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SAN ANTONIO, TX — (April 2, 2008) Universal North America Insurance Company (Universal North America) has been assigned a financial strength rating (FSR) of A- (Excellent) and an issuer credit rating (ICR) of “a-” for its Texas operation by A.M. Best, the industry’s oldest and most prestigious rater of insurance company financial strength. The rating was assigned after an extensive evaluation of the company’s financial position, operating performance and market profile.
According to A.M. Best, “The assigned ratings reflect Universal North America’s solid capitalization, conservative business plan and experienced and highly regarded management team.” A.M. Best also noted, “Universal North America’s current infrastructure is more than adequate to service present business requirements as well as anticipated growth.”
“We are very pleased that A.M. Best recognizes the depth of our financial resources, our cost-effective business model and our underwriting savvy,” said Rick Espino, president of Universal North America.
“Having such a positive A.M. Best rating gives agents the reassurance they need to build strong partnerships with Universal North America,” he said. Espino added that based on its financial strength, Universal North America looks forward to continued geographic expansion and business growth.
Currently, Universal North America is doing business in four states, with expansion into other states to follow later this year. In Texas, the company provides home, auto, flood and home equipment breakdown coverage. Texas operations are based in San Antonio, and policies are sold through insurance agents located throughout the state.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
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