Category Archive

The National Risk Retention Association’s highest award—The Karen Cutts Award—was presented to James Cutts, the husband of the late Karen Cutts. Karen Cutts was the founder and managing editor of the Risk Retention Reporter from 1987 until her death in 2010 after a battle with pancreatic cancer. This is an excerpt , for the complete article subscribe to the Risk Retention Reporter.

The National Risk Retention Association (NRRA) Conference was held from November 2 to 4 at the Sofitel Hotel in Chicago, Illinois. Although attendance was down from pre-covid levels, there were indications that interest in the risk retention group vehicle is increasing. Even with the decline in attendees, NRRA Executive Director Joe Deems was pleased with the conference. This is an …

This month seven new risk retention groups were added to the Risk Retention Reporter listings, and one RRG was deleted, taking the total number of RRGs up to 236. No new purchasing groups were added to the Risk Retention Reporter listings, and none were deleted leaving the total number of PGs at 1030. In July 2021, Kathryn Boucher, Vice President …

Risk Partners Vice President Gary Osborne was named Captive Insurance Person of the Year by the South Carolina Captive Insurance Association. Osborne currently serves as the Chairman of the SCCIA Board. South Carolina was the leading domicile for new risk retention group formations in 2021—the best year for new RRG formations since 2007. “In the face of tremendous uncertainty during …

With the North Carolina Supreme Court denying an appeal by Amrit “Andy” Singh (A. Singh), Eleazar Rojas, Shamsher Singh (S. Singh), and MVT Insurance Services (MVT) in their ongoing bid to regain control American Transportation Group Insurance Risk Retention Group, Inc. (ATGI), ATGI is looking to move forward as a viable risk retention group under the leadership of current ATGI …

VCIA President Richard Smith will be stepping down from his position in early 2022. Smith came on as VCIA president in 2009 and the led association during throughout the 2010s, a decade that saw numerous challenges including 831(b)s drawing the attention of the IRS, a decline in the number of operational risk retention groups, and increased interest in captive insurance …

A.M. Best revised the outlooks to negative for Western Pacific Mutual Insurance Company, A Risk Retention Group (WPMIC RRG). WPMIC RRG currently carries a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent). “The ratings reflect WPMIC’s balance sheet strength, which AM Best assesses as strongest, its adequate operating performance, limited …

Purchasing groups were authorized by Congress along with risk retention groups under the 1986 Liability Risk Retention Act. Unlike risk retention groups, purchasing groups are not insurance companies. Instead, the purchasing group vehicle allows members with a similar risk profile to purchase liability coverage on a group basis. The purchasing group also makes it easier for its members to purchase …

Purchasing groups differ significantly from risk retention groups in breakdown of business sectors in which they are active. Not only are purchasing groups active in a wider range of business sectors than risk retention groups, there is also no one sector that represents a dominant share of the purchasing group marketplace. Healthcare is the largest business sector for purchasing groups …

Long-time VCIA President Richard Smith will be stepping down at the end of January 2022. Smith has served as the President of VCIA since 2009. VCIA, like most other organizations, has experiences significant disruption from the coronavirus pandemic. “It has been a great privilege to lead this incredible organization for the past twelve years,” stated Smith. “I am so grateful …