Kerr approves new residential property insurer
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement announcing that he has granted a Certificate of Authority to a Florida-based company to begin selling residential property insurance products to Arkansans:
“I am proud to welcome Tower Hill Signature Insurance to Arkansas and give Arkansas homeowners more options to protect their most important investment. Moving into 2018, the Department will continue its aggressive recruitment of new companies by showing that our state is open for business.”
Kerr granted authority to Gainesville-based Tower Hill Signature Insurance Company (THS) to sell property and casualty (excluding workers compensation) products in Arkansas. THS was formed in 2006 and currently writes residential property products in Texas and Florida. THS is a wholly-owned subsidiary of Tower Hill Signature Insurance Holdings, Inc., which is owned by Tower Hill Insurance Holdings, the largest writer of full coverage, single family homes in Florida. The Tower Hill group is primarily held by majority owner William Shively. The Tower Hill group includes five insurers writing residential property business with approximately 80% in homeowners coverage and 20% in mobile home and commercial insurance. THS uses an affiliated managing general agent to write and administer all of its homeowners business. Tower Hill Prime Insurance Company, the lead company in the group, maintains an A.M. Best rating of A- (excellent).
This is the 29th new company Kerr has granted authority to in 2017. Since becoming Commissioner in 2015, Kerr has welcomed 64 new companies to Arkansas.
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