RLI Corp. initiated with a Hold at Truist

Truist initiated coverage of RLI Corp. (RLI) with a Hold rating and $62 price target The topline is more exposed to the soft property market than that of most public peers, so RLI should face incremental headwinds to premium growth, while RLI’s bottom line losses have been well below the industry and are at risk because of a concentration in property, the analyst tells investors. The firm believes RLI’s earnings in the property line will be pressured as the company reprices or non-renews highly profitable policies increasingly targeted by other carriers, the analyst added.