RLI Splits Stock, Ups Dividend
NU Online News Service, Aug. 30, 3:19 p.m. EST?The board of RLI Corp., parent of Peoria, Ill.-based RLI Insurance Company, said it voted yesterday for a two-for-one stock split.
The split will be for shareholders of record as of Sept. 30, payable Oct. 15 and will increase outstanding common shares to 19.9 million, the property-casualty insurance company said.
RLI said the board also voted to increase the quarterly cash dividend by 5.9 percent from $.085-per-share to nine cents-per-share on post-split outstanding common stock (from 17 cents to 18 cents a share on a pre-split basis).
The company noted that it has increased its dividend for 27 consecutive years since it began paying them in 1976.
Jonathan E. Michael, RLI Corp. president and chief executive officer, said the stock split and dividend contribute to enhanced shareholder value and reflect "management and the board's confidence in the company's future. We're well positioned to capitalize on the improving insurance market."
RLI's subsidiaries include, Mt. Hawley Insurance Company, Underwriters Indemnity Company and Planet Indemnity Company.
In its last earnings release RLI announced year-to-date net earnings of $19.1 million and net operating earnings of $17.2 million.
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