Vermont DFR Files Suit Against Global Hawk RRG MGA

The Vermont Department of Financial Regulation (Vermont DFR) filed suit against Jasbir S. Thandi of Global Century Insurance Brokers (GCIB) and Jaspreet Singh Padda of Quantbridge Capital, LLC (Quantbridge) (collectively the Defendants) on October 30, 2020 in the United States District Court of Vermont. The complaint alleges that the Defendants engaged in a scheme to defraud Global Hawk Risk Retention …

Spirit Commercial RRG Lawsuit Stayed Pending Arbitration

On November 17, 2020 Judge Mark R. Denton signed an order in the Eighth Judicial Court of Nevada staying the lawsuit against defendants in the Spirit Commercial Auto Risk Retention Group (Spirit) case pending arbitration. The stay follows a motion from May 14, 2020 that granted CTC Transportation’s (CTC) and Criterion Claims Solutions of Omaha, Inc.‘s (Criterion) motion to compel …

Despite Challenges, Transportation Sector Continues to Drive New RRG Growth

Risk retention group formations began to slow in 2013. That trend, coupled with a spike in retirements, resulted in a significant decline in the number of operational risk retention groups. The number of operational risk retention groups has fallen from 261 at year-end 2012 to 214 as of November 2020. That decline would have been more severe if there hadn’t …

VCIA Announces Virtual Conference for 2021

On October 23, the Vermont Captive Insurance Association (VCIA) announced that it would be holding its 2021 conference virtually, from August 10 to 12. The decision comes as the number of COVID-19 cases across the nation continues to rise.

RRGs Financially Stable in Demotech Report

Demotech, Inc. has released its report Analysis of Risk Retention Groups—Second Quarter 2020. The report provides analysis of risk retention group balance sheets, income sheets, and premium written. According to the report, RRGs continue to exhibit financial stability…

Special Report: Are RRGs a Mature Industry?

This month’s special report is an analysis of the potential for significant growth in the number of operational RRGs in the current hard market, as has happened historically. In many ways, the RRG industry has matured since the hard market of the early to mid-2000s. That may limit the potential growth in the number of operational RRGs during the current …