PEORIA, Ill.--(BUSINESS WIRE)--
RLI Corp. (NYSE:RLI) – RLI Corp. announced that it has closed the
previously announced purchase of Contractors Bonding and Insurance
Company (CBIC). RLI purchased CBIC for approximately $136 million in
cash.
“We are excited about the opportunities this acquisition creates, as it
will allow us to offer enhanced products and solutions to both CBIC and
RLI customers in more locations across the country,” said Jonathan E.
Michael, President & CEO of RLI Corp. “CBIC brings a talented team of
underwriters with deep industry expertise and an excellent underwriting
track record to RLI. We welcome their employees and look forward to
working together to create more value for our customers.”
CBIC is a privately held, Seattle-based insurance company specializing
in surety bonds and related niche property and casualty insurance
products. The company serves over 30,000 contractors and over 4,000
insurance agents and brokers nationwide. CBIC operates 13 regional
branch offices and is considered a leading writer of contractor license
bonds in the Northwest. They have achieved an underwriting profit in 14
of the last 15 years.
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. RLI'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. RLI’s new subsidiary, Contractors Bonding and Insurance Company,
is rated A "Excellent" by A.M. Best Company. RLI is recognized as one of
the insurance industry’s top performing companies by its designation as
a Ward's 50® Top P&C Performer and has been a member of the
group for 20 straight years since the list’s inception in 1991.
For additional information, contact John Robison, Treasurer and Chief
Investment Officer, at (309) 693-5846 or at john.robison@rlicorp.com
or visit our website at www.rlicorp.com.
Source: RLI Corp.
Contact:
RLI Corp.
John Robison, (309) 693-5846
John.Robison@rlicorp.com
www.rlicorp.com