NU Online News Service, April 19, 2:56 p.m. EDT
Specialty insurer RLI Corp. says marketplace pricing remains competitive despite recent catastrophe activity worldwide.
The Peoria, Ill.-based specialty insurer reports net income of $23.6 million during the first quarter, an increase of 9.2 percent compared to 2010 first-quarter income of $20 million.
“Many of our products are sensitive to the challenging economic conditions,” says President and CEO Jonathan E. Michael in a statement. “However, through any pricing environment, our business model remains the same.”
The company increased underwriting income and lowered its first-quarter combined ratio to 83.6 from 89.1. Underwriting income was $19 million during the first quarter compared to $12.7 million during the same time a year ago, RLI says.
By segment, RLI says underwriting income was $9.4 million for property, up from $8.1 million in the 2010 first quarter; surety underwriting income was $5 million, up from $4 million; and casualty was $4.6 million, up from $600,000.
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