Insurance Insights
May 2-8, 2016
Open for business!
By Allen Kerr
I am proud to report the welcoming this week of three new insurance companies to Arkansas.
Effective with my approval, Atlantic Coast Life Insurance Company (ACL) is expanding into Arkansas to offer Life insurance and Accident & Health products to our citizens. ACL, a South Carolina domestic insurer since 1925, currently offers a variety of life, preneed and limited benefit accident and health products in nine southeastern states through independent producers and career agency distribution channels. ACL is a wholly owned subsidiary of Advantage South, LLC, an intermediate holding company whose majority shareholder is Advantage Capital Holdings, LLC. ACL currently has two other affiliated insurance companies licensed and operating in Arkansas.
I have also recently approved two Ohio-based companies, All America Insurance Company (AAIC) and Central Mutual Insurance Company (CMIC) to do business in our state. They have each been giver the authority to offer Property, Casualty, Surety, and Marine products to Arkansans. AAIC and CMIC maintain ‘A’ ratings on financial strength. AAIC is a wholly owned operating subsidiary of CMIC. The companies are licensed in 21 and 26 states, respectively, and operate solely through independent agents. AAIC and CMIC currently offer products throughout Southern and Midwestern states and maintain regional offices in Massachusetts, Georgia and Texas.
Finally, Coventry Health Care of Missouri, Inc. (CHCM) has been approved operate as a Health Maintenance Organization in Arkansas. I am pleased to grant authority to Coventry to operate in our state and offer products to residents of Northwest Arkansas and the River Valley.
CHCM has requested and received approval to offer coverage in the following Arkansas counties: Benton, Carroll, Crawford, Franklin, Logan, Scott, Sebastian, and Washington. CHCM offers a broad range of products including health maintenance organization, point of service and Medicare Advantage options.
CHCM’s current service area includes St. Louis Metro, Mid-Missouri, and Central and Southern Illinois. The company is an operating subsidiary of Aetna Health Holdings, LLC, a wholly owned subsidiary of ultimate parent company, Aetna, Inc.
These approvals are continued examples of how our state remains open for business. AID will continue to seek out new companies to do business in Arkansas and help add jobs, increase revenues and lower rates.
It is my pleasure to continue to serve you as your Insurance Commissioner. For more information on the Arkansas Insurance Department, please visit http://insurance.arkansas.gov, follow us on Twitter at http://twitter.com/ARInsuranceDept and Facebook at http://www.facebook.com/ArkansasInsuranceDepartment.
