Arkansas has licensed its first domestic special purpose captive insurance company, Diamond Risk Insurance, a subsidiary of Little Rock-based Baptist Health.
The Baptist Health captive will provide coverage for workers’ compensation, among other liabilities, according to reports.
Arkansas insurance commissioner Allen Kerr commented: “I am proud to announce Arkansas Insurance Department’s approval of Diamond Risk Insurance, and congratulate Baptist Health on choosing to be the first entity in Arkansas to create its own captive insurance company.”
“This is another example of how our state is open for new business, and a move that will blaze a trail for more Arkansas companies to offer insurance coverage to their employees.
“By creating its own captive insurance subsidiary, Baptist Health reduces its dependence on the year-to-year volatility of purchasing insurance on the commercial market.”
