Nov 13, 2025 1:30 PM Eastern Standard Time RLI Declares Regular & Special Dividends Share PEORIA, Ill.--(BUSINESS WIRE)--RLI Corp. (NYSE: RLI) – RLI Corp. announced today its Board of Directors has declared a special cash dividend of $2.00 per share of common stock, which is expected to total approximately $184 million, and a regular quarterly cash dividend of $0.16 per share. Both dividends are payable on December 19, 2025, to shareholders of record as of November 28, 2025. "RLI's return of $184 million in ...

Core Insights - Brennan Patrick Sean, the Executive Vice President and CFO of Selective Insurance Group, purchased 2,700 shares valued at approximately $205,700 on October 24, 2025, increasing his direct ownership to 17,948 shares, valued at around $1.39 million [1][2][3] Transaction Summary - The transaction involved 2,700 shares traded at a price of $76.17 per share, resulting in a total transaction value of approximately $205,700 [2] - Post-transaction, Sean's direct ownership represents about 0.03% of the outstanding shares [3] Historical Activity - Between October 3, 2024, and October 24, 2025, Sean completed four reportable transactions, all net purchases, accumulating an additional 5,700 shares, which is a 46.54% increase in direct holdings over that period [4] Market Context - The shares were purchased at approximately $76.17, which is about 0.7% above the market price of $75.61 as of October 28, 2025. The shares have seen a total return decline of 16.0% over the year ending October 28, 2025 [5] Company Overview - Selective Insurance Group reported a total revenue of $5.22 billion and a net income of $406.67 million for the trailing twelve months (TTM) [7] - The company has a dividend yield of 1.65% and experienced a 1-year price change of -15.95% as of October 24, 2025 [7] Business Operations - Selective Insurance Group provides property, casualty, and flood insurance products, along with investment management services, targeting commercial, personal, and excess & surplus lines [8][9] - The company generates revenue primarily from insurance premiums and investment income from its portfolio [8] Recent Performance - In the third quarter of 2025, Selective Insurance Group reported a 4% year-over-year increase in net premiums written, with an improvement in the combined ratio from 99.5% to 98.6% [10] - Management anticipates further improvement in the combined ratio, projecting a midpoint of 97.5% and a return on equity of approximately 14% for the full year [11] Dividend Growth - Selective Insurance has increased its quarterly dividend by 13% this year, with long-term investors seeing a 72% rise in quarterly payouts over the past five years [12]

Core Insights - American Tower (AMT) reported a revenue of $2.72 billion for the quarter ended September 2025, reflecting a year-over-year increase of 7.7% and surpassing the Zacks Consensus Estimate by 2.43% [1] - The earnings per share (EPS) for the quarter was $2.78, a significant increase from $0.89 in the same quarter last year, exceeding the consensus EPS estimate by 6.11% [1] Financial Performance - The total operating revenues for Data Centers were reported at $267 million, slightly below the average estimate of $268.01 million, but still showing a year-over-year growth of 14.1% [4] - Total operating revenues for Services reached $101.1 million, significantly exceeding the average estimate of $58.18 million, marking a year-over-year increase of 94.4% [4] - Total Property revenues amounted to $2.62 billion, surpassing the average estimate of $2.59 billion, with a year-over-year growth of 5.9% [4] Geographic Revenue Breakdown - Geographic revenues from Total International were $1.03 billion, exceeding the average estimate of $1.01 billion, with a year-over-year change of 12.3% [4] - U.S. & Canada geographic revenues were reported at $1.32 billion, matching the average estimate and showing a slight year-over-year increase of 0.1% [4] - Africa & APAC revenues reached $371 million, surpassing the average estimate of $361.43 million, with a year-over-year growth of 24.9% [4] - Latin America revenues were $417 million, closely aligning with the average estimate of $417.27 million, reflecting a year-over-year increase of 3.5% [4] - European revenues were reported at $244 million, exceeding the average estimate of $238.1 million, with a year-over-year change of 14.6% [4] Stock Performance - American Tower's shares have returned -2.5% over the past month, contrasting with the Zacks S&P 500 composite's increase of 3.6% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - RLI Corp. is set to release its third quarter 2025 earnings on October 20, 2025, followed by a conference call on October 21, 2025, to discuss the results [1]. Company Overview - RLI Corp. is a specialty insurer focused on niche property, casualty, and surety markets, providing deep underwriting expertise and superior service to both commercial and personal lines customers across the nation [2]. - The company operates through its subsidiaries, including RLI Insurance Company, Mt. Hawley Insurance Company, and Contractors Bonding and Insurance Company, all of which hold an A+ "Superior" rating from AM Best Company [2]. - RLI has a strong track record of financial performance, having paid and increased regular dividends for 50 consecutive years and achieved underwriting profits for 29 consecutive years [2].

Core Insights - Everest Reinsurance has established a new office in Gujarat International Finance Tec-City (GIFT City), India, following approval from the International Financial Services Centres Authority (IFSCA) [1] - The new office will enhance Everest's regional footprint and strengthen partnerships with local and multinational insurers, focusing on casualty, property, and specialty reinsurance activities [2] - The launch in India is seen as a significant opportunity due to the dynamic reinsurance market driven by strong economic growth and increasing demand for advanced reinsurance solutions [3] Company Developments - Kevin Bogardus will oversee the new office as the head of Reinsurance Asia and Pacific [1] - Jill Beggs, the executive vice-president and CEO, emphasized the potential for long-term value delivery to clients across Asia and globally [3] - Jim Williamson was appointed as president and CEO of Everest Group in January 2023, bringing over 20 years of experience in the property and casualty insurance sector [4]

Core Concept - The "buy, borrow, die" strategy is a wealth preservation technique utilized by ultra-high-net-worth individuals, allowing them to buy appreciating assets, borrow against them for liquidity, and pass on the assets tax-free upon death [4][5][6]. Group 1: Strategy Overview - The strategy involves three main steps: purchasing appreciating assets, borrowing against these assets to access liquidity without triggering capital gains tax, and passing the assets to heirs at death [3][4]. - In the US, the "step-up in basis" rule allows heirs to inherit assets at current market value, eliminating original capital gains liability [3][10]. - The strategy has been popularized in the US and is credited to Prof Edward McCaffery, who introduced the term in the 1990s [2][5]. Group 2: US Example - An example illustrates that if an individual buys shares worth $500,000 and they appreciate to $10 million, borrowing against the shares allows access to funds without incurring capital gains tax [7]. - Upon death, heirs inherit the shares at the appreciated value of $10 million, with no capital gains tax liability due to the step-up basis [8]. Group 3: UK Comparison - The "buy, borrow, die" strategy faces challenges in the UK due to inheritance tax, which is levied at 40% on estates above £325,000, making it harder to pass wealth tax-free [9][10]. - While capital gains tax is only paid upon sale in the UK, the inheritance tax significantly impacts the ability to transfer wealth effectively [12][13]. - The UK does not offer the same multimillion-pound exemptions as the US, making estate planning more complex for families [13][14]. Group 4: Alternative Strategies - An alternative strategy suggested for the UK is "sell, gift, die," which involves selling assets and gifting them before death to minimize tax liabilities [19]. - This approach requires careful timing, as gifts must be made at least seven years before death to avoid inheritance tax [19][20].

Company Overview - The Allstate Corporation has a market cap of $52.7 billion and is one of the largest publicly held personal lines insurers in the U.S. [1] - The company operates through five business segments, offering a variety of property, casualty, life, health, and protection products to individuals, households, and employers in the U.S. and Canada [1]. Stock Performance - Allstate's shares have declined 6.8% from its 52-week high of $214.76, while the stock has risen 1.6% over the past three months, underperforming the Nasdaq Composite's 11.7% increase [3]. - Year-to-date, ALL stock is up 3.6%, lagging behind the Nasdaq's 13.3% gain, and has gained nearly 8% over the past 52 weeks compared to the Nasdaq's 29.6% return [4]. Financial Results - Following Q2 2025 results, Allstate shares rose 5.7% as the insurer posted adjusted EPS of $5.94, exceeding analyst expectations [5]. - The strong performance was attributed to a turnaround in the property-liability segment, with underwriting income increasing to $1.28 billion from a loss a year earlier, and the underlying combined ratio improving to 79.5% [5]. - Higher net investment income of $754 million also contributed to investor confidence [5]. Competitive Landscape - Rival The Hartford Insurance Group has outperformed Allstate, with shares returning 19.6% year-to-date and 11.9% over the past 52 weeks [6]. - Despite underperformance relative to the Nasdaq, analysts maintain a moderately optimistic outlook on Allstate, with a consensus rating of "Moderate Buy" from 23 analysts and a mean price target of $231.79, representing a 15.8% premium to current levels [6].

Core Insights - ACNB Corporation reported a net income of $11.6 million, or $1.11 diluted earnings per share, for Q2 2025, showing an increase from $11.3 million, or $1.32 diluted earnings per share, in Q2 2024, and a recovery from a net loss of $272 thousand in Q1 2025 [1][9][21] Financial Performance - Net interest income for Q2 2025 was $31.0 million, up $10.0 million from Q2 2024 and $3.9 million from Q1 2025, primarily driven by the acquisition of Traditions Bancorp [6][21] - The fully taxable equivalent (FTE) net interest margin increased to 4.21%, a rise of 39 basis points from Q2 2024 and 14 basis points from Q1 2025 [6][9] - Noninterest income reached $8.7 million, an increase of $2.3 million from Q2 2024 and $1.5 million from Q1 2025, with significant contributions from mortgage loans and insurance commissions [7][21] Asset Quality and Loans - Total loans outstanding were $2.34 billion at June 30, 2025, reflecting an increase of $19.6 million from Q1 2025 and $662.2 million from Q2 2024, with growth across various loan categories attributed to the acquisition [10][21] - The allowance for credit losses was $24.4 million, a decrease of $293 thousand from Q1 2025 and an increase of $7.2 million from Q2 2024 [10][21] - Non-performing loans were $10.1 million, or 0.43% of total loans, stable compared to Q1 2025 but increased from $3.1 million, or 0.19%, in Q2 2024 [11][21] Deposits and Equity - Total deposits were $2.52 billion at June 30, 2025, a decrease of $15.5 million from Q1 2025 but an increase of $686.0 million from Q2 2024 [12][21] - Stockholders' equity rose to $395.2 million, up from $386.9 million in Q1 2025 and $289.3 million in Q2 2024, driven by net income and stock repurchases [14][21] Capital Management - The Board of Directors declared a quarterly cash dividend of $0.34 per share, reflecting a 6.3% increase over the same period in 2024 [9][21] - ACNB repurchased 71,592 shares during Q2 2025 and announced a plan to repurchase up to 314,000 shares, approximately 3.0% of outstanding shares [16][21]

Summary of Key Points from the Conference Call Industry Overview - The report compares the financial asset pools in China and the US, focusing on bank deposits, property, bonds, and equities, highlighting the wealth effects generated since 2010 [2][10][70]. Core Insights 1. **Financial Asset Pools**: - China leads in bank deposits with USD 32 trillion compared to USD 18 trillion in the US [3][12]. - Property assets in China peaked at 76% of the US level in 2020 but fell to 59% in 2024 due to a correction in the real estate market [3][13]. - The bond market in China has been catching up, reaching 45% of the US bond market by 2024, up from 11% in 2010 [3][14]. - The equity market capitalization of China A and H-shares has decreased from 53% of the S&P 500 in 2015 to 30% by February 2025 [3][17]. 2. **Wealth Effect**: - Cash distributions from equity assets in China exceeded coupon payments on RMB bonds by 32% in 2024, indicating a shift in wealth generation [4][33]. - The "paper wealth" generated by Chinese equities from 2010 to February 2025 was only 8% of that created by the S&P 500 during the same period, suggesting a weaker wealth effect from Chinese equities [4][36]. 3. **Bond Market Implications**: - The bond market in China is expected to provide stability, but its ability to generate wealth effects is questioned due to low interest rates [5][61]. - Policymakers may seek alternative avenues if the bond market fails to deliver the desired wealth effect, emphasizing the importance of equity performance in influencing bond market dynamics [5][61]. 4. **Comparative Analysis**: - The report highlights that while China has a larger pool of deposits and property, the US has a greater inclination towards equities and bonds [7][10]. - The performance of equity assets is becoming a critical risk factor for bond performance in China [7][11]. Additional Important Insights - The report notes that the cash distribution from Chinese equity assets has risen from 20% of the US level in 2010 to 37% in 2024, while coupon distributions from Chinese bonds have decreased from 34% to 22% of the US level during the same period [34]. - The significant losses in property assets, amounting to USD 6.1 trillion from 2022 to 2024, have overshadowed the cash distributions from equity and bond assets, contributing to a risk-off sentiment among Chinese households [38][39]. - The report concludes that there is potential for further financialization in China, particularly in equity assets, which have lagged behind other asset classes [70][71]. This comprehensive analysis provides insights into the evolving landscape of financial assets in China compared to the US, highlighting the implications for investors and policymakers alike.