Premium growth for risk retention group domiciles was mixed in 2023, with some domiciles reporting strong growth, others seeing steep declines, and some seeing premium come in flat. Overall, thirteen domiciles reported RRG premium growth four domiciles reported premium declines. Connecticut-domiciled risk retention groups have yet to report any premium.
Vermont maintained its position as the dominant risk retention group domicile with its 80 risk retention groups reporting $2,919.7 million in gross written premium—58.6 percent of all risk retention group premium, a decline from the 60 percent share of RRG premium the state had in 2022. Overall, premium for Vermont-domiciled risk retention groups was flat, increasing by 0.1 percent.
Vermont-domiciled RRGs hold the top three spots for premium growth in 2023. Physicians Insurance RRG Inc., formerly MedChoice RRG, Inc., saw the largest premium growth in 2023 with premium increasing by $38.4 million to $64.6 million. Attorneys` Liability Assurance Society Ltd., A RRG reported premium growth of $26.5 million that took premium at the RRG up to $420.7 million, while Alliance of Nonprofits for Insurance, RRG reported premium growth of $20.3 million that took premium at the RRG up to $151.9 million.
Offsetting that growth were several Vermont-domiciled risk retention groups that reported significant declines in premium. Mountain Laurel RRG, Inc. saw premium decline by $72.3 million to $72.0 million, the largest premium decline for an RRG in 2023. Clinician Assurance, Inc. A RRG (-$17.8 million) and OOIDA RRG (-$13.6 million) also saw steep declines in premium.
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