Management and Regulators Contribute to Spirit Commercial RRG's Mounting Troubles.
From the 2019 March Risk Retention Reporter
Serving Ophthalmologists—How OMIC Continues to Thrive in a Difficult Market
Retinopathy of prematurity (ROP) is one of the leading causes of childhood blindness. Though the exact causes of the condition are unknown, it primarily occurs in infants weighing about 2.75 lbs. or infants born before 31 weeks according to the National Eye Institute. It’s also a condition that the Vermont-domiciled Ophthalmic Mutual Insurance Company (A Risk Retention Group) (OMIC), in partnership with its sponsor the American Academy of Ophthalmology (the Academy), decided to tackle head on......
Spirit Commercial RRG Placed in Receivership
Spirit Commercial Auto RRG, Inc. (Spirit Commercial or the Company) has been placed into permanent receivership effective February 27, 2019 with Nevada Insurance Commissioner Barbara D. Richardson appointed as Receiver. Mark Bennett of Cantilo & Bennett LLP will act as special deputy receiver (SDR)......
County Hall RRG more than Triples Premium in 2018
County Hall Insurance Company, RRG (County Hall or the Company) reported explosive premium growth in its 2018 annual statement, with premium increasing to $50.7 million from $15.4 million—growth of 220%. Formed in 2016, County Hall is program manager CTC Transportation’s second risk retention group. The other RRG under the CTC Transportation umbrella, Nevada-domiciled Spirit Commercial Auto RRG, was recently placed into receivership......
Lancet Indemnity RRG Reports Negative Surplus of $8M
Nevada-domiciled Lancet Indemnity Risk Retention Group, Inc. (Lancet or the Company) reported negative surplus of $8.0 million in its annual statement for 2018. The Risk Retention Reporter published an investigative report on Lancet in the September 2018 issue after the company reported surplus of $412,098 in its 2017 annual statement—a figure below the statutory minimum for a risk retention group domiciled in Nevada......
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Preferred Property Program, Inc.