RLI Announces Partnership With Embrace Pet Insurance

PEORIA, Ill.--(BUSINESS WIRE)-- RLI Corp. (NYSE:RLI) – RLI Insurance Company, a specialty insurance company, and Embrace Pet Insurance Agency, LLC., a highly regarded pet insurance agency, today announced a new agreement that will allow RLI to underwrite admitted pet insurance policies for Embrace.

Embrace offers pet owners insurance plans for their cats and dogs that include coverage for accidents, illness, surgery and diagnostic tests. Embrace’s customizable plans also cover wellness visits, genetic and breed-specific conditions, chronic conditions and alternative therapies such as acupuncture. Effective August 16, 2010, policies are available in 23 states and can be purchased through Embrace by visting their website at www.embracepetinsurance.com or by calling 1-800-511-9172.

“More and more owners are realizing the realities of pet parenthood, which includes the potential for a stressful financial impact from a serious pet health issue,” says Laura Bennett, Embrace CEO. “Pet insurance allows owners to make easier health choices for their pets based on the right thing to do and not based solely on finances. Embrace is leveraging the stability and strength of RLI to grow and establish ourselves as leaders in the U.S. pet insurance market.”

Approximately 1 million pets are currently insured in the U.S. with a total written premium of $330 million across the pet insurance industry in 2009. Embrace estimates that the market will grow to around $664 million by 2012.

“The pet insurance industry is an untapped resource domestically, with great potential for growth,” says Victor Garcia, AVP of Underwriting for RLI Programs. “As people are spending more money on pets for boarding, food, grooming, and even clothing, it is just a matter of time until pet insurance becomes a necessity for pet owners as well.”

The partnership between RLI and Embrace will serve growing market demand while creating more cost-effective products and better customer experience for pet owners.

“We were impressed with the culture of Embrace right away. Their multi-faceted methods of communicating with their customers, along with their superior level of customer service and satisfaction is second to none,” said Garcia. “This partnership will create a unique opportunity to position Embrace as a leader in the pet insurance industry while allowing RLI to expand its footprint into a new niche market.”

About RLI

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. The company's talented associates have delivered underwriting profits in 29 of the last 33 years, including the last 14. RLI Corp.’s insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company and RLI Indemnity Company – are rated A+ "Superior" by A.M. Best Company and A+ "Strong" by Standard & Poor's. To learn more, visit www.rlicorp.com.

About Embrace

Embrace is a specialist insurance agency focused on changing the pet insurance business. It provides flexible health insurance products for pets, removing the need to choose between necessary, but costly, medical care versus the life of a much-loved pet. Embrace is a privately owned, Ohio-based company and is one of the most highly regarded pet insurance companies in the industry. Embrace is also a founding member of the North American Pet Health Insurance Association (NAPHIA). To learn more visit www.embracepetinsurance.com.

About the North American Pet Health Insurance Association

Founded in 2007, the NAPHIA is committed to educating and promoting the values and benefits of quality pet health insurance to North American pet owners, the general public, and the veterinary community. As an association, it is committed to high standards and transparency in all of our actions and products. To learn more, visit www.naphia.org.

For additional information, contact Victor Garcia, AVP of Underwriting, RLI Programs at (972) 677-2135 or [email protected], or Laura Bennett, Embrace CEO at (800) 511-9172 or [email protected].

Victor Garcia
AVP of Underwriting, RLI Programs
(972) 677-2135
[email protected],
or
Laura Bennett
Embrace CEO
(800) 511-9172
[email protected].

Source: RLI Corp.