WASHINGTON, D.C. (April 24, 2012) — Ullico Inc. today reported strong first quarter performance in its Ullico Casualty Professional Insurance Lines, which company officials say indicates the transition to State National Insurance Company policies has been successful for both existing and new policyholders.
“These results are outstanding and exceeded our goals,” said Ullico President and CEO Edward M. Smith. “We are confident as we move forward that Ullico Casualty will keep its excellent retention rate and continue to build new business. I want to thank our brokers, Board of Directors and the hard working team at Ullico Casualty for their dedication to the success of the company.”
Officials from Ullico Inc., the labor owned multi-line holding company offering insurance and financial products and services, said first quarter direct written premium from Ullico Casualty Professional Liability products were $1.48 million, as compared to $1.2 million for the same quarter last year — a 23% increase.
In addition, the policy retention rate was in the mid-90 percent range. The Professional Liability lines include Fiduciary Liability for multiemployer and public benefit funds, and Union Liability.
“Our retention rate indicates that not only have we made a smooth transition, but that our strategy of smart, focused, and responsible underwriting is the right path for Ullico going forward,” said William K. Cavanagh, Vice President of Sales.
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For 85 years, Ullico has served the union workplace. The $5.6 billion insurance and financial services holding company is the only insurance and investment company that is labor-owned, which is why unions across America trust Ullico with protecting their families, employees, businesses and investments. Its subsidiary companies include: The Union Labor Life Insurance Company; Ullico Investment Advisors Inc.; Ullico Investment Company Inc.; Ullico Casualty Company; and Ullico Casualty Group, Inc.
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