Risk retention group premium increased by a strong 13.5% in 2021 to $4,352.6 million, an increase of $516.8 million over the $3,835.8 million reported in 2020. It was the strongest year for RRG premium growth in dollar terms since 2003. Premium growth was dispersed across a range of business sectors. The largest growth was at the recently reactivated Healthcare RRG …
The Challenges of Prosecuting Insurance Fraud: A Conversation with Butler Snow’s Benjamin Whitehouse
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 …
Kevin Mead on His New Position and the 2022 VCIA Conference
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 …
RRG Ratings Update—Positive Outlook for Allied Professionals
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) …
2022 Captive Insurance Conference Preview
It looks like the summer and fall of 2022 will be a busy season for the captive insurance industry. Attendance at earlier conferences such as the 2022 CICA International Conference and 2022 RIMS Conference was strong. VCIA President Kevin Mead noted that two of the hotels for the upcoming VCIA Conference are already sold out—despite registration not opening for a …