The National Catholic 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 National Catholic?
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.
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22nd Annual National Catholic 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 National Catholic 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.
National Catholic 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.
Shareholder Benefits and Services—In addition to providing an efficient and effective mechanism for transfer of risk, National Catholic 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 National Catholic 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.
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 National Catholic 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.
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.
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
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
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
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Outside Consultants—Outside consulting expertise is utilized when deemed to be advantageous and necessary, in areas such as strategic planning, reinsurance, and computer services.
State Regulation—National Catholic 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.
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.
Confidential Offering Memorandum—National Catholic 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 National Catholic. 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 the Company, and provides further information with regard to insurance regulation, terms of participating, federal income taxation, and other matters.
Program Summary—The National Catholic Risk Retention Group, Inc. is a licensed insurance company domiciled in the State of Vermont, operating as a risk retention group pursuant to the federal Liability Risk Retention Act. It was incorporated on August 12, 1987, and began formal operations on June 30, 1988. National Catholic now operates in 25 states and the District of Columbia and is authorized to write liability insurance in all 50 states subject to the requirements of the federal Liability Risk Retention Act. National Catholic insures a multitude of exposures for the Catholic Church throughout the country. Underlying insurance programs are provided variously through local insurance agents, national brokers, insurers, and self-insurance programs.
National Catholic provides a basic program of $750,000 excess of $250,000 (either insurance or a self-insured retention), Excess Liability coverage on either a claims-made or on an occurrence policy form as determined by the participant, with alternate retention limits available. The program includes the following coverages: General Liability, Personal Injury, Automobile Liability, Directors’ & Officers’ Liability, School Board Legal Liability, Counseling Errors & Omissions, Limited Professional Healthcare Services Liability, Employee Benefits Liability, Contractual Liability, Employment Practices Liability, Diocesan Review Board Coverage, and Sexual Misconduct. The claims-made format includes an automatic “mini-tail” provision along with an optional 5-year Supplemental Extended Reporting Period. Full Prior Acts Coverage, except for Sexual Misconduct, is available for participants who may wish to convert from a claims-made to an occurrence form.
National Catholic shareholders each maintain their own anniversary-expiration date for coverage. National Catholic also offers a $14,000,000 excess of $1,000,000 Excess Liability. This program follows form with the underlying National Catholic coverage with the exception that it does not automatically include Directors' & Officers' Liability or Sexual Misconduct Limited coverage; however, these coverages may be quoted contingent upon a specific underwriting analysis.
National Catholic participates in an Excess of Loss Treaty Agreement with Munich Reinsurance America, Inc., which is rated A+ (Excellent) XV, Liberty Syndicate 4472 (Liberty Mutual's wholly-owned Lloyd's affiliate) rated A (Excellent) XV, Faraday Syndicate (Berkshire Hathaway's wholly-owned Lloyd's affiliate) which is rated A (Excellent) XV, Catlin which is rated A (Excellent) XV, and Ark Syndicate 4020 which is rated A (Excellent) XV, all in the 2010 edition of Best's Insurance Reports.
Sunday, February 3 - Tuesday, February 5, 2013