Current chairman will retire on the conclusion of annual assembly in May
RLI Corp. has introduced that its chairman of the board, Jonathan E. Michael, will retire on the shut 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 present lead unbiased director, brings 45 years of world reinsurance and insurance coverage business expertise. His profession highlights embrace serving as CEO of QBE North America and XL Insurance.
The step is in step with the corporate’s established succession plan. Michael, who ended his position as CEO in 2021, has devoted over 40 years to RLI. Under his 20-year management as CEO, RLI notably diversified its product choices and achieved 20 consecutive years of underwriting revenue.
“It has been a privilege to serve alongside RLI’s dedicated employee owners for the past 41 years,” Michael mentioned. “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 mentioned.
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