For Immediate Release May 16, 2005 Atlanta, GA - Two risk retention groups that provide General and Professional Liability Insurance to operators of long-term care facilities in Florida and 33 other states have been granted a Financial Stability Rating of "A Exceptional" by Demotech, the financial rating service.
Ponce de Leon LTC RRG was formed more than two years ago to fill the gap left by traditional insurers who had withdrawn from writing nursing home liability insurance in Florida. The Company writes insurance exclusively in Florida. Lewis & Clark LTC RRG was formed a year ago to provide liability protection for long-term care facilities in the Pacific Northwest and Upper Midwest. Henry Hudson LTC RRG, also launched in 2004 for Northeastern States, has been merged into Lewis & Clark.
Both Risk Retention Groups are managed by The Uni-Ter Group of Atlanta, which provides underwriting, risk management, and claims services. Ponce de Leon and Lewis & Clark are the second and third long-term care Risk Retention Groups to achieve the Financial Stability Rating (FSR) of "A Exceptional." According to Demotech, "insurers earning an FSR of A have an 'Exceptional' ability to maintain liquidity of invested assets, quality reinsurance, acceptable financial leverage, and realistic pricing while simultaneously establishing loss and loss adjustment expense reserves at reasonable levels."
"We liked the fact that Ponce de Leon identifies Florida as a special market for nursing homes and assisted living facilities, given the unique characteristic of the State as a popular retirement area," said Joseph L. Petrelli, President of Demotech. "Uni-Ter's involvement with its parent, U.S. RE Companies, is another positive attribute of the two Risk Retention Groups," Petrelli added. U.S. RE Corporation is one of the largest, independent reinsurance brokerage firms in the industry.
"I am delighted to learn that Lewis & Clark has achieved an 'A Exceptional' rating from Demotech. The fact that this strong company chose to be licensed in Nevada is another indication that our State is a good place to do business," said Alice A. Molasky-Arman, Commissioner, Nevada Division of Insurance.
"Ponce de Leon and Lewis & Clark are expanding rapidly and positioned for major growth over the next few years as the number of senior citizens continues to escalate," reported Sanford Elsass, President and CEO of Uni-Ter. Ponce de Leon currently provides liability protection to facilities with more than 17,000 beds. Launched just a year ago in the Pacific Northwest, Lewis & Clark currently is accepting long-term care operators into the Risk Retention Group from 32 states across the country.
Demotech, Inc., based in Columbus, Ohio, is a financial analysis and actuarial services firm that provides a wide range of services to property/casualty insurance companies including Financial Stability Ratings, pricing analysis, assistance with state filings, and support for other regulatory reporting. The Company was founded in 1985.
For more information, contact Mechlin Moore, MDM Communications (239-777-1595 mmoore7412@aol.com).
