NU Online News Service, Jan. 26, 3:03 p.m. EST

Peoria, Ill.-based specialty insurer RLI Corp. says fourth-quarter net income dropped 17.5 percent primarily on the increase in loss and settlement expenses and policy-acquisition costs.

Speaking during a conference call with financial analysts, Michael Stone, president and chief operating officer of RLI's principal-insurance subsidiaries, called the results "a superior underwriting quarter and year, a testament to our underwriting expertise and discipline and a business model that rewards underwriting profit."

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