Even in the face of a softening property-casualty market where liability insurance has become increasingly affordable and available, 2006 premiums for risk retention groups nevertheless increased 7.7 percent from the previous year, growing to $2.639 billion from $2.450 billion in 2005.
RRG formations also have held steady this year, with the launching of 19 new facilities since the beginning of 2007 through July, compared with 21 during the same period last year. This brings the total number of RRGs to 248 as of July 2007. In fact, RRGs have more than tripled in number since 1998.
The domicile accounting for the greatest generation of 2006 RRG premium was Vermont, which regulates 30 percent of such facilities. Vermont's RRGs generated premium of $1.546 billion, more than half the $2.638 billion written in 2006.
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