The ratings reflect United’s adequate capitalization, strong strategic relationship with its insureds and its market presence as an alternative risk capacity vehicle. Partially offsetting these positive factors are variable operating results over a five-year period, which are due to United’s excess exposure attaching over the underlying captive retentions, coupled with high ceded leverage relative to its surplus position.
United’s partnership with large global companies provides a diverse book of coverages with good geographic spread of risk. The company has developed client-specific risk management programs across a variety of exposures, as well as ongoing benefits from the risk management programs of its member captives. Management has indicated it will carry out expansion initiatives for its current programs in a judicious manner, as well as offer reinsurance programs that meet its stringent underwriting criteria.
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