RLI misses on first prior-year reserve hit in a decade

RLI opened the third quarter US P&C reporting season with an
earnings miss, as profits were hit by a first prior-year reserve
deterioration in more than a decade at the specialty insurer.
The Peoria-based company generated operating earnings of $16.2mn
that were down on the $31.0mn reported in the same quarter last
year.
At $0.37 a share they were also well below Wall Street
analysts' consensus forecasts of $0.59 a share.
RLI said underwriting profits dropped from $33.6mn in Q3...