4/22/2020

speaker
Operator
Conference Moderator

Delman, to the RLI First Quarter Earnings Teleconference. As a reminder, we will open up the conference for questions and answers after the presentation. Before we get started, let me remind everyone that through the course of the teleconference, RLI management may make comments that reflect their intentions, beliefs, and expectations for the future. As always, these forward-looking statements are subject to certain factors and uncertainties, which could cause actual results to differ materially, including the ongoing impact of the novel coronavirus, COVID-19 global pandemic. These refer to the risk factors described in the company's various SEC filings, including their annual report on Form 10-K and the Form 8-K filed by the company yesterday with a supplemental risk factor related to the COVID-19 pandemic, all of which should be reviewed carefully. The Form 8-K filed yesterday also contains a press release announcing the first quarter results. RLI management may make reference during the call to operating earnings and earnings per share from operations, which are non-GAAP measures of financial results, RLI's operating earnings and earnings per share from operations consistent of net earnings after the elimination of after-tax realized gains or losses and after-tax unrealized gains or losses on equity securities. RLI's management believes these measures are useful in engaging core operating performance across reporting periods, but may not be comparable to other companies' definitions of operating earnings. Form 8K contains a reconciliation between operating earnings and net earnings. The Form 8K and press release are available at the company's website at www.rlicorp.com. I will now turn the conference over to our last chairman and CEO, Mr. Jonathan Michael. Please go ahead, sir.

speaker
Jonathan Michael
Chairman and Chief Executive Officer

Thank you and good morning, everyone. We hope that you and your families and colleagues are all safe and well. Before we discuss the quarter today, I'd like to take a brief moment to acknowledge the current environment. We recognize these are challenging times for everyone as the global pandemic That's had a profound impact on the economy and many people's lives. Our hearts go out to all of those who have lost loved ones and those that continue to suffer due to the illness. As an employee-owned company, the well-being of our entire RLI family, our customers, business partners, and associates is our highest priority. We responded to the crisis by quickly taking action to protect our associates while continuing to deliver the highest service and support possible for our customers. Nearly all of our employees are working from home and we're in a good position to maintain our remote business operations for as long as necessary. Our entire team is doing an outstanding job despite the imperfect circumstances. Throughout this transition, we've benefited from robust business continuity plans we had in place and investments we've made over time in our technology infrastructure. This has enabled a relatively smooth shift to a remote work model allowing us to protect our team members while maintaining business operations and strong customer support. Amid rapidly changing dynamics, and continuing to evaluate all aspects of our operations on a daily basis and making necessary adjustments to carefully manage our business through the current climate. I'll end by taking a moment to thank all of our associates for going above and beyond every day to help our customers address the many challenges that they're facing. I'm very proud of our team and what they've achieved in the first quarter. I'll now turn it over to Aaron Diefenthaler.

speaker
Aaron Diefenthaler
Investor Relations

Thanks for your thoughts, John. While much has changed in the last six weeks, the structure of our first quarter earnings call for 2020 will be largely the same as in prior quarters. Apart from John, we're joined by Craig Kliethermes, President and Chief Operating Officer, and Todd Bryant, Chief Financial Officer. Todd will first give some comments on the quarter's financial results. Next, Craig will give some segment color and discuss market conditions We will then open the call to questions and John will close with some final thoughts. Todd?

Disclaimer

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