Arkansas insurance commissioner, Allen Kerr will step down from his role to pursue opportunities in the private sector, effective 27 March.
Kerr has been serving as the state’s insurance commissioner since his appointment by Governor Asa Hutchinson in 2015.
As commissioner, Kerr recruited and welcomed 110 new insurance companies to do business in the state, increased annual revenue to the state by $84.25 million, increased licensures 67.6 percent and tripled the number of captive insurers in the state, according to the Arkansas Insurance Department.
Commenting on his departure, Kerr said: "It has been the greatest honour of my life to serve as state insurance commissioner under governor Hutchinson these last five years. Today, Arkansas is the destination for the insurance industry known as a place where a company can come and do honest business without being overregulated.”
As of 31 December 2019, Arkansas had nine licensed captive insurance companies.
