Minnesota, Wisconsin, Iowa, and Utah insurers allowed to sell in Arkansas

LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement announcing that the Arkansas Insurance Department has granted Certificates of Authority to four out-of-state companies to sell insurance products in Arkansas:

“The Arkansas Insurance Department is proud to welcome four more companies to Arkansas.  I am proud of the thorough review of AID’s Finance Division to make sure these new companies can properly serve the Arkansans who will buy their products.  Our state continues to be open for business and AID will continue to recruit insurers to sell in the Natural State.”

Kerr granted authority to SFM Mutual Insurance Company to sell workers’ compensation insurance in Arkansas.  Based in Bloomington, Minnesota, SFM Mutual was incorporated as a non-profit workers' compensation mutual insurance company in 1983.  SFM Mutual 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 Company of 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 January 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 Company (CIC) 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 Company, 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).

Kerr also granted authority to American Liberty Insurance Company (ALIC) of Provo, Utah, to sell workers’ compensation products in Arkansas.  ALIC was incorporated in 2004 and is currently authorized to write business in Utah and Arizona.  Effective January 1, 2017, Benchmark Holding Company (BIC), a Minnesota-based insurance holding company, acquired 75% of ALIC.  American Liberty Holding Company, Inc. retains the remaining 25% 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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