From the 2014 November Risk Retention Reporter
RRG Premium Edges Up, Surpasses All-Time High in Annual Survey
The 27th annual survey of risk retention groups conducted by the Risk Retention Reporter indicates that the RRG marketplace is growing in terms of premium and insureds, but is experiencing a slight decline in policyholders. In the survey, 2013 reported premium was revised upward to $2,646.3M, this revision puts RRG premium ahead of the all-time high of $2,638.6M set in 2006....
First Keystone RRG Liquidated by South Carolina Regulators
First Keystone Risk Retention Group, Inc. has been placed in liquidation as of October 21 after an outside review of its loss data caused a substantial upward adjustment to the company’s reserves, leaving taxicab owners in Philadelphia scrambling to find new insurance coverage. ...
ALPS RRG to Soon Finish Transition to Admitted Company
ALPS Corp. (ALPS) the holding company for the insurance subsidiary historically known as the Attorneys Liability Protection Society, A Mutual Risk Retention Group, is well on its way to completing the process of transforming itself into a traditional admitted insurer by next year, according to David Bell, president and chief executive officer of the Missoula, Montana company. ...
New Publication Reinsurance for Risk Retention Groups Now Available
The publication Reinsurance for Risk Retention Groups: Market Analysis and Trends for 2014 is now available for purchase at Risk Retention Reporter’s website at RRR.com. The 42 page report provides a comprehensive overview of reinsurance in the risk retention group marketplace. ...
Signs of Hardening Market Apparent in Transportation Sector
The Transportation sector is expected to post its third consecutive year of strong premium growth, increasing by 25.3% to $192.0M, according to the 2014 Risk Retention Reporter Annual Survey. This growth in premium is expected despite the retirement of two Transportation RRGs this year and a decline in both insureds and policyholders in the sector....
Other Industry News
Global property/casualty industry outlook stable for start of 2015: Moody's
The outlook for the global property/casualty insurance industry is “stable,” according to an analysis released by Moody's Investors Service Thursday. Read more »
U.S. Prods Banks to Buy Cyber Insurance, Insurers to Develop Products
Banks should consider cyber risk insurance to help deal with the financial fall-out from the growing threat of cyber attacks, a top U.S. regulator said on Wednesday. Read more »
U.S. regulator demands Takata issue national air-bag recall
U.S. regulators formally demanded Takata Corp. take part in a nationwide recall of defective air bags, saying the company’s piecemeal approach to fixing a potentially deadly flaw in millions of cars is insufficient. Read more »
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RRGs & PGs
Lenders Protection Assurance Co., RRG
National Independent Truckers Ins. Co., RRG
Preferred Contractors Ins. Co. RRG, LLC
Preferred Property Program, Inc.