Universal Shield Insurance Group Companies Awarded AM’s Highest Credit Rating

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WATERFORD, Mich., February 01, 2022 (GLOBE NEWSWIRE) — Universal Shield Insurance Group (Universal Shield) is pleased to announce that the January 26, 2022, AM Best assigned a financial strength rating (FSR) of A- (Excellent) and a long-term credit rating (long-term ICR) of “a-” (Excellent) to Universal Fire and Accident Insurance Company (UFCIC) and its wholly owned subsidiary, Shield Indemnity, Inc. (Shield). AM Best gave both ratings a stable outlook.

Prior to the merger of UFCIC and Shield under the Universal Shield brand, UFCIC was recognized in June 2021 as a hybrid insurer and insurtech innovator with an announcement that the company was the first we insurer to accept cryptocurrency for certain premium payments through its UFCBonds.com platform. Universal Shield’s new group structure, now comprised of admitted and non-admitted companies, a recent influx of additional capital, and AM Best’s A- (Excellent) financial strength rating will enable greater focus on a single strategy market penetration.

“We are very happy that AM Best carefully analyzed and recognized the strong financial position and stable future prospects of our businesses,” said Christopher (Chris) Timm, CIC, CEO of Universal Shield. “We serve the commercial property and casualty insurance and specialty bonding market as a multi-line, multi-product, multi-market brand that innovates and successfully executes industry-leading strategies to provide our channel partners and retail customers with products and services tailored to the market throughout an unwavering enterprise. culture of quality and integrity.

Here are some highlights of AM Best’s rationale for rating on UFCIC and Shield’s consolidated financial statements:

• The strong “level of risk-adjusted capitalization of the company, as measured by Best’s capital adequacy ratio (BCAR), at the level of 99.6%”;

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• Strong underwriting results from the companies’ legacy businesses and the expectation of profitable operating performance in the near term;

• Expanding the group’s focus to a wider range of products, features and potential growth beyond its current geographic footprint of 31 P&C states; and

• Due diligence of the group’s extensive reinsurance program for enterprise risk management (ERM).

“Our proactive and conservative financial risk management culture positions us for continued 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 particular attention to our underwriting and claims handling discipline, while investing wisely in innovative technologies and ensuring operational and market efficiencies.”

Additional information on band scoring can be found here link.

On Universal Shield Insurance Group (Universal Shield)
Universal Shield Insurance Group (Universal Shield) is an admitted and unadmitted commercial property and casualty (P&C) insurance holding company with principal offices in Waterford, MI and Columbus, Ohio. As a hybrid insurance and insurtech business, the company’s insurance entities are Universal Fire and Accident Insurance Company (UFCIC) and Shield Indemnity, Inc. (Shield) For more information, visit www.ufcic.com.

Media Contact:Jennifer OverhulseSt. Nick’s Media Services
859-803-6597 or [email protected]


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Source: Universal Shield Insurance Group, Inc.

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