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 …
More Risk Retention Groups Carrying Ratings in 2024
More risk retention groups are carrying ratings from A.M. Best or Demotech, Inc. as of August 2024 than were carrying ratings in August 2023. The number of risk retention groups carrying an A.M. Best increased 43 from 45, while the number of risk retention groups carrying a Demotech rating increased from 34 to 36. Two risk retention groups—Attorneys’ Liability Assurance …
NRRA Board Chair Tim Sullivan Resigns
National Risk Retention Association Board Chair Tim Sullivan resigned on August 1, 2024. Sullivan continues to serve on the board of Recreation Risk Retention Group, Inc. Tina Truax-McCuin, captive accounts manager at TD Wealth Management, will step in immediately as acting board chair. Sullivan and NRRA had no comment on the resignation.
Cannabis Industry RRG CLIC Begins Writing Coverage
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 …
Risk Retention Reporter to Issue Final Twelve Issues
The Risk Retention Reporter will issue twelve final issues to fulfill subscriptions with the final issue being the January 2025 edition of the Risk Retention Reporter. I will not be sending out any additional subscription renewals. I have now been at the Risk Retention Reporter for eleven years and it is time for me to move on to the next …
Actuary Rankings 2023: Milliman and WTW Lead
The Risk Retention Reporter has complied actuary rankings for risk retention groups for 2023. Milliman remains the largest actuarial service provider for risk retention groups, followed by WTW and Pinnacle Actuarial Resources. The data for the actuary rankings was compiled from data collected to produce the 2023 Risk Retention Group Directory & Guide, from self-reporting by captive managers and when …
OMIC President Tim Padovese Looks Back on his Tenure
Ophthalmic Mutual Insurance Co. RRG (OMIC) President Tim Padovese will be retiring on March 24, 2024. Formed in 1988, OMIC is one of the longest operating and most successful risk retention groups. Like many of the most effective risk retention groups, OMIC has a strong core membership in a particular niche. With a strong membership, an RRG can build out …
Global Hawk Executives Indicted in Northern District of California
Global Hawk Insurance Company Risk Retention Group (Global Hawk) President and Treasurer Jasbir S. Thandi has been indicted in the United States District Court for the Northern District of California. Global Hawk Vice President and Secretary Sandeep Sahota and Jaspreet Padda—an investment advisor for Global Hawk—were also indicted. The indictment was filed on November 16, 2023, and unsealed on December …