On Thursday, RLI Corp. announced that its board of directors declared an extraordinary cash dividend of $2.00 per share of common stock in addition to a regular quarterly cash dividend of $0.19 per share.
Noting that the special dividend demonstrated the continuation of disciplined capital, RLI Corp. Chair and Chief Executive Officer Jonathan Michael said, “Our priority continues to be identifying profitable growth opportunities, which we remain well-positioned to achieve given our capital strength, product-portfolio, and talented employees.”
In October, RLI reported an 8 percent increase in third-quarter net income to $35.9 million on a combined ratio of 83.
Separately on Thursday, RLI Executive Products Group announced a new Representations and Warranties Liability policy and enhancements to an existing Side-A DIC policy. Earlier in the week, the specialty insurer also launched a new, online jewelry insurance product.
RLI expects the extraordinary dividend to total approximately $87 million.
Since the beginning of 2011, RLI has returned more than $640 million to shareholders in the form of dividends and share repurchases (including the two dividends announced Thursday), RLI said.
The latest dividends are payable on Dec. 22, 2015, to shareholders of record as of Nov. 30, 2015.
Source: RLI Corp.