was formed in September 1996 in Hamilton, Bermuda as a reinsurance company
owned by 12 national college fraternities and begun its first underwriting year
on October 1, 1996. On October 1, 2007, the organization completed the
domestication process and a move from Bermuda to Vermont USA, and now includes 33
member fraternities. Growth in the organization is a testament to its focus
upon reducing the dependence of its member fraternities upon the commercial
insurance market and allowing each member and the collective group to obtain a
greater control over their future insurance needs and costs.
its founding FRMT, Ltd has partnered with RSUI, Inc. Until 2003 RSUI was also
known as Royal Specialty Underwriting, Inc. and issued the insurance contracts
with Royal Surplus Lines Insurance Company that insured each member fraternity.
FRMT, Ltd then reinsured a portion of the risk assumed by Royal Surplus Lines
Insurance Company. In 2003 Royal/Sun Alliance, the parent company of Royal
Surplus Lines Insurance Company, made a decision to discontinue writing
insurance business in the United States and RSUI was sold to Alleghany Insurance
Holdings and renamed Resurgens Specialty
Underwriting, Inc. RSUI today utilizes Landmark American Insurance Company, an
AM Best & Co A XIII rated insurance company, and works in partnership with
FRMT, Ltd in the same manner it has since 1996. Continuity in FRMT's work with
RSUI has been the key to the organization's success as the organization
management, underwriting and claim personnel has had very little change.
In addition to providing comprehensive
insurance coverage the FRMT organization works to provide risk management
resources and education to improve the undergraduate experience of their
members. The risk management efforts include:
Semi-annual publishing and distribution of FRMT News.
Sponsorship of the FRMT
College each June as a
risk management educational program for the professional staff and volunteers
of FRMT member fraternities and invited guests.
Development and support of this web based resource.