Annual Conference Session Details

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10. Are RRGs a Mature Industry? (Advanced)

Date: 2021-08-10T00:00:00-04:00 Time: 1:30 pm-2:20 pm

Learning objectives: After completing this session, participants will be able to:

- Appreciate the advantages of using an RRG in a captive environment
- Cite ways of building long term stability and attracting stable reinsurance partners
- Identify areas where an RRG has advantages over other forms of captive insurance companies
 
 
Level: Advanced
Prerequisites: A basic understanding of captives, knowledge of RRGs, awareness of market cycles, understanding basic financial performance including combined ratios and capital requirements and general understanding of uses for reinsurance.
Field of Study: Specialized Knowledge
 
Content Advisor: Peter McDougall, Paul Frank + Collins
Coordinator: Gary Rimler, Dempsey & Sliders
Moderator: Christine Brown, VT DFR
 
Join us to expand your knowledge of RRGs and learn from experts. Moderated by Christine Brown of the State of Vermont's Department of Financial Regulation, our panel will discuss regulatory issues realtive to RRGs, and review the history of the RRG movement and its rapid development in the late 80s and 90s. With an appreciation for the advantages that RRGs can offer, Chris Heckman from MCIC will discuss how a mature RRG helps its members maintain stable insurance through the competitive and hard market cycles. And Tim Herr from Recreation RRG will address how an RRG can solve liability issues in emerging industries, using outdoor recreation as a great example.
 

1 NASBA CPE/VT CLE/CRE/ICCIE CREDIT

Scheduled Speakers:

Christine Brown

Christine Brown is an Assistant Director with the Vermont Department of Financial Regulation – Captive Division, where she directly supports the Director of Captive Insurance and Deputy Commissioner of Captives with licensing, industry outreach and strategic planning. Christine has been with the Captive Division for fifteen years and has been involved in all aspects of the analysis and examination processes. Christine was Chair of the Division’s Risk Retention Group Working Group for over five years and was responsible for leading the team that developed and implemented the risk focused examination approach. Prior to joining the Captive Division, Christine spent seven years in public accounting, including four years with Johnson Lambert LLP in Burlington, VT specializing in captive insurance and three years with Ernst & Young, LLP in Boston, MA. Christine received a MS in Accounting and MBA from Northeastern University.

Christopher Diemel

Christopher Diemel is the managing editor & publisher of the Risk Retention Reporter family of publications. The Risk Retention Reporter, which was founded by Karen Cutts in 1987, has provided news and resource materials to the risk retention group and purchasing group industries for over 30 years. Christopher joined the Risk Retention Reporter in 2013 and took on an editorial role in January of 2014. In November 2019, Christopher purchased the Risk Retention Reporter from long-time publisher James Cutts.

Chris Heckman

Chris Heckman joined MCIC Vermont in March 2020 as the Chief Risk Officer. In this role, he is part of the executive management team providing overall strategic direction for the company, as well as responsibility for leading the insurance operations, reinsurance, and data analytics functions. MCIC is the sixth largest writer of medical professional liability and one of the largest reciprocal risk retention groups in the countryPrior to joining MCIC, Mr. Heckman was the Vice President of Hospitals and Alternative Risk at CNA, responsible for overall strategy and day-to-day operations of one of the largest writers of professional liability within the hospital segment. Mr. Heckman has also held underwriting roles at Zurich and COPIC, as well as brokerage responsibilities at Kahl Insurance Services. His career has been dedicated to the healthcare professional liability space serving hospitals, physicians, and other medical professionals. Mr. Heckman holds numerous industry accreditations including Chartered Property Casualty Underwriter (CPCU), Associate in Claims (AIC), Associate in Risk Management (ARM), Associate in Reinsurance (ARe), Associate Surplus Lines Insurance (ASLI) and Associate in General Insurance (AINS).

Timothy Herr

Tim Herr is the General Counsel, Secretary and Risk Management Officer of Recreation Risk Retention Group (RRRG). He was involved in the creation of RRRG in 2016 to insure the unique risks faced by the hang gliding and paragliding industry. Tim has over 35 years experience as a transactional and trial attorney in both state and federal courts. He has represented the United States Hang Gliding and Paragliding Association (the primary shareholder of RRRG) for over 30 years. His practice has included insurance, intellectual property, business formations, business transactions and litigation. Tim received his J.D. from Hastings College of the Law and a B.A. in economics from UC Berkeley.