FOR IMMEDIATE RELEASE:
2/6/2018
FOR INFORMATION, CONTACT:
Tracy Imm, 410-468-2206

Twenty-Seven New Companies Approved to Conduct Insurance Related Business in Maryland in Second Half of 2017

109 Companies Have Been Approved to Conduct Insurance Related Business in Maryland Since 2015

BALTIMORE – The Maryland Insurance Administration (“MIA”) today announced that 27 new companies have been approved to conduct insurance related business in the state of Maryland in the second half of 2017; the total for calendar year 2017 was 42 new organizations approved to conduct insurance related business and nine companies added new lines of business. Since 2015, 109 new companies have been approved by the MIA to conduct insurance related business.

“Our business development efforts to recruit new insurance companies to be licensed in Maryland and our push for existing licensed insurers to offer additional products is bearing fruit,” said Maryland Insurance Commissioner Al Redmer, Jr. “Our goal is to provide Maryland citizens with choice when it comes to insurance matters. We are proud to have recruited 109 businesses to pursue licensing since 2015. Our company licensing team continues to focus on promoting the concept that Maryland is Open for Business.”

The MIA granted Certificates of Authority to the following insurance companies:
These companies will market their products through brokers and independent agents.

  • Alliant National Title Insurance Company, State of Domicile: Colorado, licensed as a Title Insurer
  • Amica Property and Casualty Insurance Company, State of Domicile: Rhode Island, licensed as a Property and Casualty Insurer
  • Aventus Insurance Company, State of Domicile: Texas, licensed as a Property and Casualty Insurer
  • Care Improvement Plus South Central Insurance Company, State of Domicile: Arkansas, licensed as a Health Insurer
  • Homeowners Choice Property & Casualty Insurance Company, Inc., State of Domicile: Florida, licensed as a Property Insurer
  • Root Insurance Company, State of Domicile: Ohio, licensed as a Casualty Insurer

Approved Licensing Rating Organizations:

  • Acord Corporation, Licensed Rating Organization
  • Arity, LLC, Licensed Rating Organization

Approved New Managing General Agents Applications:

  • Embrace Pet Insurance Agency, LLC
  • Homeowners Choice Managers, Inc.
  • SUNZ Insurance Solutions, LLC

Approved Accredited Reinsurers Applications:

  • Alfa Mutual Fire Insurance, State of Domicile: Alabama

Approved New Risk Retention Group (RRG) Applications:

  • Velocity Insurance Company, A Risk Retention Group, State of Domicile: South Carolina
  • DAN Risk Retention Group, Inc., State of Domicile: South Carolina
  • American Builders Insurance Company Risk Retention Group, Inc., State of Domicile: Alabama

Approved New Surplus Lines Applications:

  • Golden Bear Insurance Company, State of Domicile: California
  • HDI Specialty Insurance Company, State of Domicile: Illinois
  • Housing Specialty Insurance Company, Inc., State of Domicile: Vermont
  • Dorchester Insurance Company, Ltd., State of Domicile: Virgin Islands

Insurance companies already licensed in Maryland will be expanding their product portfolios as follows:

  •  American Mining Insurance Company, licensed Marine, Property & Casualty Insurer
  • Colonial Surety Company, licensed Property Insurer
  • Metropolitan Tower Life Insurance Company, licensed Variable Annuity Insurer

About the Maryland Insurance Administration

The Maryland Insurance Administration is an independent State agency charged with regulating Maryland’s $28.5 billion insurance industry. For more information about the Insurance Administration, please visit www.insurance.maryland.gov or follow us on Facebook at www.facebook.com/MDInsuranceAdmin or Twitter at @MD_Insurance.

#  #  #