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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 in prior quarters, Todd will kick things off with financial details on the three and nine-month periods ending September 30th.
Hopefully that information will answer some of your common questions.
Craig will follow with some detail on the product portfolio.
We can then open the call to questions.
And Jon will close with some final thoughts.
Last night we reported third quarter operating earnings of $0.42 per share.
In a quarter that was impacted by a number of severe hurricanes, we achieved 9% top line growth and posted a 99.5 combined ratio.
Investment income declined modestly while investee earnings and unrealized returns on the investment portfolio reversed adverse trends experienced earlier in the year.
Positive net earnings drove book value per share up 13% for the year inclusive of dividends to end the quarter at $24.40.
Pricing momentum continued in a number of our products and the pandemic's influence was modest this quarter with casualty posting 11% top line growth, where property and surety were up 8% and 1% respectively.
Craig will talk more about individual products and market conditions in a minute, but overall growth in gross premiums written was driven largely by rate increases and expanded distribution.
From an underwriting perspective, the quarter's numerous hurricanes resulted in one of our larger cat-impacted periods.
Recorded losses from hurricanes Hanna, Isaias, Laura and Sally are within our pre-announced range and stand at $39 million net of reinsurance.
$35 million of that is from our property segment and $4 million impacted casualty where a number of our package policies are reported.
Net of bonus related impacts, these losses totaled $33.2 million or $0.58 per share net of tax and added 15 points to the quarter's combined ratio.
Overall, the quarter's loss ratio was 58.9.
In addition to catastrophe losses, we maintained the elevated current-year loss booking ratios mentioned last quarter on certain financial-related products where heightened exposure to pandemic-related losses exist.
This resulted in recording $4 million in COVID-19-related losses, $3 million in casualty and $1 million in surety.
Year-to-date reserves established for COVID-19 totaled $15 million.
By segment amounts recorded totaled $2 million for property, $3 million for surety and $10 million for casualty.
To date we have not paid any COVID-related indemnity amounts.
A majority of claims received have been closed, 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.
By segment, casualty totaled $19 million with the majority of products posting favorable experience.
Surety posted $3 million of benefits and property was $3 million, inclusive of some reductions in prior year's storm losses.
Our quarterly expense ratio remained below last year, down 1.3 points to 40.6.
Book value growth improved during the quarter, but continues to lag than [Phonetic] prior year as does our combined ratio resulting in lower amounts earned under incentive compensation.
The decline in amounts under incentive plans accounts for the majority of the decrease in our expense ratio as well as the bulk of the decrease in general corporate expense.
Having said that, while revenue has exceeded our early estimates at the onset of the pandemic, targeted actions set in motion to eliminate or defer expenses have persisted.
We are continuing to evaluate areas of opportunity for efficiency gains and expense savings, while increasing our investment in technology, particularly those related to customer experience and ease of doing business.
Turning to investments, we are pleased to see a continued recovery in most sectors during the quarter.
Despite some September volatility for equities the portfolio again produced positive results and a 2.2% total return.
Although invested assets contributed to sustained book -- growth in book value, the current interest rate environment weighed on investment income during the quarter.
Operating cash flow was strong this quarter and drove a continued preference for purchase activity and high-quality investment grade securities.
While capital market's volatility may resurface in the near term, 2020 has confirmed that our sound balance sheet can weather most storms.
Outside of the core portfolio, our share of investee earnings increased nicely in the quarter.
For Maui Jim net sales improved from the second quarter's trend as the retail sector opened up further.
While sales remain down significantly on a year-to-date comparative basis, efforts to rightsize related operating expenses have proven effective.
For Prime investee earnings continued to advance reflective of growth in revenue and earnings they are experiencing.
As mentioned previously, results for both investees may be influenced by any economic headwinds, particularly in the retail sector as it relates to Maui Jim.
As Todd mentioned, we were able to grow top line 9% and still deliver a small underwriting profit for the quarter despite significant headwinds.
2020 has been an unprecedented year to say the least, with 10 named storms making landfall in the Continental US, wildfires across a large portion of the West, a derecho in the Midwest, civil unrest in many cities and an ongoing global pandemic.
The market was hardening prior to these events as a result of prolonged competition and rising loss costs.
We're seeing some acceleration of discipline into the market with a greater focus on limit and attachment point management, tighter terms and conditions, increased rates and more refined appetites where the pain is greatest.
The market continues to improve more broadly, but still not everywhere.
Improving conditions and increased submission flow are most pronounced in low frequency, high severity products where we often find the less regimented underwriting occurs.
Despite all the tragedies associated with this year, RLI continues to be steadfast in helping and supporting our customers while also delivering underwriting profit and double-digit book value growth to our shareholders.
Our financial strength, diversified portfolio of products and relentless focus on disciplined underwriting and customer service have served us well.
Our underwriters have narrow and deep knowledge in their space and know when we are being appropriately compensated for the risk we take.
We will continue to take advantage of opportunities where we have expertise and where we choose to compete.
I'll provide a little more color by operating segment.
In casualty, we were able to grow 11% while reporting a 90 combined ratio.
Rates are up 10% across the segment driven by excess liability coverages and automobile exposures.
On commercial and executive product excess liability, we are seeing shorter limits being deployed, higher attachments and tighter terms required and significantly higher rates.
Our commercial excess liability rates were up about 11% for the quarter, while our executive product rates were up more than 35%.
We continue to see double-digit revenue growth out of these products which has largely been driven by rate.
Our personal umbrella business also continues to grow with more than a 50% increase for the quarter and year-to-date from investments made in technology, new and existing distribution partners as well as market disruption.
Our transportation business continues to be challenged on the top line shrinking 8% for the quarter and off more than 40% year-to-date, largely driven by the negative impact that COVID-19 has had on the chartered transit and school bus sector.
On a brighter note, rates continue to exceed loss cost, the business remains profitable for us and we are starting to see signs of resiliency in the public auto business.
Casualty market dynamics do appear bifurcated in that primary casualty products with limits of $1 million or less, many construction risks and workers' compensation still remain very competitive.
For RLI this includes about 35% of our casualty portfolio represented by products like small professional liability, admitted and non-admitted general liability and package policies.
In property, we achieved 8% growth but reported a sizable underwriting loss as a result of the four named storms we experienced during the quarter.
We have very few reported losses from the derecho and wildfires.
The most significant storm for us was Hurricane Laura that hit southwest Louisiana in late August.
Given the frequency and severity of these events, the losses have fallen within our expectations.
The time is now to deliver on our promise and differentiate ourselves and we are doing just that.
We had claim representatives on the ground shortly after each event assessing damage and writing checks to our policyholders for covered property and time element exposures.
These catastrophes, along with a tighter reinsurance market will continue to drive further hardening of rates.
For the entire property segment, rates are up about 14% for the quarter and 12% year to date.
Wind-only rates are up over 40% in the quarter, which is the fifth consecutive quarter we have achieved increasing price momentum.
There have also been spillover effects in other property perils including earthquake, which achieved its third consecutive quarter of double-digit rate increases.
Despite the rate increases, we continue to see steady competition from MGAs offering capacity in the catastrophe space.
Our overall exposures have remained relatively flat while growing our property premium about 10% year to date.
Other products in the property worth noting include our Hawaii homeowners business which continues to grow at a double-digit pace and deliver underwriting profits, despite the challenges to the island's economy.
Marine also continues to be a disrupted market as a result of fallout from Lloyds.
We have achieved more moderate growth here but rate continues to outpace loss trends.
All in all, we are pleased with the underlying positioning of this segment.
The surety segment was able to grow 1% reported, an impressive 75 combined ratio for the quarter.
All of the major segments within this business remain profitable.
Our focus on the most financially secured and well-run companies has typically mitigated the fallout associated with economic downturns.
We suspect there are some carriers wrestling with the stressed accounts and underlying profitability as a result of less disciplined underwriting that occurred pre-pandemic.
We will continue to focus on making investments in our sales teams, technology and smaller transactional businesses, which will serve us well in the long term.
Overall, a pretty good quarter in light of events that occurred and the challenges we continue to tackle.
Rates are continuing to move in the right direction and more broadly and top line growth is better than expected.
We continue to remain connected to our customers and producers through technology, phone and video calls and even in person whenever possible.
We believe that online connectivity can supplement but never replace experiences, trust, problem solving and relationships that are only forged in person.
People are the difference.
Our talented associates provide the personal service and consistent appetite that have always been differentiators and continue to serve us well through the times of both turmoil and tranquility.
Although many can't wait to move on to 2021, we believe the events of 2020 have helped highlight why RLI is different.
That difference has served all of our stakeholders well and distinguishes us.
Being different still works.

user
compname reports q3 operating earnings per share of $0.42.
q3 operating earnings per share $0.42.
losses from hurricanes hanna, isaias, laura and sally, resulting in a $33.2 million net decrease in underwriting income in quarter.

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