Global Hawk Insurance Company Risk Retention Group (Global Hawk) President and Treasurer Jasbir S. Thandi has pled guilty to two counts of conspiracy to commit insurance fraud. According to the Justice Department, Thandi faces a maximum statutory penalty of five years in prison and a $250,000 fine for each count of conspiracy to commit insurance fraud. Co-defendants Sandeep Sahota, Jaspreet …
Nevada Awarded $82.9 million in CTC Arbitration Proceedings
An arbitration panel awarded the State of Nevada $82.9 million in damages in proceedings against CTC Transportation Insurance Services of Missouri, LLC (CTC), according to the Twenty-Ninth Status Report filed on February 4, 2026. CTC was the program administrator for Spirit Commercial Auto Risk Retention Group (Spirit) which was placed into receivership by Nevada on February 27, 2019. Nevada later …
RRG Premium Surpasses $5 Billion in 2024: An Analysis by Business Sector
Risk retention group premium surpassed $5 billion for the first time in 2024, with premium for risk retention groups increasing by 8.7 percent to $5,450.3 million from $5013.7 million in 2023. This is the fourteenth consecutive year of risk retention group premium growth. Overall, 166 risk retention groups posted premium gains—with 17 risk retention groups reporting premium increases of more …
2023 Domicile Rankings: Vermont Leads and Alabama Continues to Grow
Premium growth for risk retention group domiciles was mixed in 2023, with some domiciles reporting strong growth, others seeing steep declines, and some seeing premium come in flat. Overall, thirteen domiciles reported RRG premium growth four domiciles reported premium declines. Connecticut-domiciled risk retention groups have yet to report any premium. Vermont maintained its position as the dominant risk retention group …
More Risk Retention Groups Carrying Ratings in 2024
More risk retention groups are carrying ratings from A.M. Best or Demotech, Inc. as of August 2024 than were carrying ratings in August 2023. The number of risk retention groups carrying an A.M. Best increased 43 from 45, while the number of risk retention groups carrying a Demotech rating increased from 34 to 36. Two risk retention groups—Attorneys’ Liability Assurance …
NRRA Board Chair Tim Sullivan Resigns
National Risk Retention Association Board Chair Tim Sullivan resigned on August 1, 2024. Sullivan continues to serve on the board of Recreation Risk Retention Group, Inc. Tina Truax-McCuin, captive accounts manager at TD Wealth Management, will step in immediately as acting board chair. Sullivan and NRRA had no comment on the resignation.
Cannabis Industry RRG CLIC Begins Writing Coverage
Arizona-domiciled CLIC RRG, Inc. has begun writing premium. CLIC RRG is the first risk retention group formed to serve the cannabis industry and is providing general and product/completed operations liability coverages to growers, retailers, manufacturers, labs, and other business operating in the cannabis industry. Although CLIC RRG is serving an emerging industry, with legal complications, CLIC RRG Founder Chris Payne …
RRG Premium Growth Slows in 2023: An Analysis by Business Sector
Risk retention group premium growth slowed in 2023, with RRG premium increasing by 2.3% to $4,981.4 million, up from $4869.2 million in 2022. 2023 marks the thirteenth consecutive year of premium growth for the risk retention group industry. Overall, 149 risk retention groups posted premium gains—with 14 risk retention groups reporting premium increases of more than $10 million—while 76 reported …
Spirit Proceedings Continue to Wind Through Arbitration
After the Nevada Supreme Court denied a petition for a writ of mandamus filed by then Nevada Insurance Commissioner Barbara Richardson in February of 2022, the liquidation proceedings for Spirit Commercial Auto Risk Retention Group (Spirit) have continued to work their way through arbitration, according to updates in the 21st Status Report (Status Report) filed by the Receiver in March …
Risk Retention Reporter to Issue Final Twelve Issues
The Risk Retention Reporter will issue twelve final issues to fulfill subscriptions with the final issue being the January 2025 edition of the Risk Retention Reporter. I will not be sending out any additional subscription renewals. I have now been at the Risk Retention Reporter for eleven years and it is time for me to move on to the next …