In its second-quarter 2026 investor letter, First Pacific Advisors' FPA Queens Road Small Cap Value Fund praised specialty insurer RLI Corp. (NYSE:RLI) for its selective business approach, diversified niche products, and exceptional financial performance, including an average combined ratio of 89.3% and ROE of 16.6% from 2015-2024. The fund, which has held RLI since 2011, stated it was pleased to add to its position this year at roughly 20 times current year's earnings.