RLI Corp. (RLI) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.676 Good morning, and welcome to the RLI Corp First Quarter Earnings Teleconference. 00:00:04.676 -- 00:00:07.980 After management's prepared remarks, we will open the conference up for questions and 00:00:07.980 -- 00:00:12.466 answers. Before we get started, let me remind everyone that through the course of the 00:00:12.466 -- 00:00:17.512 teleconference, RLI management may make comments that reflect their intentions, beliefs, 00:00:17.512 -- 00:00:22.437 and expectations for the future. As always, these forward-looking statements are subject 00:00:22.437 -- 00:00:27.807 to certain factors and uncertainties, which could cause actual results to differ materially. 00:00:27.807 -- 00:00:32.755 Please refer to the risk factors described in the company's various SEC filings, including 00:00:32.755 -- 00:00:37.983 in the annual report on Form 10-K, as supplemented in Forms 10-Q, 00:00:37.983 -- 00:00:40.346 all of which should be reviewed carefully. 00:00:40.346 -- 00:00:45.354 The company has filed a Form 8-K with the Securities and Exchange Commission that 00:00:45.354 -- 00:00:49.053 contains the press release announcing fourth quarter results. 00:00:49.053 -- 00:00:54.201 During the call, RLI management may refer to operating earnings and earnings per 00:00:54.201 -- 00:00:59.769 share from operations, which are non-GAAP measures of financial results. 00:00:59.769 -- 00:01:05.477 RLI's operating earnings and earnings per share from operations consist of net earnings 00:01:05.477 -- 00:01:10.765 after the elimination of after-tax realized gains or losses, and after-tax 00:01:10.765 -- 00:01:14.534 unrealized gains or losses on equity securities. 00:01:14.534 -- 00:01:19.979 Additionally, equity and earnings of unconsolidated investees a...