PEORIA, Ill.--(BUSINESS WIRE)--
RLI Corp. (NYSE:RLI) – RLI Insurance Company, a specialty
insurance company, and Embrace Pet Insurance Agency, LLC., a highly
regarded pet insurance agency, today announced a new agreement that will
allow RLI to underwrite admitted pet insurance policies for Embrace.
Embrace offers pet owners insurance plans for their cats and dogs that
include coverage for accidents, illness, surgery and diagnostic tests.
Embrace’s customizable plans also cover wellness visits, genetic and
breed-specific conditions, chronic conditions and alternative therapies
such as acupuncture. Effective August 16, 2010, policies are available
in 23 states and can be purchased through Embrace by visting their
website at www.embracepetinsurance.com
or by calling 1-800-511-9172.
“More and more owners are realizing the realities of pet parenthood,
which includes the potential for a stressful financial impact from a
serious pet health issue,” says Laura Bennett, Embrace CEO. “Pet
insurance allows owners to make easier health choices for their pets
based on the right thing to do and not based solely on finances. Embrace
is leveraging the stability and strength of RLI to grow and establish
ourselves as leaders in the U.S. pet insurance market.”
Approximately 1 million pets are currently insured in the U.S. with a
total written premium of $330 million across the pet insurance industry
in 2009. Embrace estimates that the market will grow to around $664
million by 2012.
“The pet insurance industry is an untapped resource domestically, with
great potential for growth,” says Victor Garcia, AVP of Underwriting for
RLI Programs. “As people are spending more money on pets for boarding,
food, grooming, and even clothing, it is just a matter of time until pet
insurance becomes a necessity for pet owners as well.”
The partnership between RLI and Embrace will serve growing market demand
while creating more cost-effective products and better customer
experience for pet owners.
“We were impressed with the culture of Embrace right away. Their
multi-faceted methods of communicating with their customers, along with
their superior level of customer service and satisfaction is second to
none,” said Garcia. “This partnership will create a unique opportunity
to position Embrace as a leader in the pet insurance industry while
allowing RLI to expand its footprint into a new niche market.”
About RLI
RLI, a specialty insurance company, offers a diversified portfolio of
property and casualty coverages and surety bonds serving niche or
underserved markets. RLI operates in all 50 states from office locations
across the country. The company's talented associates have delivered
underwriting profits in 29 of the last 33 years, including the last 14.
RLI Corp.’s insurance subsidiaries – RLI Insurance Company, Mt. Hawley
Insurance Company and RLI Indemnity Company – are rated A+ "Superior" by
A.M. Best Company and A+ "Strong" by Standard & Poor's. To learn more,
visit www.rlicorp.com.
About Embrace
Embrace is a specialist insurance agency focused on changing the pet
insurance business. It provides flexible health insurance products for
pets, removing the need to choose between necessary, but costly, medical
care versus the life of a much-loved pet. Embrace is a privately owned,
Ohio-based company and is one of the most highly regarded pet insurance
companies in the industry. Embrace is also a founding member of the
North American Pet Health Insurance Association (NAPHIA). To learn more
visit www.embracepetinsurance.com.
About the North American Pet Health Insurance Association
Founded in 2007, the NAPHIA is committed to educating and promoting the
values and benefits of quality pet health insurance to North American
pet owners, the general public, and the veterinary community. As an
association, it is committed to high standards and transparency in all
of our actions and products. To learn more, visit www.naphia.org.
For additional information, contact Victor Garcia, AVP of Underwriting,
RLI Programs at (972) 677-2135 or Victor.Garcia@rlicorp.com,
or Laura Bennett, Embrace CEO at (800) 511-9172 or lb@embracepetinsurance.com.
Source: RLI Corp.
Contact:
Victor Garcia
AVP of Underwriting, RLI Programs
(972) 677-2135
Victor.Garcia@rlicorp.com,
or
Laura
Bennett
Embrace CEO
(800) 511-9172
lb@embracepetinsurance.com.