Complete Press Releases are in Adobe Acrobat PDF format. You need the free Acrobat Reader to view them.
R.V.I. Guaranty Co., Ltd. – Bermuda – 29 Sept 2011: R.V.I. Guaranty Co., Ltd., a Bermuda Class 3A Insurer, and its affiliated Connecticut domiciled insurance entities R.V.I. America Insurance Company and R.V.I. National Insurance Company (collectively referred to as “RVI”) announced today that they will no longer use Fitch Ratings to rate their financial strength. RVI will continue to use Standard & Poor’s and A.M. Best for financial strength rating services as it believes that these two agencies can adequately service its ongoing needs.
RVI is a leading provider of residual value insurance and analytical services to its clients that are active in leasing and asset-based finance transactions for passenger vehicles, commercial equipment and commercial real estate.
For more information please contact: 203-975-2100 or visit our website: www.rvigroup@com.
September 28, 2010 — Stamford, CT — The RVI Group (“RVI”), a leading specialty writer of residual value insurance in the commercial equipment, passenger vehicle and real estate markets, today announced that it has retained Willis Capital Markets & Advisory to assist the Company in its review of strategic alternatives, including capital raising opportunities, as well as a sale, merger or other business combination.
RVI is a leading provider of residual value insurance and analytical services to its clients that are active in leasing and asset-based finance. RVI delivers its products and services utilizing sophisticated underwriting, risk analysis and asset valuation expertise to enhance commercial equipment, passenger vehicle and commercial real estate transactions.
For more information please contact: Michael P. McGroarty, (203) 975-2156, email@example.com
September 22, 2010 — R.V.I. Guaranty Co., Ltd. (“RVI”), a leading specialty writer of residual value insurance in the passenger vehicle, commercial equipment and real estate markets, today announced that it no longer has any liability or obligations with respect to a portfolio of financial guaranty reinsurance business that it had previously written. The portfolio was limited to several financial guaranty contracts with one counterparty that were written between July 2006 and December 2007. The entire portfolio, and all liabilities and obligations related thereto, was re-assumed by the counterparty, effective August 1, 2010. The portfolio performed extremely well during the recent financial crisis and RVI experienced no losses in connection with any of the reinsurance contracts.
April 6, 2010 — Oldwick, NJ — A.M. Best Co. has revised the outlook to stable from negative and affirmed the financial strength of B++ (Good) and issuer credit ratings (ICR) of “bbb ” of R.V.I. Guaranty Co., Ltd (RVI Guaranty) (Bermuda) and its Connecticut-domiciled subsidiaries, R.V.I. America Insurance Company (RVI America) and R.V.I. National Insurance Company (RVI National) (collectively known as RVI).
RVI is a specialty insurance group that primarily writes residual value insurance. It is one of the largest insurance companies that specializes in underwriting and marketing of residual value insurance risk for clients engaged in asset-based financing. Coverage is purchased by participants in asset finance transactions to obtain third-party financial support often due to regulatory and accounting issues. Residual value insurance protects against the market value of an asset falling below the insured (guaranteed) value at a specified date.
The ratings reflect the stabilization of RVI’s operating results during 2009 and adequate risk-adjusted capitalization resulting from actions taken in late 2008 to improve profitability and reduce risk. RVI’s operating results suffered during 2008 as the downturn in the economy resulted in a decline in the market value of its insured assets. This in conjunction with the levered nature of its business model (insured risk/capital), caused its risk-adjusted capitalization to deteriorate.
The stable outlook reflects the improvement in RVI’s operating results and its adequate risk-adjusted capitalization.
These positive rating factors are somewhat offset by RVI’s narrowed business profile; the fact that RVI’s primary business segments-passenger vehicle and commercial equipment-are highly dependent upon the performance and cyclicality of the asset-based financing industry; and potential loss exposure stemming from two classes of insured assets it is not currently underwriting: financial guaranty and commercial real estate. In addition, RVI ceased underwriting high risk (asset risk) coverage and now primarily provides lower levels of risk coverage within the passenger vehicle line of business. This decision, along with a less robust asset leasing market, will likely constrain premium growth in the near future.
December 15, 2009 — Markham, Ontario — RVI Group, the pre-eminent name in residual value insurance now recognizes Canadian Black Book as its Approved Residual Value Guide in Canada.
“Canadian Black Book has been recording and reporting vehicle values in Canada for almost 50 years, and we are pleased with the relationship that has developed between our companies,” said Rene Abdalah, Vice President of RVI. “Canadian Black Book values are used by banks, dealers, leasing companies, government agencies and auctions,” continued Mr. Abdalah, “and we respect their broad and deep understanding of the Canadian auto marketplace.”
“RVI has been an excellent consultant for us and we are pleased our cooperation continues on an official level,” said Kathy Ward, Canadian Black Book’s president and CEO. “Residual values are the result of an exceedingly complicated process and we believe that pooling the Canadian Black Book and RVI expertise and resources will lead to products and services that will better serve the Canadian auto market.”
Both companies look forward to expanding on the synergies which will come from this relationship.
For further information: regarding information contained in this release contact: RVI Group, Valerie Torphy, Client services manager, (203) 975-2124, VTorphy@RVIGroup.com; Canadian Black Book, Josh Bailey, Senior manager, client services, (905) 413-7614, Josh@CanadianBlackBook.com Read Full Story (PDF)
April 1, 2008 — Stamford, CT — John O’Bryan has been promoted to Senior Vice President, Commercial Equipment at the RVI Group in Stamford, CT. John will lead the Company’s efforts insuring general aviation and commercial aircraft residual values.
Mr. O’Bryan joined RVI in March 2001 after four years at CIT Group as Vice President Structured Finance. He has over 28 years of experience in equipment leasing. Prior to CIT, John was with Deutsche Bank in Dublin, Ireland and Sydney, Australia.
John is a committee member of the Equipment Leasing and Financing Association’s Service Providers Business Council.
September 4, 2007 — Stamford, Conn. — As the head of RVI’s Quantitative Analysis Department, Mr. Fan will be responsible for providing analytical services to both internal and external clients. Wei’s team will also be a key player in developing new products and services for current and potential new clients.
Mr. Fan most recently spent five years as Director, Used Vehicle Market Solutions at J.D. Power and Associates in Detroit. He holds a Ph.D. in Economics from the University of Michigan, Ann Arbor as well as a Master in Physics from the University of Delaware and a B.S. in Physics from Shanghai Jiao Tong University, Shanghai, China.
May 29, 2007 — Stamford, Conn. — David A. Klanica has joined RVI Group as Senior Vice President and Chief Financial Officer. He most recently served as Vice President and CFO for Pitney Bowes Capital Services. Prior to this, he was Global Technical Controller for GE Capital, Commercial Equipment Financing, where he was responsible for financial reporting, securitization, financial risk, business combinations and portfolio purchases, and technical accounting research and training throughout that organization. He also served as the Director of Accounting Services at Mercedes-Benz Credit Corporation with responsibilities including financial reporting, portfolio and general accounting, financial planning and analysis, and treasury. Upon graduation from college, he was with KPMG LLP for twelve years, the last six years of which were as a Senior Audit Manager. He received his B.S. in Accounting from Quinnipiac University. He is a Certified Public Accountant.
March 5, 2007 — Stamford, Conn. — Mr. McGroarty most recently spent over five years as Senior Vice President and General Counsel of Portrait Software in New Haven, CT. Prior to this, he worked at Information Management Associates of Meriden, Connecticut. He served there as Vice President, General Counsel and Secretary and for the final 18 months as Chief Operating Officer, General Counsel and Secretary.
His responsibilities at RVI will include direction of the legal functions of RVI in compliance with applicable law and regulations for the insurance industry as well as partnering with the CEO and Executive Team in strategy development and execution.
Mr. McGroarty received his Juris Doctor in May, 1986 from Villanova University School of Law and his BSBA in Finance in May 1982 from Georgetown University. He is a member of the state bars of Connecticut, California, and Pennsylvania.
Newer Entries »
March 1, 2007 — Las Vegas, NV — “Ward’s Dealer Business” Read Full Story (PDF)