RLI Announces Retirement of Jonathan Michael as Chairman of the Board; David Duclos to Serve as Independent Chairman Upon Michael’s Retirement
December 14 2023 - 4:10PM
Business Wire
RLI Corp. (NYSE: RLI) – RLI Corp. announced today that Jonathan
E. Michael, Chairman of the Board, will retire from the Board of
Directors at the conclusion of the 2024 Annual Meeting of
Shareholders in May, consistent with the Company’s established
succession plan.
Michael, who retired as the Company’s Chief Executive Officer in
2021, has more than 40 years of service with RLI. During Michael’s
20-year tenure as CEO, the company significantly diversified its
product portfolio, while delivering consistent top line growth and
achieving 20 consecutive years of underwriting profit.
The Board elected David B. Duclos to serve as Non-Executive
Chairman upon Michael’s retirement from the Board at the conclusion
of the 2024 Annual Meeting of Shareholders. Duclos has served as a
Director since 2017, and currently serves as the lead independent
director. He has 45 years of global reinsurance and insurance
industry experience, which included roles as CEO of QBE North
America and XL Insurance.
“It has been a privilege to serve alongside RLI’s dedicated
employee owners for the past 41 years,” said Michael. “RLI is an
extraordinary company. I’m grateful to have had the opportunity to
lead the organization and work with our visionary founder, Jerry
Stephens, during my career. Given the strength of our people,
culture and values, I believe the Company is well-positioned for
continued success.”
“Jon’s vision, leadership and steady guidance have been
instrumental in RLI’s growth into a leading specialty insurer,”
said RLI Corp. President & CEO Craig Kliethermes. “He has had a
positive and lasting impact on our Company, community and our
people. We’re grateful for his invaluable contributions, and wish
him the very best on his well-deserved retirement.”
“I’m honored for the opportunity to succeed Jon as Chairman of
the Board,” said Duclos. “On behalf of the Board of Directors, I
want to congratulate Jon for his distinguished career and thank him
for his outstanding service to RLI.”
ABOUT RLI
RLI Corp. (NYSE: RLI) is a specialty insurer serving niche
property, casualty and surety markets. The company provides deep
underwriting expertise and superior service to commercial and
personal lines customers nationwide. RLI’s products are offered
through its insurance subsidiaries RLI Insurance Company, Mt.
Hawley Insurance Company and Contractors Bonding and Insurance
Company. All of RLI’s subsidiaries are rated A+ “Superior” by AM
Best Company. RLI has paid and increased regular dividends for 48
consecutive years and delivered underwriting profits for 27
consecutive years. To learn more about RLI, visit
www.rlicorp.com.
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Lisa Gates Vice President, Marketing & Communications
309-692-1000 x5438 Lisa.Gates@rlicorp.com
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