United Insurance Company, Ltd (Cayman), a 41-year-old insurance company, has been sold by existing shareholders to a group of private investors in New York, NY., led by the Quasha family. Details of the transaction were not announced.The company was formed in 1975 in response to the casualty insurance crisis. Throughout its history it has worked with its shareholders and clients to provide risk financing solutions. It has a suite of products (Casualty, Property, Marine, Segregated Cell Companies in various jurisdictions), but its flagship is its subsidiary Nexus Re, which is the largest dedicated risk pooling vehicle using an actual reinsurance company structure.
All entities are consolidated and hold an AM Best rating of A- (stable), with shareholder's surplus of $52 million at Dec. 31, 2015.
Michael Lusk, former Board member who will be a Senior Managing Director, said, "This is an exciting time for United. It has ably served clients and shareholders for over four decades and now, with the new management, is poised to go to the next level."
Going forward, United will continue to grow its current products offerings and expand Nexus Re. Additionally, United will engage in fronting specialty insurance programs in both Europe and the United States.
Jamie Sahara, now United's Chairman of the Board, commented, "United has built a great company, providing insurance and reinsurance across multiple product lines with excellent financial stability. Our goal is to continue to build the asset base and expand the ability of United to capitalize on niche insurance opportunities, including Segregated Cells, Nexus Re and fronting for Programs."
For more information regarding all of United's products, please contact Janet Sairsingh, Chief Financial Officer, at janet.sairsingh@uiccayman.com.