Dear Union Leaders, Trustees, Clients and Partners:
We are writing as the entire Board of Directors of Ullico Inc. to the labor community—and especially to our Company's customers, advisors, brokers and consultants—to thank you for the loyalty you have shown to the Company. We would like to update you on some exciting developments at Ullico and to renew our call for your support of the competitive professional liability insurance products offered by our dedicated, labor-focused staff.
As you recall, a small group of former management and staff of Ullico Casualty Company (“Ullico Casualty”) left to form a non-union insurance program manager, Euclid Specialty Managers, LLC (“Euclid”), to compete with Ullico Casualty. In early 2012, Euclid partnered with Hudson Insurance Company to seek your business in the multiemployer and government fiduciary liability and union liability insurance market. At the time, we urged labor leaders and the professionals who advise them to consider the 25 years of service to the labor community demonstrated by Ullico Casualty's underwriters and claims specialists, and the merits of the Company's excellent insurance products, when deciding where to spend your premium dollars. You recognized the distinctive value of Ullico Casualty and the Company's professional liability lines experienced superior customer retention and impressive new business growth in 2012.
We are deeply grateful for your support, but now is not the time to let down our guard! Euclid is still actively pursuing your business and we, in turn, are reaffirming our unwavering commitment to Ullico. In addition, Ullico has announced major enhancements to its professional liability product offerings. Ullico Casualty Group, Inc. (“Ullico Casualty Group”), Ullico's licensed managing general agency, recently publicized its new partnership with Alterra America Insurance Company (“Alterra America”), which has a financial strength rating of A (Excellent) and Financial Size XV by A.M. Best Company. Alterra America has signed long-term agreements to continue to provide the fiduciary, union and government liability coverages that time and again have offered critical risk management solutions to labor leaders and trustees at affordable premiums.
Ullico Casualty Group is also introducing attractive new features to its liability insurance products. In the coming months, you will be hearing from the Company about these value-driven upgrades.
These developments represent a renewed focus within our property & casualty business on protecting union members, their leaders, fund trustees and union employers. The prior management team now at Euclid had built several non-union programs. Those non-union programs, which have left a legacy of losses in Ullico Casualty, have been shed by the current management team.
In conclusion, we urge your continued vigilance in assessing the products offered by Euclid, the non-union competitor to Ullico Casualty Group, and those offered by labor's own company. Judge our products on their merits — on the strength of the value they provide and your favorable experience with our professional staff. On that basis, we are confident that Ullico, which has served the men and women of the American labor movement since 1927, will earn your continued loyalty.
Joseph J. Hunt
Chairman of the Board, Ullico Inc.
President Emeritus, International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers (Iron Workers International)
Mark H. Ayers
Secretary-Treasurer, Ullico Inc.
President, Building and Construction Trades Department, AFL-CIO (BCTD)
Stuart Marshall Bloch
Chairman of the Board of Directors, Congressional Bank
President, International Union of Bricklayers & Allied Craftworkers (BAC)
Salvatore “Sam” J. Chilia
International Secretary-Treasurer, International Brotherhood of Electrical Workers (IBEW)
James A. Grogan
General President, International Association of Heat and Frost Insulators and Allied Workers (HFIU)
Joseph T. Hansen
International President, United Food and Commercial Workers International Union (UFCW)
Thomas C. Jones
Senior Advisor, The Hagerty Group, LLC
Daniel J. Kane
Vice President, Eastern Region International Brotherhood of Teamsters (IBT)
Christopher B. Lissner
President and Managing Member, Acropolis Investment Management, LLC
Edward J. McElroy
Immediate Past CEO, Ullico Inc.
Terence M. O’Sullivan
General President, Laborers’ International Union of North America (LiUNA)
Patrick R. Perno
Retired General Secretary-Treasurer, United Association of Plumbers and Pipefitters (UA)
Kinsey M. Robinson
International President, United Union of Roofers, Waterproofers and Allied Workers
Vincent R. Sombrotto
President Emeritus, National Association of Letter Carriers (NALC)
Edward C. Sullivan
President Emeritus, Building and Construction Trades Department, AFL-CIO (BCTD)
Michael J. Sullivan
General President Emeritus, Sheet Metal Workers’ International Association (SMWIA)
President, Graphic Communications Conference of the International Brotherhood of Teamsters (GCC/IBT)
Richard L. Trumka
James A. Williams
General President, International Union of Painters and Allied Trades (IUPAT)