A risk purchasing group (RPG) is a collection of unrelated but homogeneous risks that buy liability insurance as a collective. By banding together, the RPG is afforded the same economic buying power as individual large risks so that is can use economies of scale to buy insurance coverage with favorable terms.
RPG participants benefit from broad coverage, high limits and competitive premium pricing. Insurance carriers can attract business with lower acquisition and frictional costs.
Preferred Concepts has developed a number of risk purchasing groups. They include:
IRF Real Estate Operations Group, Inc. – targets owners and operators of commercial real estate.
IRF Hospitality Group, Inc. – targets businesses that include hotels, motels bed & breakfast facilities and other entities whose principal business is providing accommodation to overnight guests. This group may include ancillary exposures such as food services, retail operations, fitness facilities, etc.
IRF Manufacturing Group, Inc. – targets businesses that manufacture a variety of products.
IRF Restaurant Group – targets operators in the restaurant industry. This group will target restaurants of all kinds, including diners, and upscale restaurants.
IRF Retail Group – targets retailers of consumer merchandise.
IRF Service Group – targets operations whose business provides services to consumers. This group will include professional service providers.
IRF Wholesale Group – targets wholesalers of consumer merchandise