From the 2015 June Risk Retention Reporter
European Insurer Opens RPG for Cyber and Media Risk, Plans More
Small businesses are increasingly at risk of cyber and media liability and a new venture by a European insurance company is creating risk purchasing groups and other programs to help them with those potential claims....
Vermont Issues Alert After Fraud Involving an RRG is Detected
The Vermont Department of Financial Regulation has issued a fraud alert about a situation involving a risk retention group, which recently discovered a fraudulent policy issued in its name....
RRG Premium Retention Rate Up Sharply in 2014
The premium retention rate for risk retention groups was up sharply in 2014 to 58% from 51% in 2013. This increase is the result of lower cessions to reinsurers coupled with strong RRG premium growth in 2014. The two largest contributors to the decline in reinsurance cessions were Attorneys’ Liability Assurance Society, Inc., A RRG (ALAS) and MCIC Vermont (A Reciprocal RRG)....
Cohen Pleads Guilty to Multiple Counts, Including Fraud
Jeffrey B. Cohen, the former head of Indemnity Insurance Corporation, RRG, pleaded guilty June 5 to numerous charges related to his actions at that company, including wire fraud, aggravated identity theft, making false statements to an insurance regulator, and obstruction of justice....
Other Industry News
Little captive take up of TRIPRA, finds Marsh
Few organisations have used their captives to access the federal terrorism insurance backstop in the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2015 since its implementation in January, according to Marsh. Read more »
Lloyd’s Stops Insuring Marijuana Firms Due to U.S. Law Conflicts
Lloyd’s of London has stopped insuring marijuana industry firms of any kind due to conflicts between federal and state laws over their legality. Read more »
Lloyd’s capacity falls for first time in 10 years – Aon Benfield
Decline due to discipline in tough conditions, broker says Read more »
6 tips for selling cyber insurance
Cyber insurance presents a growth opportunity for agents and brokers, starting with current clients then branching out to new prospects. Here are 6 tips to help you sell cyber insurance to clients and consider a policy for yourself if you don’t already have one.
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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.