2 New Insurers Approved to Do Business in Arkansas

Arkansas Insurance Commissioner Allen Kerr has approved two new companies to begin conducting insurance business in his state.

Kerr granted a Certificate of Authority to Security First Insurance Co. (SFIC) of Ormond Beach, Fla., to sell property/casualty products in Arkansas excluding workers’ compensation.

In addition, Worth Casualty Co. (WCC) of Fort Worth, Texas, has been granted authority to sell property/and casualty products, including workers’ compensation, and surety products in Arkansas.

SFIC is a family-owned Florida domiciled insurer formed in 2005 which offers homeowner, condo-unit owner, renters, and dwelling fire insurance products and is the second largest homeowners’ insurer in Florida by policy count.

Licensed in 19 other states, SFIC has been assigned a Financial Stability Rating of A (Exceptional) from Demotech Inc. As of June 30, the company reports direct written premium of $196.5 million, net income of $13.9 million, and policyholder surplus of $90 million.

Formed in 1983, WCC is a wholly owned subsidiary of Agricultural Workers Mutual Auto Insurance Co. (AWMAIC), which has been licensed and writing in Arkansas since July 2009. WCC markets to agricultural professionals through agricultural conventions and magazines. Its core business has been automobile insurance.

In June 2014, WCC began writing homeowners, and added workers compensation products in July of 2015. Licensed in four states, WCC cedes 100 percent of its business to AWMAIC.

Both companies maintain an A.M. Best rating of A- (Excellent). As of June 30, WCC reported assets of $20 million, direct written premium of $24.1 million, and policyholder surplus of $8.6 million.

Kerr has so far granted authority to 19 companies in 2017. He authorized 20 new companies in 2016 and 15 in 2015.

Source: Arkansas Insurance Department

Topics Carriers Workers' Compensation Agribusiness Homeowners Arkansas