AM Best assigns “A” to Indigo RRG
Concert Insurance Group has welcomed the news that AM Best has assigned an “A-” rating, with a stable outlook, to Indigo Risk Retention Group, (Indigo RRG), a new insurance company that will leverage data-driven expertise to underwrite policies for non-hospital-based physicians.
The rating follows the preliminary credit assessment awarded to Indigo RRG by AM Best in August.
Indigo RRG is structured as a risk retention group and, as such, offers speed to market, flexibility and the most efficient structure for underwriting medical professional liability insurance.
The new company is sponsored by Concert and received the “A-” rating from AM Best by virtue of being a member of Concert’s rating unit. As a rating unit member, Concert will provide Indigo RRG with initial capital as well as board oversight. In addition, a comprehensive reinsurance program is in place to support Indigo RRG.
“From its inception, Concert’s mission has been to establish innovative risk solutions as well as synergistic partnerships tailored to meet the needs of our clients,” said chief executive John Hendrickson (pictured). “Indigo RRG is a compelling example of delivering on our mission and of the productive relationship that we’ve established with Indigo’s management team. It’s also reflective of an exceptional effort by the Concert team to deliver a bespoke solution to a valued client.”
Independent insurance company manager Strategic Risk Solutions (SRS) will provide regulatory management services to Indigo RRG.
“The opportunity to invest in Indigo’s risk retention group came to us through SRS, one of Concert’s founders, and is indicative of the manner in which we envisioned our relationship with SRS would lead to attractive business opportunities,” said Hendrickson.