Universal Insurance Holdings of North America and ICAT Holdings LLC of Boulder, Colo., have received regulatory approval that completes Universal North America’s purchase of ICAT Specialty Insurance Co. (ISIC).
Under the terms of the agreement, Universal North America will acquire ISIC’s residential named hurricane program and business in Hawaii. ISIC, under ICAT’s ownership, has underwritten small commercial property accounts in Florida and named hurricane coverage for homeowners in Hawaii. The Florida commercial business will be transitioned on renewal from ISIC to ICAT’s Lloyd’s of London Syndicate 4242. The Hawaii residential named hurricane business will continue to be underwritten by ISIC (expected to be renamed Universal Specialty Insurance Co.). Universal North America has entered into a long-term agreement with ICAT Managers whereby ICAT will continue to administer all functions related to the Hawaii residential named hurricane business, including claims functions.
According to Rick Espino, president of Universal North America, “Universal North America is focused on being a premier multi-regional insurance provider in the U.S.”
Universal North America entered the Hawaii residential property market in September, 2008 when it commenced offering homeowners, condominium unit owners, renters, dwelling fire and flood products through Universal Insurance Company of North America. ISIC (soon to be Universal Specialty Insurance Co.) will provide stand-alone named hurricane coverage.
ICAT Holdings LLC is an insurance holding company that specializes in underwriting small and middle market commercial properties that are located in catastrophe-exposed regions of the United States. ICAT is an underwriter at Lloyd’s of London through their Syndicate 4242 rated “A” by A.M. Best Co. and “A+” by Standard & Poors.
Universal Insurance Holdings of North America is a Delaware domiciled property and casualty insurance group organized to market property and casualty insurance in North America. Universal North America currently writes insurance coverage in seven states including Arizona, Florida, Hawaii, Nevada, South Carolina, and California. Universal North America Insurance Company maintains an A.M. Best Rating of A- and is a wholly-owned subsidiary of Universal Group Inc. headquartered in Puerto Rico, with equity in excess of $320 Million.
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