Ullico Inc. recently released the 2010 Annual Report.  We at Ullico Casualty Group Inc. are proud of Ullico’s accomplishments in the year 2010.  Please read this excerpt from the Annual Report to learn about our solid performance last year.

Excerpt from 2010 At a Glance:

Ullico remains the only multi-line insurance and financial services provider dedicated to the union marketplace.  And our 83 years in this market provide the unique insights and experience vital to strengthening our market position, even in the most uncertain times.

2010 Highlights:

• The financial strength ratings of our insurance divisions were reaffirmed by A.M. Best, with a secure B+ stable outlook for Union Labor Life and a secure B+ positive outlook for Ullico Casualty Company.
• Total assets under management as of December 31, 2010 were $5.6 billion, an increase from $5.4 billion at year-end 2009.
• Premium and fee revenue for 2010 was $314.0 million, a $26.6 million increase over 2009.  Net income increased by $5.7 million, from $1.7 million in 2009 to $7.4 million in 2010.

Property & Casualty Division

The dedicated team in the Property and Casualty business unit kept the forward momentum going in 2010, growing net written premium from $104.5 million in 2009 to $137.4 million in 2010, a 31 percent increase. The unit posted a pre-tax gain of $10.4 million.

Despite soft market conditions and significant competition from new market entrants, the professional liability lines grew for the sixth straight year in 2010. Growth was due to the continued expansion in the public benefit fund market, successful broker relationships and thought leadership initiatives in the multiemployer and the public benefit fund Fiduciary Liability markets. We also secured an agreement with A (Excellent) rated Hudson Insurance Company to issue $25 million limits for Fiduciary Liability to attract larger accounts. Further, we implemented a new state-of-the-art technology system which will help streamline Professional Liability and Commercial Lines underwriting.

The Surety division’s first branch office – opened in California – produced $5 million in business in its first year of operation. According to the Surety and Fidelity Association of America, our operation is now among the top 40 largest sureties in the nation.  Additionally, Ullico Casualty’s Contract Surety Bonds Program began issuing bonds in the Small Business Administration’s Prior Approval Program, enabling us to better assist small contractors who may not qualify for traditional bonding. We now have a top-tier surety operation that helps emerging contractors compete for projects, which leads to union job growth and an improvement in our economy.

Our Commercial Lines also continued to grow, particularly the Workers’ Compensation business.  Thanks to a creative risk-sharing platform that is achieving greater-than-industry-average results, we have experienced a 66 percent growth in net written premium. We doubled the size of the highly successful and profitable West Virginia union contractor captive insurance program, which rewards contractors for the low loss ratios that may result from their choice to utilize skilled union labor.

To view the entire Annual Report, please click here.  For more information on Ullico Casualty, please visit www.ullico.com/casualty or call 888.315.3352.

Ullico Casualty Group Inc. is an affiliate of Ullico Casualty Company and both companies are subsidiaries of Ullico Inc., the holding company. Ullico Casualty Group Inc.: In CA, Ullico Insurance Agency Inc. Lic# 0E16939; in NY, Ullico Casualty Agency. Products may not be available in all states. Ratings by A.M. Best as of 3/31/11.