Oceanus RRG Placed in Liquidation
Oceanus Insurance Company, A Risk Retention Group (Oceanus), a South Carolina-domiciled RRG providing professional liability to physician groups specializing in emergency medicine, general practice, and family medicine has been placed into liquidation effective September 21, 2017. The insolvency of Oceanus follows the insolvency of Doctors & Surgeons National RRG Ins. Co., Inc. in late 2016....
Highlights from the 2017 NRRA Conference
The 2017 National Risk Retention Association Conference was held from September 26 to 28 in Chicago, Illinois. There were numerous conference highlights, such as the session “The Changing Face of Medicine”, updates on disruptions in the Transportation space, and former National Catholic Risk Retention Group, Inc. President Michael J. Bemi’s speech when he was awarded the annual Karen Cutts Visionary Award....
New RRG to Provide Garage Liability to Auto Dealers
Recover Insurance Company, Risk Retention Group (Recover RRG) was recently formed in Hawaii with the goal of providing garage liability to small to medium sized auto dealers. As is often the case with smaller businesses, liability insurance for smaller auto dealers is typically bundled with auto physical damage coverage which can lead to higher loss ratios and—subsequently—higher premiums. By focusing solely on the liability component, Recover RRG aims to provide coverage at competitive rates to its members....
RRG Ratings Roundup
A.M. Best has assigned a Financial Strength Rating of A- (excellent) and an Long-Term Issuer Credit Rating of “a-” to MLM Risk Retention Group, Inc. The outlook for both ratings is stable. Formed in 2014, is MLM RRG is a District of Columbia-domiciled RRG sponsored by Minnesota Lawyers Mutual Insurance Company that provides professional liability to classes of business not well served by the current lawyers’ professional liability insurance marketplace....
Risk Retention Roundup
This week three new risk retention groups were added to the Risk Retention Reporter listings and one RRG was deleted, taking the total number of RRGs up to 231. One new purchasing group was added to the Risk Retention Reporter listings, and no PGs were, deleted, taking the total number of PGs up to 993....
RRGs, Captive Managers, and Other in the News
The Demotech report Analysis of Risk Retention Groups for the second quarter of 2017 finds that RRGs remain financially stable, despite some underwriting losses through the first two quarters of 2017. According to the report, cash and invested assets (-1.2%), total admitted assets (-1.9%), and total liabilities (-3.1%) all decreased. Surplus was reported as flat in the report, increasing by a negligible 0.1%....
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