The Arkansas Insurance Department announced that two companies have been approved to begin offering insurance products in the state.
Arkansas Insurance Commissioner Allen Kerr has granted authority to Motorists Life Insurance Co. (MLIC) of Columbus, Ohio, to write life, accident and health products. In addition, OBI America Insurance Co.(OBI) was approved to offer workers’ compensation coverage.
MLIC is a regional life insurer formed in 1965 and is a subsidiary of Motorists Mutual Insurance Co., a property and casualty insurer, established in 1928 and the lead company in the Motorists Mutual Group. MLIC plans to offer individual life and annuity products through independent agents, and other distribution channels. MLIC offers various ordinary life plans, such as whole life, universal, term and final expense.
MLIC has one affiliate licensed in Arkansas, Consumers Insurance USA Inc. and maintains an A.M. Best Rating of A- (Excellent).
OBI, a Harrisburg, Pennsylvania, property and casualty insurer, is an indirect wholly owned subsidiary of OneBeacon Insurance Group, which is wholly owned by White Mountains Insurance Group Ltd., a publicly held company whose stock is traded on the New York Stock Exchange.
OBI’s direct parent, Atlantic Specialty Insurance Co., is licensed in all 50 states and has been actively transacting insurance for over 28 years. OBI has been assigned an A.M. Best Rating of A (Excellent).
The addition of MLIC and OBI brings to 27 the total of new insurers Kerr has approved since taking office.
Source: Arkansas Insurance Department
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