Risk retention groups reported record premium growth in 2022 with premium increasing by 12.9% to $4,897.9 million, an increase of $558.1 million over the $4339.7 million reported in 2021. This is the largest premium increase in dollar terms for the RRG industry, surpassing the premium growth of $527.0 million in 2003 and $519.3 million in 2021. In contrast to 2003, …
Curator MD RRG Insolvent
Arizona-domiciled Curator MD Risk Retention Group (Curator MD RRG) reported negative surplus of $12.5 million on its 2022 annual statement filed on May 15, 2023, leaving the RRG in an insolvent state at the end of last year. Curator MD RRG has seen consistent declines in surplus since it began writing in 2019. Surplus at Curator RRG was $5.7 million …
Florida Bill 516 to Be Shelved in Current Session
The Florida Senate has shelved Florida Senate Bill 516 (the Bill)—a Bill that would have effectively barred most Transportation risk retention groups from writing in Florida. The Bill had passed in the Florida House of Representatives. The National Risk Retention Association (NRRA) has stated that they believe the Bill will be reintroduced in the 2024 Florida legislative session. The Bill …
NLADA Forms Risk Retention Group
The National Legal Aid and Defender Association (NLADA) has formed a risk retention group to provide liability coverage to members of the association—NLADA Mutual Insurance Co., A Risk Retention Group (NLADA RRG). Formed in 1911 by fifteen legal aid societies in New York, “NLADA is America’s oldest and largest nonprofit association devoted to excellence in the delivery of legal services …
Florida Bill Endangers Commercial Auto Coverage for RRG Members
Florida Bill 516 (the Bill) was unanimously approved by the Committee on Banking and Insurance (Committee) of the Florida Senate at hearing held on March 22, 2023. The Bill would require risk retention groups writing commercial auto liability in Florida to carry a Financial Strength Rating of “A” or higher and be of a Financial Size Category (FSC) of VIII …
2022 Actuary & Auditor Rankings: Milliman, Johnson Lambert Lead
The Risk Retention Reporter has complied the risk retention group actuary and auditor rankings for 2022. Milliman and Willis Towers Watson led the rankings for actuaries, while Johnson Lambert, LLP and Crowe, LLP top the rankings for auditors. This the most complete ranking for actuary and auditors complied by the Risk Retention Reporter, with just 21 active RRGs missing an …
NRRA Chair Sullivan on the Leaders Summit and the RRG Industry
The NRRA Leaders Summit (The Summit) will be held on March 14 at the Sofitel Los Angeles at Beverly Hills in Los Angeles, California. The Summit is a one day conference tailored specifically to the leadership teams at risk retention groups. The Risk Retention Reporter spoke with NRRA Chair Tim Sullivan on his priorities for NRRA in the coming years, …
Arsenal Insurance Management, LLC Files for Bankruptcy
Alabama-based Arsenal Insurance Management, LLC (Arsenal) has filed for bankruptcy in United States Bankruptcy Court for the District of Delaware on January 23, 2023. It’s affiliated companies Arsenal Health LLC and Arsenal Intermediate Holdings LLC also filed for bankruptcy on the same day. While much of the reporting on the Arsenal has focused on the firm’s large portfolio of captives …
Vermont See Strong Growth, Holds Trade Mission in Mexico
Vermont—the largest domestic captive and risk retention group domicile—reported another strong year of growth in 2022. Vermont licensed 41 new captive insurance companies in 2022, taking the total number of captives in the state up to 639. It was the sixth best year for captive formations in the over 40 years that Vermont has operated as a captive domicile. “While …
2022 Risk Retention Group Directory & Guide Available
The 2022 Risk Retention Group Directory & Guide (Directory) is available. The Directory includes profiles of 237 risk retention groups, including a description of the RRG, five-year historical data, contact information, and lines of coverage. This is an increase over the 224 risk retention groups included in the 2021 edition of the Directory & Guide as the number of operational …