Commitments and Contingencies |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies |
14. Commitments and Contingencies Legal – E&O and Other Considerations As an excess and surplus lines and admitted markets broker, RSG has potential E&O risk if an insurance carrier with which RSG placed coverage denies coverage for a claim or pays less than the insured believes is the full amount owed. As a result, RSG from time to time seeks to resolve early in the process, through a commercial accommodation, certain matters to limit the economic exposure and reputational risk, including potential legal fees, created by a disagreement between a carrier and the insured. RSG purchases insurance to provide protection from E&O claims that may arise during the ordinary course of business. Since June 1, 2019, RSG’s E&O insurance provides aggregate coverage for E&O losses up to $100.0 million in excess of their retained amount of $2.5 million per claim. RSG has historically maintained self-insurance reserves for the Company’s portion of the E&O exposure that is not insured. RSG periodically determines a range of possible reserve levels using the best available information that rely heavily on projecting historical claim data into the future. RSG’s reserve for these and other E&O claims and business accommodations in the Consolidated Statements of Financial Position is above the lower end of the most recently determined range. Reserves of $1.6
million and $1.5 million were held for outstanding matters as of June 30, 2021 and December 31, 2020, respectively. Relatedly, RSG recognized $0.7 million and $1.1 million in General and administrative expense for the six months ended June 30, 2021 and 2020, respectively. RSG recognized $0.4 million and $0.1 million |