Emergency Physicians Insurance Exchange Risk Retention Group (EPIX RRG) was placed in rehabilitation by the Vermont Superior Court for Washington County (the Court) on February 26, 2021. Vermont Department of Financial Regulation (Vermont DFR) Commissioner Michael S. Pieciak was appointed as the Rehabilitator. Commissioner Pieciek requested that EPIX RRG be placed in rehabilitation due to the company’s insolvent financial condition …
RRGs Show Long-Term Success Across Most Business Sectors
As the risk retention group industry emerges from a protracted soft market that contributed to a significant decline in operational RRGs, it is important to recognize the long-term success the industry has exhibited across most business sectors. There are 37 risk retention groups that have been active for over 20 years, representing 17% of active risk retention groups. Among those …
Analysis of RRG Age at Time of Insolvency
The recent insolvency of Emergency Physicians Insurance Exchange RRG (EPIX RRG) is notable as the company had been active for 17.6 years before entering insolvency, the second longest span of operation for an RRG that has been declared insolvent. The insolvency of Global Hawk Risk Insurance Company Risk Retention Group (Global Hawk) in Vermont last year is also an outlier …
CICA Conference Canceled
The Captive Insurance Companies Association has canceled its 2021 Conference which had been set to occur from March 14-16 in Scottsdale, Arizona. CICA is currently working to adapt the sessions that would have been held at the conference into a new Digital Education Series.“We hoped things would improve to make it possible to host an in-person conference. Unfortunately, Arizona has …
Julie Bordo on Navigating the Pandemic as a Long-term Care Insurer
In late February 2020, the first death from the coronavirus was reported at a nursing home in Kirkland, Washington. A little over a month later, according to reporting by the New York Times, two-thirds of the center’s residents had contracted the disease, along with 47 of the center’s employees. By the end of March 2020, 35 deaths were tied to …
Historical Composition of RRGs by Business Sector
The emergence of the hard market, and the disruption of the long-term care industry by the coronavirus pandemic, will likely lead to increased risk retention group activity in the long-term care subsector of the Healthcare sector. Although there are currently 18 active risk retention groups serving the nursing home and long-term care business sector, the first of those groups didn’t …