The Seibels Bruce Group Inc., based in Columbia, S.C., announced that subsidiary Universal Insurance Company (UIC) received a 2003 Financial Stability Rating® of “A” (Exceptional) from Columbus, Ohio-based Demotech Inc.
This level of financial stability rating indicates that the balance sheet for this company reflects excellent liquidity, an acceptable level of financial leverage as measured by total liabilities to statutory net worth and a balanced portfolio of insurance products.
“We are pleased with the Demotech rating that Universal has received for 2003,” said Michael Culbertson, Seibels Bruce president. “This excellent rating by a third party should provide assurance for Universal Insurance Company’s agents as to the financial stability of this subsidiary and allow them to feel confident conducting business with us.”
“Universal has made a significant contribution to Seibels Bruce’s revenues, and our Demotech rating serves as another benchmark by which to measure our financial stability,” said Greg Spray, vice president and general manager of Universal Insurance Company.
Incorporated in 1976, Universal Insurance Company focuses on nonstandard automobile insurance and has recently begun writing multi-line commercial business. Appointing nearly 500 independent insurance agencies it services 38,000 in-force policies and $39,000,000 in written premium.
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