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Unigard Insurance Ratings and Company Information
Best Insurance Reports: 02370
Best Rating: A- (under review)
Type of Insurance Company: Property and Casualty
Name of Parent Company:
Unigard and General Casualty being acquired by Aus
Company History: Unigard Insurance Company is the successor to a company incorporated under a different name in 1960. In 1993, it became a part of Winterthur U.S., a subsidiary of Swiss insurer Winterthur Swiss Insurance Company. In 2006 European insurer AXA purchased Winterthur. Winterthur U.S. Holdings, Inc., the U.S. part of the Swiss company, is now in the process of selling Unigard, and another insurer, General Casualty to the Australia based QBE Insurance Group. AXA is selling because its strategy does not include having property and casualty operations in th U.S. and QBE is buying to complete its stategy of having 4 major business operations in the Americas: specialist insurance programs, property and casualty insurance in regional markets, reinsurance and a Latin American presence. The acquisition of Winterthur U.S. Holdings will fill a need for infrastructure and distribution in the U.S. The transaction is expected to be finalized by the middle of 2007.
Principle Sales Methods: Unigard offers personal and commercial property insurance through independent agents. It operates together with another Winterthur U.S. company, General Casualty, to provide insurance for businesses in 33 states and for individuals in 21 of those states. The mix of business is 60% commercial lines, primarily insuring small to medium size businesses and 40% personal lines, including homeowner's and auto. Unigard operates mainly in the 7 states in the West. California accounted for 43% of Unigard's premiums in 2005, Washington 28% and Oregon 11%. General Casualty operates in the Midwest, East and Southeast.
Auto Business: Unigard offers personal and commercial property insurance through independent agents in approximately 600 locations in Arizona, California, Idaho, Montana, Oregon, Utah and Washington. Seven branch offices provide local service, underwriting, sales and claims backup.
Homeowners Business: Unigard offerings include homeowner's insurance, rental property insurance and boat insurance. Sales are through independent agents in western states.
Company Financial Status:
Assets & Premiums: The Unigard group (Unigard Insurance Company and Subsidiaries) had total direct written premiums of $300 million in 2005 and total (statutory) assets of $793 million at year end 2005.
Lines of Insurance:
States licensed to sell insurance in:
AK, AZ, CA, CO, ID, IL, MT, NV, NM, NY, NC, ND, OH, OR, PA, TN, TX, UT, WA, WV, WI, WY