Little Rock-based Vault E&S Insurance is 60th new company under Commissioner
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement announcing that he has granted a Certificate of Authority to a new domestic surplus lines insurer:
“I am very proud to announce the formation of a new Arkansas-based surplus lines insurer as the 60th new insurance company as Commissioner. Our Finance Division performed exemplary work to make it easy for Vault E&S Insurance Company to choose the Natural State over other states as its home.”
Vault E&S has been granted authority to sell property, casualty (excluding workers compensation), and marine insurance products as a Domestic Surplus Lines insurer under Ark. Code Ann. §23-65-320. The Company is a newly formed Arkansas corporation and is a wholly owned subsidiary of Allied World Insurance Company, which is a subsidiary of Fairfax Financial Holdings Limited. Fairfax is a Canadian based holding company which, through its subsidiaries, is engaged in property and casualty insurance, reinsurance and investment management. Fairfax holdings include eighteen U.S. domestic insurers.
“We are extremely thankful for Commissioner Kerr and the Arkansas Insurance Department for their cooperation and assistance in the authorization of Vault E&S Insurance Company. Their dedication and expedient licensing process have allowed us to get to market quickly to better serve our clients,” said Vault CEO Charles Williamson.
Vault E&S will provide excess and surplus lines insurance to individuals in the high-net-worth market for non-standard and unique exposures related to high value properties, watercraft, jewelry, and other valuable collections. The company will operate to complement Vault Reciprocal Exchange, a reciprocal insurance exchange organized under Florida law, which will write direct personal lines business to individuals in the high-net worth market.
This is the 25th company overall and sixth domestic company Kerr has granted authority to in 2017. Since becoming Commissioner in 2015, he has granted authority to 60 companies.
This release has been updated.