Rli Corp.'s (RLI) CEO Jonathan Michael on Q4 2020 Results - Earnings Call Transcript

Call Start: 11:00 January 1, 0000 11:34 AM ET

RLI Corp. (NYSE:RLI)
Q4 2020 Earnings Conference Call
January 28, 2021, 11:00 AM ET

Company Participants

Aaron Diefenthaler - Vice President, Chief Investment Officer and Treasurer
Jonathan Michael - Chairman and Chief Executive Officer
Todd Bryant - Vice President and Chief Financial Officer
Craig Kliethermes - President and Chief Operating Officer

Conference Call Participants

Cullen Johnson - B Riley Securities
Jeff Schmitt - William Blair
Matt Carletti - JMP
Meyer Shields - KBW
Casey Alexander - Compass Point

Operator

Good morning, and welcome, ladies and gentlemen to RLI Corp.'s Fourth Quarter Earnings Teleconference. As a reminder, we will open the conference for a question-and-answer after the presentation. [Operator Instructions]

Before we get started, let me remind everyone that through the course of the teleconference, RLI management may make comments that reflect their intentions, beliefs and expectations for the future. As always, these forward-looking statements are subject to certain factors and uncertainties, which could cause actual results to differ materially.

Please refer to the risk factors described in the company's various SEC filings, including in the Annual Report on Form 10-K as supplemented and the Form 10-Q for the quarterly period ended December 31, 2020, which should be reviewed carefully. The company has filed a Form 8-K with the Securities and Exchange Commission that contains the press release announcing fourth quarter results.

RLI's management may make reference during the call to operating earnings and earnings per share from operations which are non-GAAP measures of financial results. RLI's operating earnings and earnings per share from operations consist of net earnings after the elimination of after-tax realized gains or losses and after-tax unrealized gains or losses on equity securities.

RLI's management believes these measures are useful in gauging core operations, performances across reporting periods, but may