April 28, 2010

ULLICO Casualty Company (“ULLICO Casualty”) is now able to offer more surety bonding solutions through a cosurety relationship with A- (Excellent) rated Benchmark Insurance Company (“Benchmark”) when obligees require A- (Excellent) rated paper.

Benchmark is a multi-line insurance company that was incorporated in 1991 and is headquartered in Eden Prairie, Minnesota.  They focus on specialty casualty programs and have historically produced solid operating earnings.  In 2009, Benchmark produced $81.0 million in direct written premium, and they posted $41.3 million in policyholders’ surplus.  Credit report by A.M. Best as of 3/31/2010.

Through our new cosurety relationship with Benchmark, we are equipped to service a broader market because many obligees demand A- (Excellent) rated paper.  Through the combination of ULLICO Casualty’s $96.7 million in capital and surplus and Benchmark’s surplus strength, the cosurety solution has a total surplus of $138 million.  

In addition, through A rated reinsurers’ support, ULLICO Casualty is now able to provide bonding for work programs up to $8 million for single limit and $20 million for aggregate limit.  These new limits will service the majority of work programs for small contractors in the United States.  Also, the U.S. Small Business Administration recently approved our Contract Surety Bonds program in the Prior Approval Program.

ULLICO Casualty invested in recruiting talented surety professionals.  We reached a critical mass in our surety operation in 2009, issuing over 1200 contract surety bonds to contractors across the country.

“We are pleased to partner with Benchmark,” says Ed Titus, Vice President of Surety.  “Through our cosurety relationship, we can continue to help small contractors compete for quality construction projects.  Our Surety division experienced steady growth in 2009 and will continue this momentum through a broader market.”

Daniel Aronowitz, President of ULLICO Casualty, asserts, “Because of our strategic investments in our Surety division, we are poised and ready to become a premier surety solution for small to medium-sized contractors.”

ULLICO Casualty is a member of the Surety and Fidelity Association of America, has a U.S. Department of Treasury listing of $8.3 million as of 7/1/09 and is licensed for surety in forty-seven states and the District of Columbia.  ULLICO Casualty has a secure financial strength rating of B+ (Good) with a “Positive Outlook.”

For more information, please view our new Surety flyer or visit www.ullico.com/casualty.