Jasbir S. Thandi and Global Century Insurance Brokers, Inc. (GBIC), defendants in the United States District Court for the District of Vermont (Vermont District Court) lawsuit regarding Global Hawk Insurance Company Risk Retention Group (Global Hawk) have defaulted. The Plaintiff, Vermont Department of Financial Regulation (Vermont DFR) Commissioner and Global Hawk Liquidator Kevin J. Gaffney, is now seeking a default …
Vermont DFR Sues Crowe Over
Global Hawk Audit Work
The Vermont Department of Financial Regulation (Vermont DFR) has filed a lawsuit against Crowe, LLP for audit reports it produced for the now insolvent Global Hawk Insurance Company Risk Retention Group (Global Hawk). The complaint includes claims of alleged negligence, negligent misrepresentation, and breach of contract for the years` ranging from 2016 to 2018. The complaint was initially filed by …
RRGs and the Market for Law
By Andrew P. MorrissProfessor, Bush School of Government & Public Service and School of LawTexas A&M University In creating risk retention groups and purchasing groups, Congress created what has become a vibrant “law market” for insurance regulation, providing a model for successful harnessing of competition to improve the legal system. In a forthcoming article in the Journal of Special Jurisdictions, …
2022 VCIA Report: Farewells and a Strong Return
The 2022 VCIA Conference was held from August 8-11, 2022, in Burlington, Vermont. It was the first in-person VCIA conference since 2019. Attendance was strong with 986 professionals attending the conference. In addition, the Vermont captive industry said farewell to two of its longtime leaders. Both Rich Smith—the former VCIA president who stepped down at the beginning of 2022—and the …
UE’s Janice Abraham to Retire in 2023
Janice Abraham, the President and CEO of United Educators Insurance, A Reciprocal Risk Retention Group (UE), will be retiring in the summer of 2023. Abraham has led UE since 1998—making her one the longest serving risk retention group executives. Having formed in 1987— soon after the passage of the Liability Risk Retention Act—United Educators is one the longest operating risk …