Perico Life Insurance Company
Perico Life Insurance Company
13358 Manchester Road
St. Louis, MO 63131
Since 1988, the Perico Life Insurance Company has been providing excess loss coverage for its clients all over the United States. The company has remained stable and reliable in its approach to the market for over 20 years. Perico Life has the product solutions for customers’ distinctive risks and has the capacity to promptly and competently provide products and services that meet its clients’ needs. Headquartered in St. Louis, Missouri, the company is licensed to do business in 49 states.
Perico Life was previously known as MIC Life Insurance Corporation. In December 2005, it changed its name to what it is currently known today due to a succeeding post acquisition by HCC Insurance Holdings Inc. HCC is a leading international specialty insurance group with an outstanding record of growth and profitability since its founding in 1974. A diversified insurance holding company with assets exceeding $6.6 billion, HCC’s operations consist of well-rated life and property and casualty insurance companies, including Perico Life.
HCC’s major domestic companies have a financial strength rating of “AA” or very strong from Standard & Poor’s, “AA” or very strong from Fitch Ratings, “A1” or good security from Moody’s Investors Service, Inc., and “A+” or superior by A.M. Best Company, Inc. Perico Life itself maintains a financial strength rating of “A+” or superior from A.M. Best, with a financial size category of IX ($250 Million to $500 Million). As of October 2010, it gained a Stable Outlook from A.M. Best, having a superior ability to meet its ongoing insurance obligations.
As of December 31, 2008, Perico Life gained statutory policyholders’ surplus of $39.5 million, gross written premium of $52.3 million and net written premium of $51.9 million.
The company’s President and Chief Executive Officer is Jeff Petty, while Beverley Brynda serves as the Assistant Vice President of Human Resources and Compliance. Norm Fogt is the Controller; Patty Warmbrodt is the Assistant Vice President for Accounting; and Nancy LeGere is the Vice President for Underwriting. Derek Cox is the Executive Vice President for Perico Life Indianapolis Regional Office.
Perico Life provides property, health, and casualty insurance services. Its underwriting medical stop loss and group life department has a vital and principal function in Perico Life, focusing in specific and aggregate excess loss and associated group coverages for client’s self-funded employee benefit plans. Such underwriting approach is innovative as well as aggressive. The products Perico Life offer include specific individual retentions from $5,000 to $500,000, employee group size of 15 or greater, available life coverage, specific reimbursement procedure to protect cash flow, available non-experience rated quotes on fully insured cases of 125 lives or less, provided two years of rates are available. Discounts are also available for managed care and plan design. There are aggregate specific options and aggregate accommodation and terminal liability riders available. Its flexible contract basis includes incurred and Paid (12/12, 12/15, 12/18, 12/24), paid with a “run in” period (24/12, 15/12, 14/12, 18/12) , and paid during contract period, paid/15 (only offered on Perico Life renewals). There is no dollar limit on run-in period with experience through the current period and no hidden limits or exclusions.