RLI
RLI on NYSE. RLI sells property, casualty and surety insurance to businesses through brokers and agents. Market value $5.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 24 cents. Above 10 is good.
What you pay for each dollar of net assets: $2.94.
Profit per $100 you pay: $8.53.
Quality score: 100 of 100. Price score: 51 of 100. Our list needs 70 on quality and 60 on price.
$56.04 a share, 19% above its 1-year low
Over the past year the price has ranged from $47.26 to $67.12.
Dividend: 4.7% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.2bn | $1.7bn | $1.5bn | $1.8bn | $1.9bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 13.9% a year
- Buying back its own sharesNo, 102% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $576 million last quarter, up 15% on a year ago.
- Profit: $168 million, up 35% on a year ago.
- Spare cash over the past 12 months: $517 million, down from $622 million.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $470m |
| December 2024 | $439m |
| March 2025 | $408m |
| June 2025 | $500m |
| September 2025 | $509m |
| December 2025 | $466m |
| March 2026 | $424m |
| June 2026 | $576m |
| Quarter to | Amount |
|---|---|
| September 2024 | $95m |
| December 2024 | $41m |
| March 2025 | $63m |
| June 2025 | $124m |
| September 2025 | $125m |
| December 2025 | $91m |
| March 2026 | $55m |
| June 2026 | $168m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 23 October 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 423 funds in all.
- Markel GroupTom Gayner
- Value
- $141m
- Share of fund
- 1.1%
- Bruce & Co.R. Jeffrey Bruce
- Value
- $2m
- Share of fund
- 0.6%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Ariel InvestmentsJohn Rogers Jr. | $149m | 1.5% | Added |
| Markel GroupTom Gayner | $141m | 1.1% | |
| Royce & AssociatesChuck Royce | $67m | 0.5% | Added |
| Gotham Asset ManagementJoel Greenblatt | $32m | <0.1% | Cut |
| Bruce & Co.R. Jeffrey Bruce | $2m | 0.6% |
Largest holders overall
- State Street$528m
- BlackRock$492mAdded
- Kayne Anderson Rudnick Investment Management$398mCut
- Vanguard Portfolio Management$281m
- Vanguard Capital Management$244m
- Wasatch Advisors LP$214mAdded
- Geode Capital Management$154mAdded
- Ariel Investments$149mAdded
- Markel Group$141m
- Invesco$139mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Kayne Anderson Rudnick Investment Management, LLCPassive investor7.9%Since 31 December 2025
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.2%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Kayne Anderson Rudnick Investment Management, LLC Passive investor | 7.9% | 31 December 2025 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.2% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $1m of shares on the open market.
- KELLOGG CLARK CDirectorBought
- Date
- 1 June 2026
- Shares
- 3,000
- Price
- $50.90
- Value
- $152,700
- Duclos David B.DirectorBought
- Date
- 28 May 2026
- Shares
- 2,500
- Price
- $51.99
- Value
- $129,975
- Kliethermes Craig WCHIEF EXECUTIVE OFFICERBought
- Date
- 27 May 2026
- Shares
- 5,000
- Price
- $52.00
- Value
- $260,000
- Klobnak Jennifer LCHIEF OPERATING OFFICERBought
- Date
- 27 May 2026
- Shares
- 2,000
- Price
- $52.72
- Value
- $105,440
- Kliethermes Craig WCHIEF EXECUTIVE OFFICERBought
- Date
- 21 May 2026
- Shares
- 5,000
- Price
- $52.00
- Value
- $260,000
- Klobnak Jennifer LCHIEF OPERATING OFFICERBought
- Date
- 19 May 2026
- Shares
- 2,000
- Price
- $53.42
- Value
- $106,840
- Klobnak Jennifer LCHIEF OPERATING OFFICERBought
- Date
- 23 January 2026
- Shares
- 2,000
- Price
- $57.99
- Value
- $115,980
- Kliethermes Craig WCHIEF EXECUTIVE OFFICERBought
- Date
- 23 January 2026
- Shares
- 5,000
- Price
- $57.45
- Value
- $287,250
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 June 2026 | KELLOGG CLARK C Director | Bought | 3,000 | $50.90 | $152,700 |
| 28 May 2026 | Duclos David B. Director | Bought | 2,500 | $51.99 | $129,975 |
| 27 May 2026 | Kliethermes Craig W CHIEF EXECUTIVE OFFICER | Bought | 5,000 | $52.00 | $260,000 |
| 27 May 2026 | Klobnak Jennifer L CHIEF OPERATING OFFICER | Bought | 2,000 | $52.72 | $105,440 |
| 21 May 2026 | Kliethermes Craig W CHIEF EXECUTIVE OFFICER | Bought | 5,000 | $52.00 | $260,000 |
| 19 May 2026 | Klobnak Jennifer L CHIEF OPERATING OFFICER | Bought | 2,000 | $53.42 | $106,840 |
| 23 January 2026 | Klobnak Jennifer L CHIEF OPERATING OFFICER | Bought | 2,000 | $57.99 | $115,980 |
| 23 January 2026 | Kliethermes Craig W CHIEF EXECUTIVE OFFICER | Bought | 5,000 | $57.45 | $287,250 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.