Three new property/casualty insurance companies have been approved to do business in Arkansas, the state insurance department reported. All three are based in Florida.
Counting the recently accepted companies, 10 new insurers have been approved to enter the Arkansas insurance market this year. The three new insurers are among the 75 that have been granted new certificates of authority by Insurance Commissioner Allen Kerr since 2015.
Vault Reciprocal Exchange of St. Petersburg, Florida, was given permission to sell property/casualty and marine products in Arkansas. Vault is a policyholder-owned reciprocal exchange formed in 2017. It is managed by Vault Risk Management Service LLC, wholly owned by Vault Holdings LLC, which is part of the Allied World Assurance organization. Allied World Assurance Co. Holdings is a global provider of global property/casualty and specialty insurance and reinsurance products. Vault has 25 affiliates licensed in Arkansas, four of which are domiciled in the state. Vault maintains an A.M. Best group rating of A- (Excellent).
Kerr also granted authority to Normandy Insurance Co. of Deerfield Beach, Florida, to offer workers’ compensation products. Normandy was licensed in Florida as a domestic monoline workers’ compensation insurer in 2007 and is currently writing in Florida, Georgia, Virginia and Pennsylvania. Normandy specializes in workers’ compensation for hospital and medical facility employees and targets small and mid-sized business owners. Normandy is a direct subsidiary of Normandy Insurance Holding Co. LLC and is affiliated with Normandy Insurance Services LLC.
Tower Hill Prime Insurance Co. (THP) of Gainesville, Florida, has been authorized to sell property/casualty and marine products. THP was formed in 1999 and is licensed to write single family homes, dwelling/fire, flood and commercial business in seven states. THP is the lead company in the Tower Hill Group and maintains an A.M. Best rating of A- (excellent).
Kerr was appointed commissioner in January 2015 by Gov. Asa Hutchinson. He previously served three terms in the Arkansas House of Representatives.
Was this article valuable?
Here are more articles you may enjoy.