RLI Corp.
 | This article needs additional citations for verification. (September 2014) |
 | |
 Headquarters in Peoria, Illinois | |
| Company type | Public |
|---|---|
| Industry | Insurance |
| Founded | 1965 |
| Founder | Gerald D. Stephens |
| Headquarters | 9025 N Lindbergh Dr, , U.S. |
Key people |
|
| Services | Insurance |
Number of employees | 887 (2018) |
| Website | rlicorp |
RLI Corp. is an American insurance company specializing in property insurance and casualty insurance.[2] It is headquartered in Peoria, Illinois.[2][3]
RLI conducts its operations primarily through four insurance subsidiaries — RLI Insurance Company, Mt. Hawley Insurance Company,[4] RLI Indemnity Company, and Contractors Bonding and Insurance Company.[5]
History
[edit]Founded in 1965 by Gerald D. Stephens, Replacement Lens, Inc. (RLI) was one of the first insurers of contact lenses.[4][6][7] In 1970, RLI's statistics predicted 580 losses a year for every 1,000 contact lens owners.[8] In a Rough Notes magazine article, Stephens said, "At that time, it cost around $200 to replace a pair of lenses, and most of the people who wore them were young and couldn't afford to take that risk."[4]
Eventually,[when?] the company emerged as one of the leading contact lens insurers in the United States.[citation needed] Building upon its success in the contact lens market, RLI further expanded its business into other niche insurance markets.[4] For example, in 1982 they administered pet insurance for an Arizona veterinarian.[9] RLI also entered the Hawaii homeowner's market in 1996 by purchasing the business of the Hawaii Property Insurance Association (HPIA).[4][10] Many insurers do not offer property insurance in places with high catastrophe exposures, but RLI has introduced business lines with difference in conditions (DIC) coverage.[4]
Over time, the demand for contact lens insurance shrank with the emergence of more affordable disposable soft lenses.[4] In order to remain competitive, Stephens expanded RLI's offerings to include commercial property and liability insurance.[citation needed] In 1994, the company retired its founding contact lens insurance product and in 1996 RLI sold its RLI Vision unit to Maui Jim, a manufacturer of luxury sunglasses.[citation needed]
In 2013, RLI invested $20 million in renovations of their Peoria headquarters.[11] In 2015, RLI announced a $15 million addition as the next phase of their renovation.[11]
Key people
[edit]Jonathan E. Michael served as Chief Executive Officer from 2001 and retired December 31, 2021.[5][12] He served as Chairman of the Board since 2011.[5] Craig W. Kliethermes, who had previously served as President and Chief Operating Officer since 2016 and joined the company in 2006, became the CEO on January 1, 2022.[5]
References
[edit]- ^ "Officers & Directors". Archived from the original on 2015-10-29. Retrieved 2015-11-07.
- ^ a b Best's Insurance Reports: Property-liability. A. M. Best Company. 1975. Archived from the original on 2022-08-21. Retrieved 2022-08-21.
- ^ "About RLI Corp". NASDAQ. Retrieved 2023-11-21.
- ^ a b c d e f g McCoy, Thomas A. (1998). "RLI/Spirit of Innovation 11/98". Rough Notes Magazine. Retrieved 2023-11-21.
- ^ a b c d "RLI ANNOUNCES CEO RETIREMENT AND SUCCESSION PLAN". www.sec.gov. 2020-11-17. Retrieved 2023-11-21.
- ^ "RLI History | RLI Corp". www.rlicorp.com. Retrieved 2023-11-21.
- ^ "Dullinger, Brown named Lincolnland Legends". Southern Illinoisan. 2008-02-12. p. 26.
- ^ "Vanity Gives This Industry a Spectacular Look". The Jersey Journal. 1970-06-24. p. 19.
- ^ Hall, Andy (1982-10-13). "'Peticare' clips cost". Arizona Republic. p. 3.
- ^ "RLI Corp. reports record earnings". The Honolulu Advertiser. 1997-04-18. p. 9.
- ^ a b "Peoria firm to make $15M headquarters addition". Northwest Herald. 2015-04-01. p. 11.
- ^ Countryman, Andrew (2003-05-25). "Dramatic turnover yet to hit boards". Chicago Tribune. pp. 5–4.