Statement from Ullico Inc. on Withdrawal of A.M. Best Rating from Ullico Casualty Company
Not good. Smith said in December, 2012, a team from Ullico Inc. met with representatives from A.M. Best to discuss Ullico’s strategy of transitioning its property and casualty business to a managing general agency (MGA) model, which focuses on underwriting and claims administration for property and casualty products in Ullico’s labor affinity marketplace, and withdrawing the rating from Ullico Casualty Company. As a result of that meeting, a letter asking to withdraw from the rating process was delivered to A.M. Best in early 2013.
85 year old company going back to its roots. Anticipate the carrier will be run off. Unwinding all the reinsuring agreements in the process will be interesting.
Ullico Inc. President and CEO Edward M. Smith said today the decision to withdraw the rating by A.M. Best from Ullico Casualty Company was a deliberate action taken by the company to reflect its new strategic direction and focus.
Smith said in December, 2012, a team from Ullico Inc. met with representatives from A.M. Best to discuss Ullico's strategy of transitioning its property and casualty business to a managing general agency (MGA) model, which focuses on underwriting and claims administration for property and casualty products in Ullico's labor affinity marketplace, and withdrawing the rating from Ullico Casualty Company. As a result of that meeting, a letter asking to withdraw from the rating process was delivered to A.M. Best in early 2013. Consistent with the business strategy, Ullico Casualty Company will not renew existing accounts or write new business in Ullico.
Read More: https://www.unioncare.com/news-item/statement-ullico-inc-withdrawal-am-best
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