RLI Corp.'s (RLI) CEO Jonathan Michael on Q1 2021 Results - Earnings Call Transcript

RLI Corp. (NYSE:RLI) Q1 2021 Earnings Conference Call April 22, 2021 11:00 AM ET

Company Participants

Aaron Diefenthaler - VP, Chief Investment Officer and Treasurer
Todd Bryant - VP and CFO
Craig Kliethermes - President and COO
Jon Michael - Chairman and CEO

Conference Call Participants

Randy Binner - B. Riley Securities, Inc., FBR
Mark Dwelle - RBC Capital Markets
Matt Carletti - JMP

Operator

Good day, and welcome ladies and gentlemen to the RLI Corp's First Quarter Earnings Teleconference. As a reminder, we will open up the conference for questions and answers after the presentation.

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 may cause actual results to differ materially. Please refer to the risk factors described in the company's various SEC filings, including the annual report on Form 10-K as supplemented in the Form 10-Q for the quarterly period ending March 31, 2021, which should be reflected carefully. The company has filed a Form 8-K [ph] with the Securities and Exchange Commission, that contains the press release announcing first quarter results.

RLI 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 management believes these measures are useful in gauging core operations, performance across reporting periods and may not be comparable to other companies' definitions of operating earnings. The Form 8-K contains reconciliation between operations earnings and net earnings. The Form 8-K