RLI CORP (RLI)

RLI Corp., founded in 1965, is a specialty insurance holding company that underwrites select property, casualty and surety products through its subsidiaries, collectively known as RLI Insurance Group. It operates through three insurance companies, all domiciled in Illinois: RLI Insurance Company, its principal insurance subsidiary, which writes multiple lines on an admitted basis in all 50 states and several U.S. territories; Mt. Hawley Insurance Company, which writes excess and surplus lines on a non-admitted basis; and Contractors Bonding and Insurance Company, which writes multiple lines on an admitted basis. The company has no material foreign operations and focuses on niche risks that do not fit standard carriers' underwriting criteria, competing on availability, coverage and service rather than price alone.

Operations are organized into three segments. Casualty was 56 percent of 2024 net premiums earned ($853 million) and includes commercial excess and personal umbrella, commercial transportation, general liability, professional services, small commercial, executive products (such as D&O) and other casualty, which includes home business insurance, a quota share reinsurance agreement with Prime and mortgage reinsurance. Property was 35 percent ($531 million) and includes commercial property (fire, earthquake, wind and difference in conditions), marine, and other property such as Hawaii homeowners' and dwelling fire. Surety was 9 percent ($142 million) and includes transactional, commercial and contract bonds. By market, 2024 gross premiums written were about $1.1 billion (57 percent) in specialty admitted, $848 million (42 percent) in excess and surplus, and $27 million (1 percent) in specialty reinsurance.

Customers range from small businesses, contractors, truckers and design, technical and computer professionals to medium and large businesses in industries such as financial, healthcare and energy, as well as individuals and public and private companies seeking management liability coverage. Products are distributed across the country through wholesale and retail brokers, independent agents, carrier partners, select underwriting agencies with limited binding authority, and digital direct platforms. The company also offers limited direct coverages and various reinsurance coverages.

The company competes in an industry with roughly 2,600 U.S. property and casualty insurers. Named competitors include AIG, Chubb, Markel, Travelers, Kinsale and Berkley, among many others, and managing general agent capacity adds to competition. RLI relies on experienced underwriting and claim specialists and purchases reinsurance from other insurers to diversify risk and limit losses from catastrophes and large risks. Its insurance companies carry financial strength ratings of A+ (Superior) from AM Best, A from Standard & Poor's (RLI Ins. and Mt. Hawley) and A2 from Moody's (RLI Ins. and Mt. Hawley). The text does not state the headquarters location.