Ohio, Pennsylvania companies bring 2016 total to thirteen
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement announcing his approval of two companies to begin offering insurance products to Arkansans, bringing the total of new insurers approved since taking office to 27:
“Our state continues to be open for business, and I am proud to welcome these two companies to our state. One of the goals of the Arkansas Insurance Department is to explore for new businesses and seek out new opportunities for workers and new products for consumers.”
Kerr has granted authority to Motorists Life Insurance Company (MLIC) of Columbus, Ohio, to write life, accident and health products in Arkansas. MLIC is a regional life insurer formed in 1965 and is a subsidiary of Motorists Mutual Insurance Company, 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 America Insurance Company (OBI) has also been given authority to offer workers’ compensation coverage in Arkansas. 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 Company, 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).
Kerr has now issued 13 Certificates of Authority in 2016. In his first year as Insurance Commissioner in 2015, Kerr issued 14 certificates.