RLI CORP — Director's Dealing 2003

Dec 10, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RLI CORP (RLI)
CIK: 0000084246
Period of Report: 2003-12-09

Reporting Person: MICHAEL JONATHAN E (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-09	Common Stock	X	1600	$8.24	Acquired	24287.5564	Direct
2003-12-09	Common Stock	M	349	$37.7	Disposed	23938.5564	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-09	Stock Option	$8.24	X	1600	Disposed	2005-05-11	Common Stock (1600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	29870.7761	Indirect
Common Stock	75429.0486	Indirect
Common Stock	13358.78	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$9.15	2006-05-02	Common Stock (7250)	7250	Direct
Stock Option	$13	2007-05-01	Common Stock (21000)	21000	Direct
Stock Option	$15.7813	2010-05-04	Common Stock (56000)	56000	Direct
Stock Option	$20.05	2011-05-03	Common Stock (60000)	60000	Direct
Stock Option	$21.1	2008-05-07	Common Stock (38500)	38500	Direct
Stock Option	$29.335	2012-05-02	Common Stock (60000)	60000	Direct
Stock Option	$29.55	2013-05-01	Common Stock (60000)	60000	Direct
Option	$15.9063	2009-05-06	Common Stock (57800)	57800	Direct