A risk retention group (RRG) is a captive insurance company formed pursuant to the federal Liability Risk Retention Act. This article discusses some of the basics of RRGs, including differences between RRGs and other types of captives.
Redirect Health and Risk Management Advisors Partner To Offer New Health Plans for Small and Medium-Sized Businesses
Redirect Health, a platform that creates and manages healthcare solutions and products that meaningfully improve access and affordability for businesses and employees, has partnered with Risk Management Advisors, Inc., a leading national firm specializing in the design, implementation and management of captive insurance companies and self-insured plans. The collaboration comes as Redirect Health looks to add health plan products that lower the cost of premiums and out-of-pocket costs for small and medium-sized businesses (SMBs).
Commercial insurance doesn't have to be just a reactive mechanism to pay for losses. Insurance programs can be a proactive device that empowers companies to control losses, minimize injuries and fatalities, and make their workplaces safer.
Captive insurers tend to rely heavily on external vendors, but those relationships can suffer due to not employing vendor management best practices. It is crucial to have effective vendor management in place because vendor performance ultimately affects the captive's performance.
In today's environment, it's imperative that a captive insurance company board, or at least a number of board members, be actuarially sound. Take a look at what captive board members should know about actuarial analysis and why as well as actuarial terms board members should understand.
Individuals and companies are often too quick to forget about investment risk, or assume the risk probability of the event is too small to happen. Real-life examples also illustrate that there will always be investors reaching for yield, especially in low-interest-rate environments, and when they should beware.
What is "numeracy," and why is it an important attribute for captive board members to have? This article examines numeracy, innumeracy, and relevant examples-with a specific look at insurance.
As in other areas of the captive insurance world, artificial intelligence (AI) is becoming an increasingly important component of the asset manager's tool kit. This article provides a brief primer on AI and asset management by way of a discussion with Alton Cogert of Strategic Asset Alliance.