RLI Corp.
 | This articleneeds additional citations forverification.(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 inproperty insuranceandcasualty insurance.[2]It is headquartered inPeoria, 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 includecommercial propertyandliability insurance.[citation needed]In 1994, the company retired its founding contact lens insurance product and in 1996 RLI sold its RLI Vision unit toMaui 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".Archivedfrom the original on 2015-10-29.Retrieved2015-11-07.
- ^abBest's Insurance Reports: Property-liability.A. M. Best Company. 1975.Archivedfrom the original on 2022-08-21.Retrieved2022-08-21.
- ^"About RLI Corp".NASDAQ.Retrieved2023-11-21.
- ^abcdefgMcCoy, Thomas A. (1998)."RLI/Spirit of Innovation 11/98".Rough Notes Magazine.Retrieved2023-11-21.
- ^abcd"RLI ANNOUNCES CEO RETIREMENT AND SUCCESSION PLAN".www.sec.gov.2020-11-17.Retrieved2023-11-21.
- ^"RLI History | RLI Corp".www.rlicorp.com.Retrieved2023-11-21.
- ^"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.
- ^ab"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.