Insurance merger forms new holding company

UIM Holding Group and its subsidiary, Universal Fire & Casualty Company (UFCIC) have merged with Shield Indemnity to type a new property and casualty-focused holding company, Universal Shield Insurance Group (USIG).

“Under the umbrella of Universal Shield, UFCIC and Shield Indemnity will serve the business P&C market as a multi-line, multi-product, multi-market model embracing robust, extremely responsive distribution companions, customer support portals, progressive applied sciences, distinctive product positioning, and superior analytics leveraging AI and massive information assets,” stated Christopher Timm (pictured above), previously CEO of UFCIC and now additionally CEO of USIG.

UFCIC is an admitted insurer and insurtech with a strategic product and expertise focus and a specialization in underwriting business P&C and specialty surety. Shield Indemnity, which traditionally targeted on basic legal responsibility, was restructured as a surplus strains company. The merger will permit the businesses to supply a broad vary of merchandise and deploy mixed capital by an intercompany pooling association.

The mixed enterprise shall be managed by UFCIC’s current government management workforce, together with: Timm as CEO, Richard Klimaszewski as president and chief working officer, John Lucker as government vice chairman and chief technique/analytics officer, Travis Harrison as senior vice chairman and chief monetary officer, Brian Lietzke as senior vice chairman of specialty surety, Steven Jokerst as senior vice chairman and chief actuary, Sandra Nance as vice chairman and chief underwriting officer, Tim Ellis as vice chairman and chief data officer, and John Catrabone as vice chairman and chief distribution officer.

Read subsequent: Will there be extra insurance coverage brokerage consolidation in 2022?

In addition, Anthony Modd joins from Shield as government vice chairman and government counsel, and UIM chairman Thomas Parker will function chairman of USIG.

“Commercial strains P&C insurance coverage is extremely aggressive,” Timm stated. “By leveraging our admitted and surplus strains experience and capabilities, Universal Shield will proceed to function on the forefront of the insurance coverage and insurtech market.”

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