CICA, NRRA Break Off Merger Talks
The Captive Insurance Companies Association and the National Risk Retention Association have “mutually agreed to cease merger discussions,” the two alternative market groups announced.
No specific reasons were given, but the groups in a statement said their boards “considered the technical, legal and financial aspects of a merger, and the respective institutional cultures” as well as the effect on their own “long-term strategies.” Their conclusion was that “moving forward with a merger at this time would not provide sufficient additional benefits for members.”
Both groups confirmed that their “positive and constructive relationship would continue,” noting that NRRA plans on participating and presenting sessions at CICAs annual conference from March 6-8 in Carlsbad, Calif.
Meanwhile, CICA last week also named Dennis Harwick as its first full-time president. Mr. Harwick is an experienced association administrator who has been in numerous leadership positions, including serving as executive director of the Washington State, Idaho and Kansas bar associations, CICA noted.
Mr. Harwick also was part of a group of attorneys who formed ALPSthe Attorney Liability Protection Societya risk retention group that originally involved seven states. “So alternative risk-transfer was an issue that came along very early in my association management career,” he noted.
Mr. Harwick replaces Carl Modecki, who withdrew from the job because of illness, the association told NU.
CICA, founded by risk managers in 1972, represents hundreds of captives, risk retention groups and related organizations from over 30 jurisdictions around the world, including a large number in Vermont, Hawaii, Bermuda, the Cayman Islands, and the British Virgin Islands.
NRRA is the voice of risk retention group and purchasing group liability insurance programs, organized pursuant to the Federal Liability Risk Retention Act.
Reproduced from National Underwriter Edition, April 29, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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