tncrrg.virtus.orgNational Catholic

Home Annual Report/Financials Board of Directors Calendar of Events Newsletters Policyholders VIRTUS Programs In Memoriam The Risk Retention Group, Inc. 801 Warrenville Road, Suite 175, Lisle, Illinois 60532-4334 l Phone: (630) 725-0986 l Fax: (630) 725-1374 Who is ? Our vision is to be the leader in pursuing solutions for financing and managing the liability risks of the Catholic Church through cooperative approaches. Our mission is to provide financially stable and cost-effective excess liability programs to address the needs of Catholic dioceses and religious communities throughout the United States. Read more >> Want to Learn More About Our VIRTUS® Programs? The goal of our VIRTUS® programs is to help prevent, address, and mitigate wrongdoing in the faith community. Dioceses across the country and throughout the Caribbean have implemented our Protecting God's Children® programs, a set of programs designed to help adults become protectors of children, and to help communities provide safe environments for children. Our programs marshal expert resources to develop, implement, maintain, and evaluate solutions that both embody and incorporate the Church's moral leadership and responsibility for service. To learn more, visit VIRTUS Online®, our risk management platform, which is updated weekly with new articles, interactive risk management scenarios, poll questions, and more. VIRTUS Online is viewed annually by millions of people, from dozens of countries and every continent other than Antarctica. The address is: www.virtus.org . 22nd Annual Winter Meeting February 3 - February 5, 2013 Renaissance Vinoy Resort & Golf Club 501 Fifth Avenue NE St. Petersburg, Florida 33701 Click here for registration and conference information. Who is The Risk Retention Group? Background Shareholder Benefits and Services Company Strategic Action Plan Executive Oversight Internal Staff Standing Committees Outside Professional Service Providers Outside Consultants State Regulation Federal Income Taxation Confidential Offering Memorandum Program Summary Click here to view the Company's Annual Report, which includes our financials. Background —The Company was conceived in 1985, licensed in 1987, and commenced operations June 30, 1988, in response to a commercial insurance market instability which had resulted in limited availability of coverage and drastically restricted coverage provisions, limited availability of coverage limits, and totally unjustified premium increases. is owned and ultimately managed by its Shareholders. Company policies are therefore established by Shareholders for the benefit of Shareholders. The Company currently has 67 Shareholders consisting of 66 archdioceses and dioceses and one risk pooling trust. ( return to list ) Shareholder Benefits and Services —In addition to providing an efficient and effective mechanism for transfer of risk, provides other valuable services to Shareholders. For many years, the Company has sponsored a two-day Winter Meeting, which is open to and free of charge to Shareholders as well as all interested diocesan or Church personnel. This meeting involves a Company business meeting plus several risk management educational seminars, which are presented by outside experts. Also, each year, in conjunction with the Diocesan Fiscal Management Conference (DFMC), the Company has sponsored an Annual Shareholders’ Meeting at which Shareholders elect certain Directors and present issues and concerns to Officers, Directors or staff. Additionally, as part of the DFMC, the Company has sponsored an exhibit attended by staff, which is intended to disseminate information and materials describing activities, programs and services. The Company provides on-site risk control and litigation planning and management consultation services and, also, comprehensive loss prevention and loss control services via its VIRTUS® program. VIRTUS® elements include publications, audio/video training, web-based training, on-site training and “train the trainer” programs. ( return to list ) Company Strategic Action Plan —The Company’s Strategic Action Plan is reviewed and approved annually by the Board. It establishes the following long-term goals for The Risk Retention Group, Inc.: To provide the Church with innovative risk management solutions. To expand our Shareholder and client base and enhance their satisfaction level. To ensure financial stability through growth, organizational efficiency, and cost effectiveness. To comply with all legal, regulatory, professional and ethical standards. To take a leadership role in promoting collaborative alliances. To promote risk management policies within Shareholder and client organizations. ( return to list ) Executive Oversight —Company operations are directly supervised on a day-to-day basis by an employed, full-time President and CEO who reports to the Board of Directors. The Chairman of the Board presides over meetings of the Board of Directors, which consists of 11 members, each of whom is elected by Shareholders to serve a three-year term. Each current Director represents a Shareholder diocese or risk pooling trust. ( return to list ) Internal Staff —The Company has eight full-time employees, including: Michael J. Bemi—President and CEO Sandra M. Barutha—Director of Underwriting Stephen J. Henne—Director of Claims ( return to list ) Standing Committees —The Board of Directors has established the following standing committees to review various aspects of Company operations and to submit appropriate recommendations to the Board. Executive Audit Investment Nominations Stakeholder Relations and Strategic Initiatives ( return to list ) Outside Professional Service Providers — Actuary Milliman, Inc. Auditors Johnson Lambert & Co. LLC Captive Manager The Towner Management Group Investment Consultant Hewitt EnnisKnupp, Inc., an Aon Company Investment Managers Baird Advisers State Street Global Advisers Corporate Counsel Downs Rachlin & Martin, PLLC Burlington, VT Coverage Counsel Vandeveer Garzia PC, Troy, MI Brokerage Consultants Willis North America ( return to list ) Outside Consultants —Outside consulting expertise is utilized when deemed to be advantageous and necessary, in areas such as strategic planning, reinsurance, and computer services. ( return to list ) State Regulation — is domiciled in the state of Vermont and operates under the regulation of the Department of Banking, Insurance, Securities and Health Care Administration of the state of Vermont. As a risk retention group established under the federal Liability Risk Retention Act, Company business is subject primarily to regulation by the state of Vermont and is subject to only limited oversight in other states in which it is registered. ( return to list ) Federal Income Taxation —The Internal Revenue Service has ruled that the Company is exempt from federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code. The Service has also ruled that the Company is a public charity under Section 509(a)(3) of the Code and not a private foundation. ( return to list ) Confidential Offering Memorandum — is authorized to issue insurance only to its Shareholders, pursuant to the federal Liability Risk Retention Act. Eligible Catholic archdioceses, dioceses, risk pooling trusts, and other Catholic organizations must review the Company’s Confidential Offering Memorandum and, if eligible for insurance coverage, must execute a Participation Agreement and purchase stock in the Company prior to issuance of insurance coverage. This is neither an offer to sell nor a solicitation of an offer to buy the stock or the insurance issued by . Such an offer is made only by the Confidential Offering Memorandum, which contains important information concerning the required investment and the insurance and should be read carefully. The Memorandum explains various risk factors associated with the purchase of stock and insurance from t...