UIM Holding Firm and its subsidiary Common Fireplace & Casualty Insurance coverage Firm (UFCIC) has merged with Defend Indemnity, Inc. (Defend Indemnity), to type a brand new property and casualty (P&C)-focused holding firm, Common Defend Insurance coverage Group, Inc. (Common Defend or USIG).
“Underneath the umbrella of Common Defend, UFCIC and Defend Indemnity will serve the business P&C market as a multi-line, multi-product, multi-market model embracing robust, highly-responsive distribution companions, customer support portals, revolutionary applied sciences, distinctive product positioning, and superior analytics leveraging AI and Large Knowledge sources,” stated Christopher (Chris) Timm, CIC, 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 specialization in underwriting business P&C and specialty surety. Defend Indemnity, traditionally targeted on common legal responsibility, was restructured as a surplus traces firm. The mix will enable UFCIC and Defend Indemnity to supply a broad vary of merchandise and deploy its mixed capital by means of an intercompany pooling association.
UFCIC’s current govt management staff, together with Timm as CEO, Richard Klimaszewski as president and chief working officer (COO), John Lucker as EVP and chief technique/analytics officer, Travis Harrison, CPA, as SVP and chief monetary officer (CFO), Brian Lietzke as SVP of Specialty Surety, Steven Jokerst, FCAS, MAAA, as SVP and chief actuary, Sandra Nance, CPCU, as VP and chief underwriting officer, Tim Ellis as VP and chief data officer (CIO), and John Catrabone as VP and chief distribution officer, will handle the mixed enterprise. Moreover, Anthony Modd Esq. joins the staff from Defend Indemnity as EVP and common counsel, whereas UIM’s current chairman, Thomas Parker, will function USIG’s chairman.
“Industrial traces P&C insurance coverage is very aggressive,” stated Timm. “By leveraging our admitted and surplus traces experience and capabilities, Common Defend will proceed to function on the forefront of the insurance coverage and insurtech market.”
“Underneath Chris Timm’s skilled management we’ve assembled a formidable staff to construct on every firm’s profitable technique and product platforms and to understand instant market synergies with revolutionary, high-end distribution strategies, and customer support excellence,” stated Parker.
This merger was facilitated by Raymond James Funding Banking as monetary advisor and Bodman PLC as attorneys to UIM Holding Firm, and Milwaukee-based Promontory Level Capital as monetary advisor and Squire Patton Boggs (US) LLP as attorneys for Defend Indemnity, Inc.
About Common Defend Insurance coverage Group (USIG)
USIG is a multi-line admitted and non-admitted business traces property and casualty (P&C) insurance coverage holding firm with main workplaces in Waterford, Michigan and Columbus, Ohio. As a hybrid insurance coverage and insurtech enterprise, USIG’s insurance coverage entities are Common Fireplace & Casualty Insurance coverage Firm and Defend Indemnity, Inc. For extra data, go to www.ufcic.com.
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