P&C Market Rises 3.7%; Regions Remains No. 1

by Arkansas Business Staff  on Monday, Oct. 24, 2011 12:00 am  

P&C Companies

Arkansas Business’ list of property and casualty companies ranks insurance firms with headquarters both in and outside Arkansas by the amount of premium written in Arkansas in 2010 based on figures on file with the Arkansas Insurance Department.

The No. 1 firm, once again, is State Farm Insurance of Bloomington, Ill. State Farm and its subsidiaries increased its premium by 2.5 percent to $553.5 million in 2010 and increased its market share to 8.17 from 8.04 percent in 2009.

Although its Arkansas premium slipped 3.12 percent to $232.8 million in 2010, Farmers Insurance Co. of Los Angeles remained in the No. 2 position and had a market share of 3.44 percent.

Gaining ground on Farmers is Southern Farm Bureau Casualty Insurance Co. of Ridgeland, Miss. It remained in the No. 3 position, but its premium increased 1.33 percent to $220.2 million in 2010.

The only Arkansas-domiciled insurance company on the list of 35 is Farm Bureau Mutual Insurance Co. of Arkansas Inc. Its premium rose 6.63 percent to $218.7 million in 2010 and remained in the No. 4 position.

In fact, all the top 10 carriers remained in the same position this year as they did in 2009. n

And most of the independent insurance agencies in Arkansas writing P&C and life and health insurance reported increases in premium.

Arkansas Business' annual list of the state's largest insurance agencies, however, is incomplete because it relies on the participation of the agencies. This year's list features 17 agencies, ranging in total premium from $404.1 million to $8.1 million.

Regions Insurance Inc. of Little Rock remained the No. 1 insurance agency in Arkansas.

With Arkansas offices also in Fayetteville and Fort Smith, Regions wrote $404.1 million in total premium last year in the state. The total premium written for the company was $925.8 million in 2010, up 4.75 percent from the previous year.

Most of Region's premium in Arkansas, $248.9 million, came from its P&C business.

 

 

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