Press Release - MARCH 14, 2019
AM BestTV: ‘A Black Eye for the Industry’: Spirit Commercial Auto RRG Insolvency Talk of CICA
FOR IMMEDIATE RELEASE
OLDWICK - MARCH 14, 2019
“I think that if Spirit is as badly off as it appears to be it is going to be a black eye for the industry,” said Robert (Skip) Meyers, Jr., partner, Morris, Manning & Martin LLP. “We hope that good things can come out of it in terms of how other similarly situated entities would be regulated in the future.”
Gary Osborne, vice president, Risk Partners, said, “We have seen a couple of risk retention trucking companies go down. … Counties, cities and other companies that mandate what your coverage should say no longer are willing to take an RRG. Therefore, it can be a big problem when you have this kind of sizeable failure. People that are depending on that insurance can then put stronger and more restrictive things on an RRG. The industry has to come together and find ways to raise substantial capital to address these kind of concerns so that it can come out with a solution.”
Other executives appearing in this video include:
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