insane dividends

[wzebra33]

(NYSE:RLI) – RLI Corp. announced today its board of directors has declared an extraordinary cash dividend of $5.00 per share of common stock, which is expected to total approximately $105 million, and a regular quarterly cash dividend of $0.32 per share. Both dividends are payable on December 20, 2012, to shareholders of record as of November 30, 2012.

“The RLI Board of Directors has decided to return approximately $105 million to our shareholders through a special dividend,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “This is consistent with our policy of returning excess capital to our shareholders after making necessary strategic investments in our business, such as our recent acquisition of Rockbridge Underwriting. Our strong balance sheet, solid cash position and confidence in the business allow us to pay a special dividend at this time.”