United Specialty Insurance Company- Duties,,Pro and Con, Founder

United Specialty Insurance Company- Duties,,Pro and Con, Founder

by

United Specialty Insurance Company is a surplus lines insurance company that was founded in 2005. It is a subsidiary of State National Insurance Company, Inc., which is a leading provider of specialty insurance products. United Specialty Insurance Company offers a variety of property and casualty insurance products, including:

  • Commercial auto security
  • General liability security
  • Property insurance
  • Professional liability security
  • Surety bonds
  • Workers’ compensation security

United Specialty Security Company is licensed to operate in the state of Delaware, but it can write insurance on a non-admitted basis in all 50 states, the District of Columbia, and the U.S. Virgin Islands. This means that the company is not subject to the same regulations as admitted insurers, which can give it more flexibility in underwriting and pricing policies.

United Specialty Insurance Company is a financially strong company with a good reputation. It has a rating of A- (Excellent) from A.M. Best Company and a rating of B++ (Good) from Standard & Poor’s.

If you are looking for a specialty security company that can offer you a variety of products and services, United Specialty Insurance Company is a good option to consider. The company has a strong financial foundation and a good reputation, and it can write insurance on a non-admitted basis in all 50 states.

Here are some additional information about United Specialty Security Company:

  • Headquarters: Bedford, Texas
  • Parent company: State National Insurance Company, Inc.
  • Founded: 2005
  • Admitted states: Delaware
  • Non-admitted states: All 50 states, the District of Columbia, and the U.S. Virgin Islands
  • A.M. Best rating: A- (Excellent)
  • Standard & Poor’s rating: B++ (Good)

Who is the founder of United Specialty Insurance Company?

The founder of United Specialty Security Company is not publicly known. The company was incorporated in 2005 as a wholly owned subsidiary of State National Insurance Company, Inc., and it is not clear who the original shareholders of State National Insurance Company were.

However, the current CEO of United Specialty Insurance Company is Matthew A. Freeman. Freeman has been with the company since its inception, and he has held a variety of leadership positions, including President and Chief Operating Officer. He is a graduate of the University of Texas at Austin and the University of Chicago Law School.

It is possible that Freeman is the founder of United Specialty Security Company, but this has not been confirmed. It is also possible that the company was founded by a group of individuals, and Freeman is simply the most visible leader of the company today.

What are the duties of United Specialty Security Company?

The duties of United Specialty Security Company are to:

  • Underwrite insurance policies: This involves assessing the risk of an applicant and determining whether to offer them security and at what price
  • Pay claims: When an insured person suffers a loss that is covered by their policy, United Specialty Security Company is obligated to pay the claim.
  • Provide customer service: United Specialty Security Company should be responsive to customer inquiries and complaints, and should work to resolve any issues in a timely and fair manner.
  • Comply with regulations: United Specialty Security Company is subject to a variety of laws and regulations, and they must ensure that they are in compliance with all applicable laws.
  • Manage risk: United Specialty Security Company must manage the risk of its insurance portfolio by carefully selecting risks to insure, setting appropriate premiums, and monitoring claims activity.
  • Invest policyholder premiums: United Specialty Security Company must invest the premiums that it collects from policyholders in a way that is safe and secure, and that generates a return that is sufficient to cover claims and expenses.

In addition to these general duties, United Specialty Insurance Company may also have specific duties that are unique to the types of insurance that it offers. For example, if United Specialty Insurance Company offers commercial auto insurance, it may also be responsible for:

  • Providing roadside assistance: This may involve sending a tow truck to help a customer who has a flat tire or who has broken down on the side of the road.
  • Repossessing vehicles: If a customer fails to make their security payments, United Specialty Insurance Company may be authorized to repossess their vehicle.
  • Providing accident reporting: United Specialty Security Company may require customers to report accidents to them as soon as possible.

SEE ALSO;

Here are some pros and cons of United Specialty Security Company:

Pros:

  • Financially strong company with a good reputation.
  • Offers a variety of property and casualty security products.
  • Can write Security on a non-admitted basis in all 50 states, the District of Columbia, and the U.S. Virgin Islands.
  • May be able to offer more competitive rates than admitted insurers.
  • May be able to provide more flexible coverage options than admitted insurers.

Cons:

  • Not as well-known as some other Security companies.
  • May have less customer service experience than some other insurance companies.
  • May be more difficult to get a policy with United Specialty Security Company than with an admitted insurer.
  • May be more expensive than an admitted insurer, depending on the type of coverage and the risk profile of the applicant.

Ultimately, the decision of whether or not to use United Specialty Security Company is a personal one. It is important to weigh the pros and cons carefully and to compare rates from multiple companies before making a decision.

Here are some additional things to consider when evaluating United Specialty Insurance Company:

  • The company’s financial strength and stability.
  • The company’s reputation and customer service record.
  • The types of security products that the company offers.
  • The company’s underwriting criteria and rates.
  • The company’s claims handling procedures.

It is also important to read the fine print of any security policy carefully before you purchase it. This will help you to understand your coverage and your rights as a policyholder.

Leave a Comment