But I would be remiss if I didn't mention that RLI overcame many challenges during the last 12 months and delivered strong results.
Our gross premiums were up 7%.
GAAP equity grew to $1.1 billion after returning more than $87 million to shareholders during the year.
And we achieved a 92 combined ratio.
That 92 combined marks the 25th consecutive year of underwriting profit for RLI.
Last night, we reported fourth quarter operating earnings of $0.75 per share.
We achieved 10% top line growth and posted an 88 combined ratio.
Overall, strong net and comprehensive earnings drove book value per share up 22% for the year, inclusive of dividends, to end the year at $25.16.
Pricing momentum continued in a number of our products and the pandemic's influence was muted in the quarter, with casualty posting 9% top line growth, while property and surety were up 15% and 2%, respectively.
From an underwriting perspective, we posted a fourth quarter combined ratio of 88.0 compared to 92.4 a year ago.
Our loss ratio declined 3.5 points to 45.8 as reserve benefits offset 6.5 points of hurricane losses posted in the quarter.
This resulted in recording another $3.5 million in COVID-19-related pre-tax losses, $2.5 million in casualty and $1 million in surety.
Year-to-date, reserves established for COVID-19 totaled $18 million.
By segment, amounts recorded totaled $2 million for property, $3 million for surety and $13 million for casualty.
To date, we have paid less than $10,000 in actual indemnity losses on what we deem as COVID-related.
Over 90% of claims received have been closed without payment, but we continue to investigate and review all claims submitted.
Offsetting reserve additions in the quarter were approximately $25 million in net benefits from prior year's reserve releases, largely within the casualty segment, where the majority of products posted favorable experience.
Our quarterly expense ratio remained below last year, down 0.9 points to 42.2.
I would note, however, on a year-to-date basis, our expense ratio was 40.8, down 1.8 points compared to last year.
Public equities were responsible for most of the quarter's 3.2% return.
We ended the year with $1.1 billion in shareholders' equity, our combined ratio was 92.0 for 2020, which, as Jon mentioned, represents our 25th consecutive year of reporting an underwriting profit.
Once again, operating income and solid investment performance resulted in capital generation in excess of current needs, which was returned to shareholders in the form of $1 special dividend in December.
With special dividends, we have returned over $1.1 billion in dividends to our shareholders over the last decade.
We reported our 25th consecutive year of underwriting profit and grew top line by 7%.
A great quarter overall, with an 88 combined ratio on 10% top line growth.
In our casualty segment, we saw 9% top line growth for the quarter and ended the year up 6%.
We were able to achieve a very good underwriting result for the quarter and the year with an 85 and 92 combined ratio, respectively.
And as a result, we realized a 25% revenue decline for the quarter and 40% for the year.
Overall, in the casualty segment, rates were up 11% for the quarter and 10% year-to-date, which is outpacing our expectations for loss cost inflation.
In property, we grew 15% in the quarter and 11% year-to-date.
Obviously, a tough year with a dozen name storms making landfall in the U.S. Property business is where the market is hardening most broadly, with rates up 11% across the segment for the quarter and the year.
Our catastrophe-focused wind and quake businesses led the way and year-to-date rates were up 35% and 18%, respectively.
Our Marine business continues to find opportunities from disruption at Lloyd's, with rates up 9% for the quarter and year-to-date.
We were able to grow the top line 2% this quarter but did end up the year down 1%.
The combined ratio continues to outperform at an 85 for the quarter and 75 year-to-date.
During her first 25 years on earth, she grew up with the Spanish flu, the first World War, the spread of polio and The Great Depression.
Like my grandmother who lived to the age of 92, we have also been resilient and will persevere.
Our company has overcome many extraordinary challenges over the last 25 years of its existence but still delivered underwriting profit every year.

Summary:
Last night, we reported fourth quarter operating earnings of $0.75 per share.