RLI 8-K
Rli Corp (RLI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class |
| Trading Symbol |
| Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On November 7, 2024, RLI Corp. (“RLI”) announced that its Board of Directors approved the following: (i) a special cash dividend on its common stock of $4.00 per share, (ii) a regular quarterly dividend on its common stock of $0.29 per share, and (iii) a two-for-one stock split of its common stock.
Both dividends are payable on December 20, 2024, to shareholders of record as of November 29, 2024. The two-for-one stock split is for shareholders of record as of December 31, 2024, and will be effective and shares distributed after the close of business on January 15, 2025, contingent upon the filing of an Amendment to the Company’s Amended and Restated Certificate of Incorporation subdividing the Company’s issued shares (the “Amendment”). The Amendment will also effect a proportionate increase in the number of shares of authorized common stock in connection with the stock split. Shares will begin trading post-split on January 16, 2025. Both the regular and special dividends will be paid on the pre-split shares.
Furnished as Exhibit 99.1 and incorporated herein by reference is a copy of the press release issued by RLI announcing the dividends and stock split.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
| Description |
99.1 | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RLI CORP. | ||
Date: November 7, 2024 | By: | /s/ Jeffrey D. Fick |
Jeffrey D. Fick | ||
Chief Legal Officer & Corporate Secretary | ||
Exhibit 99.1
|
RLI declares Special dividend and Two-for-one stock split
PEORIA, ILLINOIS, November 7, 2024 -- RLI Corp. (NYSE: RLI) – RLI Corp. announced today its Board of Directors has declared a special cash dividend of $4.00 per share of common stock, which is expected to total approximately $183 million, and a regular quarterly cash dividend of $0.29 per share. In addition, the board announced a two-for-one stock split.
Both dividends are payable on December 20, 2024, to shareholders of record as of November 29, 2024. The two-for-one stock split is for shareholders of record as of December 31, 2024, and will be effective and shares will be distributed on January 15, 2025. Shares will begin trading post-split on January 16, 2025. Both the regular and special dividends will be paid on the pre-split shares.
“We are pleased to return $183 million in dividends to our shareholders,” said RLI Corp. President & CEO Craig W. Kliethermes. “Despite an active hurricane season, our underwriting discipline and strong capital management enabled us to fulfill our commitments to policyholders, while delivering consistent returns to our shareholders.”
ABOUT RLI
RLI Corp. (NYSE: RLI) is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI’s products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI’s subsidiaries are rated A+ “Superior” by AM Best Company. RLI has paid and increased regular dividends for 49 consecutive years and delivered underwriting profits for 28 consecutive years. To learn more about RLI, visit www.rlicorp.com.
MEDIA CONTACT
Aaron Diefenthaler
Chief Investment Officer & Treasurer
309-693-5846
[email protected]
###
|
