BREAKING NEWS

Nebraska Supreme Rules in Favor of Allied Professionals

Allied Professionals Insurance Co., a Risk Retention Group, Inc. (APIC) has secured its third major judicial victory of the year. In a September 19 decision, the Nebraska Supreme Court upheld the sweeping preemptions of the Liability Risk Retention Act. A complete analysis of the ruling will be featured in the October Risk Retention Reporter.


From the 2014 September Risk Retention Reporter

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NAIC Summer Meeting Addresses Issues of Industry Interest

Several issues of concern to risk retention groups were discussed at the summer meeting of the National Association of Insurance Commissioners (NAIC) in Louisville, Kentucky in August, but both were at least temporarily resolved without hurting RRG interests, according to a memorandum to members issued by the National Risk Retention Association (NRRA)....

Connecticut to Domicile Its First Risk Retention Group

After passing updated captive legislation and simplifying the registration process for captives, risk retention groups, and risk purchasing groups, Connecticut is finalizing the details on the first RRG to be domiciled in the state, according to John Thomson, insurance program manager for captive insurance at the State of Connecticut Insurance Department....

Over Half of Ceded RRG Premium Flows through Affiliated Companies

The total volume of premium ceded by RRGs to reinsurers was $1,295.1M in 2013. Over half of that reinsurance premium—$716.4M—was ceded to affiliated insurance companies. The volume of reinsurance premium for these affiliated companies is largely driven by a few large RRGs that cede most of their premium to an affiliated company. ...

MCIC Pays $25 Million as Part of Settlement in Johns Hopkins Case

A risk retention group and a captive are contributing to the cost of a $190M class action settlement in which Johns Hopkins Health Systems Corp. agreed to compensate thousands of patients whose privacy was violated by a hospital doctor....

RRGs Most Likely to Retire in First Five Years of Operation

According to Risk Retention Reporter data most RRG retirements occur during the first five years of a RRG's operation. Of the 211 RRGs that have retired since the passage of the Liability Risk Retention Act, 129, 61.1%, retired in the first five years of operation. The number of retirements drops to 60 for RRGs active between six and ten years, and bottoms out at 23 retirements for RRGs active for more than a decade....

Other Industry News

September 15, 2014 | Wall Street Journal

U.S. Private-Sector Workplace Fatalities Hit Lowest Level

Workplace fatalities in the U.S. private sector fell last year to their lowest level since the government began collecting such data in 1992, but affected a disproportionate share of Hispanic workers, according to a government report released Thursday. Read more »

September 15, 2014 | Insurance Journal

NFL’s Concussion Claims Could Reach $950 Million

The National Football League will have to pay about $950 million to resolve players’ head-injury claims, based on estimates that fewer than one in five will seek compensation for injuries eligible for cash awards, according to a newly released report. Read more »

September 12, 2014 | Property Casualty 360

Consumer sentiment in U.S. rises to highest level in 14 month

American consumer confidence rose to the highest level in more than a year in September, as households’ views on the outlook for the economy brightened. The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to 84.6, the highest reading since July 2013, from 82.5 the month before. Read more »

September 12, 2014 | Captive Insurance Times

Bad news for captives from FHFA

The Federal Housing Finance Agency (FHFA) has proposed a rule that will effectively exclude captive insurers from membership of any one of the 12 Federal Home Loan Banks (FHLBs). This rule, if adopted, would prevent entities not eligible for membership from gaining access to bank advances and the benefits of membership through a captive insurer. Read more »

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RRGs & PGs

As of September 2014
240 RRGs
929 PGs