NRRA conference to focus on growth issues for risk retention groups
The 23rd Annual Conference of the National Risk Retention Association, October 5-7 in Washington, will focus on major issues facing the industry as RRGs recover from the impact of the economic downturn, Brian Braley, NRRA Chairman announced.
"After dramatic growth in the early years of the last decade, the number of Risk Retention Groups declined in 2008-2009 and remained relatively flat for the last year. However, today we're seeing signs that the risk retention market is gaining strength," Braley said. "Four new RRGs were formed in the first quarter this year, one each in healthcare, professional services, property development, and transportation," he pointed out. The conference theme will be RRGs in the 21stCentury. "The improving economic climate bodes well for RRGs this year, but we need federal legislation to allow RRGs to write commercial property insurance and to protect against state encroachment on RRG authority if the industry is to resume strong growth," Braley declared. "Similar legislation was introduced in the last Congress and will be reintroduced this year," he reported. NRRA is the national trade association that represents the interests of Risk Retention Groups -- insurance companies authorized to write liability insurance by the federal Liability Risk Retention Act of 1986 nationally without additional regulation when licensed in a single state. There are 251 RRGs active today writing some $2.5 billion gross premiums. The conference also will focus on a wide range of business topics including: reinsurance, portfolio management, enterprise risk management, capitalizing RRGs, premium financing for RRGs, managing litigation, and risk focused examinations, among others. "Every RRG president or captive manager should attend this conference to learn the latest developments affecting the industry and how to prosper in today's challenging environment," Braley stated. The conference will be held at The Ritz Carlton Pentagon City, Washington, DC. Attendees can register online at www.riskretention.org.