RLI Corp. (RLI): Business Model Canvas [Dec-2025 Updated]

You're digging into a specialty insurer that has managed to stay profitable for 29 straight years-a real outlier in the insurance world-and you need to know how they do it. RLI Corp. doesn't play the mass-market game; they focus on disciplined underwriting in niche commercial risks, using their A+ Superior financial strength to attract the right business. Their engine runs lean, keeping losses tight, as shown by a combined ratio of just 85.1 in Q3 2025, while their investment portfolio, sitting near $4.1 billion at the end of 2024, provides a solid secondary revenue stream. If you want the blueprint for this consistent performance, check out the full breakdown of their nine building blocks below.

RLI Corp. (RLI) - Canvas Business Model: Key Partnerships

You're looking at how RLI Corp. (RLI) builds its business by leaning on others to distribute and enhance its specialty insurance products. This network is defintely critical, given their focus on niche markets.

Independent agents, brokers, and wholesale/retail distribution partners form the backbone of how RLI reaches customers. RLI explicitly states they serve customers through this trusted network of specialized wholesale and retail brokers and independent agents. While I don't have the exact count of appointed agents for 2025, the company signals the scale of partnership integration it seeks by noting that typical acquisition targets-which often represent a way to rapidly scale distribution-have a premium volume between $50 million to $500 million. This shows the magnitude of premium flow RLI expects from strong distribution relationships.

Managing General Agents (MGAs) and Program Administrators for niche products are essential for RLI's specialty focus. RLI actively seeks partnerships with MGAs, MGUs (Managing General Underwriters), and Program Administrators. These partners bring deep expertise in underserved markets, allowing RLI to assume risks it might not underwrite directly at scale. The success of this model is reflected in RLI's overall underwriting performance; for instance, in the third quarter of 2025, RLI achieved an underwriting income of $60.5 million on a combined ratio of 85.1. This low combined ratio suggests disciplined risk selection, which is heavily influenced by the quality of the business sourced through these specialized intermediaries.

Insurtech and innovation partners like Netradyne for telematics/risk control show RLI's forward-looking approach to risk mitigation. RLI Transportation announced a partnership with Netradyne on November 11, 2025, to use its Driver•i® video telematics solution. This collaboration directly translates into tangible benefits for insureds and better risk selection for RLI. Customers using Netradyne's dual-facing dashcams are eligible for an insurance premium discount of up to 5%, while those using only outward-facing cameras can receive discounts of up to 2%. Netradyne brings significant data to the table, having analyzed over 25 billion miles of driving data.

Reinsurance companies to manage catastrophe and large-loss exposures are a necessary component for any insurer, especially one dealing with property and casualty risks. While specific 2025 reinsurance treaty amounts aren't public in this context, RLI's financial results indicate successful management of volatility. For the first quarter of 2025, RLI reported underwriting income of $70.5 million on a combined ratio of 82.3, and for Q3 2025, underwriting income was $60.5 million on an 85.1 combined ratio. The Q3 results noted favorable development in prior years' loss reserves, which contributed a $13.7 million net increase to underwriting income, suggesting prudent reserving and risk transfer strategies are in place.

Strategic collaboration with Simply Business, LLC for professional liability is a key distribution channel expansion. RLI and Simply Business expanded their partnership on June 16, 2025, to launch a tailored professional liability (PL) product for specialized service professionals. This builds on their initial collaboration starting in 2022 for home-based business coverage. RLI's COO, Jen Klobnak, noted this helps RLI grow distribution and reach new market segments. This focus on niche PL aligns with RLI's overall strategy of serving underserved markets.

Here's a quick look at how the overall financial health, supported by these partnerships, looked through the first three quarters of 2025:

Financial Metric (As of Late 2025 Data)	Q1 2025 Value	Q3 2025 Value
Operating Earnings Per Share	$0.92	$0.83
Combined Ratio	82.3	85.1
Net Investment Income (Quarterly)	Increased 12%	$41.3 million
Regular Quarterly Dividend Paid	$0.15 per share (March 20, 2025)	$0.16 per share (September 19, 2025)

The reliance on external partners means RLI must maintain strong alignment on underwriting philosophy. Key elements of this partnership ecosystem include:

• Distribution partners are sought to have the ability to support RLI's longstanding track record of sub-100 combined ratios.
• RLI has maintained underwriting profits for 29 consecutive years.
• The company has paid and increased regular dividends for 50 consecutive years.
• RLI's book value per share reached $20.41 as of Q3 2025, a 26% increase from year-end 2024.

Finance: draft 13-week cash view by Friday.

RLI Corp. (RLI) - Canvas Business Model: Key Activities

You're looking at the core engine of RLI Corp., the specialty insurer, as of late 2025. It's all about execution in niche markets, which shows up clearly in the numbers.

Disciplined, specialized underwriting and risk selection across three segments is the first pillar. RLI Corp. has maintained its 29-year streak of underwriting profits, which is a huge deal in this industry. For the third quarter of 2025, the company posted a total combined ratio of just 85.1, translating to $60.5 million in underwriting income on $407.7 million in net premiums earned. This performance reflects a clear focus on risk selection over sheer volume, as gross premiums written were flat year-over-year for the quarter.

The underwriting discipline varies by segment, showing where the specialized expertise is driving the best results:

• Underwriting for profit remains the primary goal.
• Focus on niche, hard-to-place risks.
• Competition is based on availability and service, not just price.

Here's the quick math on the segment breakdown for Q3 2025 underwriting performance:

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

Active management of a large, diversified investment portfolio provides a significant earnings boost. Net investment income for the third quarter of 2025 increased 12% to $41.3 million. The total investment portfolio return for that quarter was 3.0%, contributing to a book value per share of $20.41, which represented a 26% increase from year-end 2024, inclusive of dividends. This active management helped drive operating earnings per share to $0.83 for the quarter.

Claims handling and superior policyholder service delivery directly impacts the underwriting results. A key component of the strong Q3 2025 underwriting income was $13.7 million in net favorable development in prior years' loss reserves. This reserve management shows the quality of the initial risk selection and subsequent claims handling expertise. Also, the company has a long track record of commitment, having paid and increased regular dividends for 50 consecutive years.

Product development for underserved, niche insurance markets is how RLI Corp. finds its profitable gaps. The company operates through its subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company, and Contractors Bonding and Insurance Company, all rated A+ (Superior) by AM Best Company. While gross premiums written were flat in Q3 2025, the focus remains on developing products where they can command a premium for specialized coverage.

Loss control and risk management consulting for commercial clients underpins the ability to maintain low combined ratios, especially in commercial lines. The Property segment's combined ratio of 60.2 in Q3 2025 suggests highly effective risk mitigation strategies are in place for those insured properties. This consultative approach helps keep losses down, which flows directly to the bottom line.

Finance: draft 13-week cash view by Friday.

RLI Corp. (RLI) - Canvas Business Model: Key Resources

You're looking at the core assets that let RLI Corp. operate and generate profit in that tough specialty insurance space. Honestly, it all boils down to talent, financial muscle, and smart tech. Here's the breakdown of what RLI Corp. is leaning on as of late 2025.

Deep Underwriting Expertise and Specialized Talent

This is the engine for RLI Corp. Their whole model depends on hiring seasoned insurance professionals-people who can price risk accurately in niche markets. This expertise is what allows them to consistently beat the market on claims. You see this in their long-term performance; RLI Corp. achieved underwriting income of $210.7 million for the full year 2024, hitting a combined ratio of just 86.2. That's their 29th consecutive year of underwriting profitability, which doesn't happen without top-tier talent making smart calls every day.

Even into 2025, the discipline holds. For the first quarter of 2025, the combined ratio was 82.3, and by the third quarter, it was 85.1. They actively look for acquisition targets that bring proprietary technology and talent aligned with their ownership culture. They hire the best, make them owners, and let them succeed; that's the talent strategy in a nutshell.

Strong Financial Strength Ratings

Financial stability is non-negotiable when you're taking on specialized risk. RLI Corp.'s insurance subsidiaries maintain an A+ (Superior) Financial Strength Rating from AM Best Company, which was affirmed in early 2025. The parent holding company, RLI Corp., has its Long-Term ICR affirmed at "a" (Excellent). This rating reflects their strongest balance sheet assessment, supported by prudent capital management and strong liquidity.

The balance sheet strength is concrete:

• Policyholder surplus reached $1.8 billion as of year-end 2024.
• Risk-adjusted capitalization, measured by Best's Capital Adequacy Ratio (BCAR), remained at the strongest level as of year-end 2024.

Diversified Product Portfolio

RLI Corp. doesn't put all its eggs in one basket; they spread risk across distinct specialty areas. This diversification helps them navigate market cycles. The core segments driving their premium growth include:

• Casualty Segment, which saw gross premiums written increase by 15 percent in 2024.
• Property Segment.
• Surety Segment.

Gross premiums written surpassed $2 billion for the first time in 2024, with all three segments contributing to that growth. In Q1 2025, gross premiums written were up 5 percent, driven by momentum in the Casualty segment.

Investment Portfolio

The investment portfolio is a massive source of capital and income that supports underwriting operations. As of year-end 2024, RLI Corp. increased this portfolio to $4.1 billion. This portfolio is strategically managed, consisting primarily of fixed income debt securities and equity securities.

Here is a look at the composition and performance of the investment assets at the end of 2024:

Asset Category	Fair Value (in thousands) - 12/31/2024	Percentage of Total Investments and Cash
Fixed income, at fair value	$3,175,796	Approximately 78 percent of the total portfolio
Equity securities, at fair value	$736,191	18 percent of the overall portfolio
Total investments and cash	$4,084,631	100 percent

The net investment income for the full year 2024 was $142.3 million, up 18 percent from 2023.

Proprietary Technology for Underwriting and Process Automation

RLI Corp. views technology as a key enabler for maintaining its sub-100 combined ratio track record. They are actively seeking introductions to insuretech companies that can help them automate manual processes and gain a competitive edge. This focus on technology is so central that when RLI Corp. evaluates potential acquisitions, a requirement is the presence of 'Proprietary technology that supports underwriting.' It's about using systems to support their expert underwriters, not replace them entirely.

Finance: draft 13-week cash view by Friday.

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.