On February 18, 2022, the insolvency proceedings regarding Spirit Commercial Auto Risk Retention Group (Spirit) moved to arbitration after an appeal to the Nevada Supreme Court by Nevada Insurance Commissioner Barbara Richardson was denied. Nevada regulators allege that over $40 million is missing from Spirit. In the appeal, Richardson argued that arbitration agreements that Spirit made with its service providers ...

In February 2022, Kevin Mead was appointed as the new VCIA President. VCIA will also be holding its first in-person conference since 2019 in August of this year. The Risk Retention Reporter spoke with Mead to discuss the new position and what he expects for the 2022 VCIA Conference. Risk Retention Reporter: What aspects of the captive industry drew you ...

AM Best has revised the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to stable from negative for ProAssurance Corporation and its groups members. A.M. Best also affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “bbb+” (Good) and all existing Long-Term ICRs of ProAssurance Corporation. In addition, AM Best affirmed the FSR of A- (Excellent) ...