Demotech Assigns Financial Stability Rating® to United Heritage Property & Casualty Company
COLUMBUS, Ohio, Dec. 17, 2019 /PRNewswire/ -- Having reviewed several years of historical financial information including year-to-date financials through September 30, 2019, and the current reinsurance program protecting insureds and UHP&C, Demotech has assigned a Financial Stability Rating® of A, Exceptional, to United Heritage Property & Casualty Company. Demotech's perspective was shaped by UHP&C's balance sheet integrity, consistent operating performance, the Company's knowledge of its operating jurisdictions, and the strength of its enterprise risk management protocols as evidenced in its operating results (ERM).
According to Joseph L. Petrelli, President, Demotech, "As an independent, regional carrier focused on the needs of its insureds, the Company relies upon thoroughly vetted, independent insurance agents. At the corporate level, it is apparent that United Heritage P&C has focused on balance sheet integrity, as measured by the quality and liquidity of the investment portfolio available to pay claims, and the integrity of its estimate of the ultimate amount due to its claimants. United Heritage P&C has demonstrated that its primary commitment is to honor the meritorious claims of its insureds.
UHP&C's strong balance sheet reflects high quality, liquid assets, realistic loss and loss adjustment expense reserves, pragmatic enterprise risk management protocols, and a business model supported by the existing quality and quantity of reinsurance™ is tangible evidence of management's commitment to all stakeholders. Assigning a Financial Stability Rating® of A, Exceptional, to this fine company is an acknowledgement of the efforts of the management team and the efforts of independent agents who are focused on finding the right independent, regional and specialty carrier to address the needs of their customers."
About United Heritage Property & Casualty
United Heritage Property & Casualty Company traces its beginning back to April 21, 1908, when Canyon County Farmers Mutual Insurance Company began operations in Idaho. Today, United Heritage Property & Casualty offers personal lines, homeowners, farmowners, and automobile insurance as well as business owners insurance in Arizona, Idaho, Oregon, and Utah. Their products are sold through independent agents, duly appointed with UHP&C.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Visit www.demotech.com for more information.
SOURCE Demotech, Inc.
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