Intrinsic value of RLI - RLI

Previous Close

$59.48

  Intrinsic Value

$53.70

stock screener

  Rating & Target

hold

-10%

Previous close

$59.48

 
Intrinsic value

$53.70

 
Up/down potential

-10%

 
Rating

hold

Our model is not good at valuating stocks of financial companies, such as RLI.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RLI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.64
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  832
  851
  873
  898
  925
  955
  988
  1,023
  1,061
  1,101
  1,145
  1,191
  1,241
  1,293
  1,349
  1,408
  1,471
  1,537
  1,607
  1,681
  1,759
  1,841
  1,928
  2,019
  2,115
  2,216
  2,323
  2,435
  2,553
  2,677
Variable operating expenses, $m
 
  629
  644
  660
  679
  699
  722
  747
  773
  802
  833
  866
  901
  938
  978
  1,020
  1,065
  1,112
  1,162
  1,215
  1,271
  1,330
  1,392
  1,457
  1,526
  1,599
  1,675
  1,756
  1,841
  1,930
  2,024
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  663
  629
  644
  660
  679
  699
  722
  747
  773
  802
  833
  866
  901
  938
  978
  1,020
  1,065
  1,112
  1,162
  1,215
  1,271
  1,330
  1,392
  1,457
  1,526
  1,599
  1,675
  1,756
  1,841
  1,930
  2,024
Operating income, $m
  154
  203
  208
  213
  219
  226
  233
  241
  250
  259
  269
  279
  291
  303
  316
  329
  344
  359
  375
  392
  410
  429
  449
  470
  493
  516
  541
  567
  594
  623
  653
EBITDA, $m
  160
  209
  214
  220
  226
  233
  240
  248
  257
  267
  277
  288
  299
  312
  325
  339
  354
  370
  386
  404
  423
  442
  463
  485
  507
  532
  557
  584
  612
  642
  673
Interest expense (income), $m
  0
  5
  6
  8
  10
  12
  14
  17
  19
  22
  26
  29
  33
  37
  41
  45
  50
  55
  60
  65
  71
  78
  84
  91
  98
  106
  114
  122
  131
  141
  150
Earnings before tax, $m
  157
  198
  201
  205
  209
  214
  219
  224
  230
  236
  243
  250
  258
  266
  275
  284
  294
  304
  315
  327
  339
  352
  365
  379
  394
  410
  427
  444
  463
  482
  503
Tax expense, $m
  42
  53
  54
  55
  56
  58
  59
  61
  62
  64
  66
  68
  70
  72
  74
  77
  79
  82
  85
  88
  91
  95
  99
  102
  107
  111
  115
  120
  125
  130
  136
Net income, $m
  115
  144
  147
  150
  153
  156
  160
  164
  168
  173
  177
  183
  188
  194
  201
  207
  215
  222
  230
  238
  247
  257
  267
  277
  288
  299
  312
  324
  338
  352
  367

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,778
  2,831
  2,896
  2,971
  3,054
  3,147
  3,248
  3,359
  3,479
  3,608
  3,746
  3,894
  4,052
  4,221
  4,399
  4,589
  4,790
  5,003
  5,228
  5,466
  5,717
  5,982
  6,262
  6,556
  6,867
  7,194
  7,538
  7,900
  8,282
  8,683
  9,104
Adjusted assets (=assets-cash), $m
  2,778
  2,831
  2,896
  2,971
  3,054
  3,147
  3,248
  3,359
  3,479
  3,608
  3,746
  3,894
  4,052
  4,221
  4,399
  4,589
  4,790
  5,003
  5,228
  5,466
  5,717
  5,982
  6,262
  6,556
  6,867
  7,194
  7,538
  7,900
  8,282
  8,683
  9,104
Revenue / Adjusted assets
  0.000
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
Average production assets, $m
  119
  122
  124
  128
  131
  135
  139
  144
  149
  155
  161
  167
  174
  181
  189
  197
  206
  215
  224
  235
  245
  257
  269
  281
  295
  309
  324
  339
  355
  373
  391
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  149
  185
  231
  283
  342
  407
  479
  556
  641
  731
  829
  933
  1,044
  1,162
  1,288
  1,421
  1,563
  1,712
  1,871
  2,038
  2,214
  2,401
  2,597
  2,804
  3,022
  3,252
  3,494
  3,749
  4,017
  4,299
  4,595
Total liabilities, $m
  1,954
  1,990
  2,036
  2,088
  2,147
  2,212
  2,284
  2,361
  2,446
  2,536
  2,634
  2,738
  2,849
  2,967
  3,093
  3,226
  3,368
  3,517
  3,676
  3,843
  4,019
  4,206
  4,402
  4,609
  4,827
  5,057
  5,299
  5,554
  5,822
  6,104
  6,400
Total equity, $m
  824
  841
  860
  882
  907
  935
  965
  998
  1,033
  1,071
  1,113
  1,157
  1,204
  1,254
  1,307
  1,363
  1,423
  1,486
  1,553
  1,623
  1,698
  1,777
  1,860
  1,947
  2,039
  2,137
  2,239
  2,346
  2,460
  2,579
  2,704
Total liabilities and equity, $m
  2,778
  2,831
  2,896
  2,970
  3,054
  3,147
  3,249
  3,359
  3,479
  3,607
  3,747
  3,895
  4,053
  4,221
  4,400
  4,589
  4,791
  5,003
  5,229
  5,466
  5,717
  5,983
  6,262
  6,556
  6,866
  7,194
  7,538
  7,900
  8,282
  8,683
  9,104
Debt-to-equity ratio
  0.181
  0.220
  0.270
  0.320
  0.380
  0.440
  0.500
  0.560
  0.620
  0.680
  0.740
  0.810
  0.870
  0.930
  0.990
  1.040
  1.100
  1.150
  1.200
  1.260
  1.300
  1.350
  1.400
  1.440
  1.480
  1.520
  1.560
  1.600
  1.630
  1.670
  1.700
Adjusted equity ratio
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  115
  144
  147
  150
  153
  156
  160
  164
  168
  173
  177
  183
  188
  194
  201
  207
  215
  222
  230
  238
  247
  257
  267
  277
  288
  299
  312
  324
  338
  352
  367
Depreciation, amort., depletion, $m
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
Funds from operations, $m
  209
  151
  153
  156
  159
  163
  167
  171
  175
  180
  186
  191
  197
  204
  210
  217
  225
  233
  241
  250
  260
  270
  280
  291
  303
  315
  328
  342
  356
  371
  387
Change in working capital, $m
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  174
  151
  153
  156
  159
  163
  167
  171
  175
  180
  186
  191
  197
  204
  210
  217
  225
  233
  241
  250
  260
  270
  280
  291
  303
  315
  328
  342
  356
  371
  387
Maintenance CAPEX, $m
  0
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
New CAPEX, $m
  -16
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
Cash from investing activities, $m
  -54
  -9
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -14
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -21
  -21
  -23
  -23
  -25
  -27
  -27
  -29
  -31
  -32
  -33
  -35
  -37
Free cash flow, $m
  120
  142
  144
  147
  149
  152
  156
  159
  163
  167
  172
  177
  182
  187
  193
  200
  206
  213
  221
  229
  237
  246
  255
  265
  275
  286
  298
  310
  322
  336
  350
Issuance/(repayment) of debt, $m
  0
  36
  46
  52
  59
  65
  71
  78
  84
  91
  97
  104
  111
  118
  126
  133
  141
  150
  158
  167
  177
  186
  196
  207
  218
  230
  242
  255
  268
  282
  297
Issuance/(repurchase) of shares, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  8
  36
  46
  52
  59
  65
  71
  78
  84
  91
  97
  104
  111
  118
  126
  133
  141
  150
  158
  167
  177
  186
  196
  207
  218
  230
  242
  255
  268
  282
  297
Total cash flow (excl. dividends), $m
  129
  178
  190
  199
  208
  217
  227
  237
  247
  258
  269
  281
  293
  306
  319
  333
  348
  363
  379
  396
  414
  432
  452
  472
  494
  516
  540
  564
  590
  618
  646
Retained Cash Flow (-), $m
  -1
  -17
  -19
  -22
  -25
  -27
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -125
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  161
  171
  177
  183
  190
  197
  204
  212
  220
  228
  237
  246
  256
  266
  277
  288
  300
  312
  325
  339
  354
  369
  385
  401
  419
  437
  457
  477
  499
  521
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  155
  156
  154
  151
  147
  143
  138
  132
  126
  120
  112
  105
  97
  89
  81
  73
  65
  58
  50
  43
  37
  31
  25
  20
  16
  13
  10
  7
  5
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses. Its property segment consists of commercial property, marine, specialty personal, property reinsurance and crop reinsurance businesses. Its surety segment consists of miscellaneous, commercial, contract and energy businesses. The Company conducts its operations principally through three insurance companies: RLI Insurance Company (RLI Ins.), Mt. Hawley Insurance Company (Mt. Hawley) and Contractors Bonding and Insurance Company (CBIC).

FINANCIAL RATIOS  of  RLI (RLI)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 3.2
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 16.5
Growth Rates
Sales Growth Rate 2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 60%
Cap. Spend. - 3 Yr. Gr. Rate -8.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 18.1%
Total Debt to Equity 18.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 11.8%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 14%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 20%
EBITDA Margin - 3 Yr. Avg. 23.5%
Operating Margin 18.8%
Oper. Margin - 3 Yr. Avg. 22.3%
Pre-Tax Margin 19.2%
Pre-Tax Margin - 3 Yr. Avg. 22.8%
Net Profit Margin 14.1%
Net Profit Margin - 3 Yr. Avg. 16.3%
Effective Tax Rate 26.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 106.1%

RLI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RLI stock intrinsic value calculation we used $816 million for the last fiscal year's total revenue generated by RLI. The default revenue input number comes from 2016 income statement of RLI. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RLI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for RLI is calculated based on our internal credit rating of RLI, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of RLI.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RLI stock the variable cost ratio is equal to 75.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RLI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for RLI.

Corporate tax rate of 27% is the nominal tax rate for RLI. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RLI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RLI are equal to 14.6%.

Life of production assets of 19.8 years is the average useful life of capital assets used in RLI operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RLI is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $824 million for RLI - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 44.181 million for RLI is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of RLI at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ RLI Fourth Quarter Earnings Release & Teleconference   [Jan-09-18 04:05PM  Business Wire]
▶ How to Invest in Insurance   [Jan-02-18 06:00AM  Motley Fool]
▶ RLI Corp. Value Analysis (NYSE:RLI) : December 7, 2017   [Dec-07-17 02:58PM  Capital Cube]
▶ RLI Declares Regular and Special Dividend   [Nov-09-17 04:00PM  Business Wire]
▶ ETFs with exposure to RLI Corp. : October 30, 2017   [Oct-30-17 12:12PM  Capital Cube]
▶ New Strong Sell Stocks for October 19th   [Oct-19-17 09:21AM  Zacks]
▶ RLI Corp. posts 3Q profit   [Oct-18-17 04:09PM  Associated Press]
▶ RLI Reports Third Quarter 2017 Results   [04:00PM  Business Wire]
▶ When Should You Sell RLI Corp (RLI)?   [Oct-04-17 07:46PM  Simply Wall St.]
▶ RLI Third Quarter Earnings Release & Teleconference   [Sep-28-17 04:00PM  Business Wire]
▶ RLI Estimates Hurricane Losses   [Sep-26-17 06:19PM  Business Wire]
▶ RLI Corp. Value Analysis (NYSE:RLI) : September 25, 2017   [Sep-25-17 10:56AM  Capital Cube]
▶ ETFs with exposure to RLI Corp. : August 18, 2017   [Aug-18-17 05:57PM  Capital Cube]
▶ RLI Declares Regular Dividend   [Aug-09-17 05:09PM  Business Wire]
▶ ETFs with exposure to RLI Corp. : August 8, 2017   [Aug-08-17 05:08PM  Capital Cube]
▶ ETFs with exposure to RLI Corp. : July 24, 2017   [Jul-24-17 06:47PM  Capital Cube]
▶ RLI Corp. posts 2Q profit   [Jul-19-17 09:22PM  Associated Press]
▶ RLI Reports Second Quarter 2017 Results   [04:00PM  Business Wire]
▶ ETFs with exposure to RLI Corp. : July 14, 2017   [Jul-14-17 04:35PM  Capital Cube]
▶ RLI Second Quarter Earnings Release & Teleconference   [Jun-29-17 04:00PM  Business Wire]
▶ RLI Corp. Value Analysis (NYSE:RLI) : June 6, 2017   [Jun-06-17 11:59AM  Capital Cube]
▶ ETFs with exposure to RLI Corp. : May 18, 2017   [May-18-17 01:59PM  Capital Cube]
▶ RLI Increases Regular Dividend for 42nd Consecutive Year   [May-04-17 04:00PM  Business Wire]
▶ ETFs with exposure to RLI Corp. : May 2, 2017   [May-02-17 04:33PM  Capital Cube]
▶ RLI Corp. posts 1Q profit   [Apr-19-17 04:16PM  Associated Press]
▶ RLI Reports First Quarter 2017 Results   [04:00PM  Business Wire]
▶ RLI First Quarter Earnings Release & Teleconference   [Mar-30-17 04:00PM  Business Wire]
▶ First Midwest Bancorp, Inc. Appoints Two New Directors   [Feb-27-17 12:32PM  GlobeNewswire]
▶ RLI Declares Dividend   [09:44AM  Business Wire]
Financial statements of RLI
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