Moody’s Investors Service upgraded the senior debt rating of RLI Corp. to Baa2 from Baa3 and the financial strength ratings of its insurance subsidiaries — RLI Insurance Company, Mt. Hawley Insurance Company and RLI Indemnity Company — to A2 from A3. The upgrades were attributed to RLI’s continued strong operating performance and capital growth over the past several years. The outlook for the ratings is stable.
Moody’s noted that RLI’s ratings reflect the group’s historically profitable underwriting results, its strong operating cash flows, its high quality bond portfolio, its modest operating leverage profile and its moderate level of financial leverage relative to similarly rated companies. Despite increased competition in specialty and surplus lines insurance, Moody’s expects RLI to continue to produce solid results.
RLI is a Peoria, Ill.-based specialty insurer offering a diversified portfolio of property/casualty coverages and surety bonds serving “niche” or underserved markets. RLI operates in all 50 states from 23 office locations.
For additional information, contact Vice President, Corporate Development Aaron Jacoby at (309) 693-5880 or at aaron_jacoby@rlicorp.com or visit our website at http://www.rlicorp.com/ .
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