RLI Corp.
Template:Short description Script error: No such module "Unsubst". Script error: No such module "Infobox".Template:Template otherScript error: No such module "Check for conflicting parameters".Script error: No such module "Check for unknown parameters".
RLI Corp. is an American insurance company specializing in property insurance and casualty insurance.[1] It is headquartered in Peoria, Illinois.[1][2]
RLI conducts its operations primarily through four insurance subsidiaries — RLI Insurance Company, Mt. Hawley Insurance Company,[3] RLI Indemnity Company, and Contractors Bonding and Insurance Company.[4]
History
Founded in 1965 by Gerald D. Stephens, Replacement Lens, Inc. (RLI) was one of the first insurers of contact lenses.[3][5][6] In 1970, RLI's statistics predicted 580 losses a year for every 1,000 contact lens owners.[7] 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."[3]
Eventually,Script error: No such module "Unsubst". the company emerged as one of the leading contact lens insurers in the United States.Script error: No such module "Unsubst". Building upon its success in the contact lens market, RLI further expanded its business into other niche insurance markets.[3] For example, in 1982 they administered pet insurance for an Arizona veterinarian.[8] RLI also entered the Hawaii homeowner's market in 1996 by purchasing the business of the Hawaii Property Insurance Association (HPIA).[3][9] 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.[3]
Over time, the demand for contact lens insurance shrank with the emergence of more affordable disposable soft lenses.[3] In order to remain competitive, Stephens expanded RLI's offerings to include commercial property and liability insurance.Script error: No such module "Unsubst". 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.Script error: No such module "Unsubst".
In 2013, RLI invested $20 million in renovations of their Peoria headquarters.[10] In 2015, RLI announced a $15 million addition as the next phase of their renovation.[10]
Key people
Jonathan E. Michael served as Chief Executive Officer from 2001 and retired December 31, 2021.[4][11] He served as Chairman of the Board since 2011.[4] 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.[4]
References
<templatestyles src="Reflist/styles.css" />
- ↑ a b Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ a b c d e f g Script error: No such module "citation/CS1".
- ↑ a b c d Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ a b Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
Script error: No such module "Check for unknown parameters".