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Retailers Insurance Company earns Unsurpassed rating

Retailers Insurance Company - Monday, June 04, 2018

Retailers Insurance Company earns Unsurpassed rating for best practices

Retailers Insurance Company has upped its Financial Stability Rating (FSR) from “A Prime Exceptional” to “A Prime Unsurpassed” by Demotech, Inc.

Retailers Insurance Company (RIC) reached this level due to their “unsurpassed financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing,” according to Demotech, Inc.

Ninety-nine percent of insurers countrywide with the rating of Unsurpassed expect to have a positive surplus as of 18 months from the initial rating date, regardless of the severity of a general economic downtown.

Retailers Insurance Company provides cost-saving workers’ compensation insurance, credit, and dental insurance to a wide array of businesses, non-retail and retail, through a statewide network of insurance agencies.

Headquartered in Lansing, the company was launched by the Michigan Retailers Association in 1981 to help members navigate the complex world of workers’ comp. Policyholders are members of MRA, the largest state retail association in the nation and a trusted resource for more than 5,000 businesses.

RIC’s policyholders range from agriculture to manufacturing to retail and beyond. The company is known for offering unusual features:

  • $2 million employers’ liability limit, rather than the standard $500,000;
  • Automatic $100,000 in EFT Guard protection against online banking theft and cyber extortion; and
  • Automatic terrorism coverage.

Go to for more information or to find an agent.

Columbus, Ohio-based Demotech, Inc., is a financial analysis firm that specializes in evaluating the financial stability of regional/specialty insurers.

RIC held the Exceptional rating since 2006.

News Release: Retailers Insurance Company grows from Retailers Mutual

Retailers Insurance Company - Friday, October 24, 2014

LANSING – Retailers Mutual Insurance Company is now Retailers Insurance Company, a move requested by Retailers Mutual and approved by state regulators on October 23, 2014.

All new and renewed policies and future correspondence will reflect the new name.

The change is more than just in name, said James P. Hallan, president and CEO of both Retailers Insurance Company and Michigan Retailers Association.

“The move to Retailers Insurance Company represents a change in corporate structure that enables the company to grow at an even faster rate in the future and provide additional benefits to policyholders,” Hallan said.

The new structure includes a holding company that can issue stock to raise additional capital for expansion, new technology and other growth-oriented activities.

Retailers Mutual policyholders approved the change at the August 19 Annual Meeting at the Michigan Retailers Association headquarters in downtown Lansing. The Michigan Department of Insurance and Financial Services gave final approval on October 23 after approving it conditionally in April. The Retailers Mutual board had unanimously recommended policyholder approval.

The change will be seamless for policyholders, and there are no significant operating changes planned for the immediate future, Hallan said. Changes and additional benefits will occur over time.

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