United Insurance’s financial stability affirmed by world’s most authoritative insurance ratings company

The financial stability of United Insurance has been affirmed for the ninth consecutive year by A.M. Best Company, the world’s most authoritative insurance ratings company.{{more}}

United Insurance Company Limited recently received a financial strength rating of A – (Excellent) and an issuer credit rating of “a-”, both with a stable outlook. According to A.M. Best these ratings reflect the company’s solid capitalisation, favourable underwriting performance, and strong regional market profile. United also benefits from the support of its parent company, Neal and Massy Holdings Limited, a Caribbean-based conglomerate.

Furthermore, United Insurance achieved improved performance in 2012 due to the “excellent performance of its Caribbean Portfolio.” Chairman, Gervase Warner explained: “In 2012, we made the decision to discontinue United’s involvement in the international reinsurance line of business, to allow United to focus on increasing its ability to deliver to its core Caribbean business. This strategy has borne fruit, despite the continuing impact of the global economic downturn on the region.”

Emphasizing the significance of the rating, Warner said it provided international recognition of United’s financial strength and stability and reassurance for customers of United’s capacity to deliver on its promise to protect the things that its customers value most.

Chief executive officer (CEO) Howard Hall said that United is excited about the future. “We’re investing more in technology and in our teams in a way that keeps our customers firmly at the heart of what we do, improves our business processes, and enhances our competitiveness. We’re confident that with our renewed focus on delivering excellent service and security across our core Caribbean business, United is poised to achieve its key strategic objectives.”

Hall noted the on-going strengthening of United’s Executive Team with the appointment of Mark Sommerville to the newly-created role of chief commercial officer and Richard Boddy to the role of chief financial officer, and the bolstering of United’s Management Team with new members, were key to ensuring United’s continued focus on delivering value for the customer. The CEO also highlighted United’s expansion to new locations to provide increased convenience and access for customers as a vital part of this focus.

Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.