Which type of insurance company by definition accepts more than one class of insurance business?

A composite insurance company is defined as an entity that is authorized to write more than one class of insurance business, which can include both life and non-life policies. This allows the company to diversify its offerings and spread risk across different types of insurance.

In contrast, a captive insurance company primarily serves the risk management needs of its parent organization, often focusing on a single type or class of insurance to meet specific coverage needs. A mutual insurance company is owned by its policyholders and generally provides insurance in several classes but is defined more by its ownership structure than by the breadth of coverage. A proprietary insurance company is typically a for-profit entity that may also focus on certain classes but is not specifically defined by offering multiple classes in the way a composite insurer does.

Therefore, the correct identification of a company that accepts more than one class of insurance business directly links to the definition and operational scope of a composite insurance company.