The Maryland Insurance Administration ("MIA") approved 27 new companies 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."
The MIA granted certificates of authority to the following insurance companies:
- 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 and casualty insurer
- Colonial Surety Company, licensed property insurer
- Metropolitan Tower Life Insurance Company, licensed variable annuity insurer
Learn more: www.insurance.maryland.gov.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].