Specialty insurer RLI has announced that Paul B. Medini has been appointed to its Board of Directors.
The firm states that Medini brings extensive audit, accounting, and insurance experience to his new role following a 17-year career at ACE Group and Chubb, and a 23-year career at PricewaterhouseCoopers, where he served as a partner.
Most recently, Medini was Senior Vice President and Chief Accounting Officer at Chubb, until his retirement in August 2020.
RLI Corp. Chairman Jonathan E. Michael, commented, “We are pleased to welcome Paul to our Board of Directors.
“He is an accomplished leader who brings a wealth of experience, talent and perspective to RLI. We are confident he will add tremendous value to our organisation and look forward to working with him.”
Mendini’s term is in effect, and expires at RLI’s next shareholders’ meeting in May 2023, at which time he will stand for re-election, says the firm.
Meanwhile, RLI reported net earnings of $439.9 million for Q3 of 2022, including underwriting income of $8.8 million on a combined ratio of 97.0%.
This was despite the firm reporting an underwriting loss of $8.8 million in its property segment, due to $34.8 million impact from third quarter hurricanes, which was slightly below its earlier estimated loss range of $38 million – $42 million.
