Reinsurance News

UIM and Shield Indemnity merge to create new P&C holding company

12th January 2022 - Author: Luke Gallin

Universal Shield Insurance Group, Inc. has now launched, a new property and casualty (P&C) holding company formed following the merger of UIM Holding Company and its subsidiary, Universal Fire & Casualty Insurance Company, with Shield Indemnity, Inc.

handshake-bwUniversal Fire & Casualty Insurance Company is an admitted insurer and insurtech with a focus on strategic products and technology, specialising in underwriting commercial P&C and specialty surety.

Initially focused on general liability, Shield Indemnity was later restructured into a surplus lines company.

It’s expected that the combination will enable the two firms to offer a broad range of solutions and deploy its combined capital through an intercompany pooling arrangement.

The newly combined entity will be managed by Universal Fire & Casualty Insurance Company’s existing leadership team.

This includes Christopher Timm as Chief Executive Officer (CEO); Richard Klimaszewski as President and Chief Operating Officer (COO); John Lucker as EVP and Chief Strategy/Analytics Officer; Travis Harrison, CPA, as SVP and Chief Financial Officer (CFO); Brian Lietzke as SVP of Specialty Surety; Steven Jokerst, FCAS, MAAA, as SVP and Chief Actuary; Sandra Nance, CPCU, as VP and Chief Underwriting Officer (CUO); Tim Ellis as VP and Chief Information Officer (CIO); and John Catrabone as VP and Chief Distribution Officer.

Furthermore, Anthony Modd Esq. has joined the team from Shield Indemnity as EVP and general counsel. And Thomas Parker, current Chairman of UIM, will serve as the Chairman of the new P&C company.

“Under the umbrella of Universal Shield, UFCIC and Shield Indemnity will serve the commercial P&C marketplace as a multi-line, multi-product, multi-market brand embracing strong, highly-responsive distribution partners, customer service portals, innovative technologies, unique product positioning, and advanced analytics leveraging AI and Big Data resources,” said Timm.

“Commercial lines P&C insurance is intensely competitive. By leveraging our admitted and surplus lines expertise and capabilities, Universal Shield will continue to operate at the forefront of the insurance and insurtech marketplace,” he added.

Parker commented: “Under Chris Timm’s experienced leadership we have assembled an impressive team to build on each company’s successful strategy and product platforms and to realize immediate marketplace synergies with innovative, high-end distribution methods, and customer service excellence.”

Raymond James Investment Banking facilitated this merger as financial advisor and Bodman PLC as attorneys to UIM Holding Company. Milwaukee’s Promontory Point Capital served as financial advisor and Squire Patton Boggs (US) LLP as attorneys for Shield Indemnity, Inc.

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