Maryland Welcomes 7 New Insurers

The Maryland Insurance Administration (MIA) announced on Sept. 14 that seven new insurance companies have been approved to offer workers’ compensation and life insurance products in Maryland.

“Our goal is to increase options for Maryland consumers; increased competition results in better customer service and eventually better pricing,” Maryland Insurance Commissioner Al Redmer, Jr. said. “When insurance companies decide to increase their footprint in Maryland that is a sign of a healthy marketplace.”

The following is the list of seven companies that were granted Certificates of Authority by the MIA, along with their state of domicile and premiums reported as of 2014:

• NorthStone Insurance, Pennsylvania; $24 million
• PinnaclePoint Insurance, West Virginia; $28 million
• SummitPoint Insurance, West Virginia; $31.5 million
• MEMIC Casualty, New Hampshire; $9.4 million
• Southern Insurance Company, Virginia; $75.2 million
• Explorer Insurance, California; $60.8 million
• Assured Life Association, Colorado; $55.7 million

The companies will market their workers’ compensation products through brokers and independent agents.