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 …
Actuary Rankings 2023: Milliman and WTW Lead
The Risk Retention Reporter has complied actuary rankings for risk retention groups for 2023. Milliman remains the largest actuarial service provider for risk retention groups, followed by WTW and Pinnacle Actuarial Resources. The data for the actuary rankings was compiled from data collected to produce the 2023 Risk Retention Group Directory & Guide, from self-reporting by captive managers and when …
OMIC President Tim Padovese Looks Back on his Tenure
Ophthalmic Mutual Insurance Co. RRG (OMIC) President Tim Padovese will be retiring on March 24, 2024. Formed in 1988, OMIC is one of the longest operating and most successful risk retention groups. Like many of the most effective risk retention groups, OMIC has a strong core membership in a particular niche. With a strong membership, an RRG can build out …
Global Hawk Executives Indicted in Northern District of California
Global Hawk Insurance Company Risk Retention Group (Global Hawk) President and Treasurer Jasbir S. Thandi has been indicted in the United States District Court for the Northern District of California. Global Hawk Vice President and Secretary Sandeep Sahota and Jaspreet Padda—an investment advisor for Global Hawk—were also indicted. The indictment was filed on November 16, 2023, and unsealed on December …
2023 NRRA Conference to Address Issues Impacting RRGs
The National Risk Retention Association (NRRA) National Conference 2023 will be held from November 13 to 15 at the Sofitel Magnificent Mile Hotel in Chicago, Illinois. The annual NRRA conference is the only captive conference to focus solely on the risk retention group industry. Attendees at the NRRA Conference are immersed in the risk retention group industry and attendees will …
Vermont DFR Awarded $66.7 Million in Global Hawk Lawsuit
On July 21, 2023, Judge Christina Reiss of the United States District Court for the District of Vermont (Vermont District Court) awarded the Vermont Department of Financial Regulation (Vermont DFR) $67.7 million in a lawsuit filed against Jasbir S. Thandi and Global Century Insurance Brokers (GCIB). Thandi was the controlling officer of the Vermont-domiciled Global Hawk Insurance Company Risk Retention …
2023 Risk Retention Group Directory & Guide Available
The Risk Retention Group Directory & Guide 2023 (Directory & Guide) is available. As it has for more than 30 years, the Directory & Guide offers key information about the risk retention industry and marketplace with a variety of information pertaining to all operating RRGs, their service providers, and state regulation. The 2023 edition of the Directory & Guide features …
2022 Captive Manager Rankings: SRS and Palmetto Move Up
Risk retention groups reported another strong year of premium growth in 2022 with premium increasing 12.8% to $4,902.8 million. And though formations slowed, the number of operational risk retention groups increased to 242—the highest number of operational risk retention groups in over a decade. That continued activity contributed to further shakeups in captive manager rankings for risk retention groups. Aon …
Updated Purchasing Group Users’ (PGUH) Handbook Available
An updated edition of the Purchasing Group Users’ Handbook (PGUH) is available. The PGUH is the complete manual for registration of purchasing groups in compliance with the Liability Risk Retention Act and includes all purchasing group registration forms (NAIC and state). The PGUH also features profiles for each state that include the registration requirements for each state; premium tax requirements; …