RLI Corp. (NYSE: RLI) reported Q3 EPS of $0.42, $0.25 better than the analyst estimate of $0.17.

Highlights for the quarter included:

• Underwriting income(1) of $1.2 million on a combined ratio(1) of 99.5.
• 9% increase in gross premiums written.
• Net favorable development in prior years’ loss reserves, resulting in a $24.8 million net increase in underwriting income.
• Losses from Hurricanes Hanna, Isaias, Laura and Sally, resulting in a $33.2 million net decrease in underwriting income.
• Book value per share of $24.40, an increase of 13% (inclusive of dividends) from year-end 2019.

“We’ve faced a number of challenges in 2020, including an active hurricane season, which impacted our third quarter results,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Despite an increase in our combined ratio due to natural catastrophes, we achieved underwriting profitability and grew book value. In particular, our casualty and surety product segments delivered strong results, which drove operating earnings to $0.42 per share. Our financial performance is a testament to RLI’s long-term sustainability, which enables us to be there for customers in their times of need. As always, I want to thank all our associates for their proactive service to our customers during the quarter and throughout the year.”

For earnings history and earnings-related data on RLI Corp. (RLI) click here.