New parent company of Universal Fire & Casualty Insurance Company and Shield Indemnity to run admitted and non-admitted property and casualty insurance business
WATERFORD, Mich., Jan. 11, 2022 (GLOBE NEWSWIRE) — UIM Holding Company and its subsidiary Universal Fire & Casualty Insurance Company (UFCIC) have merged with Shield Indemnity, Inc. (Shield Indemnity), to form a new insurance company P&C Holding company focused on damages, Universal Shield Insurance Group, Inc. (Universal Shield or USIG).
“Under the Universal Shield umbrella, UFCIC and Shield Indemnity will serve the commercial P&C market as a multi-line, multi-product, multi-market brand featuring strong and highly responsive channel partners, customer service portals, innovative technologies, unique product positioning and advanced analytics leveraging the resources of AI and Big Data,” said Christopher (Chris) TimmCIC, formerly CEO of UFCIC and now also CEO of USIG.
UFCIC is a recognized insurer and insurance technology with a strategic focus on products and technology and a specialization in commercial damages and specialty bonding underwriting. Shield Indemnity, historically focused on general liability, has been restructured into an excess lines company. The combination will allow UFCIC and Shield Indemnity to offer a broad range of products and deploy their combined capital through an intercompany pooling arrangement.
UFCIC’s existing leadership team, including Timm as CEO, Richard Klimaszewski as President and Chief Operating Officer (COO), John Lucker as EVP and Chief Strategy/Analytics Officer, Travis HarrisonCPA, as SVP and Chief Financial Officer (CFO), Brian Lietzke as SVP of Specialty Surety, Steven JokerstFCAS, MAAA, as SVP and Chief Actuary, Sandra NanceCPCU, as Vice President and Chief Underwriting Officer, Tim Ellis as Vice President and Chief Information Officer (CIO), and John Catrabone as Vice President and Chief Distribution Officer, will lead the combined business. Additionally, Anthony Modd Esq. joins the Shield Indemnity team as Executive Vice President and General Counsel, while current UIM President Thomas Parker will serve as USIG President.
“Commercial lines property and casualty insurance is extremely competitive,” Timm said. “Leveraging our expertise and capabilities in admitted and excess lines, Universal Shield will continue to operate at the forefront of the insurance and insurtech market.”
“Under the experienced leadership of Chris Timm, we have assembled an impressive team to build on each company’s successful product strategy and platforms and to realize immediate market synergies with innovative, high-end distribution methods. and excellence in customer service,” said Parker.
This merger was facilitated by Raymond James Investment Banking as financial advisor and Bodman PLC as attorneys to UIM Holding Company, and Milwaukee-based Promontory Point Capital as financial advisor and Squire Patton Boggs (US) LLP as attorneys for Shield Indemnity, Inc.
About Universal Shield Insurance Group (USIG)
USIG is a multi-line, admitted and unadmitted property and casualty insurance holding company with principal offices in Waterford, Michigan and Columbus, Ohio. As a hybrid insurance and insurtech company, USIG’s insurance entities are Universal Fire & Casualty Insurance Company and Shield Indemnity, Inc. For more information, visit www.ufcic.com.
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