Rating For Risk Retention Groups Managed By Uni-Ter
Risk Retention Groups (RRG) managed by The Uni-Ter Group ” Ponce de Leon LTC RRG, Inc. and Lewis & Clark LTC RRG, Inc. ” have received a 2006 "A Exceptional" Financial Stability RatingÂ® from Demotech, Inc.. a leading, independent financial analysis and actuarial services firm. Uni-Ter, a managing general agency and underwriter specializing in the health care industry, is a subsidiary of U.S. RE Companies, Inc.
Ponce de Leon was formed in 2003 as the first RRG in the nation to provide General and Professional Liability Insurance to long-term care facilities. The Company was organized by long-term care facility owners in Florida to meet the State's requirement that nursing homes carry liability insurance. The Company was capitalized by long-term care facility shareholders and a $6 million surplus note provided by the State. Since it opened for business, the Company has grown to insure over 600 facilities with 20,000 beds. Ponce de Leon writes exclusively in Florida.
Lewis & Clark was formed in 2004 by a group of long-term care owners in Washington and Oregon with support from The Uni-Ter Group to provide General and Professional Liability Insurance to long-term care facilities in the Pacific Northwest and Upper Midwest. The Company now operates in 35 states through a merger with Henry Hudson LTC RRG, Inc., which was organized to serve the Northeast. Currently, Lewis & Clark insures more than 15,000 beds and is growing fast.
The A rating for both companies represents Demotech's opinion of the companies' ability to meet their financial obligations over the next year. The companies underwent a rigorous quantitative analysis based on a review of statutory financial statements. Items reviewed included current and total assets and liabilities, working capital, surplus, revenue, net income, expenses, receivables, and leverage ratios. Uni-Ter provides administrative, underwriting, claims, and risk management services to both companies.