West Virginia’s BrickStreet Mutual Insurance Co. said it received word this week that it has been approved to write workers’ compensation insurance in Kentucky.
The expansion into Kentucky begins a “new phase of open market competition” for the former state fund that went private in 2006, according to Gregory A. Burton, president and CEO.
Charleston-based BrickStreet has announced plans to become licensed to write workers’ compensation coverage in a number of states by the end of the year. Besides Kentucky, those states include Virginia, Pennsylvania, Alabama and Illinois.
Since Jan. 1, 2009, BrickStreet has been able to sell out-of-state coverage for West Virginia policyholders through a partnership with Argonaut Insurance Co. Burton said this relationship will continue for policyholders with a significant portion of their business in West Virginia to allow for coverage in other states.
The company became the state’s first private workers’ compensation carrier on Jan. 1, 2006. The workers’ compensation insurance market opened to competition July 1, 2008.
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