Property & Casualty Market Continues to Climb

by Mark Friedman  on Monday, Nov. 11, 2013 12:00 am  

Floyd Morgan

The market for property and casualty insurance in Arkansas rose again in 2012.

The market reached $4.123 billion in 2012, up 2.9 percent from 2011, according to figures from the Arkansas Insurance Department provided to Arkansas Business.

But the rate of growth is slowing. In 2011, the market was up 3.25 percent, and in 2010 it climbed 3.7 percent.

Most of the independent insurance agencies in Arkansas that write P&C and health insurance also reported increases in premium.

Arkansas Business’ list of the state’s largest insurance agencies is incomplete because it relies on the participation of the agencies.

This year’s list features 15 agencies ranging in total premium from $457.86 million to $9.4 million.

More: Get the list of Arkansas' largest insurance agencies.

Stephens Insurance LLC of Little Rock wrestled the No. 1 spot away from Regions Insurance Inc. of Little Rock.

Stephens Insurance, a subsidiary of Stephens Inc., reported $457.86 million in total premium written in 2012, an increase of 14 percent over its 2011 numbers.

More than half of Stephens Insurance’s total premium, or $263.66 million, came from its P&C business.

Even though Regions Insurance saw its total premium written increase 2.3 percent to $445.6 million, it slipped to the No. 2 spot on the list. Still, Regions has the most employees in Arkansas with 170.

The other firms in the top five are: BancorpSouth Insurance Services of Little Rock at the No. 3 position with $272 million in total premium written, Brown-Hiller-Clark & Associates of Fort Smith is No. 4 with $90.5 million, and First Arkansas Insurance of Pine Bluff is in the No. 5 slot with $52.7 million.

 

 

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