UIM Holding, Universal Fire & Casualty Insurance merge with Shield Indemnity

UIM Holding Co. and its subsidiary Universal Fire & Casualty Insurance Co. merged with Shield Indemnity Inc. to form a new property and casualty-focused holding company, Universal Shield Insurance Group Inc.

Universal Fire & Casualty Insurance's current executive leadership team will manage the combined enterprise. Shield Indemnity's Anthony Modd joined the team as executive vice president and general counsel. UIM Holding's chairman, Thomas Parker, will serve as Universal Shield Insurance's chairman.

Raymond James Investment Banking served as financial adviser and Bodman PLC as attorneys to UIM Holding. Promontory Point Capital acted as financial adviser and Squire Patton Boggs (US) LLP as attorneys for Shield Indemnity.