Press Releases

 

USA Risk Group Welcomes Braid Klein, CPA to Accounting Team 

Williston, VT - March 27, 2017 - We are pleased to welcome Brad Klein, CPA to the USA Risk Group family. Brad joined our company on March 27 as a Senior Account Manager and brings over 10 years of accounting experience to our team, with nine of those years spent at Johnson Lambert where he was a Senior Manager. Prior to Johnson Lambert, Brad worked as a staff accountant at a local CPA firm in Burlington, VT. Brad graduated from Champlain College with a degree in Accounting. Welcome to the team, Brad! 

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A.M. Best Revises Outlooks to Positive of National Independent Truckers Insurance Company, A RRG 

Oldwick, NJ - August 17, 2016 - A.M. Best has revised the outlooks to positive from stable and affirmed the financial strength rating of B+ (Good) and the issuer credit rating of  “bbb-” of National Independent Truckers Insurance Company, A RRG (NITIC) (Charleston, SC).

The revised outlooks reflect the company's favorable capital position due to its loss and loss adjustment expense (LAE) ratios, which have consistently outperformed its peers. Surplus growth has been consistent due to strong underwriting results and ongoing required annual capital contributions by policyholders. Although NITIC's strict loss control and underwriting guidelines have resulted in favorable loss experience, they have also contributed to its less competitive expense structure. Partially offsetting these positive rating factors are the company's limited market profile, agency concentration and key main risk with limited lateral support. Positive rating actions could occur if the company continues to generate sustainable underwriting profitability while mitigating volatility, or consistently increasing surplus. Negative rating actions could occur if underwriting profitability trends negatively and results in a material deterioration in the adequacy of the company's risk-adjusted capitalization. 

This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page.A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2016 by A.M. Best Rating Services, Inc. ALL RIGHTS RESERVED.

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USA Risk Group Added as 10th Associate Member of the Worldwide Broker Network

San Francisco Bay Area, August 22, 2016—USA Risk Group, which manages over 260 captives and risk retention groups, has become the 10th Associate Member of the Worldwide Broker Network (WBN), whose 107 insurance brokerage and employee benefits consulting member firms are located in over 100 countries on 6 continents. 

USA Risk, founded in 1981, is headquartered in Vermont, the onshore captive leader of the nation, and has additional offices in strategically located captive domiciles such as Bermuda, British Virgin Islands, Arizona, Barbados, Cayman Islands and South Carolina.

“We are delighted that USA Risk has chosen to join our portfolio of high quality firms offering essential insurance- or benefits-related services for WBN member firms and their clients. Operating  in every major captive domicile and, through its highly professional staff of 60, USA Risk offers an extensive menu of services including captive consulting, formation, management and reinsurance placement to enable clients to control their insurance programs,” said Francie Starnes, WBN’s chief executive officer.

”USA Risk Group is proud of our independence and we are delighted to be approved as a member of the WBN.  We look forward to becoming a valuable resource for the members of the WBN with a common goal of unprecedented service to our mutual clients,” stated Paul Macey, Head of Captive Management for USA Risk Group.

About WBN

WBN members are the leading independently owned firms in their respective markets, providing the highest degree of client service to both insurance and employee benefits clients. As a result, WBN has become an important part of the industry’s distribution network, generating an estimated $50 billion in Property & Casualty and Employee Benefits premiums annually, which ranks it as the fourth-largest brokerage network in the world.

WBN’s Associate Member Firms specialize in related disciplines, including worldwide captives; global engineering services; risk management services; insurance brokerage management, analysis and mergers & acquisitions; international legal services; actuarial services; forensic accounting; and international employee benefits and play important role with our global membership. 

Contact:  Worldwide Broker Network - Howard Kalt - Tel: +1 415-317-0092 - Email:  HKalt@WBNGlobal.com

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USA Risk Group Named 2016 Captive Management - Group Captives Award Winner  

BURLINGTON, VT August 9, 2016 – USA Risk Group, Inc.  (USA Risk), a leading independent captive management firm, is pleased to announce that it is the recipient of the 2016 Captive Management – Group Captives award presented by Captive Review.

Submissions are reviewed by a panel made up of industry experts to determine winners.

Gary Osborne, President, accepted the award presented at a gala dinner on Monday, August 8th at the Hilton Burlington in Burlington, Vermont.

In addition to this most recent acknowledgment of USA Risk Group’s expertise in captive management, USA Risk Group was also named the 2012 recipient of the Independent Captive Manager of the Year and Innovation in Captive Management awards.

“This award is a testament to the expertise within USA Risk Group and our creativity in this market space.  We believe that our continued success with the single parent risk retention group structure played a significant role in receiving this award,” stated Gary Osborne, President of USA Risk Group.  

The judges commented that, “USA Risk provided a strong and demonstrative example of their innovative and efficient approach to a new formation.  The judges were impressed by the management firm’s ability to quickly provide an effective solution to a client that had been left in the lurch by their reinsurance partners in London. The submission demonstrated USA Risk’s experience in educating all parties involved in the formation and the benefits of a constructive relationship with local regulators.”


USA Risk Group is the nation's leading independent provider of alternative risk management offering innovative solutions that enable clients to maintain affordable and flexible insurance coverage, improve cash flow, and control expenses. For more information on USA Risk Group, call 800.USA.RISK or visit the company website at www.usarisk.com.

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USA Risk Group Announces Andrew Sargeant Retirement 

BERLIN, VT August 8, 2016 – USA Risk Group, Inc.  (USA Risk), a leading independent captive management firm, announced today that Chief Operating Officer, Andrew Sargeant, plans to retire effective December 31, 2016.

Sargeant, who has been with the USA Risk team since 1995, serves as Chief Operating Officer of the group as a whole and Vermont Office Head, based in Williston, Vermont. Before joining USA Risk, Sargeant was Vice President with Sedgwick Management Services in Vermont, having relocated from a similar role with Sedgwick in Bermuda.  Sargeant first entered the captive industry with Deloitte and Touche in Bermuda.

“USA Risk has benefitted greatly from Andy’s leadership, and we look forward to his continued involvement and counsel until the end of the year,” said Gary Osborne, President of USA Risk Group.  “While it will be sad to see Andy go, we know that his years of leadership and guidance have laid a great foundation for USA Risk to continue to prosper in the years to come. Andy has been instrumental in elevating USA Risk Group to a national leader in alternative risk and in fostering our reputation for providing innovative solutions and top notch service, and he leaves a strong company firmly entrenched in the captive marketplace.”

While Sargeant has become one of the most recognizable experts in the industry and has dedicated more than 35 years to captive management, he is ready to begin a new chapter of his life in Vermont and Bermuda.  Sargeant will continue to be available as a resource and resident director, if requested, for Vermont-based clients.

“I’m proud to have worked with the USA Risk team for over 21 years,” said Sargeant. “It has been a fun ride working with group of dedicated and talented professionals who are the leaders in the captive insurance industry. I’m not only looking forward to starting the next phase of my life, but will be cheering for the continued success of USA Risk.”

Sargeant is an Associate of the Chartered Accountants of England and Wales and received the Chartered Financial Analyst designation in 1993.

Cindy Lyford, Vice President, based in the Barre, Vermont office, will be taking over Andy’s duties as the Vermont office head.  Lyford has been with USA Risk Group for over 16 years, starting as an Account Manager and progressing to her current position, where she is responsible for some of our more complex accounts, client oversight and financial statement review.  Lyford joined USA Risk Group after 11 years at a traditional insurance company where she was responsible for preparing statutorily required filings.  Lyford holds a degree in Accounting and is an Associate in Insurance Accounting and Finance and Associate in Captive Insurance designee.

Shawn Burger joined USA Risk Group in March as Senior Vice President Sales and Operations and will take over the COO duties.  Burger held prior positions as Senior Vice President of Spencer Capital, National Vice President Sales for Cunningham Lindsey, Regional Vice President for Arrowhead General Insurance Agency and as a Regional Sales Manager for Zurich.  Burger has over 10 years in the insurance industry, is a graduate of Indiana Wesleyan and holds the Certified Insurance Councilor designation.

USA Risk Group is the nation's leading independent provider of alternative risk management offering innovative solutions that enable clients to maintain affordable and flexible insurance coverage, improve cash flow, and control expenses. For more information on USA Risk Group, call 800.USA.RISK or visit the company website at www.usarisk.com.

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South Carolina Licenses Captive Number 300 

Columbia, SC - May 27, 2016  – Today the South Carolina Department of Insurance (DOI) marked a major milestone in the ongoing development of its highly regarded captive insurance program now in its 16th year. The Department issued captive license number 300 to Velocity Insurance Company, a Risk Retention Group owned by various subsidiaries of Roadrunner Transportation Systems, headquartered in Cudahy, Wisconsin.

Velocity was formed to provide automobile liability coverage to the Roadrunner companies and will be managed by USA Risk Group, a subsidiary of Spencer Capital Holdings, Ltd. A leading asset-light transportation and logistics service provider, Roadrunner offers a comprehensive suite of global supply chain solutions. The company posted operating income of $96.7 million in 2015 on revenues of $1.995 billion and is publicly traded on the New York Stock Exchange.

“We are pleased to welcome Roadrunner to the growing list of impressive companies which have chosen to make South Carolina their captive home,” said Jay Branum, Director of Captives at the SCDOI. “Captives provide substantial advantages to owners who want to take their risk management and risk financing programs to a higher level of sophistication and control.” SCDOI Director Raymond Farmer added that “Today’s announcement reinforces South Carolina’s reputation as a domicile that is well established and well respected and further signifies our long-term commitment to the captive industry.”

USA Risk Group President Gary Osborne stated, “As the nation’s leading independent provider of alternative risk management services, we are proud to have been chosen to manage Roadrunner’s new captive, and gratified to be recognized for having brought South Carolina its 300th captive. We look forward to working with Roadrunner and its business partners on this new captive program. These are exciting times for USA Risk Group. We are in a period of dynamic growth, and appreciate the continued good relationship we enjoy with the South Carolina Department as well as with the regulators of the 19 other onshore and offshore domiciles in which we operate.”

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USA Risk Group Acquired Captive Manager in Malta 

Barre, VT - April 5, 2016 -Today USA Risk Group Malta has finalised the acquisition of Island Insurance Management Limited. John Tortell of USA Risk Group Malta confirms his delight at this acquisition and highlighted the fact that there will be continuity of staff and directors on the company for the benefit of the company clients. For additional information, please contact John Tortell, Vice President USA Risk Group (Malta) Limited. 
 
 
The Reed Centre, Blue Harbour
Ta'Xbiex Marina
Ta'Xbiex XBX 1027, Malta
Tel: +356 213-24875
Mobile: +356 994-92935
Fax: +356 213-45427
Email: john.tortell@jatcoinsurance.com

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Martin Hole, President of USA Risk Group (Barbados), Ltd. ("USA Barbados") Retires

St. James, Barbados - January 29, 2016 – USA Risk Group (Barbados), Ltd. (“USA Barbados”) would like to announce the retirement of Martin Hole, President. Martin has been with USA Risk Group since the acquisition of MIMS International in 2008. Martin has been in the insurance industry for nearly four decades. We wish him the best in his retirement.

Jeanne Crawford, Senior Vice President, who has been with USA Risk Group since 2008 as well, will run the office in Barbados.

USA Risk Group is the nation’s leading independent provider of alternative risk management services with Captive Management operations in Arizona, Barbados, Bermuda, the British Virgin Islands, Grand Cayman, Malta, North Carolina, South Carolina, Tennessee and Vermont, managing companies in 20 domiciles. More information on USA Risk Group is available at www.usarisk.com.

USA Risk Group Contact Information for Barbados inquiries:

Jeanne Crawford
Senior Vice President
USA Risk Group (Barbados), Ltd.
Tel: 802-374-2241
Email: jcrawford@usarisk.bb

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Spencer Capital Holdings to Acquire USA Risk Group

New York - February 2, 2015 - Spencer Capital Holdings, Ltd. (“Spencer Capital”), a value-oriented global investment firm, has agreed to acquire USA Risk Group (“USA Risk”), the largest independent captive insurance manager in the world. The transaction is subject to customary closing requirements and regulatory approval, and is expected to close during the first quarter of 2015. USA Risk currently serves over 300 clients, holding $9 billion assets under management. Financial terms of the transaction were not disclosed.

USA Risk is an independent captive insurance manager founded in 1981 by H. Lincoln Miller, Jr., a leader in helping to enact legislation enabling Vermont to become the pre-eminent captive domicile within the United States. USA Risk has since established member companies in 10 additional, strategic locations, servicing 20 captive domiciles, inside and outside the U.S. market. USA Risk currently has 70 employees on and offshore.

The acquisition of USA Risk is immediately accretive to Spencer Capital and is complementary to its existing portfolio of companies. The financial and operational support of Spencer Capital will provide USA Risk with the opportunity to grow and expand its client capabilities while maintaining its longstanding autonomy. Spencer Re, a reinsurance subsidiary of Spencer Capital Holdings, and USA Risk are expected to be mutual beneficiaries from cross-selling opportunities.

“USA Risk’s unparalleled reputation and leadership position in the captive industry is a welcomed addition to Spencer Capital Holdings as we seek to assemble a robust platform of leading and value-driven companies in the insurance and financial services industries,” said Ken Shubin Stein, Chairman of Spencer Capital.

Commenting on the transaction, H. Lincoln Miller, Jr., Group Chairman of USA Risk, said, “We have been approached by many suitors over the years, but until we met the team at Spencer Capital, we did not view a transaction as being in the best interests of our customers and employees. Ken Shubin Stein and his team embody the same ethos we instil in our employees and we share the same long-term interests for growing USA Risk. This also allows us to maintain our long-held philosophy of independence from conflicts of broker-owned managers.”

After the transaction closing, USA Risk will keep its name and continue to operate as it has effectively done for over 30 years. Miller, currently Group Chairman of USA Risk, will join the board of directors of Spencer Capital and Gary Osborne, currently President of USA Risk, will join the board of directors of Spencer Re.

Spencer Capital Holdings, Ltd.

Spencer Capital Holdings, a global holding company, owns Spencer Re, a reinsurance firm focused on the American auto dealership industry, and is affiliated with Spencer Capital Management, a value-oriented investment management firm. Spencer Capital Management provides support to philanthropic endeavours including, Crutches 4 Kids, a non-profit organization devoted to helping children with physical disabilities walk. Spencer Capital Holdings was founded in 2011 by Chairman Dr. Ken Shubin Stein.

For Media Inquiries:
Prosek Partners
Brian Schaffer / Hillary Yaffe, +1 212-279-3115
bschaffer@prosek.com / hyaffe@prosek.com

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USA Risk Group (South), Inc. Approved Authorized Captive Manager By Texas Department of Insurance

McKinney, Texas - January 22, 2015 - USA Risk Group (South), Inc. is pleased to announce that it has recently been approved as an authorized captive manager by the Texas Department of Insurance and will be operating under the name Lone Star Captive Management, Inc.. USA Risk is seeing significant interest from domestic Texas companies and they are committed to assisting with the growth and prosperity of this new captive domicile.

USA Risk Group is the nation's leading independent provider of alternative risk management services with Captive Management operations in Arizona, Barbados, Bermuda, the British Virgin Islands, Grand Cayman, Malta, North Carolina, South Carolina, Tennessee and Vermont, managing companies in 20 domiciles. More information on USA Risk Group is available at www.usarisk.com.

USA Risk Group Contact Information for Texas inquiries:

Adam H. Forstot
Vice President
USA Risk Group (South), Inc.
Tel: 800.872.7475 x2258
Email: aforstot@usarisk.com

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Gary Osborne Awarded James D. Hinton Captive Insurance Volunteer Award

Nashville, Tennessee -November 20, 2014 - USA Risk Group is pleased to announce that President, Gary Osborne, was awarded the James D. Hinton Captive Insurance Volunteer Award by the Tennessee Captive Insurance Association (“TCIA”) at its recent annual conference.

James D. Hinton was a founding member of the TCIA. The award is presented annually to an individual who demonstrates outstanding leadership within the captive insurance community.

 Mr. Osborne has worked in the captive industry for over 30 years, is a frequent presenter at industry events, a former faculty member of the International Center for Captive Insurance Education and serves on several industry associations and committees, as well as being ranked number 4 on the Captive Review Power 50.

Mr. Osborne was instrumental in revitalizing the captive legislation in Tennessee and serves as Treasurer for TCIA.

Mr. Osborne was unable to accept the award in person, but USA Risk Group’s Vice President – Insurance, Adam Forstot, accepted the award on his behalf.

Mr. Osborne stated “I am deeply honored to have been presented with this award. Tennessee has made great strides in the past few years with their legislation and infrastructure and I am grateful to have been a part of that.” Adam Forstot, Vice President – Insurance (left), USA Risk Group accepts the award for Gary Osborne from Kevin Doherty, Chairman and President of TCIA.

About USA Risk Group, Inc.

USA Risk Group is the nation’s leading independent provider of alternative risk management services with Captive Management operations in Arizona, Barbados, Bermuda, the British Virgin Islands, Grand Cayman, Malta, South Carolina and Vermont, managing companies in 16 domiciles. More information on USA Risk Group is available atwww.usarisk.com.

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Captive Review has named Gary Osborne, President of USA Risk Group, Inc., to its Power 50

Montpelier, Vermont – November 26, 2013 - Captive Review has named Gary Osborne, President of USA Risk Group, Inc., to its Power 50.  The publication describes the “Power 50” as the professionals who shape the wider captive management industry the most.  Ranking was completed with input from readers and votes from peers and colleagues. 

Mr. Osborne, who is currently ranked at #4 moved up from a ranking of #13 in 2012.  He is a former director of the National Risk Retention Association, faculty member of the International Center for Captive Insurance Education and has served on a number of industry committees and associations.  Mr. Osborne is a Scottish Chartered Accountant who has served in the captive industry for over 25 years.  He has been involved in the establishment of numerous single parent captives, association captives, risk retention groups and traditional group insurance programs.

Mr. Osborne commented that he was “delighted at the recognition but feels it truly reflects the great team he has working with him at USA Risk Group that has earned him and the company such a strong standing in the captive community.”

About USA Risk Group, Inc.

USA Risk Group is the nation’s leading independent provider of alternative risk management services with Captive Management operations in Arizona, Barbados, Bermuda, the British Virgin Islands, Grand Cayman, Malta, South Carolina and Vermont, managing companies in 16 domiciles.  More information on USA Risk Group is available atwww.usarisk.com

Media contact:  Jennifer Hawkins, 802/371-2210, jhawkins@usarisk.com

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Harry Rodgers Joins USA Risk as Vice President of Business Development

Baltimore, Maryland – August 5, 2013 - USA Risk Group, Inc. is pleased to announce that Harry Rodgers has joined the Company as Vice President of Business Development, effective August 5, 2013.   Harry is responsible for developing, designing, and consulting for new alternative risk finance and transfer insurance business for USA Risk Group in all North American domiciles.  Harry has over 30 years of experience in commercial insurance and over 15 years of experience in captive management, development and design. Harry joins USA Risk Group after 2 years at Kane Group Ltd. as the Director of Business Development, 9 years at HSBC as Director of Business Development, and 3 years with Innovative Risk Management, a program administrator and group captive developer and owner.   Prior to his captive experience, Harry owned an insurance agency in Baltimore.  Harry is a graduate of the University of Tennessee – Knoxville.

Gary Osborne, President, USA Risk Group, stated, “We look forward to Harry bringing a fresh perspective to USA Risk Group’s business development efforts and are confident his breadth of experience will support our continued growth.”

Harry will be based in Baltimore, Maryland and can be reached at 800.USA.RISK x2220 or hrodgers@usarisk.combeginning August 5th.

About USA Risk Group, Inc. 

USA Risk Group is the leading independent provider of alternative risk management services worldwide with Captive Management operations in Arizona, Barbados, Bermuda, the British Virgin Islands, Grand Cayman, Malta, South Carolina, the US Virgin Islands and Vermont, managing companies in 19 domiciles.  More information on USA Risk Group is available at www.usarisk.com.

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USA Risk Wins Two US Captive Service Awards

Montpelier, Vermont – September 14, 2012 - At a black tie event emceed by Lyse Doucet of BBC World News, USA Risk Group was the recipient of two awards at the inaugural US Captive Service Awards, hosted by Captive Review Magazine at the Fairmont Hotel in Chicago.

A distinguished panel of risk managers deliberated over the nominees and USA Risk Group was the winner in the categories of Innovation in Captive Management and Independent Captive Manager of the Year. Gary Osborne, President of USA Risk Group, commenting afterwards said he “was delighted at the recognition, especially in the Innovation in Captive Management category, as he believed that this is the hallmark of the success of USA Risk Group, bringing creative solutions to the table for its clients and prospects.”

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USA Risk Group Celebrates 5th Anniversary in Greenville

Barre, VT - December 13, 2011 - USA Risk Group Celebrates its Fifth Anniversary in Greenville, see article in Greenville Business Magazine.
 
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USA Risk Group (South), Inc. Announces its Name Change 

Columbia, SC - August 2011 - USA Risk Group of South Carolina, Inc has changed its name to USA Risk Group (South), Inc. This name change became effective on 7/29/2011.

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Gary Osborne on AM Best

Barre, VT - August 8, 2010 - Gary Osborne, president of Vermont-based USA Risk Group, explains how pending legislation could help to improve the three-decade-old risk-retention-group business.
Watch the interview here

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Gary Osborne on Cover of Captive Review

Barre, VT - February 10, 2010 - USA Risk's Gary Osborne is on the cover of Captive Review. 
Download the cover here.

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Paul Macey Promoted to President of USA Risk Group (Cayman), Ltd. 

Georgetown, Grand Cayman - May 15, 2009 - USA Risk Group is pleased to announce the appointment of Paul Macey as President of USA Risk Group (Cayman), Ltd. effective June 1, 2009. He will continue to be responsible for managing the Cayman office and dealing with all insurance related activities, working closely wit Rob Leadbetter and Gillian Owen on the day to day management of all Cayman clients. Paul joined USA Risk in late 2005 as Senior Vice President of USA Risk Group (Cayman), Ltd., and has over 18 years of experience in the insurance industry, most recently as Partner and insurance Manager of JLT Risk Solutions (Cayman), Limited. In this position, Paul was responsible for insurance related activities of client companies, including brokerage, insurance technical support and program design. Paul is British and holds the Associate of Chartered Insurance Institute, England.

Read more: New President of USA Risk (Cayman), Ltd.

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New Senior Account Manager Named

Scottsdale, AZ - May 15, 2009 - USA Risk Group (West), Inc. is pleased to announce the promotion of Laura Durkin, located in Scottsdale, Arizona, to Senior Account Manager as of May 15, 2009.
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USA Risk Group to Enhance Bermuda Operation

Barre, VT - June 13th, 2008 - USA Risk Group today announced it has agreed, subject to regulatory approval, to purchase a majority ownership in Cedar Management Limited, with the effective date of the change to be July 1, 2008. Messrs Tom McMahon, Mick Larkin and Dennis Silvia will remain as substantial shareholders and, along with the other members of staff, will work to ensure a smooth integration into the USA Risk family of companies.

Read more: USA Risk Group to enhance Bermuda operation

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USA Risk Group of South Carolina’s Client Receives Best Rating

OLDWICK, N.J., May 2008—A.M. Best Co. has upgraded the financial strength rating to B+ (Good) from B (Fair) and issuer credit rating to “bbb-” from “bb” for National Independent Truckers Insurance Company, ARRG (NITIC) (Charleston, SC). The outlook for both ratings is stable.

Read more: USA Risk Group of South Carolina’s Client receives Best Rating

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