First RRG Leaders’ Summit Tackles Tough Issues
On Feb. 12, the 2019 RRG Leaders’ Summit was held at the Sofitel Los Angeles at Beverly Hills Hotel. The one-day, invitation-only gathering was the first joint effort by the National Risk Retention Association and Captive Review.
The event stemmed from NRRA’s desire to develop a mid-year meeting, exclusively for top RRG executives, to discuss behind-the-scenes efforts to improve the regulatory landscape and level the playing field for all RRGs. For its part, Captive Review wanted to build on its successful Captive Leader Summits by creating a unique format designed especially for RRGs.
NRRA Chairman Michael Schroeder — who also serves as Chairman and General Counsel for Allied Professionals Insurance Company, RRG — said: “It was not our goal that this first gathering would be large. Rather, we wanted to create a high-quality platform in which industry leaders could give significant input.”
Added Skip Myers, NRRA’s general counsel: “The quality of the discussions really resonated with the attendees. I’ve never been at a conference where such a significant percentage of the people actively took part in the discussions.”
Forecasting the Future
The secret to the program’s success was how the discussion topics integrated the reality-based needs of RRG leaders with efforts by the RRG industry to learn new strategies, become updated on the regulatory and judicial landscape, and get a handle on the industry’s future.
The discussion about what will happen over the next five years in the management of legacy risks was enriched by an artificial intelligence expert who evaluated the practical prospects of using AI to enhance the industry’s competitive edge.
Not only did attendees learn how the NRRA has leveraged the legal standing of RRGs to challenge disadvantageous state insurance laws, they also learned how to do it for themselves. In the process, they got a preview of future strategic efforts by the NRRA to expand that front.
Free and Frank Discussions
Participants were able speak freely and frankly about the realities of board complexion, creative governance, and the ability use the law to create unique and highly beneficial policy products and provisions.
The program also included discussion groups on driving efficiencies, putting company assets to work, and if all else were to fail, carrying out exit strategies and offloading legacy business. Other topics: the right way to handle fiduciary responsibilities and finances, and where and how to re-domicile if necessary.