Peoria, Ill.- RLI, a property and casualty carrier and provider of surety bonds to niche or underserved markets, established a strategic information services department to manage and develop RLI's strategic and management information services. The newly formed department's goal will be to create accurate and consistent information that can be efficiently delivered to RLI managers and executives to enable them to react to potential problems and opportunities.The new business unit "will be essential in managing our growth and achieving greater profitability," says RLI President & COO Michael J. Stone.
The company produced underwriting profits in 24 of the last 28 years, including the last nine, reports the company. Over the last five years, the company reports its quarterly dividend grew by an average of 16.4 percent per year, and 11.9 percent per year over the last decade. RLI employees and other insiders own 16 percent of the company. RLI claims that this alignment of interests underlies a business model that emphasizes underwriting profit over sheer premium volume. The company, which celebrates its 40th anniversary this year, operates in 50 states from 18 office locations.
Source: RLI
