NU Online News Service, July 20, 2:10 p.m. EDT
Specialty insurer RLI Corp. reported second-quarter net income of nearly $40 million this year, a 2.7 percent increase compared to the same period last year.
Favorable reserve development on prior accident years in the casualty and surety segments positively affected second-quarter results, the company said.
The market remains soft, with the industry having "too much capital chasing too little premium," said Jonathan E. Michael, president and chief executive officer, in a statement.
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