Special Report: Lancet Indemnity RRG and Nevada
The majority of this month’s Risk Retention Reporter will be dedicated to a special report examining both the deterioration in the financial condition of Lancet Indemnity Risk Retention Group (Lancet) and the regulatory response of the State of Nevada Department of Business and Industry—Division of Insurance (the Nevada Division). Although Lancet is officially in run-off, it is unclear whether that is in the best interest of the company’s policyholders. The report, which draws on information from publicly available reports along with phone and email interviews, including correspondence with one of Lancet’s officers, provides in-depth analysis of Lancet’s financial situation and poses the question: How did things get this bad? ...
R&Q Reinsures RRG to Transfer Legacy Liabilities
Randall & Quilter Investment Holdings Ltd. (R&Q) has completed another transaction for a risk retention group—this time providing reinsurance for a commercial auto RRG that allows the group to transfer its legacy liabilities with the goal of helping it add members and grow ...
Correction and Clarification for the August 2018 Risk Retention Reporter
The article “Industry Leaders Respond to New Property Bill Introduced in June” from August 2018 Risk Retention Reporter included the following statement: “The bill does remove some language the NRRA had objected to in previous versions, but it also requires that insureds need to demonstrate that two insurers said no before they can get property insurance from an RRG, similar to what is required for surplus lines coverage. ‘I don’t want to see the LRRA become a surplus lines law,’ Harkavy said.”...
Risk Retention Roundup
This month no new risk retention groups were added to the Risk Retention Reporter listings, and no RRGs were deleted, leaving the total number of RRGs at 221. No new purchasing groups were added to the Risk Retention Reporter listings, and no PGs were deleted, leaving the total number of PGs at 1,001 ...
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