BUZZ-Jefferies downgrades insurer RLI to 'underperform' on headwinds to profit growth

** Jefferies downgrades specialty insurer RLI Corp RLI.N to "underperform" from "buy"; cuts PT to $61 from $95, a 15.8% downside to stock's last close

** Brokerage says it expects growing competition in specialty insurance business and lighter premium growth to create a "challenging set-up" for EPS growth over the next two years for RLI

** Adds that it also expects continued high loss trend environment to limit RLI's underwriting income growth

** Jefferies lowers its EPS estimates for RLI by nearly 6% to 8% over the next two years

** Three of 10 brokerages rate the stock "buy" or higher, six "hold" and one "strong sell"; their median PT is $82 — LSEG data

** RLI stock climbed 26.6% in 2024