Management and Regulators Contribute to Spirit Commercial RRG's Mounting Troubles.
From the 2019 April Risk Retention Reporter
A Committed Membership Key to ATTIC RRG’s Success
Risk retention groups in the Transportation sector took a heavy hit in 2017, collectively reporting negative net income of $35.8 million—losses that put a number of Transportation RRGs under strain. American Trucking and Transportation Insurance Co., Risk Retention Group (ATTIC RRG), a Montana-domiciled Transportation RRG, was one of the groups feeling the pressure after negative net income of $5.7 million cut into surplus. “ATTIC’s surplus was at the mandatory control level under RBC,” said ATTIC President and CEO Ken Crippen. “We worked with regulators in Montana to put together an action plan for collecting capital and getting ATTIC back to a strong financial position. That plan was a success due to the commitment of ATTIC’s members to the RRG...
Special Feature: Interview with Sandy Bigglestone of Vermont
This month’s special feature is an interview with Director of Captive Insurance at the Vermont Department of Financial Regulation Sandy Bigglestone. The interview details the tools RRG regulators have and how those tools differ from those used to regulate traditional carriers, and given that the failure of Spirit Commercial Auto Risk Retention Group was one of the talking points of the 2019 CICA Conference, Bigglestone also details the steps regulators take when an RRG starts to get off track...
Caring Communities Serves Non-Profits Caring for Seniors
Caring Communities, a Reciprocal Risk Retention Group, (CCRRG) has been making a name for itself serving the senior living industry —non-profit organizations that provide senior housing and care, along with home and community based services. Formed in 2001, CCRRG grew out of the need that these communities had for insurance and risk management services, according to Ashur Odishoo, national director of sales and marketing. These communities “have very good results and risk profiles...but they were being lumped in with higher risk operators,” he said...
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Preferred Property Program, Inc.