Besieged by pleas from business people and municipalities across the United States who were unable to obtain or afford liability insurance during the mid-1980’s, Congress responded by enacting amendments to the 1981 Product Liability Risk Retention Act. The new legislation, known as the Federal Liability Risk Retention Act of 1986 (LRRA), created two vehicles by which insurance buyers could more …
Ninth Circuit Sends CCRRG Case to Arizona Supreme Court
The United States Court of Appeals for the Ninth Circuit (Ninth Circuit) issued an order certifying questions to the Arizona Supreme Court in the case Benson v. Casa De Capri Enterprises, LLC (Benson), a case in which Continuing Care Risk Retention Group, Inc. (CCRRG) is the real-party-in-interest. The United States District Court for the District of Arizona (District Court of …
Hard Market Drives New Captive Formations, RRG Premium Growth
Captive domiciles nationwide have released their data on captive formations for 2020. The data points towards strong captive formations in most established domiciles, though formations of risk retention groups in those domiciles have remained low. Hard market conditions are likely contributing to the growth in captives, and though RRG formations are low, RRG premium will likely see significant growth in …
Supreme Court Refuses to Review Anglesey Decision
The Supreme Court of the United States (Supreme Court) has refused to review the Allied Professionals Ins. Co. RRG v. Anglesey (Anglesey) decision filed on March 12, 2020 in the United States Court of Appeals for the Ninth Circuit (Ninth Circuit). The Anglesey decision affirmed the preemptive qualities of the Liability Risk Retention Act (LRRA), specifically that the LRRA preempted …
Nevins Looks to Continue Vermont’s Status as the ‘Gold Standard’
The Vermont Department of Economic Development announced that Brittany Nevins had been hired as the Captive Insurance Economic Development Director for the State of Vermont in September 2020. In her position, Nevins will direct the marketing and business development efforts of the Vermont captive insurance industry. Nevins replaces Ian Davis, who left his position earlier this year. Vermont is the …
Lessons from a Higher Education Captive: 3 Proven Ways to Help Members Navigate the Pandemic
As the coronavirus pandemic has decimated large swaths of the economy, higher education has been hit particularly hard. Many colleges and universities were already experiencing shaky finances before COVID. Sixty percent of schools missed their fall 2019 enrollment goals according to a February 2020 Chronicle of Higher Education story. Changing demographics and drops in international enrollment are cited as primary …
Risk Retention Roundup December
This month one new risk retention group was added to the Risk Retention Reporter listings, and one RRG was deleted, leaving the total number of RRGs at 214. No new purchasing groups were added to the Risk Retention Reporter listings, and no PGs were deleted, leaving the total number of PGs at 1,024. This is an excerpt, for the complete …
CICA Rules Out Virtual Conference
The 2021 CICA International Conference is currently scheduled for March 14 to 16 at the Westin Kierland in Scottsdale, Arizona. CICA President Dan Towle wrote in a December 3, 2020 email that although there is a significant chance of the in-person conference being canceled, there are no plans to hold a virtual conference. “What I, and our CICA leaders, have …
NRRA Cancels February In-Person Conference, Moves Leaders Summit Virtual
The National Risk Retention Association (NRRA) has cancelled an in-person conference that was scheduled for February 2021, in Beverly Hills, California. NRRA plans on holding an in-person conference in the Fall 2021. NRRA is moving its RRG Leaders Summit to a virtual platform with the summit being held from February 9-10, 2021. The Leader’s Summit is an invitation only event. …
RRGs Financially Stable in Q3 Demotech Report
Demotech, Inc. published its report Analysis of Risk Retention Groups – Third Quarter 2020 on December 8. The report finds that risk retention groups collectively continue to exhibit a high degree of financial stability. This is an excerpt, for the complete article subscribe to the Risk Retention Reporter.