U. S. Capital Insurance Company was incorporated on January 11, 1985, as the Multiplus Insurance Company and began business in March, 1987. Effective May 25, 1989 the name was changed to United Capital Insurance Company. On June 14, 1989, the current name was adopted.
Outstanding capital stock was held by U. S. Capital Group Inc. (formerly Pan Atlantic, Inc.) a publicly traded Delaware corporation. The holding company group was comprised of 12 companies fully integrated into the international insurance markets and operated through five subsidiary insurance and reinsurance companies.
The company wrote mainly private passenger and commercial automobile policies and some commercial multi-peril, other liability, surety and miscellaneous lines. Most of the business was produced in New York, California and Louisiana. It ceased underwriting in April 1996.