Insurance coverage merger types new holding firm

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

“Under the Universal Shield umbrella, UFCIC and Shield Indemnity will serve the P&C commercial marketplace as a multi-line, multi-product, multi-market brand that includes strong, highly responsive channel partners, customer service portals, innovative technology, unique product positioning, and advanced analytics, leveraging AI and big data resources,” said Christopher Timm (pictured above), former CEO of UFCIC and now also CEO of USIG.

UFCIC is a licensed insurer and insurtech with a strategic product and technology focus and a specialty in underwriting property and specialty insurance. Shield Indemnity, historically focused on general liability, was reorganized as the Surplus Lines Company. The merger will allow the companies to offer a wide range of products and deploy combined capital through a corporate pooling arrangement.

The combined company will be led by UFCIC’s existing leadership team, including: Timm as CEO, Richard Klimaszewski as President and Chief Operating Officer, John Lucker as Executive Vice President and Chief Strategy/Analytics Officer, Travis Harrison as Senior Vice President and Chief Financial Officer, Brian Lietzke as Senior Vice President of Specialty Surety, Steven Jokerst as Senior Vice President and Chief Actuarial, Sandra Nance as Vice President and Chief Underwriting Officer, Tim Ellis as Vice President and Chief Information Officer and John Catrabone as Vice President and Chief Sales Officer.

Continue reading: Will there be another consolidation in the insurance broking business in 2022?

Additionally, Shield’s Anthony Modd will serve as Executive Vice President and Executive Counsel, and UIM Chairman Thomas Parker will serve as Chairman of USIG.

“Commercial damage insurance is highly competitive,” said Timm. “By leveraging our expertise and capabilities in permitted and surplus lines of business, Universal Shield will continue to operate at the forefront of the insurance and insurtech market.”

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