Nevada RRG faces Recapitalization

As your trusted friend in insurance, we keep you in the know, especially on topics that may impact your coverage. We have covered various updates for RRGs who have faced liquidation and other financial woes. Let’s discuss Lancet RRG, the Doctor owned Nevada RRG facing recapitalization.

Lancet Recapitalization

December 2017,  Nevada Department of Insurance (DOI) proposed several plans regarding the recapitalization of Lancet RRG. The Nevada DOI focused these plans on raising the Capital required to offset adverse loss development. Unfortunately, the May 29th deadline and subsequent delay caused original investors to leave while making it difficult to garner new investors in time leading to the recapitalization.

Tail Coverage

Effective June 1st, 2018, Lancet RRG voluntarily discontinued writing new business.  Renewal terms will be offered to those policies with effective dates prior to August 1st, 2018. How does this affect your Tail coverage terms? No Tail Coverage will be offered on policies effective June 1st, 2018 and after.

Moving Forward

Although this news comes as a surprise to policyholders, Presidio is more than happy to spring into action helping with all your replacement coverage needs.

Give us a call directly at 1-800-317-6411 or email us at info@presidioinsurance.com.

Fill in the form below with a brief description of your practice and one of our account executives will be in contact with you shortly.