PSC - RLI Corp. Delivers Inflation-Resilient Growth But Quality Priced In

• Net premiums are growing without issue in a catastrophe-free year across segments.
• Some are seeing higher competition, but most of the big growth areas of last quarter are open to pricing flex.
• Market volatility is hurting current book values, but a higher rate environment will be good for insurance portfolios once primarily short maturity instruments roll over.
• Company continues a juggernaut performance with a dividend hike of 4%, but a higher rate environment is not the best for underwriting volumes, and the multiple is full.

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