliard de dollars de revenus totaux, avec une pénétration importante du marché dans le segment du marché moyen.

Caractéristique du segment	Détails spécifiques
Gamme de revenus annuelle des entreprises cibles	10 millions de dollars - 500 millions de dollars
Pénétration du marché	37,5% du marché de l'assurance commerciale de taille moyenne
Prime moyenne par client	85 000 $ par an

Entreprises de services professionnels

RLI fournit des produits spécialisés de responsabilité et d'assurance professionnelle pour les entreprises axées sur le service.

• Cabinets d'avocats
• Pratiques comptables
• Organisations de conseil
• Sociétés d'ingénierie

Segment professionnel	Part de marché	Valeur de politique moyenne
Cabinets d'avocats	22.3%	$125,000
Compagnies comptables	18.7%	$95,000

Sociétés de construction et d'immobilier

RLI est spécialisé dans la fourniture de solutions d'assurance complètes pour les secteurs de la construction et de l'immobilier.

Type de segment	Valeur totale assurée	Volume de prime annuel
Construction commerciale	3,4 milliards de dollars	210 millions de dollars
Immobilier résidentiel	2,7 milliards de dollars	165 millions de dollars

Fournisseurs de soins de santé

RLI propose une responsabilité spécialisée en matière de professionnel de la santé et des produits d'assurance spécifiques aux soins de santé.

• Pratiques médicales
• Hôpitaux
• Cliniques
• Réseaux de soins de santé

Segment des soins de santé	Pénétration du marché	Valeur de politique moyenne
Pratiques médicales	15.6%	$175,000
Systèmes hospitaliers	12.4%	$450,000

Sociétés de transport et de logistique

RLI fournit des solutions d'assurance complètes pour les entreprises de transport et de logistique.

Segment des transports	Valeur totale de la flotte assurée	Prime annuelle
Entreprise de camionnage	2,9 milliards de dollars	185 millions de dollars
Fournisseurs de logistique	1,6 milliard de dollars	95 millions de dollars

RLI Corp. (RLI) - Modèle d'entreprise: Structure des coûts

Compensation des employés

À partir du rapport annuel de 2022, RLI Corp. a déclaré des coûts totaux de rémunération des employés de 94,4 millions de dollars.

Catégorie de compensation	Montant ($)
Salaires	68,200,000
Avantages	18,600,000
Compensation en stock	7,600,000

Investissements technologiques et infrastructures

RLI Corp. a investi 22,3 millions de dollars dans l'infrastructure technologique en 2022.

• Mise à niveau des systèmes informatiques: 12,5 millions de dollars
• Investissements en cybersécurité: 5,8 millions de dollars
• Infrastructure de cloud computing: 4 millions de dollars

Frais de traitement des réclamations

Les coûts de traitement des réclamations pour 2022 ont totalisé 156,7 millions de dollars.

Catégorie de dépenses de traitement des réclamations	Montant ($)
Réclame le traitement du personnel	42,300,000
Enquête sur les réclamations	31,500,000
Coûts de règlement des réclamations	82,900,000

Marketing et ventes

Les frais de marketing et de vente pour 2022 étaient de 37,6 millions de dollars.

• Marketing numérique: 15,2 millions de dollars
• Compensation de l'équipe de vente: 14,8 millions de dollars
• Matériel publicitaire et promotionnel: 7,6 millions de dollars

Contacments de conformité et de réglementation

Les dépenses de conformité ont totalisé 18,9 millions de dollars en 2022.

Catégorie de coût de conformité	Montant ($)
Représentation réglementaire	6,700,000
Personnel juridique et conformité	8,200,000
Technologie de conformité	4,000,000

RLI Corp. (RLI) - Modèle d'entreprise: Strots de revenus

Revenu de prime d'assurance

RLI Corp. a généré 763,6 millions de dollars en primes directes écrites pour l'exercice 2022. La rupture des revenus des primes de la société comprend:

Segment	Revenu premium ($ m)
Victime	$329.4
Propriété	$212.7
Caution	$221.5

Rendements des investissements

RLI Corp. a déclaré 62,4 millions de dollars de revenus de placement nets pour l'exercice 2022, avec un portefeuille d'investissement d'une valeur d'environ 1,9 milliard de dollars.

Suivre les bénéfices

La société a réalisé un bénéfice de souscription de 170,2 millions de dollars en 2022, avec un ratio combiné de 86,7%.

Commissions de renouvellement

• Taux de rétention de renouvellement: 87%
• Taux de commission de renouvellement moyen: 10-15% de la prime
• Commissions de renouvellement total: 48,3 millions de dollars en 2022

Services basés sur les frais

Les revenus fondés sur les frais ont totalisé 15,7 millions de dollars en 2022, dérivé de:

Type de service	Revenus ($ m)
Conseil de gestion des risques	$8.2
Gestion des réclamations	$5.9
Autres services consultatifs	$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.