RLI is like a more specialized version of Chubb or Travelers, focusing exclusively on niche and unusual insurance risks that larger players might overlook.

If State Farm or Allstate are the general practitioners of insurance, RLI is a highly specialized surgeon, tackling unique and complex cases that others avoid.

Forget insuring your car or home with Geico or Progressive; RLI is the 'boutique' insurer for very specific, hard-to-place risks for businesses and professionals.

• Casualty Insurance: Provides coverage for liabilities arising from injuries to others or damage to their property, including professional liability, commercial umbrella, and general liability.
• Property Insurance: Offers protection against loss or damage to physical property from various perils, such as marine, commercial property, and homeowner policies.
• Surety Bonds: Guarantees a party will fulfill contractual obligations, including commercial and contract surety bonds.

Businesses of Various Sizes

Individuals with Specialized Homeowner Needs

Marine-Related Entities

Craig W. Kliethermes, President & CEO

Mr. Kliethermes was appointed President and Chief Executive Officer of RLI on January 1, 2022. He joined RLI in 2006, serving as President and Chief Operating Officer since 2016, and Senior Vice President, Risk Services since 2013. Prior to RLI, he held various actuarial and leadership roles with Lockton Companies, GE Insurance/Employers Reinsurance, and John Deere Insurance Company. He also had actuarial roles at the Missouri Department of Insurance and American National Insurance.

Todd W. Bryant, Chief Financial Officer

Mr. Bryant has served as Chief Financial Officer and Vice President of Finance Division for RLI since 2019. He joined the company in 1993 as a statutory accountant and has held various positions within the accounting department, including Vice President, Finance & Controller since 2009. Prior to joining RLI, he was associated with Arthur Andersen and Co.

Jennifer L. Klobnak, Chief Operating Officer

Ms. Klobnak has been the Chief Operating Officer of RLI since January 2022. She joined RLI in 2000 and previously served as Senior Vice President, Operations since 2016 and Senior Vice President, Risk Services since 2014. Before her tenure at RLI, Ms. Klobnak served in an audit role with PwC.

Aaron P. Diefenthaler, Chief Investment Officer & Treasurer

Mr. Diefenthaler serves as the Chief Investment Officer and Treasurer for RLI. He has held the position of Vice President, Chief Investment Officer & Treasurer since January 23.

Jeffrey D. Fick, Chief Legal Officer & Corporate Secretary

Mr. Fick has been the Chief Legal Officer and Senior Vice President of RLI since 2016. He brings over 30 years of experience in the private practice of law and in legal and human resources executive positions at public companies. Prior to RLI, he served as Vice President, Human Resources and Community Relations at HNI Corporation and also worked as VP:Human Resources at SNAP-ON INC.

The emergence of specialty Insurtech companies leveraging advanced artificial intelligence (AI) and data analytics to offer superior risk assessment, underwriting, and proactive risk management in complex commercial lines. Companies such as Coalition and At-Bay, which utilize AI to dynamically price and manage risks like cyber liability, exemplify a tech-first approach that could disrupt traditional underwriting models, leading to more accurate pricing, lower loss ratios, and more efficient operations. This trend could enable new entrants to selectively capture profitable risks and challenge established specialty insurers like RLI by offering more dynamic and precise insurance solutions.

RLI Corp. (RLI) operates in three primary insurance segments: Casualty, Property, and Surety, primarily within the United States market, though some operations extend to U.S. territories and limited international areas.

• Casualty Insurance: RLI's Casualty segment offers a range of specialty coverages, including commercial excess, personal umbrella, general liability, transportation, management liability, professional liability, and environmental liability. Much of RLI's specialty casualty business falls within the Excess & Surplus (E&S) lines market. The addressable market for the U.S. Excess & Surplus (E&S) direct premiums written reached approximately $100 billion in 2024. This market includes various liability coverages (52.2% of E&S premiums in 2024), commercial auto (5.8%), and property lines.
• Property Insurance: The Property segment provides commercial property insurance, covering risks such as fire, earthquake, wind, flood, and marine coverages, often for unique or hard-to-place risks. Similar to specialty casualty, RLI's property offerings are significantly represented within the E&S market. The U.S. Excess & Surplus (E&S) direct premiums written, which includes a substantial portion of property lines, was approximately $100 billion in 2024. Property lines constituted 32.3% of E&S premiums in 2024.
• Surety Insurance: RLI's Surety segment specializes in providing commercial surety bonds for businesses of various sizes, as well as bonds for contractors. The global Surety Market was valued at approximately $18.3 billion in 2023 and is projected to grow to $28.63 billion by 2032. The United States holds a dominant share of the North American surety marketplace.

• Continued Growth in Casualty and Surety Segments: RLI has demonstrated consistent growth in its Casualty and Surety segments, with management highlighting robust opportunities for expansion in these areas. For instance, the Casualty segment saw a 14% premium growth in the first quarter of 2025, significantly driven by a 34% increase in Personal Umbrella and a 17% rate increase in auto liability coverages within this segment. This indicates a strategic focus on segments where the company can achieve both rate and exposure increases. The Surety segment has also contributed to favorable reserve developments.
• Increasing Net Investment Income: RLI has consistently reported strong increases in net investment income, which is a significant component of its overall revenue. The company saw a 12% increase in net investment income in Q3 2025, a 16% increase in Q2 2025, and a 19% increase in Q4 2024. Analysts further project that approximately 50% of RLI's bond portfolio will reprice at higher yields, specifically around 120 basis points above the current book yield, which is anticipated to mechanically boost future investment income and enhance earnings per share.
• Strategic Underwriting Discipline and Focus on Niche Markets: RLI's long-standing commitment to disciplined underwriting and its focus on specialty insurance products in unique and higher-risk areas allow it to maintain underwriting profitability and secure favorable pricing. While the property segment has experienced some rate and exposure declines, particularly in E&S property, RLI's strategy involves actively managing exposure and maintaining prudent pricing to ensure continued profitability, rather than pursuing top-line growth indiscriminately. This selective approach to underwriting and commitment to niche markets helps RLI capitalize on profitable opportunities and supports stable earned premiums.
• Investments in Technology and Operational Efficiency: RLI is committed to continuous investments in technology and talent to enhance customer experiences and improve operational efficiency across its segments. By streamlining processes and improving service delivery, these investments can indirectly support revenue growth through increased customer satisfaction, retention, and the ability to process a larger volume of business more efficiently.

Share Repurchases

• RLI's board of directors implemented a $100 million share repurchase program in 2010.
• The company last repurchased shares in 2011 and did not repurchase any shares in 2020 or 2023.
• The share repurchase program was terminated in 2023.

Share Issuance

• On January 15, 2025, RLI executed a two-for-one stock split of common stock, which increased the number of shares outstanding but was not a capital raise.
• As of June 30, 2025, there were 91,829,470 shares of common stock outstanding.
• Shares issued under stock option plans are a source of cash flow from financing activities.

Outbound Investments

• In 2022, RLI received $686.6 million in cash proceeds from the sale of its equity method investment in Maui Jim, which was classified as an investing cash flow.
• In April 2025, RLI Transportation announced a strategic partnership with TruckerCloud to provide a unified telematics insights solution for its commercial transportation customers.
• The partnership with TruckerCloud is described as enhancing safety and risk management programs through data integration, without indicating an equity investment by RLI in TruckerCloud.

Capital Expenditures

• Cash used in investing activities, which includes capital expenditures, was $211.80 million in 2023, and $318.87 million in 2024.
• For the twelve months ending September 30, 2025, cash used in investing activities was $349.30 million.
• RLI continues to make strategic investments in technology and underwriting capabilities to support continued profitable growth.