RLI Corp. reported second-quarter net income of nearly $50 million yesterday, attributing a big chunk of its $27 million jump in earnings over the comparative period last year to favorable loss reserve developments.

The Peoria, Ill.-based specialty insurer said net income was $49.9 million, or $2.04 per share in the second quarter, compared to $22.9 million, or 89 cents share, for the same quarter year.

Reserve takedowns for prior-year losses amounted to $20.5 million before taxes, or 54 cents per share in total, with 46 cents relating to casualty lines, and one cent relating to 2005 hurricanes. Surety and other property reserves accounted for the rest.

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