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

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

The top four agencies retained their position on this year's list. No. 2 was Stephens Insurance of Little Rock, which is a division of Stephens Inc. It had total premium of $357.35 million.

With total premium of $51.33 million, Brown & Brown of Arkansas Inc. moved up one position to No. 5. Last year the Little Rock agency reported premium of $49.3 million.

Falling from the No. 5 slot to No. 6 on this year's list is First Arkansas Insurance of Pine Bluff. Although First Arkansas' premium written increased slightly to $51 million, it wasn't enough to remain in the top five.

Meadors Adams & Lee Inc. of Little Rock also moved up the list from No. 9 to No. 8. With $40.5 million in total premium written in 2010, Meadors changed places on the list with Hoffman-Henry Insurance of Little Rock. Hoffman-Henry's premium fell 8.9 percent in 2010 to $36.8 million.

New on the list is United Insurance Agency Inc. of Harrison. With $8.15 million in premium, the agency was No. 17 on the list.

 

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.

 

 

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