RLI drops 7% on commercial auto-driven miss

Shares in US carrier RLI dropped over 7 percent in early New
York trading after it posted first-quarter earnings that missed
Wall Street expectations.
The stock traded as low as $53.95 just after the opening bell as
investors reacted to a 19 percent fall in operating profit aftercommercial auto claims pushed the group's casualty division to
an underwriting loss.The casualty unit reported a combined ratio of nearly 106
percent, which the firm's chairman and CEO Jonathan Michael
attributed...