Reinsurance stalwart to serve as new independent chairman of RLI

RLI Corp. has announced that its chairman of the board, Jonathan E. Michael, will retire at the close of the 2024 Annual Meeting of Shareholders in May. In line with this, the board has named reinsurance stalwart David B. Duclos to succeed Michael as non-executive chairman.

Duclos, a director since 2017 and the current lead independent director, brings 45 years of global reinsurance and insurance industry experience. His career highlights include serving as CEO of QBE North America and XL Insurance.

The step is in line with the company’s established succession plan. Michael, who ended his role as CEO in 2021, has dedicated over 40 years to RLI. Under his 20-year leadership as CEO, RLI notably diversified its product offerings and achieved 20 consecutive years of underwriting profit.

“It has been a privilege to serve alongside RLI’s dedicated employee owners for the past 41 years,” Michael said. “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. 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,” RLI Corp. president and CEO Craig Kliethermes said.

What are your thoughts on this story? Please feel free to share your comments below.