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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 25^th 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 and casualty insurance, reinsurance and investment management. Fairfax holdings include 18 U.S. domestic insurers.

Source: Arkansas Insurance Department

Topics Carriers Excess Surplus