About RVI : History
A Legacy of Innovation
Key events contributed to who we are today. Significant milestones are shown below:
Howard Chickering and Thomas R. Cox, III founded R.V.I. Guaranty Co., Ltd. (RVIG) as a residual value insurance company. It was formed as a Bermuda domiciled insurer to focus exclusively on providing insurance solutions to the residual value market.
US West Financial Services provided the initial funding for RVIG. RVIG signed its first residual value program business with GE Capital and its first passenger vehicle residual value insurance account.
RVIG signed the first aircraft residual value insurance transaction with Cessna Financial.
Quantum Industrial Partners LDC (QIP), acquired RVIG from US West which increased RVIG's capital from $50 million to $75 million.
R.V.I. America Insurance Company (RVIA) was formed as a Connecticut domiciled insurance company.
RVIA signed the first residual value insurance portfolio of retail stores.
Continental Casualty Company (a wholly owned subsidiary of CNA Financial Corporation) (CNA) and QIP closed a transaction under which CNA and QIP increased RVIG's capital from $75 million to $100 million.
Transition Services, Inc. was formed to provide outsourced severance and salary continuation administration services using the tax effective IRS approved structure, the Supplemental Unemployment Benefits Plan.
RVI Analytical Services, Inc. was formed to provide residual value analysis of passenger vehicle portfolios for leasing companies and automobile manufacturers.
CNA sold its ownership interest in RVIG to QIP.
R.V.I. America Corporation acquired R.V.I. National Insurance Company (RVIN), a property and casualty company licensed in all 50 states and the District of Columbia.
RVIG entered the financial guaranty business.
RVIA temporarily ceased underwriting commercial real estate residual value insurance business as transactions are being underwritten at a level in excess of RVIA's risk tolerance.
RVIG profitably exited the financial guaranty business.
RVIA re-entered the Commercial Real Estate residual value insurance market.
RVIA merged into RVIN to create a single Connecticut domiciled insurance company that is licensed in all 50 states and the District of Columbia. RVIN changed its name to R.V.I. America Insurance Company.
RVIG, in its capacity as a segregated accounts company, created and managed a segregated account for a large US leasing entity so that it could insure the residual values of its passenger vehicle portfolio.