United Automobile Insurance Group, a regional property and casualty insurance provider based in North Miami Beach, Florida, is proud to announce it has achieved an A.M. Best Rating of B Minus. In addition, Best’s Rating Outlook has been categorized as Stable, meaning the “company is expected to maintain its improved rating for the foreseeable future.”
According to A.M. Best, “Over the past five years, UAIG’s core underwriting experience has been favorable with loss and loss adjustment expense ratios on a five year average basis over ten points better than the industry composite.”
From 2001 to 2006, United Automobile Insurance increased its capital and surplus from about $20 million to over $120 million. This increase was derived primarily from net income from operations and investment income. A.M. Best Company said the company’s overall financial performance has been “consistently solid,” as reflected by its pre-tax return on revenue and total return on equity. The group’s risk-adjusted capitalization, which is measured by Best’s Capital Adequacy Ratio, supports the current rating.
“United Automobile Insurance Group has taken a quantum leap forward in relation to its business plan to expand from a regional company to a national company,” said Jack S. Ramirez, president and chief operating officer.
Company CEO and Chairman Richard Parillo, Sr. said, “This improved rating is a clear acknowledgment of the outstanding work our management team has accomplished over the past five years.”
About United Automobile Insurance Group:
United Automobile Insurance Group (UAIG) is a privately held property and casualty insurance company based in North Miami Beach, Florida, that specializes in writing private passenger automobile insurance coverage. The company is committed to providing agents and customers with high-quality products and state-of-the-art processing and claims service. Through its affiliates, UAIG offers a variety of insurance related services, including premium finance, claims processing and advanced on-line sales products. UAIG actively writes policies in 8 states including Florida, Illinois, Oklahoma, Georgia, Mississippi, Utah, Texas, and Nevada.
Contacts: Todd Templin Boardroom Communications 954-370-8999 Charles Grimsley United Automobile Insurance Company 305-799-4687
SOURCE: United Automobile Insurance Group