Michael J. Stone, a director at RLI Corp (NYSE:RLI), a $7.79 billion market cap insurance company that has delivered a 32% return year-to-date, recently sold a total of $85,135 worth of company stock. The transactions occurred over two days, with 200 shares sold on December 12 at a price of $169.55 per share, and an additional 300 shares sold on December 13 at $170.75 per share. According to InvestingPro data, RLI trades at a P/E ratio of 18.5 and is currently fairly valued. Following these transactions, Stone holds 214,510.6648 shares directly. Additionally, 135 shares are held indirectly by his spouse. InvestingPro subscribers can access 10 additional key insights about RLI's financial health and growth prospects.
In other recent news, RLI Corp, a specialty insurance company, announced a 2-for-1 forward split of its common stock and an increase in the number of authorized shares from 200 million to 400 million. The company also declared a special cash dividend of $4.00 per share and a regular quarterly dividend of $0.29 per share. These recent developments are expected to double the number of shares owned by investors, with trading on a split-adjusted basis set to begin on January 16, 2025.
Furthermore, despite significant hurricane activity, RLI Corp reported robust third-quarter results. The company's operating earnings were $1.31 per share, with a 15% increase in investment income. Gross premiums rose by 13%, led by growth in the Casualty, Surety, and Property segments. The company's comprehensive earnings reached $3.79 per share, and the book value per share increased to $38.17, marking a 26% rise from the end of 2023.
RLI Corp continues to demonstrate resilience and a strategic focus on underwriting discipline, coupled with investments in technology and staff development. The company is actively educating producers about its personal umbrella and transportation offerings. Despite competitive pressures and economic challenges, these recent developments highlight the company's ability to navigate market disruptions and maintain strong relationships with producers.
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