ICI Mutual Insurance Company, A Risk Retention Group

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Learn everything you need to know about ICI Mutual Insurance Company, A Risk Retention Group, a specialized insurer for the US mutual fund industry. Find out its history, ratings, products, benefits, and contact details, as well as some related topics such as mutual reinsurance company, mutual holding company, insurance claims trends, and Investment Company Institute.PHOTO COURTESY/Instagram

ICI Mutual Insurance Company, A Risk Retention Group (ICI Mutual) is a specialized insurance company that provides liability insurance and fidelity

It was foun in 1987 by the Investment Company Institute (ICI), the leading association representing regulated investment funds

In this article, we will explore the history, ratings, products, and benefits of ICI Mutual,

What is ICI Mutual?

ICI Mutual is a risk retention group (RRG), which is a type of insurance compor liability exposure.

RRGs are authorized by the Liability Risk Retention Act of 1986, which allows them to operate across state lines without regulations.

RRGs are regulated by their state of domicile, which in the case of ICI Mutual is Vermont.

ICI Mutual was created by the ICI in response to the liability insurance crisis of the mid-1980s

It’s mission is to provide its members with insurance services that are tailored to the mutual fund industry,

ICI Mutual’s members include mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States

It’s insureds represent more than 60% of the industry’s assets under management1.

What is the AM best rating for ICI Mutual?

AM Best is a credit rating agency that evaluates the financial strength and creditworthiness of insurance companies.

It assigns ratings based on various factors, such as balance sheet strength, business profile, and enterprise risk management.

AM Best’s ratings range from A++ (Superior) to D (Poor), with modifiers from 1 to 6 indicating the relative position

ICI Mutual’s financial strength rating is A (Excellent), which means that it has an excellent ability to meet its ongoing insurance obligations.

Its long-term issuer credit rating is a+ (Excellent), which means that it has an excellent ability to meet its ongoing senior financial obligations.

Both ratings have a stable outlook, which means that they are not likely to change in the near future.

AM Best affirmed these ratings on May 12, 2023, based on ICI Mutual’s strong capitalization

What is a mutual reinsurance company?

A mutual reinsurance company is a type of reinsurance company that is owned by its ceding insurers

Reinsurance is a contract between an insurer and a reinsurer, in which the insurer transfers some of its insured risk to the reinsurer,

Reinsurance allows insurers to reduce their net liability, diversify their risk, increase their underwriting capacity,

A mutual reinsurance company operates on the principle of mutuality, which means that its members share the profits and losses

It provides its members with reinsurance coverage

A mutual reinsurance company also offers its members the opportunity to participate in the management and governance of the company.

Some examples of mutual reinsurance companies are:

What are the advantages of a mutual holding company to an insurer?

A mutual holding company is a corporate structure that allows a mutual insurance company to convert to a stock insurance company while retaining some elements of mutuality.

A mutual holding company is formed by a mutual insurance company that reorganizes into a stock subsidiary and a mutual parent.

The mutual parent owns a majority of the stock subsidiary’s shares, while the remaining shares are sold to the public or other investors.

The policyholders of the mutual insurance company become members of the mutual holding company and retain their voting rights and dividend entitlements.

A mutual holding company offers several advantages to an insurer, such as:

  • Access to capital:

It can raise capital by issuing shares of its stock subsidiary, which can be used to fund growth, acquisitions, or other strategic initiatives.

A mutual insurance company can only raise capital by borrowing money or increasing premiums.

  • Acquisition currency:

It can use its stock as a currency to acquire other insurers, either by exchanging shares or offering a combination of cash and stock.

A mutual insurance company can only acquire other insurers by paying cash or assuming liabilities.

  • Flexibility:

It can preserve the identity and brand of its acquired insurers by keeping them as separate subsidiaries under the mutual parent.

A mutual insurance company can only merge with or absorb other insurers, which may result in a loss of goodwill or customer loyalty.

  • Mutuality:

It can maintain some aspects of mutuality, such as policyholder participation, dividend distribution, and customer focus, by having a mutual parent that controls the stock subsidiary.

A mutual insurance company that converts to a stock company loses its mutuality and becomes subject to shareholder interests.

Some examples of mutual holding companies are:

If you want in learning more about ICI Mutual or obtaining a quote, you can contact them by phone, email, or mail. Here are their contact details:

Phone: 800-643-4246 or 202-371-8300 Email: info@icimutual.com Mail: ICI Mutual Insurance Company, A Risk Retention Group 1401 H Street NW, Suite 1000 Washington, DC 20005

You can also visit their website at www.icimutual.com for more information about their products, services, and risk management resources.

ICI Mutual Insurance Company a risk retention group contact

If you need to contact ICI Mutual for any reason, you can use the same contact details as above.

However, if you have a specific inquiry or request, you can also use the following email addresses:

  • For underwriting questions or requests, email underwritingdept@icimutual.com
  • For claims questions or requests, email claimsdept@icimutual.com
  • For risk management questions or requests, email riskmanagement@icimutual.com
  • For general questions or feedback, email info@icimutual.com

You can also follow ICI Mutual on LinkedIn at www.linkedin.com/company/ici-mutual-insurance-company for the latest news and updates.

Insurance claims trends

They are the patterns and changes in the frequency, severity, and types of claims that insurers face over time.

They affect the profitability, solvency, and competitiveness of insurers, as well as the availability, affordability, and quality of insurance products for consumers.

Some of the insurance claims trends that are to shape the industry in 2023 and beyond are:

  • Environmental, social, and governance (ESG) risks:

Insurers will face increasing pressure from regulators, investors, customers, and society to address the environmental, social, and governance impacts of their business activities and products.

They need to enhance their ESG disclosures, adopt sustainable practices, and offer innovative solutions that support the transition to a low-carbon economy and a more inclusive society

  • Geopolitical risks:

Insurers will face growing uncertainty and volatility due to the geopolitical tensions, conflicts, and instability that affect the global economy and security.

They need to monitor and manage the risks of trade wars, sanctions, cyberattacks, terrorism, and civil unrest that could disrupt their operations, supply chains, and markets

  • Technology risks:

Insurers will face increasing challenges and opportunities from the rapid development and adoption of new technologies

They  will need to leverage technologies such as artificial intelligence, blockchain, cloud computing, and the Internet of Things

  • Claims inflation:

Insurers will face rising claims costs due to the inflationary pressures that affect the prices of goods and services

They l need to adjust their pricing, reserving, and underwriting strategies to reflect the changing claims environment

Investment company institute

The Investment Company Institute (ICI) is the leading association representing regulated investment funds.

ICI’s mission is to strengthen the foundation of the asset management industry for the ultimate benefit of the  investor.

Its members include mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States,

ICI’s members collectively manage more than $34 trillion in assets for more than 100 million US investors

ICI’s activities include:

  • Advocacy:

ICI advocates for public policies that promote the interests of funds, their investors, and the capital markets.

It engages with policymakers, regulators, and other stakeholders at the federal, state, and international levels on a range of issues

  • Research:

ICI conducts and publishes research on various topics related to the fund industry, such as fund performance, investor behavior, retirement savings, fund governance, and industry trends.

It collects and disseminates data on the size, characteristics, and activities of the fund industry and its participants.

  • Education:

ICI provides education and training programs for fund professionals, directors, and trustees, as well as information and resources for fund investors and the public.

It organizes conferences, webinars, and events that feature industry experts, thought leaders, and policymakers.

You can learn more about ICI and its members by visiting their website at [www.ici.org] or following them on Twitter at [www.twitter.com/ICI].


In this article, we have covered the main topic of ICI Mutual Insurance Company, A Risk Retention Group

We have learned about the history, ratings, products, and benefits of ICI Mutual, as well as how to contact them.

The concepts of mutual reinsurance companies and mutual holding companies,

We have also explored some of the insurance claims trends that are expected to impact the industry

Finally, we have introduced the Investment Company Institute, the leading association representing regulated investment funds, and its activities and services.

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