Universal Shield Insurance Group, Inc. has just launched a new P&C holding company created by the merger of UIM Holding Company and its subsidiary, Universal Fire & Casualty Insurance Company, with Shield Indemnity, Inc.
Universal Fire & Casualty Insurance Company is a licensed insurer and insurtech focused on strategic products and technology, specializing in commercial damage underwriting and specialty bonding.
Initially focused on general liability, Shield Indemnity was later restructured into a surplus line company.
It is expected that the combination will allow the two companies to offer a wide range of solutions and deploy their combined capital through an intercompany pooling agreement.
The new combined entity will be managed by the existing management team of Universal Fire & Casualty Insurance Company.
This includes Christopher Timm as Chief Executive Officer (CEO); Richard Klimaszewski as President and Chief Operating Officer (COO); John Lucker as Executive Vice President and Chief Strategy / Analysis Officer; Travis Harrison, CPA, as Senior Vice President and Chief Financial Officer (CFO); Brian Lietzke as Senior Vice President of Specialty Surety; Steven Jokerst, FCAS, MAAA, as Senior Vice President and Chief Actuary; Sandra Nance, CPCU, as Vice President and Chief Underwriting Officer (CUO); Tim Ellis as Vice President and Chief Information Officer (CIO); and John Catrabone as vice president and director of distribution.
Additionally, Anthony Modd Esq. joined the Shield Indemnity team as Executive Vice President and General Counsel. And Thomas Parker, current president of the IAJ, will be the president of the new IARD company.
“Under the umbrella of Universal Shield, UFCIC and Shield Indemnity will serve the P&C commercial market as a multi-line, multi-product and multi-market brand integrating strong and highly responsive distribution partners, service portals customer, innovative technologies, unique product positioning and advanced analytics leveraging AI and Big Data resources, ”said Timm.
“Commercial property insurance is extremely competitive. By leveraging our expertise and capabilities in both admitted and excess lines, Universal Shield will continue to operate at the forefront of the insurance and insurtech market, ”he added.
Parker commented, “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 methodologies. innovative and high-end distribution and customer service excellence.
Raymond James Investment Banking facilitated this merger as financial advisor and Bodman PLC as attorneys for UIM Holding Company. Promontory Point Capital of Milwaukee served as financial advisor and Squire Patton Boggs (US) LLP as attorneys for Shield Indemnity, Inc.