RLI Announces Leadership Changes
The Board of Illinois-based insurance firm RLI Corp. (RLI) has named Jennifer L. Klobnak as COO and Craig W. Kliethermes as President and CEO, starting January 1, 2022. The appointments will coincide with the retirement of Jonathan E. Michael, the current Chairman and CEO of the company, planned for the end of 2021.
RLI offers property and casualty insurance services through its subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company, RLI Indemnity Company and Contractors Bonding and Insurance Company.
About Craig W. Kliethermes
Kliethermes joined RLI in 2006 and has been the President and COO since 2016. Prior to this role, he served as the Senior Vice-President of Risk Services since 2014. He has 36 years of experience in the insurance industry.
About Jennifer L. Klobnak
Klobnak has 21 years of experience in the insurance industry. She joined RLI in 2000. She was made Senior Vice-President of Risk Services in 2014 and was promoted to Senior Vice-President of Operations in 2016.
About Jonathan E. Michael
After retiring in December, Michael will continue as the Chairman of RLI’s Board, a position he has held since 2011. (See Insiders’ Hot Stocks on TipRanks)
Klobnak said, “Strong relationships with our agents, customers and employees have been integral to our company’s success. I look forward to continuing to work with the entire RLI team to enhance these relationships and advance our mission to protect customers from life’s uncertainties through industry-leading specialty risk management solutions, unmatched expertise and superior service.”
Wall Street’s Take
Following the release of the third-quarter financial results, KBW analyst Meyer Shields maintained a Buy rating on the stock and increased the price target to $125 from $120 (12.6% upside potential).
The analyst has increased his estimates for the company to reflect faster growth of premium and net investment income, lower expenses and higher reserve releases.
Overall, the stock has a Moderate Buy consensus rating based on 1 Buy and 2 Holds. The average RLI price target of $118.50 implies 6.8% upside potential. Shares have gained 11.2% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on RLI, with 14.8% of investors on TipRanks decreasing their exposure to the stock over the past 30 days.