Rli Corp (NYSE:RLI) Q1 2022 Earnings Conference Call April 21, 2022 11:00 AM ET

Company Participants

Aaron Diefenthaler - CIO & Treasurer

Todd Bryant - CFO

Craig Kliethermes - President, CEO & Director

Jennifer Klobnak - COO

Conference Call Participants

Matthew Carletti - JMP Securities

Cullen Johnson - B. Riley Securities

Casey Alexander - Compass Point Research & Trading

Mark Dwelle - RBC Capital Markets

James Inglis - Philo Smith & Co.

Meyer Shields - KBW

Operator

Good morning, and welcome to the RLI Corp. First Quarter Earnings Teleconference. [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 in Forms 10-Q, 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.

During the call, RLI management may refer 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 the 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 a reconciliation between operating earnings and net earnings. The Form 8-K and press release are available at the company's website at www.rlicorp.com.

I will now turn the conference over to RLI's Chief Investment Officer and Treasurer, Mr. Aaron Diefenthaler. Sir, please go ahead when you're ready.

Aaron Diefenthaler

Thanks, Adam. Good morning, and welcome to RLI's first quarter earnings call for 2022. Joining us today are Craig Kliethermes, President and CEO; Jen Klobnak, Chief Operating Officer; Todd Bryant, Chief Financial Officer; and Jon Michael, Chairman. As usual, Todd will lead off with the summary of our financial performance for the quarter.

Craig and Jen will offer additional comments on current market conditions related to our product portfolio. We will then take your questions and Craig will close with some final thoughts. Todd?