For Immediate Release
June 25, 2003
New Captive for Long-Term Care Operator Managed By Uni-Ter International
New York, NY - A newly formed captive program that provides liability insurance coverage for an Iowa-based operator of long-term care facilities is managed by U.S. RE's Bermuda subsidiary, Uni-Ter International Management, Ltd.
U.S. RE Companies, Inc. is an international financial services group that provides reinsurance, wholesale brokerage and consulting services, alternative risk financing and securitization, underwriting management, captive insurance facilitation, and venture capital investments in insurance related properties.
The captive was formed for ABCM Corporation of Hampton, IA, a long-term care provider with 35 locations containing more than 2,600 beds in Skilled Nursing, Assisted Living, and Independent Living Facilities. Uni-Ter International Management, Ltd. advised on the structuring, setup, and selection of alternative risk facilities for the new captive program.
Atlanta-based Uni-Ter Underwriting Management Corporation (UUMC), a leading specialist in liability insurance for health care facilities, worked with brokers, True North Companies, LC, of Cedar Rapids, IA, to identify and evaluate the risk financing options for the client. UUMC is a wholly owned member of the U.S. RE Group.
"ABCM is a well run operator of nursing and related facilities with a good record of risk management and service to its clients," said Joe Fedor, U.S. RE Executive Vice President. "We believe the captive form of protection well serves ABCM's needs." Uni-Ter Claims Services Corporation, an affiliate of UUMC, will work with ABCM in handling claims.
