RLI CORP — Director's Dealing 2004

Nov 18, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RLI CORP (RLI)
CIK: 0000084246
Period of Report: 2004-11-17

Reporting Person: STEPHENS GERALD D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-17	Common Stock	M	2400	$8.24	Acquired	885128.3253	Direct
2004-11-17	Common Stock	F	500	$39.6	Disposed	884628.3253	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-17	Stock Option	$8.24	M	2400	Disposed	2005-05-11	Common Stock (2400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12321.7828	Indirect
Common Stock	113634.5921	Indirect
Common Stock	33098.0386	Indirect
Common Stock	3692	Indirect
Common Stock	60356	Indirect
Common Stock	151481.0046	Indirect
Common Stock	10098.7338	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$15.9063	2009-05-06	Common Stock (61400)	61400	Direct
Stock Option	$9.15	2006-05-02	Common Stock (54250)	54250	Direct
Stock Option	$13	2007-05-01	Common Stock (83000)	83000	Direct
Stock Option	$15.7813	2010-05-04	Common Stock (56000)	56000	Direct
Stock Option	$20.05	2011-05-03	Common Stock (1800)	1800	Direct
Stock Option	$21.1	2008-05-07	Common Stock (82500)	82500	Direct
Stock Option	$29.405	2012-05-01	Common Stock (1800)	1800	Direct
Stock Option	$29.55	2013-05-01	Common Stock (1800)	1800	Direct
Stock Option	$34.55	2014-05-03	Common Stock (1800)	1800	Direct
Stock Option	$40.39	2014-02-02	Common Stock (1800)	1800	Direct

Footnotes

F2: Ownership reflects dividend reinvestment.

F3: Ownership reflects dividend reinvestment.

F1: Ownership reflects dividend reinvestment.