Conference Recap The 2021 National Risk Retention Association (NRRA) Conference was held from November 2 to 4 at the Sofitel Hotel in Chicago, Illinois. Although attendance was down from pre-COVID levels, there were indications that interest in the risk retention group vehicle is increasing. Even with the decline in attendees, NRRA Executive Director Joe Deems was pleased with the conference. …
New RRG Formations at Highest Level Since 2007
At the end of 2020 there were 215 active risk retention groups, the lowest number of operational RRGs since 2005. All the while, other types of captive formations were booming. It seemed that hard market that had begun in 2019 had left the risk retention group industry behind. That doesn’t appear to be the case anymore. There have been 24 …
Jim Cutts Receives “Karen Cutts Award”
The National Risk Retention Association’s highest award—The Karen Cutts Award—was presented to James Cutts, the husband of the late Karen Cutts. Karen Cutts was the founder and managing editor of the Risk Retention Reporter from 1987 until her death in 2010 after a battle with pancreatic cancer. This is an excerpt , for the complete article subscribe to the Risk Retention Reporter.
Successful NRRA Conference Shows Increased Interest in RRGs
The National Risk Retention Association (NRRA) Conference was held from November 2 to 4 at the Sofitel Hotel in Chicago, Illinois. Although attendance was down from pre-covid levels, there were indications that interest in the risk retention group vehicle is increasing. Even with the decline in attendees, NRRA Executive Director Joe Deems was pleased with the conference. This is an …
Risk Retention Roundup—Adjustment to RRG Count at Year End 2020
This month seven new risk retention groups were added to the Risk Retention Reporter listings, and one RRG was deleted, taking the total number of RRGs up to 236. No new purchasing groups were added to the Risk Retention Reporter listings, and none were deleted leaving the total number of PGs at 1030. In July 2021, Kathryn Boucher, Vice President …
Risk Retention Groups, Captive Managers, and Others in the News
Risk Partners Vice President Gary Osborne was named Captive Insurance Person of the Year by the South Carolina Captive Insurance Association. Osborne currently serves as the Chairman of the SCCIA Board. South Carolina was the leading domicile for new risk retention group formations in 2021—the best year for new RRG formations since 2007. “In the face of tremendous uncertainty during …
After Years of Upheaval, ATGI RRG Looks to Move Forward
With the North Carolina Supreme Court denying an appeal by Amrit “Andy” Singh (A. Singh), Eleazar Rojas, Shamsher Singh (S. Singh), and MVT Insurance Services (MVT) in their ongoing bid to regain control American Transportation Group Insurance Risk Retention Group, Inc. (ATGI), ATGI is looking to move forward as a viable risk retention group under the leadership of current ATGI …
Rich Smith Looks Back on His Tenure as VCIA President
VCIA President Richard Smith will be stepping down from his position in early 2022. Smith came on as VCIA president in 2009 and the led association during throughout the 2010s, a decade that saw numerous challenges including 831(b)s drawing the attention of the IRS, a decline in the number of operational risk retention groups, and increased interest in captive insurance …
October RRG Ratings Update
A.M. Best revised the outlooks to negative for Western Pacific Mutual Insurance Company, A Risk Retention Group (WPMIC RRG). WPMIC RRG currently carries a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent). “The ratings reflect WPMIC’s balance sheet strength, which AM Best assesses as strongest, its adequate operating performance, limited …
Catching Up on Purchasing Groups with Dan O’Leary
Purchasing groups were authorized by Congress along with risk retention groups under the 1986 Liability Risk Retention Act. Unlike risk retention groups, purchasing groups are not insurance companies. Instead, the purchasing group vehicle allows members with a similar risk profile to purchase liability coverage on a group basis. The purchasing group also makes it easier for its members to purchase …