More Risk Retention Groups Carrying Ratings in 2023

More risk retention groups are carrying ratings from AM Best or Demotech, Inc. as of August 2023 than were carrying ratings in August 2022. The number of risk retention groups carrying an A.M. Best fell to 42 from 43, while the number of risk retention groups carrying a Demotech rating increased from 31 to 34. Two risk retention groups—Attorneys’ Liability …

Curator MD RRG Surrenders Certificate of Authority

Arizona-domiciled Curator MD Risk Retention Group (Curator MD RRG) has surrendered its certificate of authority and ceased to operate as an insurance company. According to a filing issued on July 5, 2023, Curator MD RRG “has no outstanding obligations under any policies of insurance, whether written direct or through reinsurance ceded to it.” The Risk Retention Reporter initially reported in …

State-By-State Survey of Risk Retention Group Regulation

State-By-State Survey of Risk Retention Group Regulation The 1986 Risk Retention Act preempts state law in certain areas while authorizing states to regulate in others. In some cases, there is ambiguity as to where state regulation is preempted, and federal law prevails. The result is that states have adopted various positions on certain key issues that impact Risk Retention Act …

RRG Premium Growth Hit Record Levels in 2023: An Analysis by Business Sector

By Christopher Diemel, Managing Editor, Risk Retention Reporter As reported in the March 2023 Risk Retention Reporter, the risk retention group industry reported record premium growth in 2022. While the total growth in dollar terms remains $558.1 million, total RRG premium has been revised upwards to $4902.8 million in 2022 and to $4344.7 million in 2021 due an additional annual …

Montana Announces New Chief Examiner, Domicile Report Released

Montana has appointed Kari Leonard as its new Chief Examiner and Captive Insurance Coordinator. Leonard steps in for the recently retired Steve Matthews who had held the position since 2005. The Montana Captive Insurance Association also released its “Montana Captive Domicile Report 2023,” which showed continued captive growth in the state. The Risk Retention Reporter spoke with Matthews who noted …

Transitions and Moving Past COVID: VCIA President Kevin Mead on the 2023 Conference

The 2023 VCIA Conference will be held from August 7th to 10th in Burlington, Vermont. Vermont is the largest domestic captive domicile with over six hundred domiciled captives. Vermont is also the leading risk retention group domicile with 80 domiciled risk retention groups that reported gross written premium of $2,928.5 million in 2022—60 percent of all risk retention group premium. …

Montana’s Steve Matthews Looks Back on His Career and the RRG Industry

Montana Chief Financial Examiner and Captive Insurance Coordinator Steve Matthews will be retiring at the end of June. Matthews, who stepped in as the head of the Montana insurance team in 2005, has been in the position for over 18 years. Matthews started his insurance career on the traditional side in South Carolina in the 1990s. Montana—which has just shy …

EDIC Provides a Roadmap for RRG Success

Formed in 1992, Eastern Dentists Ins. Co. (A Dental Society RRG) (EDIC) has successfully served its members for more than 30 years. The Risk Retention Reporter spoke with EDIC President and CEO Edward Carroll on the factors that have contributed to EDIC’s long-term success, navigating a challenging investment environment, and strategies for achieving healthy premium growth at a small risk …

2022 Domicile Rankings: Vermont Leads and Texas Moves Up

Most risk retention group domiciles reported strong premium gains in 2022. Overall, thirteen domiciles reported RRG premium growth, and four domiciles reported premium declines. Connecticut saw two new groups form, but those groups have not yet reported premium. Vermont maintained its position as the dominant risk retention group domicile with its 80 risk retention groups reporting $2,928.5 million in gross …

RRGs Report Worst Surplus Decline on Record

Risk retention groups reported a surplus decline of $613.3 million in 2022, the largest surplus decline on record. The decline in surplus accompanied a record year for risk retention group premium growth, with premium increasing by $558.1 million in 2022. The risk retention group industry rarely sees declines in surplus, with declines occurring in only six years—2022, 2018, 2015, 1999, …