CTC May Owe SCARRG $30M According to Insolvency Status Report
The first status report was filed for the receivership of Spirit Commercial Auto Risk Retention Group, Inc. (Spirit Commercial or the Company) in the Eighth Judicial Court of the State of Nevada on May 31, 2019. The report—filed by Nevada Insurance Commissioner Barbara D. Richardson and a team of lawyers headed by Special Deputy Receiver Mark F. Bennet of Cantilo & Bennett, L.L.P.—states that Spirit Commercial is owed a large sum, estimated at more than $30 million, by former program administrator CTC Transportation Insurance Services, LLC (CTC)...
South Carolina Continues to Pursue Captive, RRG Growth
A high level of professionalism and industry knowledge is key to what makes South Carolina a successful captive and risk retention group domicile, according to W. Jay Branum, director of captives for the South Carolina Department of Insurance...
Lancet Fails to Avoid $1M Judgment Despite Receivership Status
Lancet Indemnity Risk Retention Group, Inc. (Lancet), currently in receivership with negative surplus of $8 million, has been ordered by a three-person panel of judges to pay $1 million in a medical malpractice case in which the doctor fled the country. In May the Nevada-domiciled RRG asked the Fourth Circuit to reconsider its ruling and have a hearing with the full court, claiming the panel did not follow Maryland law when it made its decision, but that request was denied...
RRG Net Income and Surplus Down in 2018
Risk retention groups reported net income of $167.3 million in 2018, down from $296.4 million in 2017—a decline of 43.6%. Surplus for risk retention groups also declined in 2018, falling 5.4% to $4.8 billion from $5.1 billion ...
Special Report: Top 100 RRGs by Gross Premium
This month’s special report is a listing of the top 100 risk retention groups by gross written premium. MCIC Vermont (A Reciprocal RRG) surpassed Attorneys’ Liability Assurance Society Ltd., A RRG and seized the top spot. Other RRGs with significant moves include County Hall Ins. Co. RRG, which moved up to the twelfth position after seeing premium increase to $50.7 million in 2018. For more information on County Hall and its relationship to the recently insolvent Spirit Commercial Auto RRG, see this month’s lead off article. The report begins on page 6...
Risk Retention Roundup
This month no new risk retention groups were added to the Risk Retention Reporter listings and one RRG was deleted, taking the total number of RRGs down to 220. This month 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 1,112....
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