Risk Retention Services (RRS)
exists to solve claim and insurance
problems for businesses.
Let's face it; liability issues are a reality of everyday modern life.The more serious problems often require assistance from specialists. RRS has the experience, the knowhow, the resources and the people to provide effective claim and litigation solutions when really needed.
Even before Risk Retention Services was incorporated in 1989, Daniel M. Junius, our founder, was solving problems on behalf of the first homogeneous insurance captive chartered on the island of Bermuda - Safe Step Reinsurance, Ltd. Safe Step, as it came to be called, was formed by a group of ladder manufacturers as a response to the product liability crisis of the late 1970s.
Prior to forming Safe Step, these manufacturers were subject to the ways and whims of traditional insurers. Even back then many insurers had little appetite for a jury trial and cases were frequently settled (over the vociferous objections of the insured) on the eve of trial or on the courthouse steps. Adding insult to injury, after settling frivolous and no-liability claims for big bucks, at renewal time the insurer would significantly increase the premium or in some cases non-renew because the class of business was "too risky."
After repeatedly watching this happen, a group of ladder companies (who
were normally competitors) decided there had to be a better way. In 1978 Safe Step issued its first insurance policy. In order to be successful Safe claims and finds that over 90% of the cases that went to trial resulted in defense verdicts. Also, when claims are settled, the average amount is 70% less than national averages despite claim management and defense expenses well below insurance company costs. That's right - RRS takes more claims to trial, wins more of them and does so at a lower cost than insurance companies.
While continuing to provide claims and litigation management to our ladder and manufacturing clients RRS has added other types of businesses and we've adapted the skill sets necessary to enhance our ability to help businesses better control their liability issues. We continue to blaze new trails while remaining true to our founding principles of hard work, high ethical standards and a focus on solving claim and insurance problems for businesses.
