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Captives and Risk Retention Groups
In today’s increasingly complex business environment, employing human capital can be overwhelming to keep up with for companies of every size. BCG works with companies with just a few employees to organizations with thousands of employees.
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What Is A Captive Insurance Company?
A captive insurance company ("Captive") is an insurance company organized to cover the insurable risks of the parent organization and/or its affiliates. Thus, it is a captive of the company or group that it insures. Learn more.
What is a Risk Retention Group?
A Risk Retention Group (RRG) is one type of captive that is restricted to writing only liability coverage. A Risk Retention Group may have either state or federal charters. A federal charter allows the Risk Retention Group to write liability coverage directly in any state where it is registered without having to become a licensed carrier in each state or use a fronting company. This can significantly reduce the cost and effort of crossing state boundaries. However, they are restricted to writing liability coverage. Learn more.
How Does A Risk Retention Group Work?
Risk Retention Groups are insurance companies. They are similar to mutual companies in that they are owned by their policyholders. Risk Retention Groups were enabled by the Federal Liability Risk Retention Act of 1981 to help business and professional organizations, particularly those in the health care industry, to obtain affordable liability insurance.
Risk Retention Group Benefits
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