RLI Reports Hurricane Loss Impact

Illinois-based RLI Corp. said it expects to report cumulative after-tax losses from Hurricanes Charley, Frances, Ivan and Jeanne of $12.4 million, or $0.47 per share.

The company had previously estimated losses from the first three storms of between $8.0 million and $10.0 million. RLI now estimates losses from those events to be $10.0 million; Hurricane Jeanne is expected to result in $2.4 million of additional loss.

This financial impact will be reflected in RLI’s third quarter results, which will be released on Oct. 14, and include estimated losses on reported claims as well as estimated losses from claims that have been incurred but not reported.

RLI is a specialty insurance company offering a diversified portfolio of property and casualty coverages and surety bonds serving “niche” or underserved markets.