Arkansas Insurance Commissioner Allen Kerr has approved a New York-based property/casualty insurance company and an Arkansas-based captive insurer to begin doing business in the state.
Kerr has granted authority to Sompo Japan Fire & Marine Insurance Co. of America (SJFM), to offer property, casualty, workers’ compensation, surety, marine, and accident/health products in Arkansas.
SJFM is a wholly owned subsidiary of Sompo America, which is a member of Sompo Holdings, one of the largest insurance groups in Japan. SJFM currently maintains an A.M. Best Rating of “A+” (Superior)(Reinsured) and is licensed in 21 states.
Kerr also approved Peace of Mind Insurance Co. Inc. (POM), a newly formed Arkansas captive insurer, to transact business as a pure captive insurance company. POM is a wholly owned subsidiary of Little Rock-based BSR Trust, LLC (BSR).
BSR is a limited liability company formed in May 2008 that owns, acquires and manages multi-family housing communities in the southeastern and south central United States through its wholly owned subsidiaries. POM was formed by BSR to serve as an insurance coverage mechanism for its Master Security Deposit Insurance and Master Renter Liability Insurance programs. Under the new Arkansas captive arrangement, BSR will purchase coverage for these programs from POM.
Kerr has now issued 17 Certificates of Authority in 2016. In his first year as insurance commissioner in 2015, Kerr issued 14 certificates.
Source: Arkansas Insurance Department
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