Arkansas Insurance Commissioner Allen Kerr has approved four new out-of-state companies to sell insurance products in Arkansas.
The Arkansas Insurance Department (AID) has granted Certificates of Authority to Minnesota’s SFM Mutual Insurance Co., Wisconsin’s Glencar Insurance Co., Iowa’s Clermont Insurance Co. (CIC), and Utah-based American Liberty Insurance Co. (ALIC).
SFM Mutual Insurance, based in Bloomington, Minnesota, has been approved to sell workers’ compensation insurance in Arkansas. SFM Mutual was incorporated as a non-profit workers’ compensation mutual insurance company in 1983. It currently writes workers’ compensation coverage in the states of Minnesota, Wisconsin, South Dakota, Iowa and Nebraska.
The company markets exclusively through the independent agency system. SFM Mutual has held a Demotech financial stability rating of A since 2010.
Glencar Insurance, based Milwaukee, Wisconsin, has been granted the authority to sell property, casualty (including workers’ compensation), and marine products in Arkansas. Glencar was formed in January 1956 and acquired on Jan, 1, 2018, by Hannover Finance Inc., which is a direct wholly owned subsidiary of Hannover Ruck SE. Hannover Ruck SE holds an A.M. Best rating of A+(superior); S&P rating of AA- (strong) and is qualified as a Certified Reinsurer under Arkansas law.
Glencar is licensed in 29 states and also has three other affiliates licensed and operating in Arkansas.
Clermont Insurance has been granted the authority to sell property, casualty (including workers’ compensation), surety, and marine products in Arkansas. Domiciled in Urbandale, Iowa, CIC has been in operation since 1977, and has offices in Rutherford, New Jersey. CIC is wholly-owned by Admiral Insurance Co., which is owned by W.R. Berkley Corporation, a publicly owned insurance holding company specializing in commercial lines insurance and reinsurance.
CIC is licensed in 20 states and has 23 affiliates already licensed and operating in Arkansas. CIC holds an A.M. Best Group Rating of A+ (superior).
American Liberty Insurance, based in Provo, Utah, has been approved to sell workers’ compensation products in Arkansas. ALIC was incorporated in 2004 and is currently authorized to write business in Utah and Arizona. Effective Jan. 1, 2017, Benchmark Holding Company (BIC), a Minnesota-based insurance holding company, acquired 75 percent of ALIC. American Liberty Holding Company Inc. retains the remaining 25 percent of the outstanding shares of ALIC. With the Arkansas expansion, ALIC seeks to market low hazard workers’ compensation insurance using independent insurance agency/brokers and payroll companies.
BIC writes in 49 states and maintains an A.M. Best rating of “A” (Excellent).
Kerr has approved 17 new companies so far in 2018 and 82 overall since the start of 2015.
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