Empire Indemnity Insurance Company Risk Retention Group, Inc.: Phone number, reviews, careers, claims

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If you are a buy here pay here (BHPH) dealer or lender, you know how important it is to have adequate and affordable insurance coverage for your vehicles and borrowers.

You also know how challenging it can be to find an insurance company that understands your specific needs and risks.

That’s why you should consider Empire Indemnity Insurance Company Risk Retention Group, Inc. (EICRRG), a company that specializes in force-placed insurance for BHPH dealers and lenders.

In this article, I will tell you everything you need to know about EICRRG, and why it might be the perfect choice for you.

What is a Risk Retention Group Insurance?

A risk retention group (RRG) insurance is a type of insurance that is owned and operated by its members, who share similar liability exposure.

RRGs are formed under the federal Liability Risk Retention Act of 1986, which allows them to operate in any state without obtaining a license, as long as they register and comply with certain regulations.

RRGs are designed to provide customized and cost-effective insurance solutions for businesses or individuals that face difficulty obtaining coverage from traditional insurers.

Is a Risk Retention Group a Captive?

A risk retention group is a type of captive insurance company, which is an insurance company that is owned by one or more entities that are not engaged in the business of insurance.

A captive insurance company provides insurance coverage for its owners or related parties.

The insurance company may be formed in any jurisdiction, domestic or foreign, depending on the tax and regulatory advantages.

A captive insurance company may also purchase reinsurance from other insurers to transfer some of its risks.

The group provides liability insurance coverage for its members or related parties.

A risk retention group may also purchase reinsurance from other insurers to transfer some of its risks.

Are Risk Retention Groups Safe?

Risk-retention groups are subject to financial regulation and oversight by their state of domicile, which is the state where they are incorporated.

Risk-retention groups must maintain adequate capital and reserves to pay claims and expenses.

The groups must also file annual financial statements and undergo periodic audits by independent certified public accountants.

Risk-retention groups may also purchase reinsurance from other insurers to protect themselves from catastrophic losses.

What is Empire Indemnity Insurance Company Risk Retention Group, Inc.?

Empire Indemnity Insurance Company Risk Retention Group, Inc. (EICRRG) is an RRG that specializes in providing force-placed insurance for BHPH dealers and lenders.

Force-placed insurance protects the lender’s interest in the vehicle in case of damage, theft, or repossession.

EICRRG was formed in 2019 by Empire Indemnity Insurance Company (EIIC), a leading provider of force-placed insurance services.

They offers comprehensive and flexible coverage options for BHPH dealers and lenders.

EICRRG is domiciled in Hawaii and operates in 23 states.

How to Contact EICRRG?

If you are interested in learning more about EICRRG or obtaining a quote, you can contact them by phone or email:

– EICRRG Phone Number: (808) 727-1015

– EICRRG Contact Email: info@eicrrg.com

You can also visit their website.

Quick Facts about EICRRG

– EICRRG has over 100 members and insures over $50 million of force-placed exposure annually.

– EICRRG has an A.M. Best rating of B- (Fair) with a stable outlook.

-It has a low loss ratio of 40% and a high retention rate of 80%.

– EICRRG has a dedicated claims team that handles claims promptly and fairly.

– EICRRG has a strong reinsurance program that provides financial stability and security.

Customer Experiences

EICRRG has received positive feedback from its customers, who appreciate its competitive rates, flexible coverage options, and excellent customer service. Here are some of the testimonials from its customers:

– “We have been with EICRRG for over a year and we are very satisfied with their service. They have always been responsive, fair, and professional in handling our claims. They also offer us the best rates and coverage for our force-placed insurance needs. We would highly recommend them to any BHPH dealer or lender looking for a reliable insurance company.” – Mike, BHPH dealer

– “EICRRG has been a great partner for our lending business. Have provided us with comprehensive and tailored coverage that meets our specific needs and risks. They have also been very helpful and supportive in managing our risk and improving our compliance practices. They are more than just an insurance company, they are a trusted advisor.” – Sarah, BHPH lender

– “EICRRG is the best force-placed insurance company we have ever dealt with. They have always been courteous, friendly, and knowledgeable in answering our questions and resolving our issues. They have also been very generous and flexible in offering us discounts and incentives for being a loyal and safe customer. We are very happy with their service and we would not hesitate to recommend them to any BHPH dealer or lender.” – Tom, BHPH borrower

Company Culture

EICRRG has a strong company culture that is based on its core values of integrity, excellence, innovation, teamwork, and customer focus.

The company strives to create a positive and rewarding work environment for its employees, who are passionate, talented, and dedicated to serving its customers.

The also supports its employees’ professional development and career growth through various training programs, mentoring opportunities, and recognition awards.

The company also promotes a culture of social responsibility and community involvement by supporting various charitable causes and organizations.

Financial Details

EICRRG is a financially sound and stable company that has been in business for over two years.

The company has a strong balance sheet and a solid capital base that enables it to meet its obligations and withstand market fluctuations.

EICRRG has an A.M. Best rating of B- (Fair), which reflects its adequate financial strength and operating performance.

The company has also maintained a consistent profitability record and a positive cash flow.

Conclusion

EICRRG is a great option for BHPH dealers and lenders who are looking for reliable and affordable force-placed insurance coverage.

By choosing them, you will not only save money and reduce risk, but also gain access to comprehensive and flexible coverage that meets your specific needs and risks.

You will also receive excellent customer service and support from the experienced staff of EICRRG.

If you want to take your force-placed insurance to the next level, contact EICRRG today and see how they can help you.