In 2005, Beazley became the first Lloyd's-based business to become licensed to write insurance on an admitted basis in all 50 states through its wholly owned admitted insurer
, Beazley Insurance Company, Inc.
Each company must be licensed and an admitted insurer
in one of the 50 states and must meet the solvency requirements of that state.
MUSIC is an admitted insurer
in the State of Oklahoma and is authorized to write Excess and Surplus Lines insurance in 37 States.
Having previously operated in the United States through a fronting company, the company has acquired an admitted insurer
it renamed Ironshore Indemnity Inc.
The revised draft, presented by the NAIC's Fronting Working Group, would permit an admitted insurer
to cede business to an unlicensed reinsurer if the amount of written premiums ceded to a single, unlicensed reinsurer does not exceed 1 percent of the licensed insurer's policyholder surplus in the previous year and if all such reserve liabilities do not exceed 5 percent of the insurer's policyholder surplus.
Beazley agrees to purchase Omaha Property & Casualty Insurance Company, an admitted insurer
in all fifty U.
First, the insurer must be admitted in one state with the capital and surplus required of an admitted insurer
writing similar business under the laws of each state in which it is writing risk purchasing group business.
By paying an admitted insurer
to write the coverage and then reinsure the risk back to the policyholder's captive, both state Z's and the policyholder's interests are served.
Quadrant is an admitted insurer
in Connecticut, and has approved surplus lines ability in 13 additional states.
Before then, only insurance buyers that no admitted insurer
considered attractive would approach surplus lines insurers, Bolig said.
There are many quality non-admitted companies, but an admitted insurer
is superior, if available.
In Brazil, for example, if the company's D & O coverage is not provided by a locally admitted insurer
, payment of loss is prohibited into the country from an insurer outside the country.