Vault E&S Approved as Surplus Lines Insurer in Arkansas
A new Arkansas-based surplus lines insurer has been approved to do business in the state, according to the Arkansas Insurance Department.
Vault E&S Insurance Company has been granted authority to sell property, casualty (excluding workers’ compensation), and marine insurance products as a domestic surplus lines insurer.
The company is a newly formed Arkansas corporation and is a wholly owned subsidiary of Allied World Insurance Company, which is a subsidiary of Fairfax Financial Holdings Limited.
Vault E&S will provide excess and surplus lines insurance to individuals in the high-net-worth market for non-standard and unique exposures related to high value properties, watercraft, jewelry, and other valuable collections.
The company will operate to complement Vault Reciprocal Exchange, a reciprocal insurance exchange organized under Florida law, which will write direct personal lines business to individuals in the high-net worth market.
Vault E&S is the 25th company overall and sixth domestic company Insurance Commissioner Allen Kerr has granted authority to in 2017. Since becoming Commissioner in 2015, he has granted authority to 60 companies.
Fairfax is a Canadian holding company which, through its subsidiaries, is engaged in property/casualty insurance, reinsurance and investment management. The company’s holdings include 18 U.S. domestic insurers.