RLI Business Summary

RLI Corp. (RLI) is a specialty property and casualty insurer that generates revenue primarily through underwriting premiums and net investment income from its diversified $3.5 billion-plus portfolio. The company operates through three core business segments: Casualty (approximately 60% of net premiums), which includes commercial excess, personal umbrella, and general liability; Property (31%), covering commercial property and marine risks; and Surety (9%), providing commercial and contract bonds. RLI distinguishes itself in the market as a disciplined, niche-focused underwriter that prioritizes underwriting profit over market share, often targeting unique or hard-to-place risks that fall outside the appetite of standard carriers. Its primary direct competitors include Arch Capital Group, American Financial Group, Cincinnati Financial, and The Hanover Insurance Group, against whom RLI maintains a competitive edge through its decentralized underwriting model and a consistent track record of sub-90 combined ratios. Founded in 1965 by Gerald D. Stephens, RLI is currently led by President and CEO Craig Kliethermes, a veteran actuary who has been with the firm since 2006 and assumed the top role in 2021. The executive team includes Chief Operating Officer Jennifer Klobnak, who oversees the company’s diverse product portfolio, and Chief Financial Officer Aaron Diefenthaler, who transitioned into the role in January 2026 following his tenure as Chief Investment Officer. Technology and enterprise IT strategy are spearheaded by Gayathri Mariappan, Vice President of Information Technology. The company’s governance is overseen by Independent Chairman David Duclos, former CEO of QBE North America. RLI remains a favorite among institutional investors due to its 50-year history of consecutive dividend increases, with major stakeholders including The Vanguard Group, BlackRock, and State Street Corporation.