Risk retention group

AM Best Assigns Credit Ratings to NLADA Mutual Insurance Company, a Risk Retention Group

Retrieved on: 
Wednesday, February 28, 2024
Banking, Professional Services, Insurance, Finance, ALL, Risk management, Risk retention group, News, AM Best, Credit

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to NLADA Mutual Insurance Company, a Risk Retention Group (NLADA Mutual) (District of Columbia).

Key Points: 
  • AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to NLADA Mutual Insurance Company, a Risk Retention Group (NLADA Mutual) (District of Columbia).
  • The ratings also reflect NLADA Mutual’s role as an affiliate of Minnesota Lawyers Mutual Insurance Company (MLMIC), the lead company of MLM Group.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

American Trucking and Transportation Insurance Company Selects Gradient AI to Improve Trucking Claims Outcomes

Retrieved on: 
Tuesday, August 1, 2023
Professional Services, Technology, Insurance, Artificial Intelligence, Software, Origami, Partnership, Research, American Trucking Associations, Gradient, Risk retention group, Triage, Data, Machine learning, RRG, Artificial intelligence, Transport, Risk management

Gradient AI , a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that American Trucking and Transportation Insurance Company , a Risk Retention Group (ATTIC, RRG) selected Gradient AI’s claims management solution to predict claim risk, triage claims, and close commercial transportation claims more quickly and cost-effectively.

Key Points: 
  • Gradient AI , a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that American Trucking and Transportation Insurance Company , a Risk Retention Group (ATTIC, RRG) selected Gradient AI’s claims management solution to predict claim risk, triage claims, and close commercial transportation claims more quickly and cost-effectively.
  • In recent years, the trucking industry has witnessed an unprecedented surge in claim verdicts, according to research from the American Transportation Research Institute.
  • Prior to adopting Gradient AI, ATTIC’s claims predictions were based primarily on an adjuster’s previous claims experience and professional intuition.
  • ATTIC, RRG chose Gradient AI due to its prior experience applying AI to the commercial auto insurance industry, its commercial auto industry data lake containing millions of claims, and its predictive analytics capabilities for claims solutions.

ALIRT Sees Continued Proliferation Of New - and Growth Of Existing - Risk Retention Groups As Market Pricing Remains Firm

Retrieved on: 
Wednesday, May 17, 2023
Evergreen USA RRG, RRG, Growth, Risk retention group, Insurance

HARTFORD, Conn., May 17, 2023 /PRNewswire/ -- According to ALIRT Research's recent market review, Risk Retention Groups (RRGs) represent a small but important sector of the overall U.S. P&C industry. While writing less than 1% of overall industry direct premium in 2022, these insurers continue to address niche market needs as commercial insurance rates remain elevated and more traditional carriers tighten terms and conditions and/or exit certain lines of business/geographies altogether. 

Key Points: 
  • In a recent client release, ALIRT discusses the financial performance of its Risk Retention Group composite as of 2022 financial filings.
  • HARTFORD, Conn., May 17, 2023 /PRNewswire/ -- According to ALIRT Research's recent market review, Risk Retention Groups (RRGs) represent a small but important sector of the overall U.S. P&C industry.
  • ALIRT observes that RRG's have struggled to turn an underwriting profit amid strong growth over the past decade but that favorable 2022 financial results may represent a turning point.
  • That said, ALIRT states that the bespoke nature of this market has historically led to widely disparate financial outcomes for individual risk retention groups, which should invite additional oversight by insurance distributors and regulators.

Texas Medical Liability Trust ("TMLT") NOTICE OF DATA PRIVACY EVENT

Retrieved on: 
Wednesday, March 22, 2023
Privacy Office of the U.S. Department of Homeland Security, Human services, Identity theft, Health, Privacy, Confidentiality, Holiday, Risk retention group, Social Security, Nature, Diagnosis, Civil and political rights, Fraud, Environment, Risk management

AUSTIN, Texas, March 22, 2023 /PRNewswire/ -- Texas Medical Liability Trust, on behalf of itself and its affiliates, Texas Medical Insurance Company, Physicians Insurance Company, and Lone Star Alliance Inc., a Risk Retention Group (collectively "TMLT") is providing notice of a recent data privacy event that may have affected the personal and protected health information related to certain individuals.

Key Points: 
  • AUSTIN, Texas, March 22, 2023 /PRNewswire/ -- Texas Medical Liability Trust, on behalf of itself and its affiliates, Texas Medical Insurance Company, Physicians Insurance Company, and Lone Star Alliance Inc., a Risk Retention Group (collectively "TMLT") is providing notice of a recent data privacy event that may have affected the personal and protected health information related to certain individuals.
  • At this time, there is no evidence of any identity theft or fraud occurring as the result of this incident.
  • The confidentiality, privacy, and security of information is one of TMLT's highest priorities and TMLT takes this matter very seriously.
  • Once we determined whose information was impacted, address information was compiled for the impacted individuals, for purpose of providing notice.

AM Best Revises Outlooks to Stable for Western Pacific Mutual Insurance Company, A Risk Retention Group

Retrieved on: 
Friday, November 18, 2022
Insurance, Professional Services, LAE, Calendar, Risk retention group, News, Credit, ALL, Insurance, AM Best, AM, Growth, Risk management

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- (Excellent) of Western Pacific Mutual Insurance Company, A Risk Retention Group (WPMIC) (Littleton, CO).

Key Points: 
  • AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- (Excellent) of Western Pacific Mutual Insurance Company, A Risk Retention Group (WPMIC) (Littleton, CO).
  • The Credit Ratings (ratings) reflect WPMICs balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
  • In 2019 and 2020, the company saw increases in underwriting losses and reported pre-tax operating losses for the year as well, prompting AM Best to revise the companys outlooks to negative from stable.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Nonprofits Insurance Alliance Receives AM Best “A (Excellent)” Rating for Financial Strength

Retrieved on: 
Thursday, October 20, 2022
Professional Services, Philanthropy, Legal, Insurance, Other Philanthropy, Fund Raising, Foundation, NIAC, Risk management, ANI, ICR, AM Best, Risk retention group, Nonprofits Insurance Alliance, Organization, NIA, IX, Alliance, Industry, AMS, Nonprofit organization, National Alliance, RRG, Insurance, Insurance

Nonprofits Insurance Alliance (NIA) received strong reviews of its financial strength and overall credit rating from AM Best, the insurance industrys leading credit rating agency.

Key Points: 
  • Nonprofits Insurance Alliance (NIA) received strong reviews of its financial strength and overall credit rating from AM Best, the insurance industrys leading credit rating agency.
  • NIAs A (Excellent) rating is cited in the agencys IX financial size rating category.
  • NIAs three insurance entities collectively received a Financial Strength Rating of A (Excellent) and Issuer Credit Rating (ICR) of a+ a reflection of NIAs balance sheet strength, which AM Best categorizes as Strongest.
  • The NIA brand is comprised of Alliance Member Services (AMS) and three AM Best A (Excellent) rated insurers: Nonprofits Insurance Alliance of California (NIAC); Alliance of Nonprofits for Insurance, RRG (ANI); and National Alliance of Nonprofits for Insurance (NANI).

Jones Walker Consulting Welcomes New Managing Director Tommy Kurtz

Retrieved on: 
Thursday, September 22, 2022
Risk retention group, Private law, Economic development, District, Technology, Death, Interior design, Gulf Coast of the United States

NEW ORLEANS, Sept. 22, 2022 /PRNewswire/ -- Jones Walker LLP announced today that Tommy Kurtz has assumed the role of Managing Director of Jones Walker Consulting, the firm's site selection and economic development consulting arm.

Key Points: 
  • NEW ORLEANS, Sept. 22, 2022 /PRNewswire/ -- Jones Walker LLP announced today that Tommy Kurtz has assumed the role of Managing Director of Jones Walker Consulting, the firm's site selection and economic development consulting arm.
  • Tommy holds the economic developmentprofession's most prestigious designation, CEcD (certified economic developer), and he brings to Jones Walker Consulting nearly 30 years of economic development experience across the Gulf Coast region.
  • Tommy transitions into this new role following the recent death of Von Hatley , who managed Jones Walker Consulting for more than a decade.
  • "Tommy has been a trusted advisor in the economic development industry in our region and we are very pleased to have him now leading Jones Walker Consulting and guiding our clients through the site selection and economic development process," said Bill Hines , managing partner of Jones Walker.

CORRECTION: Universal Casualty Launches Independent Auto-Dealers Partnership With NIADA

Retrieved on: 
Monday, August 22, 2022
Partnership, Commercial general liability insurance, Commercial property, CEO, Financial compensation, Insurance, Solution, Policy, National Independent Automobile Dealers Association, Business owner's policy, Association, GLOBE, Risk retention group

The partnership is 100% dedicated to the owners of independent auto shops--with tailored solutions that have zero hassles. By removing the broker, specializing our service, and partnering with a sizable organization like NIADA, Universal Causality has reduced premium costs with increased customer service capabilities for independent auto dealers through this bulk offering.  

Key Points: 
  • JERICHO, N.Y., Aug. 22, 2022 (GLOBE NEWSWIRE) -- Universal Casualty is proud to announce its partnership with NIADA ; theNational Independent Automobile Dealers Association.
  • By partnering with Universal Causality, an insurance company that specializes in serving independent auto dealers, NIADA members are now eligible for exclusive market premiums.
  • Tim Derham , CEO of Universal Casualty, is thrilled with the opportunity to work with NIADA, stating, "We look forward to savings NIADA members lots of money and understanding their very specific coverage needs."
  • Gary Bolan , Chief Underwriting officer at Universal Casualty, adds: "The partnership is symbiotic of our organization's mutual goals."

Universal Casualty Launches Auto-Shops Partnership With NYIADA

Retrieved on: 
Thursday, August 18, 2022
Association, CEO, GLOBE, Commercial property, Policy, Commercial general liability insurance, Financial compensation, Partnership, Tuffy Auto Service Centers, Risk retention group, Insurance, Solution, Business owner's policy

The partnership is 100% dedicated to the owners of independent auto shops--with tailored solutions that have zero hassles. By removing the broker, specializing our service, and partnering with a sizable organization like NYIADA, Universal Causality has reduced premium costs with increased customer service capabilities for independent auto dealers through this bulk offering.  

Key Points: 
  • JERICHO, N.Y., Aug. 18, 2022 (GLOBE NEWSWIRE) -- Universal Casualty is proud to announce its partnership with NYIADA ; theNew York Independent Automobile Dealers Association.
  • Tim Derham , CEO of Universal Casualty is thrilled with the opportunity to work with NYIADA, stating, "We look forward to savings NYIADA members lots of money and understanding their very specific coverage needs."
  • Gary Bolan , Chief Underwriting officer at Universal Casualty, adds: "The partnership is symbiotic of our organization's mutual goals."
  • Paula Frendel , Executive Director at NYIADA, added on that she "is elated to extend our partnership nationwide to serve members' insurance needs at NYIADA."

AM Best Upgrades Credit Ratings of California Healthcare Insurance Company, Inc., A Risk Retention Group

Retrieved on: 
Thursday, June 23, 2022
Consulting, Professional Services, Insurance, Finance, Credit, Industry, MPL, ALL, Insurance, Hospital, Risk retention group, AM, CHI, News, Risk management, AM Best

The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

Key Points: 
  • The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Bests Credit Ratings, Bests Performance Assessments, Bests Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Bests Ratings & Assessments .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.