Universal Shield Insurance Group Companies Assigned A.M. Best Credit Rating
Subsidiaries Universal Fire & Casualty Insurance Company and Shield Indemnity Both Rated A- (Excellent) by A.M. Best
WATERFORD, Mich., Feb. 01, 2022 (GLOBE NEWSWIRE) — Universal Shield Insurance Group (Universal Shield) is pleased to announce that on January 26, 2022, A.M. Best assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-“ (Excellent) to Universal Fire & Casualty Insurance Company (UFCIC) and its wholly owned subsidiary, Shield Indemnity, Inc. (Shield). A.M. Best assigned both ratings a stable outlook.
Prior to the merger of UFCIC and Shield under the Universal Shield brand, UFCIC was recognized in June of 2021 as a hybrid insurer and insurtech innovator with an announcement that the company was the first U.S. insurer to accept cryptocurrency for certain premium payments via its UFCBonds.com platform. Universal Shield’s new group structure, now composed of both admitted and non-admitted companies, a recent influx of additional capital, and A.M. Best’s Financial Strength Rating of A- (Excellent), will enable a stronger focus on a unique market penetration strategy.
“We are very pleased that A.M. Best has carefully analyzed and recognized our companies’ strong financial condition and stable future outlook,” said Christopher (Chris) Timm, CIC, CEO of Universal Shield. “We serve the commercial P&C and specialty surety marketplace as a multi-line, multi-product, multi-market brand innovating and successfully executing cutting edge strategies to provide our distribution partners and retail customers with market responsive products and services all through an unwavering company culture of quality and integrity.”
Some highlights from A.M. Best’s Rating Rationale on the consolidated financials of UFCIC and Shield include:
• The company’s strong “level of risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR) scores at the 99.6% level”;
• Strong underwriting results from the companies’ legacy business and the expectation of profitable operational performance over the near term;
• The expansion of the group’s focus to a broader array of products, features, and potential growth beyond its current 31 state property and casualty (P&C) geographic footprint; and
• The diligence of the group’s extensive reinsurance program for enterprise risk management (ERM).
“Our proactive, conservative financial risk management culture positions us for ongoing success as we execute our innovative growth strategy,” said Travis Harrison, CPA, CPCU, CFO for Universal Shield. “We will continue to diligently manage our capital, paying keen attention to our underwriting and claims handling discipline, while judiciously investing in innovative technologies and ensuring operational and marketplace efficiency.”
Additional information about the group’s rating can be found at this link.
About Universal Shield Insurance Group (Universal Shield)
Universal Shield Insurance Group (Universal Shield) is a multi-line admitted and non-admitted commercial lines property and casualty (P&C) insurance holding company with primary offices in Waterford, Michigan and Columbus, Ohio. As a hybrid insurance and insurtech enterprise, the company’s insurance entities are Universal Fire & Casualty Insurance Company (UFCIC) and Shield Indemnity, Inc. (Shield) For more information, visit www.ufcic.com.
Media Contact:
Jennifer Overhulse
St. Nick Media Services
859-803-6597 or jen@stnickmedia.com
