RLI
Underwrites niche property, casualty, and surety insurance with specialized in-house teams.
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Profile
Underwrites specialty insurance through property, casualty, and surety segments. Its in-house teams support niche markets requiring specialized knowledge, while a long-standing employee-ownership culture and underwriting discipline shape the operating model.
Underwrites specialty insurance through property, casualty, and surety segments, serving niche markets that require specialized experience. The company’s own underwriting, claims, and support teams handle the work because those markets require specialized experience and knowledge.
Rooted in Peoria and focused on U.S. specialty insurance, the business grew from contact-lens insurance into property, casualty, and surety coverage for risks larger multi-line insurers often avoided. The contact-lens operation is historic, not a current product.
A long-standing employee stock ownership plan supports a culture that emphasizes ownership and underwriting discipline. The reporting structure remains property, casualty, and surety.
Company facts
Key statistics
Year to date +2.9% · Average volume (30d) 785.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Jefferies | Downgrade | Hold | Underperform | $52 | $53 |
| Jul 29, 2026 | Wells Fargo | Downgrade | Equal Weight | Underweight | $59 | $57 |
| Jul 28, 2026 | UBS | Target | $74 | |||
| Jan 23, 2026 | Truist Financial | Target | $62 | $58 | ||
| Jan 23, 2026 | Wells Fargo | Reiterate | Equal Weight | $62 | $59 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $0.72 | $0.83 | +14.8% | $568.7M | $579.7M | +1.9% | +3.68% |
| Apr 22, 2026Q1 FY26 | $0.85 | $0.83 | −2.4% | $489.6M | $503.9M | +2.9% | −3.80% |
| Jan 21, 2026Q4 FY25 | $0.82 | $0.94 | +15.3% | $481.7M | $463.2M | −3.8% | −3.06% |
| Oct 20, 2025Q3 FY25 | $0.71 | $0.83 | +16.6% | $515.4M | $509.3M | −1.2% | +2.78% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $407.7M | $499.8M | $509.3M | $465.7M | $423.9M | $575.6M | |
| Gross profit | $79.9M | $160.2M | $162.1M | $159.3M | $230.6M | $385.7M | |
| Operating income | $78.6M | $156.5M | $157.2M | $125.9M | $67.3M | $210.7M | |
| Net income | $63.2M | $124.3M | $124.6M | $91.2M | $54.9M | $168.0M | |
| Diluted EPS | $0.68 | $1.34 | $1.35 | $0.99 | $0.60 | $1.82 | |
| Gross margin | 19.6% | 32.0% | 31.8% | 34.2% | 54.4% | 67.0% | |
| Operating margin | 19.3% | 31.3% | 30.9% | 27.0% | 15.9% | 36.6% |
Fiscal years (4-quarter sums)FY21 $1.18B · FY22 $1.70B · FY23 $1.52B · FY24 $1.77B · FY25 $1.88B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $238.2M · Total debt $297.0M · Total assets $6.41B · Shareholders' equity $1.75B
Dividends
Raised for 35 straight years — most recently to $0.16 from $0.15 in May 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 29, 2026 | May 29 | Jun 12 | $2.18 | special dividend |
| Mar 2, 2026 | Mar 2 | Mar 16 | $0.16 | |
| Nov 28, 2025 | Nov 28 | Dec 19 | $2.16 | special dividend |
| Aug 29, 2025 | Aug 29 | Sep 19 | $0.16 | |
| May 30, 2025 | May 30 | Jun 20 | $0.16 | raised from $0.15 |
| Feb 28, 2025 | Feb 28 | Mar 20 | $0.15 | raised from $0.145 split-adjusted |
| Nov 29, 2024 | Nov 29 | Dec 20 | $4.29 | special dividend |
| Aug 30, 2024 | Aug 30 | Sep 20 | $0.29 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 91.77M · Float 81.46M · 88.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| State Street Corp | 8.94M | 9.75% | 13F | Aug 7, 2026 |
| BlackRock, Inc. | 8.33M | 9.08% | 13F | Aug 7, 2026 |
| Kayne Anderson Rudnick Investment Management LLC | 6.74M | 7.34% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 4.75M | 5.18% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 4.14M | 4.51% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 27, 2026 | Craig W. Kliethermes | officer: CHIEF EXECUTIVE OFFICER | +7,000 | $52.00 |
| Jun 1, 2026 | Clark C. Kellogg | director | +3,000 | $50.90 |
| May 28, 2026 | David B. Duclos | director | +2,500 | $51.99 |
| May 27, 2026 | Jennifer L. Klobnak | officer: CHIEF OPERATING OFFICER | +2,000 | $52.72 |
| May 21, 2026 | Craig W. Kliethermes | officer: CHIEF EXECUTIVE OFFICER | +5,000 | $52.00 |
Peers
- W. R. Berkley
Specialty property, casualty, excess, and professional-lines overlap
- American Financial Group
Specialty property, transport, excess, liability, and professional-lines overlap
- Markel Group
Property, liability, umbrella, programs, workers' comp, and surety overlap
- Kinsale Capital Group
E&S commercial property and casualty underwriting overlap
- C.N.A. Financial
Specialty management/professional liability, surety, and commercial P&C overlap
- Cincinnati Financial
Commercial property, casualty, transport, workers' comp, and E&S overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| RLI | $64.31 | +0.03% | $5.90B | 13.5 | 23.8 | 3.0 | +16.0% |
| W. R. Berkley | $70.65 | +3.20% | $25.48B | 14.1 | 14.5 | 1.4 | +1.2% |
| American Financial Group | $143.62 | +0.05% | $11.93B | 12.5 | 11.4 | 1.5 | −0.5% |
| Markel Group | $1,818.69 | −0.07% | $22.53B | 10.0 | 15.8 | 1.3 | +17.6% |
| Kinsale Capital Group | $385.00 | +1.13% | $8.67B | 15.4 | 18.1 | 4.3 | −3.7% |
| C.N.A. Financial | $49.31 | +0.02% | $13.34B | 10.8 | 10.6 | 0.9 | +3.0% |
| Cincinnati Financial | $171.97 | 0.00% | $26.39B | 8.1 | 19.6 | 1.9 | −18.9% |
| Median | 11.7 | 15.2 | 1.4 | +0.4% |