FRMT, Ltd. 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. By October 1, 2007 the organization had grown to 28 member fraternities
and completed the domestication process and a move from Bermuda to Vermont USA.
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.
Since 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 Resergens Specialty Underwriting, Inc. RSUI
today utilizes Landmark American Insurance Company, an AM Best & Co A X
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:
|
A)
|
Semi-annual publishing and distribution of FRMT News.
|
|
B)
|
Sponsorship of the FRMT Risk Management College each June as a
risk management educational program for the professional staff and volunteers
of FRMT member fraternities and invited guests.
|
|
C)
|
Development and support of this web based resource.
|
