Washington, DC (February 18, 2015) – Ullico Inc. today announced that its property and casualty insurance subsidiary, Ullico Casualty Group, Inc., may offer up to $25 million in multiemployer fiduciary liability insurance in its program with Alterra America Insurance Company, a Markel company. The $10 million increase in coverage is now available as excess to the fiduciary liability primary form.
As multiemployer funds face new pressures from regulatory bodies or confront increased funding challenges, trustees may need higher limits to account for these greater exposures. They may now rely on Ullico Casualty Group to protect their personal liability more extensively. The increase in limits will also allow Ullico Casualty Group to underwrite larger, national benefit funds through one insurance program.
“The increase in limits is testament to the success of our partnership with Alterra America,” comments William K. Cavanagh, president of Ullico Casualty Group. “Our Professional Liability program had a great year in 2014. We retained over 96% of business, wrote over $5.1 million in new business, and effectively managed our loss ratios. We have proven ourselves to Alterra America and Markel, two strong and respectable companies, so we may further develop our alliance.”
Daniel G. Gamble, Managing Director of Markel Global Insurance says, “As our program completes its second year and underwrites $50 million in annual direct written premium, our relationship with Ullico Casualty Group could not be stronger, and we look forward to continuing our long term partnership.”
Policy highlights include a "duty to defend" policy form with the policyholder’s right to select counsel, broad definitions of “Insured” and “Wrongful Act,” and coverage for fiduciary exposures. Other professional liability products from Ullico Casualty Group include union liability insurance and governmental fiduciary liability insurance. Coverage provided by Alterra America Insurance Company, a Markel company, rated A (XV) by A.M. Best Company as of 12/31/2014.
Visit www.ullico.com/casualty for more information on fiduciary liability insurance from Ullico Casualty Group.