United Business Insurance Company (UBIC) was initially formed in 1993 as a Self Insurance Fund. The Fund operated successfully for three years until the extremely competitive market forced the Fund into dormancy. As the market again hardened, the Board of Directors made the decision to reactive the fund and convert it to a mutual captive insurance company. United Business Insurance Company received its certificate of authority from the Commissioner of Insurance in June of 2002.
The goal of the Board of Directors is to provide reliable, cost-effective workers’ compensation coverage to small and midsize Georgia businesses. In addition to providing policyholders with stable rates and premium savings, as an association captive, our charge is to again return dividends based on the company’s results and individual performances. Prior to the conversion to a captive, Georgia United Businesses Self Insurers Fund returned close to $1 million in dividends to the members. The Board’s philosophy of careful, conservative management has resulted in a company with the financial stability to ensure that workers’ compensation needs of the members are taken care of today and tomorrow.
The company continues to target the hospitality industry which includes hotels, restaurants, country clubs, and other businesses substantially related. The company partners with New York Marine and General Insurance Company for its reinsurance needs. Both Specific and Aggregate coverage is provided by this A.M. Best A (Excellent) rated company. This protection against both catastrophic and aggregate losses provides financial security. The company continues to work with the Commissioner’s office in an effort to convert to a standard mutual company, allowing the expansion beyond hospitality to other businesses that have proven to be profitable workers’ compensation niches.
In September of 2005, the company announced that all insurance service functions were moved in-house, further enhancing the workers’ compensation capabilities available to their insureds and agents. United Business is committed to offering the highest quality services with the personal attention from people with a proven reputation in the industry. These functions include underwriting, claims, loss control, and policy services, billing and audits.
The Board of Directors is excited about this transition as it will assist the company in obtaining the growth and profit initiatives. It puts the company in a better position to attract the additional capital needed to finalize our campaign to convert to a standard insurance company. Georgia agents are searching for good options in today’s marketplace and United Business will provide them with a viable alternative.