As of September 2020, 65 risk retention groups carry a rating from either A.M. Best or Demotech, Inc., an increase from the 64 RRGs carrying ratings from those entities in 2019. The number of RRGs carrying a rating from Fitch held steady at two. This is an excerpt, for the complete article subscribe to the Risk Retention Reporter.
CIC Draws Broad Support in IRS Case
In May of this year, the US Supreme Court agreed to hear CIC Services, LLC (CIC) case against the IRS. The case revolves around Notice 2016-66, which identified transactions relating to 831(b) captives, also known as micro-captives, as transactions of interest. On July 22, captive associations across the country filed a joint amicus brief in support of CIC… This is …
Special Feature: The Hard Market, COVID-19, and Healthcare RRGs
This month’s Special Feature is an interview with Vice President, Claims & Litigation, at American Excess Insurance Exchange RRG Mollie O’Brien. O’Brien participated on a panel exploring what the hard market means for RRGs with Risk Retention Reporter Managing Editor Chris Diemel at the 2020 VCIA Virtual Conference. The interview expands on the topics discussed on the panel and further …
CHI RRG 32 Years On
In the 1980s, the California Healthcare professional liability marketplace was dominated by a single carrier, Farmers. That monopoly, coupled with an historic hard market for liability lines of coverage, left many independent hospitals with few options outside of paying the high premiums offered… This is an excerpt, for the complete article subscribe to the Risk Retention Reporter.
Domiciles Report Strong RRG Premium Growth in 2019
Risk retention group domiciles reported strong premium growth in 2019, with nine of the top ten states posting premium gains. Overall, the RRG industry posted its largest premium increase in dollar and percentage terms since 2006, with premium increasing by 8.3% to $3,577.2 million. These gains in premium occurred even as the number of operational risk retention groups continued to …
VCIA Virtual Conference Around the Corner
The VICA 2020 Virtual Conference will be held from August 11-13. The virtual conference will feature a full slate of educational sessions, including a session on “What the Next Hard Market Means for RRGs” featuring Risk Retention Reporter Managing Editor Christopher Diemel, American Excess Insurance Exchange, RRG Vice President of Claims & Litigation Mollie K. O’Brien, and Nonprofits Insurance Alliance Chief Underwriting Officer Brian Johnson. In addition to …
LRRA May Preempt COVID-19 Orders of Non-domiciliary States
On April 13, 2020 California Insurance Commissioner Ricardo Lara issued Bulletin 2020-3 that required all property and casualty and workers compensation insurers to make an initial premium refund for the months of March and April to policy holders adversely impacted by the coronavirus. California is one of many states issuing such bulletins, but the National Risk Retention Association (NRRA) and …
Risk Retention Roundup—Physicians Casualty RRG Declared Insolvent
This month one new risk retention group was added to the Risk Retention Reporter listings, and six RRGs were deleted, taking the total number of RRGs down to 218. No new purchasing groups were added to the Risk Retention Reporter listings, and no PGs were deleted, leaving the total number of PGs at 1,022… This is an excerpt, for the …
Special Report: RRG Premium up 8.3% in 2019
Risk retention group premium increased by 8.3% to $3574.7 million in 2019, the largest increase in over a decade. Growth this year was distributed across all business sectors, apart from the now defunct Hospitality sector. The breadth and degree of growth suggest that the market was hardening over the course of 2019.This month’s special report is an analysis of 2019 …