FOR IMMEDIATE RELEASE:
7/23/2018
FOR INFORMATION, CONTACT:
Tracy Imm, 410-468-2206

The Maryland Insurance Administration Welcomes Ten New Insurance Companies to Maryland Marketplace

Consumers benefit from competitive marketplace with additional carriers and product choices

BALTIMORE – The Maryland Insurance Administration today announced ten new insurance companies have been licensed to do business in the state of Maryland since December 2017. This brings the grand total to 40 new companies coming to Maryland to do insurance related business since 2015. The Insurance Administration also approved an application for five companies (already licensed to do business in Maryland) to sell additional insurance products.

“We continue to welcome new insurance companies to the Maryland marketplace and for those already doing business in Maryland we continue to encourage them to expand their product offerings to Maryland consumers,” said Maryland Insurance Commissioner Al Redmer, Jr. “Our goal is to provide Maryland citizens with choice when it comes to insurance matters. Our strategy is to be proactive in the area of economic development as it relates to this very important sector of our economy.”

The MIA granted Certificates of Authority to the following insurance companies:

  • Agents National Title Insurance Company, State of Domicile: Missouri, licensed as a Title Insurer
  • American Inter-Fidelity Exchange, State of Domicile: Indiana, licensed as a Casualty, Marine, Wet Marine and Transportation, Surety Insurer
  • GuideOne Elite Insurance Company, State of Domicile: Iowa, licensed as a Workers Compensation Insurer
  • New Jersey Manufacturers Insurance Company, State of Domicile: New Jersey, licensed as a Casualty, Property and Marine, Vehicle Liability and Workers Compensation Insurer
  • Next Insurance US Company, State of Domicile: Delaware, licensed as a Casualty, Marine, Wet marine and Transportation, Property and Marine, Surety, and Vehicle Liability Insurer
  • Port-O-Call Life Insurance Company, State of Domicile: Texas, licensed as a Health Insurer
  • Philadelphia Reinsurance Corporation, State of Domicile: Pennsylvania, licensed as a Surety Insurer
  • Southern Guaranty Insurance Company, State of Domicile: Wisconsin, licensed as a Health Insurer
  • UPMC Health Coverage, Inc., State of Domicile: Pennsylvania, licensed as a Health Maintenance Organization
  • Utica National Assurance Company, State of Domicile: New York, licensed as a Casualty, Marine, Wet Marine and Transportation, Property and Marine, Surety, Vehicle Liability and Workers Compensation Insurer

These companies will market their products through brokers and independent agents.

Insurance companies already licensed in Maryland will be expanding their product portfolios as follows:
Insurance Companies Approved to Add Lines of Insurance in Maryland marketplace:
 
  • Lexington National Insurance Corporation: Currently offers Surety Insurance; added Casualty Insurance
  • Nationwide Assurance Company: Currently offers Casualty Insurance, Property and Marine Insurance, Vehicle Liability Insurance; added Workers Compensation Insurance
  • Nationwide Insurance Company of America: Currently offers Casualty Insurance, Property and Marine Insurance, Marine, Wet Marine and Transportation Vehicle Liability Insurance; added Workers Compensation Insurance
  • Navigators Insurance Company: Currently offers Casualty, Marine, Wet Marine and Transportation, Property and Marine, Surety, Vehicle Liability Insurance; added Health Insurance
  • Sirius America Insurance Company: Currently offers Casualty, Health, Marine, Wet Marine and Transportation, Property and Marine, Surety Insurance; added Workers Compensation Insurance
Approved New Managing General Agents Applications:
  • Anchor Group Management, Inc.
    Approved Certified Reinsurers Applications:
  • Endurance Specialty Insurance Ltd., State of Domicile: Bermuda
  • Davinci Reinsurance Ltd., State of Domicile: New York
  • Renaissance Reinsurance Ltd. (U.S. Reinsurance Trust), State of Domicile: New York
  • Swiss Reinsurance Company Ltd., State of Domicile: Missouri
Approved New Risk Retention Group (RRG) Applications:
  • American Builders Insurance Company, State of Domicile: Alabama, licensed as a Risk Retention Group

Approved New Surplus Lines Applications:

  • Crystal Ridge Specialty Insurance Company, State of Domicile: Illinois
  • Dorchester Insurance Company, State of Domicile: Virgin Islands
  • Falls Lake Fire and Casualty Company, State of Domicile: California
  • Falls Lake General Insurance Company, State of Domicile: Ohio
  • Third Coast Insurance Company, State of Domicile: Wisconsin
  • Trisura Specialty Insurance Company, State of Domicile: Oklahoma
  • Vault E&S Insurance Company, State of Domicile: Arkansas

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.

#  #  #