RLI Corp.
RLI Corp. is an American property and casualty insurance company headquartered in Peoria, Illinois, with more than 50 branch offices conducting business in all 50 states. Founded in 1965 by Gerald D. Stephens, Replacement Lens, Inc. (RLI) was one of the first insurers of contact lenses, and eventually, the company emerged as one of the leading contact lens insurers in the United States. Building upon its success in the contact lens market, RLI further expanded its business into other niche insurance markets. Today, the company offers specialty property/casualty insurance coverage in both the specialty admitted and excess and surplus markets.[2]
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| Public | |
| Traded as | |
| Industry | Insurance |
| Founded | 1965 |
| Founder | Gerald D. Stephens |
| Headquarters | , U.S. |
Key people |
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| Services | Insurance |
Number of employees | 887 (2018) |
| Website | rlicorp |
RLI conducts its operations primarily through four insurance subsidiaries — RLI Insurance Company, Mt. Hawley Insurance Company, RLI Indemnity Company and Contractors Bonding and Insurance Company.
RLI insurance coverages are distributed to customers across the U.S. through branch offices that market to wholesale brokers and retail agencies. RLI also provides select coverages through independent agents. The company offers nearly 40 different types of casualty, property and surety coverage ranging from individually underwritten coverages to highly complex coverages.[3]
Some lines of insurance the company offers include: General Liability, Commercial and Personal Umbrella Liability, Commercial Transportation, Executive Products Liability, Professional Liability, Commercial Property, Marine, Crop Reinsurance, Property Reinsurance, Contract Surety, Commercial Surety, and Oil and Gas Surety.[4]
History
RLI’s history dates to the early 1960s, when Founder Gerald D. Stephens recognized the expense of replacing contact lenses and founded RLI — Replacement Lens, Inc. — a contact lens insurance agency. In 1965, he acquired the holding company that would later become RLI Corp. RLI was one of the first insurers of contact lenses, and eventually, it emerged as the largest insurer of its kind in the world.
Over time, the demand for contact lens insurance shrank with the emergence of more affordable disposable soft lenses. In order to remain competitive, Stephens expanded RLI’s offerings to include commercial property and liability insurance. 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. Currently, RLI offers a variety of specialty insurance coverages designed for niche markets that are underserved by the insurance and reinsurance industry.