OLDWICK, N.J., November 30, 2021--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa" (Superior) of the members of RLI Group (RLI). In addition, AM Best has affirmed the Long-Term ICR of "a" (Excellent) of RLI’s publicly traded parent holding company, RLI Corp. [NYSE: RLI]. AM Best also has affirmed the Long-Term Issue Credit Rating of "a" (Excellent) on $150 million 4.875% senior unsecured notes due 2023 of RLI Corp. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Peoria, IL. (See below for a detailed listing of the companies and ratings.)
The ratings reflect RLI’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and very strong enterprise risk management.
Additionally, the ratings take into account RLI’s continued favorable operating trends and risk-adjusted capitalization, sound risk management capabilities with a focus on sustaining underwriting profitability and conservative balance sheet strategies. RLI has the expertise to focus on niche opportunities by concentrating on markets that often are underserved, which helps insulate it from the various stages of the traditional property/casualty market cycle. Further supporting the ratings is the strong financial flexibility afforded by RLI Corp., as evidenced by its modest financial leverage and strong fixed-charge coverage.
The FSR of A+ (Superior) and the Long-Term ICRs of "aa" (Superior), each with a stable outlook, have been affirmed for the members of RLI Group:
RLI Insurance Company
Contractors Bonding and Insurance Company
Mt. Hawley Insurance Company
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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