Specialty insurance company RLI has created RLI Fidelity, a new group established to focus on financial fidelity and commercial crime insurance products.

The new division will be based in New York City, and will be led by Mike Beranek, as its vice president. He will be joined by Joe Prystupa as assistant vice president.

RLI said that through this new operation it will offer customized coverage as well as a full array of standard financial institution bonds and commercial crime policies.

Michael Stone, president and COO of RLI Insurance Company, said that RLI Fidelity expects to be an admitted insurer on both a primary and excess basis in all 50 states of the US and will begin accepting submissions in the coming months.

Mr Stone added: Mike’s highly experienced team will help us gain a foothold in this industry niche. They are perfectly suited to enhance RLI’s reputation for providing innovative solutions to our producer network by identifying underserved or poorly served accounts and offering outstanding risk analysis, coverage design and claim service.