RLI drops 9.5% on commercial auto-driven miss

Shares in US carrier RLI dropped as much as 10 percent in New
York trading after it posted first-quarter earnings that missed
Wall Street expectations.
The stock traded as low as $52.51 in late morning yesterday as
investors reacted to a 19 percent fall in operating profit after
commercial auto claims pushed the group's
casualty division to an underwriting loss. The shares pared
losses to close at $53.01, a 9.5 percent decline.The casualty unit reported a combined ratio of...