NCPERS Launches Fiduciary Liability Insurance Program with Ullico Casualty
WASHINGTON, D.C. (October 5, 2011) – The Board of Directors of the National Conference on Public Employee Retirement Systems (“NCPERS”), the nation's largest trade association for public sector funds, has unanimously endorsed Ullico Casualty Group Inc.'s (“Ullico Casualty”) Fiduciary Liability insurance program for its members. The members of NCPERS manage approximately $3 trillion in pension assets in trust in more than 500 public sector funds, benefiting approximately 21 million public sector employees and retirees.*
“NCPERS is proud to announce our new Fiduciary Liability insurance program,” said Patrick McElligott, NCPERS President. “In today’s turbulent economic times, trustees are facing increasing scrutiny for their decisions and may be subject to lawsuits with potentially groundless claims, yet still need to pay defense costs. As advocates for public fund trustees, NCPERS partnered with insurance experts Ullico Casualty and NCPERS broker Arthur J. Gallagher Risk Management Services, Inc. (“Gallagher”), to help protect our members against risk to fund assets and their own personal liability.”
"Through our collaboration with NCPERS, we can protect the personal liability of more public fund trustees through customized insurance coverage specifically for NCPERS members. This protection helps trustees focus on their important work of providing benefits to hard working police officers, firefighters, teachers and other public servants," said Ullico Inc. CEO, Edward M. Smith. "We couldn't be more pleased with this tremendous vote of confidence by NCPERS."
Highlights of the NCPERS Fiduciary Liability insurance program include a duty to defend provision with the policyholder’s right to select counsel, which allows the policyholder to work with their own defense attorneys.
Gallagher will continue to provide risk management products and services to NCPERS members, including the new public fund Fiduciary Liability program, and maintains a longstanding partnership with the trade association. “We are delighted to support NCPERS and their members with all of their risk management needs, and look forward to continuing this successful relationship,” said Karen Graham, Executive Vice President-Denver for Arthur J. Gallagher Risk Management Services.
Ullico Casualty Company offers Fiduciary Liability insurance on Hudson Insurance Company paper, rated A (XV) by A.M. Best as of 6/30/2011.
The NCPERS Fiduciary Liability insurance program is available through independent insurance agents and brokers. The program is expected to launch in the fourth quarter of 2011 for policies beginning with January 1, 2012 effective dates.
The National Conference on Public Employee Retirement Systems is the largest trade association for public sector pension funds, representing more than 550 funds throughout the United States and Canada. It is a unique non-profit network of trustees, administrators, public officials and investment professionals who collectively manage nearly $3 trillion in pension assets held in trust for approximately 21 million public employees and retirees — including firefighters, law enforcement officers, teachers, and other public servants. Founded in 1941, NCPERS is the principal trade association working to promote and protect pensions by focusing on Advocacy, Research and Education for the benefit of public sector pension stakeholders…It’s who we ARE!
* Source: http://www.ncpers.org/AboutUs/
About Ullico Casualty Group Inc.
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. www.ullico.com/casualty
About Ullico Inc.
Ullico Inc. is a $5.6 billion insurance and financial services holding company whose subsidiary companies include The Union Labor Life Insurance Company; Ullico Investment Advisors, Inc.; Ullico Investment Company; Ullico Casualty Company; and Ullico Casualty Group, Inc. For additional information, visit www.ullico.com.