RLI CORP — Director's Dealing 2011

May 6, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RLI CORP (RLI)
CIK: 0000084246
Period of Report: 2011-05-05

Reporting Person: MICHAEL JONATHAN E (Director, President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-05	Stock Option	$58.73	A	15000	Acquired	2019-05-05	Common Stock (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	213309.2544	Direct
Common Stock	77687.868	Indirect
Common Stock	42461.299	Indirect
Common Stock	17134.2882	Indirect
Common Stock	5696.4502	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$28.08	2014-05-06	Common Stock (60000)	60000	Direct
Stock Option	$37.54	2015-05-05	Common Stock (45000)	45000	Direct
Stock Option	$43.15	2016-05-04	Common Stock (10500)	10500	Direct
Stock Option	$40.44	2016-08-04	Common Stock (10500)	10500	Direct
Stock Option	$47.04	2016-11-03	Common Stock (10500)	10500	Direct
Stock Option	$49.21	2017-02-02	Common Stock (10500)	10500	Direct
Stock Option	$49.09	2017-05-03	Common Stock (10500)	10500	Direct
Stock Option	$49.67	2017-08-03	Common Stock (10500)	10500	Direct
Stock Option	$49.03	2017-11-02	Common Stock (10500)	10500	Direct
Stock Option	$48.41	2018-02-01	Common Stock (10500)	10500	Direct
Stock Option	$43.00	2018-05-01	Common Stock (10500)	10500	Direct
Stock Option	$47.36	2018-08-01	Common Stock (10500)	10500	Direct
Stock Option	$49.73	2018-11-03	Common Stock (10500)	10500	Direct
Stock Option	$49.89	2019-02-02	Common Stock (10500)	10500	Direct
Stock Option	$39.90	2017-05-07	Common Stock (9750)	9750	Direct
Stock Option	$43.49	2017-08-03	Common Stock (9750)	9750	Direct
Stock Option	$42.90	2017-11-02	Common Stock (9750)	9750	Direct
Stock Option	$44.62	2018-02-01	Common Stock (9750)	9750	Direct
Stock Option	$49.34	2018-05-06	Common Stock (8500)	8500	Direct
Stock Option	$49.20	2018-08-02	Common Stock (8500)	8500	Direct
Stock Option	$50.26	2018-11-01	Common Stock (8500)	8500	Direct
Stock Option	$55.28	2019-02-01	Common Stock (8500)	8500	Direct

Footnotes

F1: Pursuant to option schedule wherein 20% of the aggregate number of shares granted may be exercised commencing
one year from grant date and each year thereafter in 20% increments.

F2: Ownership reflects dividend reinvestment.

F3: Ownership reflects shares allocated to ESOP participant's account and dividend reinvestment.

F4: Stock Option grant price adjusted to reflect $7 RLI extraordinary dividend paid 12/29/10.