The Maryland Insurance Administration (MIA) today announced seven new insurance companies are approved to offer workers’ compensation and life insurance products in Maryland.
“Our goal is to increase options for Maryland consumers; increased competition results in better customer service and eventually better pricing,” Maryland Insurance Commissioner Al Redmer, Jr. said. “When insurance companies decide to increase their footprint in Maryland that is a sign of a healthy marketplace.”
The MIA granted Certificates of Authority to the following companies:
- NorthStone Insurance Company, State of Domicile: Pennsylvania; $24 million in premiums as of 2014
- PinnaclePoint Insurance Company, State of Domicile: West Virginia; $28 million in premiums as of 2014
- SummitPoint Insurance Company, State of Domicile: West Virginia; $31.5 million in premiums as of 2014
- MEMIC Casualty Company, State of Domicile: New Hampshire; $9.4 million in premiums as of 2014
- Southern Insurance Company of Virginia, State of Domicile: Virginia; $75.2 million in premiums as of 2014
- Explorer Insurance Company, State of Domicile: California; $60.8 million in premiums as of 2014
- Assured Life Association, State of Domicile: Colorado; $55.7 million in premiums as of 2014
The companies will market their workers’ compensation products through brokers and independent agents.
Source: The Maryland Insurance Administration
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