2022 Captive Manager Rankings: SRS and Palmetto Move Up

Risk retention groups reported another strong year of premium growth in 2022 with premium increasing 12.8% to $4,902.8 million. And though formations slowed, the number of operational risk retention groups increased to 242—the highest number of operational risk retention groups in over a decade. That continued activity contributed to further shakeups in captive manager rankings for risk retention groups.

Aon was once again the leading risk retention group captive manager, with its 36 risk retention groups reporting premium of $1,543.8 million, an increase of 11.0 percent. Aon was the only captive manager to report more than $500 million in RRG premium. Aon-managed RRGs account for 31.5 percent of all risk retention group premium.

Aon is captive manager for many of the largest and longest operating risk retention groups including MCIC Vermont (A Reciprocal RRG) ( $479.0 million); United Educators Insurance, A Reciprocal RRG ($377.9 million); and Controlled Risk Insurance Company of Vermont RRG ($194.9 million).

Marsh, which also manages 36 risk retention groups, maintained its position at number two with its managed risk retention groups reported premium of $460.0 million in 2022—an increase of 26.8% over the $363.3 million reported in 2021. Much of the growth is attributable to Mountain Laurel RRG, which saw premium increase by over 200% after merging with Broadline RRG though growth was also strong at Allegiant Inc. Co. Inc. A RRG and Overdrive RRG.

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