# EDGAR Filing Document

**Accession Number:** 0000084246
**File Stem:** 0001104659-26-046821
**Filing Date:** 2026-4
**Character Count:** 23556
**Document Hash:** 415a2de91ad7f2099084713d17a4e269
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-046821.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001104659-26-046821

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260422

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RLI CORP
- **CENTRAL INDEX KEY:** 0000084246
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 370889946
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09463
- **FILM NUMBER:** 26883864

**BUSINESS ADDRESS:**
- **STREET 1:** 9025 N. LINDBERGH DRIVE
- **CITY:** PEORIA
- **STATE:** IL
- **ZIP:** 61615
- **BUSINESS PHONE:** 3096921000

**MAIL ADDRESS:**
- **STREET 1:** 9025 N. LINDBERGH DRIVE
- **CITY:** PEORIA
- **STATE:** IL
- **ZIP:** 61615

?xml version='1.0' encoding='ASCII'? RLI Corp._April 22, 2026

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **April 22, 2026**

![Graphic](rli-20260422x8k001.jpg)

**RLI Corp.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-09463** | **37-0889946** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| **9025 North Lindbergh Drive, Peoria, IL** | **61615** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(309) 692-1000**

**Not applicable**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| **Common Stock $0.01 par value** | **RLI** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

#### Item 2.02 Results of Operations and Financial Condition.
On April 22, 2026, RLI Corp. announced its results of operations for the first quarter of 2026. Furnished as Exhibit 99.1 and incorporated herein by reference is the press release issued by RLI Corp.

#### Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release dated April 22, 2026](rli-20260422xex99d1.htm).<br>This Exhibit is furnished pursuant to Item 2.02 hereof and should not be deemed to be "filed" under the Securities Exchange Act of 1934. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | RLI CORP. | RLI CORP. |
| Date: April 22, 2026 | By: | /s/ Aaron P. Diefenthaler |
|  |  | Aaron P. Diefenthaler |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![Graphic](rli-20260422xex99d1001.jpg)

**RLI REPORTS FIRST QUARTER 2026 RESULTS**

PEORIA, ILLINOIS, April 22, 2026 – RLI Corp. (NYSE: RLI) – RLI Corp. reported first quarter 2026 net earnings of $54.9 million ($0.60 per share), compared to $63.2 million ($0.68 per share) for the first quarter of 2025. Operating earnings<sup>(1)</sup> for the first quarter of 2026 were $76.8 million ($0.83 per share), compared to $82.5 million ($0.89 per share) for the same period in 2025.

---

| | | |
|:---|:---|:---|
|  | First Quarter | First Quarter |
| **Earnings Per Diluted Share** | **2026** | 2025 |
| Net earnings | $**0.60** | $0.68 |
| Operating earnings <sup>(1)(2)</sup> | $**0.83** | $0.89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) See discussion below: Non-GAAP and Performance Measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Equity in earnings of unconsolidated investees and the related taxes were removed from operating earnings and operating earnings per share, resulting in consistent exclusion of unrealized changes in equity investments from operating results. Prior period amounts have been recast to conform to the current definition.

Highlights for the quarter included:

● Underwriting income <sup>(1)</sup> of $57.8 million on a combined ratio <sup>(1)</sup> of 86.0.

● Net investment income increased 15%, while gross premiums written increased 3%.

● Favorable development in prior years' loss reserves resulted in a $31.3 million net increase in underwriting income.

● Book value per share of $19.54, an increase of 2% (inclusive of dividends) from year-end 2025.

"We entered 2026 with positive underwriting results, delivering an 86 combined ratio across our diversified specialty portfolio," said RLI Corp. President & CEO Craig Kliethermes. "Our core performance remained solid to start the year. Gross premiums written grew 3%, led by our casualty segment, and net investment income increased 15%, contributing meaningfully to quarterly results and reflecting the continued strength of our investment portfolio."

"In a dynamic market, we remain focused on disciplined underwriting, rate adequacy and strategically deploying capital to take advantage of opportunities and reward our shareholders."

**Underwriting Income**

RLI achieved $57.8 million of underwriting income in the first quarter of 2026 on an 86.0 combined ratio, compared to $70.5 million on an 82.3 combined ratio in 2025.

Results for both years include favorable development in prior years' loss reserves, which resulted in a $31.3 million and $27.4 million net increase to underwriting income in 2026 and 2025, respectively.

The following table highlights underwriting income and combined ratios by segment for the first quarter.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underwriting Income**<sup>(1)</sup> |  |  | **Combined Ratio**<sup>(1)</sup> |  |  |
| (in millions) | **2026** | 2025 |  | **2026** | 2025 |
| Casualty | $**7.3** | $2.1 | Casualty | **97.1** | 99.1 |
| Property | **48.2** | 56.9 | Property | **61.9** | 57.1 |
| Surety | **2.3** | 11.5 | Surety | **93.7** | 68.5 |
| Total | $**57.8** | $70.5 | Total | **86.0** | 82.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) See discussion below: Non-GAAP and Performance Measures.

![Graphic](rli-20260422xex99d1002.jpg)

------

**Other Income**

Net investment income for the quarter increased 15% to $42.3 million, compared to the same period in 2025. The investment portfolio's total return was -0.4% for the quarter.

RLI's comprehensive earnings were $29.5 million for the quarter ($0.32 per share), compared to $93.2 million ($1.01 per share) for the same quarter in 2025. In addition to net earnings, comprehensive earnings for 2026 included after-tax unrealized losses from the fixed income portfolio, due to rising interest rates.

**Dividends Paid in First Quarter of 2026**

On March 16, 2026, the company paid a regular quarterly dividend of $0.16 per share, the same amount as the prior quarter. RLI's cumulative dividends total more than $1.1 billion paid over the last five years.

**Non-GAAP and Performance Measures**

Management has included certain non-generally accepted accounting principles (non-GAAP) financial measures in presenting the company's results. Management believes that these non-GAAP measures further explain the company's results of operations and allow for a more complete understanding of the underlying trends in the company's business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (GAAP). In addition, our definitions of these items may not be comparable to the definitions used by other companies.

Operating earnings and operating earnings per share (EPS) consist of our GAAP net earnings adjusted by net realized gains/(losses), net unrealized gains/(losses) on equity securities and taxes related thereto. Equity in earnings of unconsolidated investees and the related taxes were excluded from operating earnings and operating EPS beginning in the fourth quarter of 2025. The change was made to present a consistent approach in excluding all unrealized changes in equity investments. Operating earnings and operating EPS for prior periods have been recast to conform to the current definition. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and operating EPS. A reconciliation of the operating earnings and operating EPS to the comparable GAAP financial measures is included in the 2026 financial highlights below.

Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting loss and settlement expenses, policy acquisition costs and insurance operating expenses from net premium earned, which are all GAAP financial measures. The combined ratio, which is derived from components of underwriting income, is a performance measure commonly used by property and casualty insurance companies and is calculated as the sum of loss and settlement expenses, policy acquisition costs and insurance operating expenses, divided by net premiums earned, which are all GAAP measures.

**Other News**

During the first quarter, the company's AM Best financial strength rating was upgraded to A++ (Superior) for the company's insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. AM Best also upgraded the Long-Term Issuer Credit Ratings (ICR) for each RLI company to "aa+" (Superior) and upgraded the ICR of RLI's publicly traded parent holding company, RLI Corp., to "a+" (Excellent).

At 12 p.m. central daylight time (CDT) on April 23, 2026, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at https://events.q4inc.com/attendee/570395995.

Except for historical information, this news release may include forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectations about the future performance of our company or our business segments or about future market conditions. These statements are subject to certain risk factors that could cause actual results to differ materially. Various risk factors that could affect future results are listed in the company's filings with the Securities and Exchange Commission, including the Form 10-K Annual Report for the year ended December 31, 2025.

------

**About RLI**

RLI Corp. (NYSE: RLI) is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI's products are offered through its insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI's insurance subsidiaries are rated A++ (Superior) by AM Best Company. RLI has paid and increased regular dividends for 50 consecutive years and delivered underwriting profits for 30 consecutive years. To learn more about RLI, visit www.rlicorp.com.

**Media Contact**

Aaron Diefenthaler

Chief Financial Officer

309-693-5846

Investors@rlicorp.com

------

Supplemental disclosure regarding the earnings impact of specific items:

---

| | | |
|:---|:---|:---|
|  | Reserve Development<sup>(1)</sup> and Catastrophe Losses, | Reserve Development<sup>(1)</sup> and Catastrophe Losses, |
|  | Net of Reinsurance | Net of Reinsurance |
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
| (Dollars in millions, except per share amounts) | **2026** | 2025 |
| Favorable development in casualty prior years' reserves | $**14.5** | $5.1 |
| Favorable development in property prior years' reserves | $**20.6** | $17.6 |
| Favorable development in surety prior years' reserves | $**0.4** | $8.3 |
| Net incurred losses related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 catastrophe events | $**(16.0)** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 and prior catastrophe events | $**—** | $(12.0) |
|  | Operating Earnings Per Share | Operating Earnings Per Share |
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | **2026** | 2025 |
| Operating Earnings Per Share<sup>(2)(3)</sup> | $**0.83** | $0.89 |
| **Specific items included in operating earnings per share:**<sup>(1)(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net favorable development in casualty prior years' reserves | $**0.10** | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net favorable development in property prior years' reserves | $**0.16** | $0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net favorable development in surety prior years' reserves | $**—** | $0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net incurred losses related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 catastrophe events | $**(0.12)** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 and prior catastrophe events | $**—** | $(0.09) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reserve development reflects changes from previously estimated losses.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See discussion above: Non-GAAP and Performance Measures.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Equity in earnings of unconsolidated investees and the related taxes were removed from operating earnings and operating earnings per share beginning in the fourth quarter of 2025, resulting in consistent exclusion of unrealized changes in equity investments from operating results. Prior period amounts have been recast to conform to the current definition.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Items included in operating earnings per share are after tax and incorporates incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses.

------

**RLI CORP**

**2026 FINANCIAL HIGHLIGHTS**

(Unaudited)

(Dollars in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| **SUMMARIZED INCOME STATEMENT DATA:** | **2026** | **2025** | **% Change** |
| Net premiums earned | $411386 | $398345 | 3.3% |
| Net investment income | 42321 | 36726 | 15.2% |
| Net realized gains | 9559 | 14912 | (35.9)% |
| Net unrealized gains (losses) on equity securities | (39396) | (42318) | (6.9)% |
| &nbsp;&nbsp;Consolidated revenue | $423870 | $407665 | 4.0% |
| Loss and settlement expenses | 193244 | 177238 | 9.0% |
| Policy acquisition costs | 132075 | 123687 | 6.8% |
| Insurance operating expenses | 28280 | 26874 | 5.2% |
| Interest expense on debt | 2353 | 1335 | 76.3% |
| General corporate expenses | 2724 | 2948 | (7.6)% |
| Total expenses | $358676 | $332082 | 8.0% |
| Equity in earnings of unconsolidated investees | 2147 | 3048 | (29.6)% |
| Earnings before income taxes | $67341 | $78631 | (14.4)% |
| Income tax expense | 12456 | 15417 | (19.2)% |
| &nbsp;&nbsp;Net earnings | $54885 | $63214 | (13.2)% |
| Other comprehensive earnings (loss), net of tax | (25366) | 30030 | NM |
| Comprehensive earnings | $29519 | $93244 | (68.3)% |
| **Operating earnings**<sup>(1)</sup>**:** |  |  |  |
| Net earnings | $54885 | $63214 | (13.2)% |
| Less: |  |  |  |
| &nbsp;&nbsp;Net realized gains | (9559) | (14912) | (35.9)% |
| &nbsp;&nbsp;Income tax on realized gains | 2007 | 3132 | (35.9)% |
| &nbsp;&nbsp;Net unrealized (gains) losses on equity securities | 39396 | 42318 | (6.9)% |
| &nbsp;&nbsp;Income tax on unrealized gains (losses) on equity securities | (8273) | (8888) | (6.9)% |
| &nbsp;&nbsp;Equity in earnings of unconsolidated investees | (2147) | (3048) | (29.6)% |
| &nbsp;&nbsp;Income tax on equity in earnings of unconsolidated investees | 451 | 641 | (29.6)% |
| Operating earnings<sup>(2)</sup> | $76760 | $82457 | (6.9)% |
| **Return on Equity:** |  |  |  |
| &nbsp;&nbsp;Net earnings | 22.5% | 17.6% |  |
| &nbsp;&nbsp;Comprehensive earnings | 24.2% | 19.8% |  |
| **Per Share Data:** |  |  |  |
| <u>Diluted:</u> |  |  |  |
| Weighted average shares outstanding (in 000's) | 92187 | 92528 |  |
| Net earnings per share | $0.60 | $0.68 | (11.8)% |
| Less: |  |  |  |
| &nbsp;&nbsp;Net realized gains | (0.10) | (0.16) | (37.5)% |
| &nbsp;&nbsp;Income tax on realized gains | 0.01 | 0.03 | (66.7)% |
| &nbsp;&nbsp;Net unrealized (gains) losses on equity securities | 0.43 | 0.46 | (6.5)% |
| &nbsp;&nbsp;Income tax on unrealized gains (losses) on equity securities | (0.09) | (0.09) | (0.0)% |
| &nbsp;&nbsp;Equity in earnings of unconsolidated investees | (0.02) | (0.03) | (33.3)% |
| &nbsp;&nbsp;Income tax on equity in earnings of unconsolidated investees |  |  | —% |
| Operating earnings per share<sup>(1)(2)</sup> | $0.83 | $0.89 | (6.7)% |
| Comprehensive earnings per share | $0.32 | $1.01 | (68.3)% |
| Cash dividends per share - ordinary | $0.16 | $0.15 | 6.7% |
| **Net cash flow provided by operations** | $42829 | $103514 | (58.6)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See discussion above: Non-GAAP and Performance Measures.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Equity in earnings of unconsolidated investees and the related taxes were removed from operating earnings and operating earnings per share beginning in the fourth quarter of 2025, resulting in consistent exclusion of unrealized changes in equity investments from operating results. Prior period amounts have been recast to conform to the current definition.

NM = Not Meaningful

------

**RLI CORP**

**2026 FINANCIAL HIGHLIGHTS**

(Unaudited)

(Dollars in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** | <br>**% Change** |
| **SUMMARIZED BALANCE SHEET DATA:** |  |  |  |
| Fixed income, at fair value | $3528692 | $3533336 | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;(amortized cost - $3,669,921 at 3/31/26) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(amortized cost - $3,642,362 at 12/31/25) |  |  |  |
| Equity securities, at fair value | 864912 | 898876 | (3.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;(cost - $539,859 at 3/31/26) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(cost - $534,311 at 12/31/25) |  |  |  |
| Short-term investments | 386219 | 120562 | NM |
| Other invested assets | 60509 | 59281 | 2.1% |
| Cash and cash equivalents | 49121 | 51565 | (4.7)% |
| &nbsp;&nbsp;Total investments and cash | $4889453 | $4663620 | 4.8% |
| Accrued investment income | 30456 | 30026 | 1.4% |
| Premiums and reinsurance balances receivable | 243451 | 212226 | 14.7% |
| Ceded unearned premiums | 118476 | 124669 | (5.0)% |
| Reinsurance balances recoverable on unpaid losses | 740503 | 746798 | (0.8)% |
| Deferred policy acquisition costs | 176187 | 172648 | 2.0% |
| Property and equipment | 39809 | 40733 | (2.3)% |
| Investment in unconsolidated investees | 56053 | 53521 | 4.7% |
| Goodwill and intangibles | 53562 | 53562 | 0.0% |
| Other assets | 53873 | 63683 | (15.4)% |
| &nbsp;&nbsp;Total assets | $6401823 | $6161486 | 3.9% |
| Unpaid losses and settlement expenses | $2927929 | $2886819 | 1.4% |
| Unearned premiums | 991717 | 991636 | 0.0% |
| Reinsurance balances payable | 23455 | 40580 | (42.2)% |
| Funds held | 134215 | 127242 | 5.5% |
| Income taxes - current | 26797 | 29724 | (9.8)% |
| Income taxes - deferred | 5566 | 21769 | (74.4)% |
| Short-term debt | 50000 | 100000 | (50.0)% |
| Long-term debt | 297247 |  | NM |
| Accrued expenses | 68016 | 128597 | (47.1)% |
| Other liabilities | 80491 | 56923 | 41.4% |
| &nbsp;&nbsp;Total liabilities | $4605433 | $4383290 | 5.1% |
| &nbsp;&nbsp;Shareholders' equity | 1796390 | 1778196 | 1.0% |
| &nbsp;&nbsp;Total liabilities & shareholders' equity | $6401823 | $6161486 | 3.9% |
| **OTHER DATA:** |  |  |  |
| Common shares outstanding (in 000's) | 91934 | 91879 |  |
| Book value per share | $19.54 | $19.35 | 1.0% |
| Closing stock price per share | $57.04 | $63.98 | (10.8)% |
| Statutory surplus | $1814648 | $1846615 | (1.7)% |

---

NM = Not Meaningful

------

**RLI CORP**

**2026 FINANCIAL HIGHLIGHTS**

**UNDERWRITING SEGMENT DATA**

(Unaudited)

(Dollars in thousands, except per share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31,** | | | | | | | | |
|  | <br>**Casualty** | <br>**GAAP**<br>**Ratios** | <br>**Property** | <br>**GAAP**<br>**Ratios** | <br>**Surety** | <br>**GAAP**<br>**Ratios** | <br>**Total** | <br>**GAAP**<br>**Ratios** |
| **2026** |  |  |  |  |  |  |  |  |
| Gross premiums written | $307014 |  | $154763 |  | $42109 |  | $503886 |  |
| Net premiums written | 260372 |  | 118393 |  | 38895 |  | 417660 |  |
| Net premiums earned | 248566 |  | 126378 |  | 36442 |  | 411386 |  |
| Net loss & settlement expenses | 152832 | 61.5% | 33854 | 26.8% | 6558 | 18.0% | 193244 | 47.0% |
| Net operating expenses | 88441 | 35.6% | 44339 | 35.1% | 27575 | 75.7% | 160355 | 39.0% |
| &nbsp;&nbsp;Underwriting income <sup>(1)</sup> | $7293 | 97.1% | $48185 | 61.9% | $2309 | 93.7% | $57787 | 86.0% |
| **2025** |  |  |  |  |  |  |  |  |
| Gross premiums written | $278454 |  | $170052 |  | $42600 |  | $491106 |  |
| Net premiums written | 235607 |  | 121736 |  | 39748 |  | 397091 |  |
| Net premiums earned | 229048 |  | 132544 |  | 36753 |  | 398345 |  |
| Net loss & settlement expenses | 145835 | 63.7% | 32725 | 24.7% | (1322) | (3.6)% | 177238 | 44.5% |
| Net operating expenses | 81142 | 35.4% | 42904 | 32.4% | 26515 | 72.1% | 150561 | 37.8% |
| &nbsp;&nbsp;Underwriting income <sup>(1)</sup> | $2071 | 99.1% | $56915 | 57.1% | $11560 | 68.5% | $70546 | 82.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See discussion above: Non-GAAP and Performance Measures.

------