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.
Vermont DFR Files Suit Against Global Hawk RRG MGA
The Vermont Department of Financial Regulation (Vermont DFR) filed suit against Jasbir S. Thandi of Global Century Insurance Brokers (GCIB) and Jaspreet Singh Padda of Quantbridge Capital, LLC (Quantbridge) (collectively the Defendants) on October 30, 2020 in the United States District Court of Vermont. The complaint alleges that the Defendants engaged in a scheme to defraud Global Hawk Risk Retention …
Spirit Commercial RRG Lawsuit Stayed Pending Arbitration
On November 17, 2020 Judge Mark R. Denton signed an order in the Eighth Judicial Court of Nevada staying the lawsuit against defendants in the Spirit Commercial Auto Risk Retention Group (Spirit) case pending arbitration. The stay follows a motion from May 14, 2020 that granted CTC Transportation’s (CTC) and Criterion Claims Solutions of Omaha, Inc.‘s (Criterion) motion to compel …
Despite Challenges, Transportation Sector Continues to Drive New RRG Growth
Risk retention group formations began to slow in 2013. That trend, coupled with a spike in retirements, resulted in a significant decline in the number of operational risk retention groups. The number of operational risk retention groups has fallen from 261 at year-end 2012 to 214 as of November 2020. That decline would have been more severe if there hadn’t …
VCIA Announces Virtual Conference for 2021
On October 23, the Vermont Captive Insurance Association (VCIA) announced that it would be holding its 2021 conference virtually, from August 10 to 12. The decision comes as the number of COVID-19 cases across the nation continues to rise. This is an excerpt, for the complete article subscribe to the Risk Retention Reporter.
RRGs Financially Stable in Demotech Report
Demotech, Inc. has released its report Analysis of Risk Retention Groups—Second Quarter 2020. The report provides analysis of risk retention group balance sheets, income sheets, and premium written. According to the report, RRGs continue to exhibit financial stability… This is an excerpt, for the complete article subscribe to the Risk Retention Reporter
Actuary Rankings 2019: Milliman and Willis Towers Watson Lead
The Risk Retention Reporter collects risk retention group service provider data each year for the annual Risk Retention Group Directory & Guide. In 2019, the clear leaders for RRG actuaries were Milliman and Willis Towers Watson… This is an excerpt, for the complete article subscribe to the Risk Retention Reporter.