The AIMRRG Difference
1
Control and Representation
AIMRRG is owned by its Member Firms all of whom are represented on the Board of Directors. Committees of the Board manage all company-related activities, including underwriting, product design, claims management, premium cash flow and investment, and risk management. The Board of Directors meets four times annually, including a multi-day annual general meeting held each year in Hawaii, to ensure full transparency and information sharing.
2
Claim Services
AIMRRG’s Claims Committee controls claim management strategies, sets claim reserves, and works in collaboration with defense counsel to settle claims. Day-to-day claims services are provided by a full-time, dedicated claims attorney/administrator. Member Firms select defense counsel from within and outside of the group. Member Firms are encouraged to appoint qualified Member Firms as defense counsel.
3
Underwriting
AIMRRG controls and manages the entire underwriting process including member selection, design of the application form and process, policy wording and endorsements. Member Firms deal with peers and have direct access to key decision-makers. The commercial insurance capacity is underwritten on a “following form” basis.
4
Risk Management and Loss Prevention
Identifying exposure and developing forward-looking risk management guidelines, advice, and education is a cornerstone of the program. Member Firms collaborate and share best practices. AIMRRG also provides Member Firms with legal ethics programming free of charge. A dedicated hot line to outside counsel is available at no initial cost to Member Firms seeking legal advice on specific conflict and ethics issues.
5
Leveraging Costs and Income
The facility is structured to ensure that premiums are fully tax deductible. The cost of risk transfer is leveraged through group purchase of limits and access to non-traditional risk transfer capacity. The costs associated with broker services are minimized. The premium float is held for the benefit of the group with investment income flowing back to the captive and underwriting profits inuring to the benefit of Member Firms.
6
Access to Experts
AIMRRG receives advisory and management services from Aon Risk Solutions, an industry leading expert in risk retention groups, which also has over 50% of the AmLaw 200 firms as clients. Member Firms receive up-to-date information on insurance market conditions, claims and claim trends, and risk management. Other outside advisors and experts also provide advice and service to AIMRRG and to the Member Firms.
7
Supplemental Coverage
Member Firms have access to a variety of bespoke specialty products that cover employment practices, outside D&O positions, trustees, management liability, group personal excess umbrella, cyber, and more.