The National Risk Retention Association (NRRA) has launched a new content development initiative—NRRA-In-Vision. The In-Vision platform will play a role in all NRRA content, from the annual NRRA conference to judicial and regulatory advocacy on behalf of the risk retention group and purchasing group industries. A key component of new the platform will be a series of NRRA-In-Vision webcasts on …
RRGs Carrying More, and Better,
Ratings in 2022
More risk retention groups are carrying ratings from AM Best or Demotech, Inc. as of June 2022 than were carrying ratings in June 2021. The overall quality of the ratings is also higher than in prior years. The number of risk retention groups carrying an A.M. Best rating increased to 43 from 41, while the number of risk retention group …
Strong Growth Takes RRG Premium Past $4 Billion: An Analysis by Business Sector
Risk retention groups reported strong premium growth of 13.6% in 2021 that took collective RRG premium to $4,343.3 million—an increase of $519.3 million over the $3,824.0 reported in 2020. The first time RRG premium has surpassed $4 billion. It was the second largest RRG premium increase on record, behind the $527.0 million in 2003. 2021 marks the eleventh consecutive year …
2021 Domicile Rankings: Vermont Leads and Alabama Moves Up
All established risk retention group domiciles saw strong premium growth in 2021, with declines occurring only in those domiciles with a single risk retention group. Though the top of the rankings remained unchanged, both Alabama and North Carolina make significant jumps in the rankings. Vermont continues to dominate the domicile rankings with 80 risk retention groups reporting $2615.9 million in …
Demotech Report: RRGs Report Favorable Results in 2021
Demotech Inc. has released its Analysis of Risk Retention Groups—Year-End 2021. The report finds that risk retention groups continue to exhibit a “great deal of financial stability.” The risk retention group industry saw its strongest premium growth since 2003 in 2021 with premium increasing by $519.3 million. According to the report, risk retention groups have maintained an appropriate balance sheet …
Risk Retention Roundup
This month four new risk retention groups were added to the Risk Retention Reporter listings and three RRGs were deleted, taking the total number of RRGs up to 238. No new purchasing groups were added to the Risk Retention Reporter listings, and no PGs were deleted, leaving the total number of PGs at 1030. Three of this month’s new risk …
The Challenges of Prosecuting Insurance Fraud: A Conversation with Butler Snow’s Benjamin Whitehouse
On February 18, 2022, the insolvency proceedings regarding Spirit Commercial Auto Risk Retention Group (Spirit) moved to arbitration after an appeal to the Nevada Supreme Court by Nevada Insurance Commissioner Barbara Richardson was denied. Nevada regulators allege that over $40 million is missing from Spirit. In the appeal, Richardson argued that arbitration agreements that Spirit made with its service providers …
Kevin Mead on His New Position and the 2022 VCIA Conference
In February 2022, Kevin Mead was appointed as the new VCIA President. VCIA will also be holding its first in-person conference since 2019 in August of this year. The Risk Retention Reporter spoke with Mead to discuss the new position and what he expects for the 2022 VCIA Conference. Risk Retention Reporter: What aspects of the captive industry drew you …
RRG Ratings Update—Positive Outlook for Allied Professionals
AM Best has revised the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to stable from negative for ProAssurance Corporation and its groups members. A.M. Best also affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “bbb+” (Good) and all existing Long-Term ICRs of ProAssurance Corporation. In addition, AM Best affirmed the FSR of A- (Excellent) …
2022 Captive Insurance Conference Preview
It looks like the summer and fall of 2022 will be a busy season for the captive insurance industry. Attendance at earlier conferences such as the 2022 CICA International Conference and 2022 RIMS Conference was strong. VCIA President Kevin Mead noted that two of the hotels for the upcoming VCIA Conference are already sold out—despite registration not opening for a …