Arizona-domiciled CLIC RRG, Inc. has begun writing premium. CLIC RRG is the first risk retention group formed to serve the cannabis industry and is providing general and product/completed operations liability coverages to growers, retailers, manufacturers, labs, and other business operating in the cannabis industry. Although CLIC RRG is serving an emerging industry, with legal complications, CLIC RRG Founder Chris Payne …
RRG Premium Growth Slows in 2023: An Analysis by Business Sector
Risk retention group premium growth slowed in 2023, with RRG premium increasing by 2.3% to $4,981.4 million, up from $4869.2 million in 2022. 2023 marks the thirteenth consecutive year of premium growth for the risk retention group industry. Overall, 149 risk retention groups posted premium gains—with 14 risk retention groups reporting premium increases of more than $10 million—while 76 reported …
Spirit Proceedings Continue to Wind Through Arbitration
After the Nevada Supreme Court denied a petition for a writ of mandamus filed by then Nevada Insurance Commissioner Barbara Richardson in February of 2022, the liquidation proceedings for Spirit Commercial Auto Risk Retention Group (Spirit) have continued to work their way through arbitration, according to updates in the 21st Status Report (Status Report) filed by the Receiver in March …