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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Evergreen USA Risk Retention Group to Cease Renewing and Writing New Coverages

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July 08, 2014
Evergreen USA Risk Retention Group (Evergreen USA) has announced it will cease renewing and writing new policies effective July 15, 2014. The RRG was founded in 1989. "Unfortunately, by showing the insurance world that campgrounds could be a good risk, we now face stiff competition from extremely large companies with the resources to beat our rates and provide incentives we can’t always match," Lucas Hartford, Evergreen USA President, is quoted to say on the Evergreen USA website. "In these times, price is more important than ever to our customer’s success." As a result, the Evergreen USA Board of Directors voted to work with Leavitt Recreation and Hospitality Insurance "Leavitt Rec", to provide renewal options to replace the Evergreen USA coverage when it expires. While Evergreen USA is leaving the insurance business it will continue to honor all policies and all future claims. The Demotech Analysis of Risk Retention Groups Year-End 2013 reported Evergreen USA had $6.6 million in surplus, $5.9 million direct written premium, $3.8 million net earned premium and a combined ratio of 108. On July 2, 2014 A.M. Best affirmed Evergreen USA Risk Retention Group financial strength rating of B+ (Good). A.M. Best also has affirmed the A- (Excellent) of Evergreen Indemnity, Ltd. (Evergreen Indemnity) (Barbados). A.M. Best has withdrawn the ratings as the companies have requested to no longer participate in A.M. Best's interactive rating process.
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