In the early 1980s, BMS broker Steve Nunn achieved the first ever Risk Retention Group (RRG) placement into the reinsurance market with Home Owners Insurance Company (HOW).
HOW issued policies of liability for Builders Default coverage and Major Structural defects. It was formed in the State of Delaware in 1981 as an RRG operating under what was formerly known as the Product Liability Risk Retention Act of 1981.
As a result of the US Liability crisis of the mid-80s, this Act was then amended in 1986 and signed into Federal Law by Ronald Reagan in October of that year and known (as it is today) as The Federal Liability Risk Retention Act.
We are very proud to say that one of the earliest companies formed under the amended Act is Ophthalmic Mutual Insurance Company (OMIC), which is still a client today. BMS helped OMIC form in 1987 and placed its initial reinsurance program in Lloyd’s on 1 October 1987.
OMIC is sponsored by The American Academy of Ophthalmology and in 2012, BMS joined the company in celebrating its 25th Anniversary at a dinner in the Adam Room in Lloyd’s.