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Summary of Significant Accounting Policies (Policies) | 6 Months Ended
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Jun. 30, 2022
Accounting Policies [Abstract] |
Basis of Presentation | A. BASIS OF PRESENTATION The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with our 2021 Annual Report on Form 10-K. Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at June 30, 2022 and the results of operations of RLI Corp. (the Company) and subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year. The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements and the reported amounts of revenue and expenses during the period. These estimates are inherently subject to change and actual results could differ significantly from these estimates.
Adopted Accounting Standards | B. ADOPTED ACCOUNTING STANDARDS No new accounting standards applicable in 2022 materially impact our financial statements.
Prospective Accounting Standards | C. PROSPECTIVE ACCOUNTING STANDARDS There are no prospective accounting standards which would have a material impact on our financial statements as of June 30, 2022.
Reinsurance | D. REINSURANCE Ceded unearned premiums and reinsurance balances recoverable on unpaid losses and settlement expenses are reported separately as an asset, rather than being netted with the related liability, since reinsurance does not relieve the Company of our liability to policyholders. Such balances are subject to the credit risk associated with the individual reinsurer. We continually monitor the financial condition of our reinsurers and actively follow up on any past due or disputed amounts. As part of our monitoring efforts, we review reinsurers’ annual financial statements and Securities and Exchange Commission filings for those that are publicly traded. We also review insurance industry developments that may impact the financial condition of our reinsurers. We analyze the credit risk associated with our reinsurance balances recoverable by monitoring the AM Best and Standard & Poor’s (S&P) ratings of our reinsurers. In addition, we subject our reinsurance recoverables to detailed recoverability tests, including a segment-based analysis using the average default rating percentage by S&P rating, which assists the Company in assessing the sufficiency of its allowance. Additionally, we perform an in-depth reinsurer financial condition analysis prior to the renewal of each of our reinsurance placements. Our policy is to charge to earnings, in the form of an allowance, an estimate of unrecoverable amounts from reinsurers. This allowance is reviewed on an ongoing basis to ensure that the amount makes a reasonable provision for reinsurance balances that we may be unable to recover. Once regulatory action (such as receivership, finding of insolvency, order of conservation or order of liquidation) is taken against a reinsurer, the paid and unpaid recoverable for the reinsurer are specifically identified and written off through use of our allowance for estimated unrecoverable amounts from reinsurers. When we write-off such a balance, it is done in full. We then re-evaluate the overall allowance and determine whether the balance is sufficient and, if needed, an additional allowance is recognized. The allowances for uncollectible amounts on paid and unpaid reinsurance recoverables were $16.1 million and $10.9 million, respectively, at June 30, 2022. At December 31, 2021, the amounts were $16.1 million and $11.2 million, respectively. Changes in the allowances were due to changes in the amount of reinsurance balances outstanding, the composition of reinsurers from whom the balances were recoverable and their associated S&P default ratings. No write-offs were applied to the allowances in the first six months of 2022 and less than $0.1 million was recovered. We have no receivables with a due date that extends beyond one year that are not included in our allowance for uncollectible amounts.
Intangible Assets | E. INTANGIBLE ASSETS The composition of goodwill and intangible assets at June 30, 2022 and December 31, 2021 is detailed in the following table:
|  | June 30, |  |  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Goodwill |  |  |  |  |  |  |  |
Surety |  | $ | 40,816 |  |  | $ | 40,816 |
Casualty |  |  | 5,246 |  |  |  | 5,246 |
Total goodwill |  | $ | 46,062 |  |  | $ | 46,062 |
Intangibles |  |  |  |  |  |  |  |
Indefinite-lived intangibles - state insurance licenses |  |  | 7,500 |  |  |  | 7,500 |
Total goodwill and intangibles |  | $ | 53,562 |  |  | $ | 53,562 |
Annual impairment assessments were performed on our goodwill and state insurance license indefinite-lived intangible asset during the second quarter of 2022. Based upon these reviews, none of the assets were impaired. In addition, there were no triggering events as of June 30, 2022 that would suggest an updated impairment test would be needed for our goodwill and intangible assets.
Earnings Per Share | F. EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock or common stock equivalents were exercised or converted into common stock. When inclusion of these items increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive. Under these circumstances, the diluted net earnings or net loss per share is computed excluding these items. The following represents a reconciliation of the numerator and denominator of the basic and diluted EPS computations contained in the unaudited condensed consolidated interim financial statements:
|  | For the Three Months |  |  | For the Three Months |
|  | Ended June 30, 2022 |  |  | Ended June 30, 2021 |
|  | Income |  |  | Shares |  |  | Per Share |  |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share data) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |  |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) available to common shareholders |  | $ | (2,239 | ) |  |  | 45,354 |  |  | $ | (0.05 | ) |  | $ | 81,815 |  |  |  | 45,226 |  |  | $ | 1.81 |
Effect of Dilutive Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options and restricted stock units |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | 489 |  |  |  |  |
Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) available to common shareholders |  | $ | (2,239 | ) |  |  | 45,354 |  |  | $ | (0.05 | ) |  | $ | 81,815 |  |  |  | 45,715 |  |  | $ | 1.79 |
Anti-dilutive securities excluded from diluted EPS |  |  |  |  |  |  | 736 |  |  |  |  |  |  |  |  |  |  |  | 169 |  |  |  |  |
|  | For the Six Months |  |  | For the Six Months |
|  | Ended June 30, 2022 |  |  | Ended June 30, 2021 |
|  | Income |  |  | Shares |  |  | Per Share |  |  | Income |  |  | Shares |  |  | Per Share |
(in thousands, except per share data) |  | (Numerator) |  |  | (Denominator) |  |  | Amount |  |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) available to common shareholders |  | $ | 45,684 |  |  |  | 45,330 |  |  | $ | 1.01 |  |  | $ | 154,827 |  |  |  | 45,202 |  |  | $ | 3.43 |
Effect of Dilutive Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options and restricted stock units |  |  | — |  |  |  | 418 |  |  |  |  |  |  |  | — |  |  |  | 501 |  |  |  |  |
Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) available to common shareholders |  | $ | 45,684 |  |  |  | 45,748 |  |  | $ | 1.00 |  |  | $ | 154,827 |  |  |  | 45,703 |  |  | $ | 3.39 |
Anti-dilutive securities excluded from diluted EPS |  |  |  |  |  |  | 436 |  |  |  |  |  |  |  |  |  |  |  | 169 |  |  |  |  |
Comprehensive Earnings (Loss) | G. COMPREHENSIVE EARNINGS (LOSS) Our comprehensive earnings (loss) include net earnings (loss) plus after-tax unrealized gains and losses on our available-for-sale fixed income portfolio. In reporting the components of comprehensive earnings (loss), we used the federal statutory tax rate of 21 percent. Other comprehensive earnings (loss), as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax benefit of $25.9 million for the second quarter of 202 2, compared to $4.0 million of tax expense fo r the same period in 2021. For the six-month period ended June 30, 2022, other comprehensive earnings (loss) is net of tax benefit of $56.7 million, compared to $7.9 million for the same period in 2021. Unrealized losses, net of tax, recognized in other comprehensive earnings (loss) were $213.1 million for the first six months of 2022, compared to $29.6 million during the same period last year. The unrealized losses were attributable to increased interest rates in both periods, which decreased the fair value of securities held in the fixed income portfolio. The following table illustrates the changes in the balance of each component of accumulated other comprehensive earnings (loss) for each period presented in the unaudited condensed consolidated interim financial statements:
(in thousands) |  | For the Three Months |  |  | For the Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
Unrealized Gains/Losses on Available-for-Sale Securities |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Beginning balance |  | $ | (65,755 | ) |  | $ | 63,967 |  |  | $ | 49,826 |  |  | $ | 108,714 |
Other comprehensive earnings (loss) before reclassifications |  |  | (97,894 | ) |  |  | 15,601 |  |  |  | (213,636 | ) |  |  | (28,194 | )
Amounts reclassified from accumulated other comprehensive earnings |  |  | 331 |  |  |  | (424 | ) |  |  | 492 |  |  |  | (1,376 | )
Net current-period other comprehensive earnings (loss) |  | $ | (97,563 | ) |  | $ | 15,177 |  |  | $ | (213,144 | ) |  | $ | (29,570 | )
Ending balance |  | $ | (163,318 | ) |  | $ | 79,144 |  |  | $ | (163,318 | ) |  | $ | 79,144 |
Balance of securities for which an allowance for credit losses has been recognized in net earnings |  |  |  |  |  |  |  |  |  | $ | 1,083 |  |  | $ | 321 |
Credit losses on or the sale of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive earnings (loss) to current period net earnings. The effects of reclassifications out of accumulated other comprehensive earnings (loss) by the respective line items of net earnings are presented in the following table:
|  | Amount Reclassified from Accumulated Other |  |  |
(in thousands) |  | Comprehensive Earnings (Loss) |  |  |
|  | For the Three Months |  |  | For the Six Months |  |  |
Component of Accumulated |  | Ended June 30, |  |  | Ended June 30, |  |  | Affected line item in the
Other Comprehensive Earnings (Loss) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | Statement of Earnings
Unrealized gains and losses on available-for-sale securities |  | $ | (722 | ) |  | $ | 366 |  |  | $ | (772 | ) |  | $ | 1,549 |  |  | Net realized gains (losses)
|  |  | 303 |  |  |  | 171 |  |  |  | 149 |  |  |  | 193 |  |  | Credit gains presented within net realized gains
|  | $ | (419 | ) |  | $ | 537 |  |  | $ | (623 | ) |  | $ | 1,742 |  |  | Earnings (loss) before income taxes
|  |  | 88 |  |  |  | (113 | ) |  |  | 131 |  |  |  | (366 | ) |  | Income tax (expense) benefit
|  | $ | (331 | ) |  | $ | 424 |  |  | $ | (492 | ) |  | $ | 1,376 |  |  | Net earnings (loss)
Fair Value Measurements | H. FAIR VALUE MEASUREMENTS Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. We determined the fair value of certain financial instruments based on their underlying characteristics and relevant transactions in the marketplace. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value. Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets. Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data. Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable. As a part of management’s process to determine fair value, we utilize widely recognized, third-party pricing sources to determine our fair values. We have obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy. Corporate, Agencies, Government and Municipal Bonds: The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in approximate order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All corporate, agency, government and municipal securities are deemed Level 2. Mortgage-backed Securities (MBS)/Commercial Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS): The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (non-volatile, volatile or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate MBS and CMBS volatility, an option adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates and recent trade activity. MBS/CMBS and ABS with corroborated, observable inputs are classified as Level 2. All of our MBS/CMBS and ABS are deemed Level 2. Regulation D Private Placement Securities: All Regulation D privately-placed bonds are classified as corporate securities and deemed Level 3. The pricing vendor evaluation methodology for these securities includes a combination of observable and unobservable inputs. Observable inputs include public corporate spread matrices classified by sector, rating and average life, as well as investment and non-investment grade matrices created from fixed income indices. Unobservable inputs include a liquidity spread premium calculated based on public corporate spread and private corporate spread matrices. The quantitative detail of the liquidity spread premium is neither provided nor reasonably available to the Company. An increase to the credit spread assumptions would result in a lower fair value. For all of our fixed income securities classified as Level 2, we periodically conduct a review to assess the reasonableness of the fair values provided by our pricing services. Our review consists of a two-pronged approach. First, we compare prices provided by our pricing services to those provided by an additional source. In some cases, we obtain prices from securities brokers and compare them to the prices provided by our pricing services. If discrepancies are found in our comparisons, we compare our prices to actual reported trade data for like securities. No changes to the fair values supplied by our pricing services have occurred as a result of our reviews. Based on these assessments, we have determined that the fair values of our Level 2 fixed income securities provided by our pricing services are reasonable. Equity Securities: As of June 30, 2022, nearly all of our equity holdings were traded on an exchange. Exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). Pricing for the equity securities not traded on an exchange is provided by a third-party pricing source using observable inputs are classified as Level 2. Pricing for one equity security not traded on an exchange relies on one or more unobservable inputs and is classified as Level 3. Due to the relatively short-term nature of cash, short-term investments, accounts receivable and accounts payable, their carrying amounts are reasonable estimates of fair value. Our investments in private funds, classified as other invested assets, are measured using the investments’ net asset value per share and are not categorized within the fair value hierarchy.
Risks and Uncertainties | I. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy, including inflation; rising interest rates; volatile equity markets; and ongoing supply chain disruptions, could lower demand for our insurance products, result in increased levels of loss costs that we could not anticipate at the time we priced our coverages, or negatively impact our investment results, all of which could have an adverse effect on the profitability of our operations. The COVID-19 pandemic may result in significant disruptions in economic activity and financial markets or exacerbate the impact of other economic trends. The cumulative effects of any public health outbreak could reduce demand for our insurance policies; result in increased level of losses, settlement expenses or other operating costs; reduce the market value of invested assets held by the Company or negatively impact the fair value of our goodwill. Catastrophe Exposures Our catastrophe reinsurance treaty renewed on January 1, 2022. We purchased limits of $600 million in excess of $25 million first-dollar retention for earthquakes in California, $625 million in excess of $25 million first-dollar retention for earthquakes outside of California and $475 million in excess of $25 million first-dollar retention for all other perils, including wind. These amounts are subject to certain co-participations by the Company on losses in excess of the $25 million retentions. On May 1, 2022, we purchased $150 million of additional catastrophe reinsurance protection on top of the previously described coverage. This increases the limits to $750 million for earthquakes in California, $775 million for earthquakes outside of California and $625 million for all other perils, including wind, all of which are still subject to $25 million first-dollar retentions and certain co-participations in excess of the retentions.

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