During the liability crisis of the 1980s, nonprofits were having trouble obtaining liability coverage. In addition to overall market conditions, a few cases of sexual abuse had pushed insurers even further away from insuring nonprofits. In 1987 Nonprofits Insurance Alliance—which includes Nonprofits Insurance Alliance of California (NIAC) and Alliance of Nonprofits for Insurance, Risk Retention Group (ANI)—Founder, President, and CEO …
Joe McDonald on His New Position, RRGs, and What’s Next for South Carolina
Joe McDonald began his position as director of captives at the South Carolina Department of Insurance (the Department) on February 2, 2022. Prior to coming on to lead the captive division in South Carolina, McDonald was the captive and risk product manager at the International Risk Management Institute, Inc. (IRMI). McDonald had previously served as licensing coordinator for the Department …
With Writ Denied, Spirit Proceedings Move to Arbitration
On February 18, 2022, the Nevada Supreme Court (Supreme Court) denied a petition for writ of mandamus (the writ) filed by Nevada Insurance Commissioner Barbara Richardson. Commissioner Richardson filed the writ on April 1, 2021, in response to a ruling in Eighth Judicial Court of Nevada (District Court) that stayed all proceedings in the liquidation of Nevada-domiciled Spirit Commercial Auto …
AMS RRG Acquires A- Rating After Reinsurance Adjustments
Applied Medico-Legal Solutions Risk Retention Group (AMS RRG) was assigned a Financial Strength Rating of A- (Excellent) and an Issuer Credit Rating of “a-“ by A.M. Best. The rating was obtained in part due to an adverse development cover (ADC) that AMS RRG obtained from Genesis Legacy Solutions (Genesis). According to a press release by A.M. Best, AMS RRG’s risk-adjusted …
RRGs, Captive Managers, and Others in the News
The North Carolina Department of Insurance has appointed Lori Gorman as its new deputy commissioner of the captive insurance company division. Gorman will assume her position in April. Gorman takes over for Debbie Walker who is retiring. Walker had led the captive division since 2013 when it was first established by the North Carolina Department of Insurance. “Lori has an …