RLI SUBSIDIARY AWARDED UPGRADED RATING FROM A.M. BEST COMPANY; MT. HAWLEY INSURANCE COMPANY NOW RATED "A"
PEORIA, Ill., July 9 /PRNewswire/ -- RLI Corp. (NYSE: RLI), a Peoria-based specialty property and casualty insurance company announced today that the A.M. Best Company has upgraded its rating of RLI Corp.'s Excess and Surplus Lines insurance subsidiary, Mt. Hawley Insurance Company, from "A-" (Excellent) - VI to "A" (Excellent) - VII. The A.M. Best Company also reaffirmed the "A" (Excellent) - VII rating for RLI Insurance Company, the company's flagship insurance subsidiary. These evaluations are reflective of the company's increased financial strength continued profitability. "When reviewing property and casualty insurance companies, the A.M. Best Company does a thorough job of examination," said Gerald D. Stephens, chief executive officer of RLI. "We are pleased to have our financial strength and operating performance affirmed by this leading insurance rating company." According to A.M. Best Company, "A" ratings are assigned to "those companies in which our opinion have achieved excellent overall performance when compared to the norms of the property/casualty industry. These insurers have shown a strong ability to meet their policyholder and other contractual obligations." The A.M. Best Company categorizes carriers with $100 million to $250 million of statutory policyholder's surplus as class size VIII, and those with $50 to $100 million as class size VIII. At May 31, 1993, RLI and Mt. Hawley Insurance had statutory policyholder's surplus of $103.7 million and $56.0 million, respectively. "This is our third rating improvement in the last four years. Our underwriters should now be able to select from a broader base of submissions. Brokers will be able to offer the company's insurance products to clients who demand "A" rated companies," said Stephens. RLI Corp. through it's insurance subsidiaries underwrites selected property and casualty insurance products. RLI Professional Technologies., another subsidiary, markets practice automation systems, contact lenses and related products to the ophthalmic industry. RLI Corp. is traded on the New York Stock Exchange under the symbol RLI. -0- 7/9/93 /CONTACT: James E. Zogby, treasurer of RLI Corp., 309-693-5880/ (RLI)
CO: RLI Corporation ST: Illinois IN: INS SU: RTG
TM -- NY003 -- 9755 07/09/93 07:01 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 9, 1993|
|Previous Article:||MARGARETTEN FINANCIAL REPORTS JUNE LOAN PRODUCTION ROSE 83 PERCENT|
|Next Article:||TECHNICLONE INTERNATIONAL CORPORATION ANNOUNCES THAT U.S. PATENT NO. 5,194,594 "MODIFIED ANTIBODIES" HAS BEEN ISSUED|