RLI Acquires Rockbridge Underwriting Agency
RLI Corp. (NYSE: RLI) – RLI Corp. announced today the acquisition of Rockbridge Underwriting Agency, a managing general agency specializing in medical malpractice insurance.
“We are pleased to welcome Jim Brooks and his talented team of underwriters to RLI,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “RLI's growth strategy is based on identifying attractive niche market opportunities and recruiting exceptional talent. Through this acquisition, we have achieved both. Rockbridge's specialized underwriting expertise and discipline, along with its successful track record, make it an excellent fit for RLI.”
Rockbridge Underwriting Agency is a Houston-based managing general agency specializing in surplus lines medical malpractice insurance for individual physicians and physician groups with unique needs. Rockbridge offers coverage in all 50 states through a network of retail and wholesale brokers. RLI estimates that Rockbridge will add approximately $20 million of premium per year to its business.
“The Rockbridge team is excited to partner with RLI,” said Rockbridge Founder & Chairman James R. Brooks. “RLI has an excellent reputation, significant financial resources, an A+ rating and strong relationships in the surplus lines market. With RLI's resources and support, we are confident we can offer even better service to our customers. We look forward to a quick and smooth transition.”
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, RLI Indemnity Company and Contractors Bonding and Insurance Company – are rated A+ “Superior” by A.M. Best Company.