Purchasing groups were authorized by Congress along with risk retention groups under the 1986 Liability Risk Retention Act. Unlike risk retention groups, purchasing groups are not insurance companies. Instead, the purchasing group vehicle allows members with a similar risk profile to purchase liability coverage on a group basis. The purchasing group also makes it easier for its members to purchase ...

Purchasing groups differ significantly from risk retention groups in breakdown of business sectors in which they are active. Not only are purchasing groups active in a wider range of business sectors than risk retention groups, there is also no one sector that represents a dominant share of the purchasing group marketplace. Healthcare is the largest business sector for purchasing groups ...

Long-time VCIA President Richard Smith will be stepping down at the end of January 2022. Smith has served as the President of VCIA since 2009. VCIA, like most other organizations, has experiences significant disruption from the coronavirus pandemic. “It has been a great privilege to lead this incredible organization for the past twelve years,” stated Smith. “I am so grateful ...