Nevada Commissioner of Insurance Barbara Richardson in her capacity as the Receiver for Spirit Commercial Auto Risk Retention Group, Inc. (Spirit) has filed a Petition for Writ of Mandamus (the Writ) with the Supreme Court of the State of Nevada (Supreme Court) regarding a ruling by Nevada District Court, Clark County (District Court) that stayed all proceedings in the liquidation …
Hospitality RRG Enters Liquidation
An order of liquidation was filed for Hospitality Risk Retention Group, Inc. (Hospitality RRG) on April 8, 2021 in the Washington Unit of the Superior Court for the State of Vermont. Hospitality RRG was licensed by the Vermont Department of Financial Regulation (Vermont DFR) on October 24, 2016 to provide commercial automobile liability to Domino’s Pizza franchisees. Hospitality RRG wrote …
UE’s Joe Carter on the Pandemic Year
In April 2020, the Risk Retention Reporter ran a series of interviews with risk retention groups and RRG regulators on the challenges of navigating the coronavirus pandemic. One of those interviews was with United Educators Insurance, a Reciprocal Risk Retention Group (UE), a risk retention group serving educational institutions. Schools and universities have experienced considerable disruption from the pandemic, with …
Navigating the Reinsurance Marketplace as an RRG: An Interview with Gulfstream Risk Advisors’ Bill Hodson
The insurance market remains hard which opens the door for new risk retention group formations as the world moves past the coronavirus pandemic. However, the pandemic, and a series of natural disasters, have disrupted the reinsurance industry which could potentially complicate the process of starting up a new risk retention group. Effective reinsurance is one of the most important components …
ANI Takes Lead in Providing Communicable Disease Coverage
As individuals and businesses grapple with the long-term liabilities surrounding the COVID-19 pandemic, risk retention groups are taking steps to help protect their members with risk management advice and in some cases, insurance coverage. Nonprofits Insurance Alliance Group, (NIA) the parent company of Nonprofits Insurance Alliance of California (NIAC), Alliance of Nonprofits for Insurance, RRG (ANI), and National Alliance of …
After Successful Leaders Summit, NRRA Looks to Fall Conference
The National Risk Retention Association (NRRA) held its third annual Leader’s Summit virtually from February 9 to 10, 2021. With attendance at the Leader’s summit up this year, and interest in risk retention groups increasing due to the hard market, NRRA is now looking to its Fall Conference and the hope of meeting in-person. “For all intents and purposes, the …
EPIX RRG Placed in Rehabilitation
Emergency Physicians Insurance Exchange Risk Retention Group (EPIX RRG) was placed in rehabilitation by the Vermont Superior Court for Washington County (the Court) on February 26, 2021. Vermont Department of Financial Regulation (Vermont DFR) Commissioner Michael S. Pieciak was appointed as the Rehabilitator. Commissioner Pieciek requested that EPIX RRG be placed in rehabilitation due to the company’s insolvent financial condition …
RRGs Show Long-Term Success Across Most Business Sectors
As the risk retention group industry emerges from a protracted soft market that contributed to a significant decline in operational RRGs, it is important to recognize the long-term success the industry has exhibited across most business sectors. There are 37 risk retention groups that have been active for over 20 years, representing 17% of active risk retention groups. Among those …
Analysis of RRG Age at Time of Insolvency
The recent insolvency of Emergency Physicians Insurance Exchange RRG (EPIX RRG) is notable as the company had been active for 17.6 years before entering insolvency, the second longest span of operation for an RRG that has been declared insolvent. The insolvency of Global Hawk Risk Insurance Company Risk Retention Group (Global Hawk) in Vermont last year is also an outlier …
CICA Conference Canceled
The Captive Insurance Companies Association has canceled its 2021 Conference which had been set to occur from March 14-16 in Scottsdale, Arizona. CICA is currently working to adapt the sessions that would have been held at the conference into a new Digital Education Series.“We hoped things would improve to make it possible to host an in-person conference. Unfortunately, Arizona has …