From: Risk Retention Reporter
Risk retention groups reported record premium growth in 2022 with premium increasing by 12.9% to $4,897.9 million, an increase of $558.1 million over the $4339.7 million reported in 2021. This is the largest premium increase in dollar terms for the RRG industry, surpassing the premium growth of $527.0 million in 2003 and $519.3 million in 2021.
In contrast to 2003, when premium growth was driven by record risk retention group formations—58 new risk retention groups formed that year—premium growth in 2022 was primarily driven by established RRGs.
Mountain Laurel Risk Retention Group, Inc. saw the largest premium increase in dollar terms in 2022, with premium increasing by $101.5 million to $144.3 million, up from $42.8 million in 2021—an increase of 237 percent. Mountain Laurel RRG is an outlier in 2022 as its premium growth is largely the result of the merger of two RRGs.