Not good.
Smith said in December, 2012, a team from Ullico Inc. met with representatives from A.M. Best to discuss Ullico’s strategy of transitioning its property and casualty business to a managing general agency (MGA) model, which focuses on underwriting and claims administration for property and casualty products in Ullico’s labor affinity marketplace, and withdrawing the rating from Ullico Casualty Company. As a result of that meeting, a letter asking to withdraw from the rating process was delivered to A.M. Best in early 2013.
http://news.yahoo.com/statement-ullico-inc-withdrawal-m-best-rating-ullico-225035760.html
85 year old company going back to its roots. Anticipate the carrier will be run off. Unwinding all the reinsuring agreements in the process will be interesting.
