The tenth status report for the liquidation of Spirit Commercial Auto Risk Retention Group (Spirit) was issued by Special Deputy Receiver (SDR) Cantilo & Bennett, L.L.P. on July 7, 2021. The report includes the first estimate of unpaid liabilities at Spirit. Actuarial firm Oliver Wyman set the total unpaid loss and loss adjustment expenses for Spirit at $198.7 million. That …
2020 Risk Retention Group Premium Growth Driven by Fewer Domiciles
The risk retention group industry saw another strong year of premium growth in 2020, with premium increasing to $3838.3* million from $3581.5 in 2019, an increase of 7.2%. Growth in 2020 occurred in a lower number of domiciles—nine—than in 2019, when 13 domiciles reported increases in premium. 2020 premium growth was driven in part by newly formed or reactivated risk …
CICA and NRRA Announce Fall Conferences
The Captive Insurance Companies Association (CICA) and the National Risk Retention Association (NRRA) have announced conferences for fall 2021. The two conferences will be among the first captive conferences with a national attendance to held in-person since the coronavirus pandemic abruptly halted most events in March 2020. CICA will be holding its Fall Forum from October 10 to 13, 2021, …
More Risk Retention Groups Carrying Ratings in 2021
More risk retention groups are carrying ratings from A.M. Best or Demotech, Inc. as of July 2021 than were carrying ratings in July 2020. The number of risk retention groups carrying an A.M. Best rating held steady at 41, while the number of risk retention group carrying a Demotech rating increased from 24 to 29. Two risk retention groups—Attorneys’ Liability …