RLI Corp exiting the RV insurance market
Saw this in one of my insurance news feeds. If you are insured by the RLI company, it appears that you will need to look for a new provider as you near your renewal date.
Friday, January 27, 2017:
Four years after it opportunistically launched a recreational vehicle insurance program, RLI Corp. confirmed Jan. 26 that it is exiting the market.
"We began nonrenewing our RV business, which has struggled to find any level of profitability over the last four years," RLI President and COO Craig Kliethermes said during a conference call. He later added that RLI also was challenged in bringing the business to scale.
Kliethermes' comments were consistent with the explanation provided by RLI Insurance Co. in its notice of withdrawal to Georgia regulators.
RLI indicated in the filing that it would immediately discontinue writing RV business, and its withdrawal would be complete in one year as the company intended to submit nonrenewal notices to its policyholders.
RLI offered the program through Recreation Insurance Specialists LLC, a firm that also maintains agency appointments with a roster of carriers that includes units of Progressive Corp., National General Holdings Corp., American Family Mutual Insurance Co. SI, American Modern Insurance Group Inc., and Farmers Insurance Group of Cos.
Kliethermes said the same environmental factors that have been pressuring industrywide auto insurance profitability may have negatively impacted RLI's RV business.
"We threw the kitchen sink at trying to fix it over the last three or four years," he explained. Kliethermes downplayed the notion that an elevated level of catastrophe losses in 2016 from disasters such as the Louisiana floods contributed to the decision to exit.
2006 Winnebago Journey 36G