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Text: Joining us today are Jon Michael, Chairman and CEO; Craig Kliethermes, President and Chief Operating Officer; and Todd Bryant, Chief Financial Officer.
As usual, Todd, will start off with financial details on the quarter.
Craig will follow with some color on the product portfolio and market conditions.
We can then open the call to questions, and Jon will close with some final thoughts.
Yesterday, we reported first quarter operating earnings of $0.87 per share.
The quarter's result reflects elevated winter storm losses which were more than offset by favorable benefits on prior year's loss reserves as well as improved current year casualty results.
We achieved percent top line growth or 10% growth when adjusting the comparable quarter last year for premium returned to transportation insurers.
As a reminder, at the onset of the pandemic, we helped our public auto insurers by adjusting or returning premium, which resulted in a $23 million decrease in our transportation business.
We believe adding the premium back when comparing to last year, provides a more accurate view on premium growth in the quarter.
In total, we posted a 86.9 combined ratio.
Investment income was down 7.6%, reflective of the decline in reinvestment rates during 2020.
Unrealized gains on the equity portfolio are in stark contrast to unrealized losses experienced during the same period last year and serve the bolster net earnings this quarter.
Additionally investee earnings advanced nicely to start the year which accrued to net earnings.
Craig will talk more about market conditions in a minute, but from a high level, all three segments experienced growth.
Property led the way, up 31% as rates and market disruption continue to support growth.
Reported casualty growth was plus 19% compared to last year.
But as previously mentioned, we want to call out the comparative benefit from the $23 million public auto premium adjustment in the first quarter of last year.
Adjusting last year's result for this amount casualty growth was fairly modest as was securities.
From an underwriting perspective, this quarter's combined ratio of 86.9 compared to 92.0 a year ago.
Our loss ratio declined 5.6 points to 45.9 points despite a 7 point impact from winter storm, Uri, one of our largest winter or spring storm events experienced.
Of the $16 million in net storm loss, $15 million was in the property segment and $1 million was in the casualty segment related to the property exposure in certain packaged coverages.
Favorable reserve development was up notably compared to last year and was widespread across most products.
As a reminder, in the first quarter of last year uncertainty around COVID influenced our approach the indications, we were seeing in prior year's reserves as well as specific COVID reserves we established on the current accident year.
In the first quarter of 2020, we recorded $5 million in COVID specific reserves, $2 million of property, and $3 million in casualty.
On an underlying basis, if you exclude prior year reserve benefits, catastrophes and the aforementioned reserves established for COVID, our loss ratio is down in 2021.
The casualty segment is influenced in this result and its underlying loss ratio was down about 3 points from the same period last year.
An improving mix and modest reductions in loss booking ratios similar to what we discussed on our fourth quarter call have driven the improvement.
From an overall COVID perspective, total reserves are largely unchanged from year end.
Our quarterly expense ratio increased 0.5 point to 41 [Phonetic].
In addition, general corporate expense was up $1.6 million.
These increases are driven by amounts accrued for performance related incentive plans.
The combination of significantly higher operating and net earnings given the relative equity portfolio performance, plus an improved combined ratio drove these metrics higher.
Excluding incentive amounts, other operating expenses were flat.
Risk assets continue to lead with positive returns in the quarter from both public equities and high yield credit.
Additional investment grade bonds couldn't overcome higher yields and price declines offset the positive return from other assets.
All in, our portfolio posted a 0.2% return for the first quarter and we are more than happy to trade a modest price decline in bonds for the opportunity to put operating cash flow to work at higher rates.
Outside of the core portfolio, investee earnings were also a contributor in the quarter with Maui Jim and Prime each adding $3.7 million to the quarter's results.
Prime continues to benefit from profitable growth and Maui Jim has rebounded nicely from a more difficult period in mid 2020.
All in a very good quarter and solid start to the year.
As Todd mentioned, we're off to a running start to the year, reporting 87 combined ratio and 10% underlying growth in gross written premium.
Very solid underwriting results despite the impact of winter storm Uri.
The sub-90 combined ratio we achieved is a testament to our well-diversified portfolio of specialty products and the consistency of our disciplined underwriting approach.
Top line growth was realized across all segments and in most of our products.
Our rate achievement this quarter carried in lower beta, the highest were not quite as high, but the lows were not as low.
I would say it's a little too early to say whether the rates are plateauing in the most markets, but we continue to achieve rate increases at or above long-term loss costs across the majority of our portfolio.
Our underwriting diet is well balanced in our palate remains refined as the competition is broadly moving toward acceptable rate levels in our chosen market.
The most disrupted spaces for us remain catastrophe exposed property, excess casualty, executive products, commercial auto liability and marine.
Now onto some segment specific comments.
In casualty, we report an outstanding 83 combined ratio and grew gross premiums 19%, 4% adjusted for transportation.
As you may recall, the comparable quarter last year required a significant premium adjustment for inactive vehicles in our transportation product line.
Also of note, our casualty segment as a significantly -- significant exposure to the construction industry and although this industry never completely shut down, we have observed some slowdown due to uncertainty related to both pandemic and resulting supply chain issues.
We were still able to achieve 8% rate increase in this segment overall, while account retentions are holding well.
The casualty segment was led on the top line by our personal excess liability, executive products and transportation businesses which rebounded nicely.
Underwriting profitability was led by our primary liability, personal excess liability, transportation, professional services liability and small package businesses.
As mentioned earlier, we did see some moderating of rate increases for our public directors and officers product, but the rate increases were more widespread across the dozen or so products within our executive products portfolio.
This business along with transportation and commercial excess liability, we're still able to achieve double-digit rate increases for the quarter.
Property segments top line grew 31% on a small underwriting loss as a result of the widespread winter storm, Uri.
We achieved 10% rate for the segment overall.
We continue to observe opportunities across all products in this segment.
Our catastrophe businesses grew premium and rate at a double-digit pace.
The size of the rate increases was a little off its peak in the last couple of quarters, but still above acceptable levels to assume the risk.
Earthquake still seems a little more competitive than win mainly the result of demand versus excess supply, since significant earthquakes occur frequently and coverages sell them required for financing prices above a certain threshold or decline and property owners elect to self-insure.
We have room to grow our catastrophe exposures if the market continues to cooperate.
Our marine business also continues to see profitable opportunities to grow because of the disruption at Lloyds and elsewhere.
Emissions continue to increase significantly and we experienced top line growth of more than 25% on a very good underwriting results.
I don't want to move on without giving a big mahalo to our Hawaii homeowners business which continues to grow at a double-digit pace and produces great results for our Company.
In surety, we grew top line 5% and achieved a 79 combined ratio.
Another great underwriting results and hopefully some signs that the market is finally starting to come back to us.
Larger losses have hit the industry causing competitors retrenchment and reinsurance capacity seems to be tightening for the first time in many years.
We will continue to capitalize on the disruption, we are starting to observe.
Most of our growth this quarter came from our commercial account driven business, which saw both new business opportunities as well as expansion with existing accounts.
All products in this segment were profitable.
We will continue to focus on building relationships, consistent underwriting servicing our distribution partners and customers and investing in technology to make it easier for our customers to work with us.
Overall, the solid start to 2021, we remain well positioned for the future and we'll focus on what we do well, adapt to our environment, stay true to what makes us different and execute.
We create our own opportunities with our investment in people, service, and technology and we will take advantage of new opportunities when our competitors retrench and market disruption occurs.
We are constantly looking for ways to provide profitable solutions to meet the needs of our customers and distribution partners.
This is what we do.
It is what owners do.
Our success can be attributed directly to the quality of the associate owners we hire and the service they provide and the relationships they build with our customers.
Our differentiated approach delivered again this quarter.

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qtrly book value per share of $25.55, an increase of 2% (inclusive of dividends) from year-end 2020.
rli achieved $29.9 million of underwriting income in q1 of 2021 on an 86.9 combined ratio.

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