RLI Corp. (RLI) CEO Jon Michael on Q2 2021 Results - Earnings Call Transcript

RLI Corp. (NYSE:RLI) Q2 2021 Earnings Conference Call July 22, 2021 11:00 AM ET

Corporate Participants

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

Conference Call Participants

Jeff Schmitt - William Blair
Meyer Shields - KBW
Mark Dwelle - RBC Capital Markets
Jamie Inglis - Philo Smith

Operator

Good morning ladies and gentlemen, welcome to the RLI Corp's Second Quarter Earnings Teleconference. As a reminder, we will open the conference up 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 could 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 ended June 30, 2021, 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 second quarter results.

RLI management may make reference during the call to operating earnings and earnings per share for 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 operating performance across reporting periods but may not be comparable to other companies' definitions of operating earnings. The Form 8-K contains