NHIC and ProBuilders Near End of Runoff

The Property Development sector was the hardest hit by the financial crisis of 2007 to 2008, with premium in the sector falling from $147.7 million in 2008 to $93.2 million in 2011—a decline of 37%. The sector has since recovered, but several risk retention groups serving the sector entered runoff in the wake of the crisis.

Given the long tail of liability coverage in the Property Development sector, risk retention groups serving the Property Development sector that closed shop in 2010 are just now entering the final phase of their runoffs.

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