WASHINGTON, DC (July 11, 2011) — Ullico Inc., the Labor-owned multi-line holding company offering insurance and financial products and services, announced that its subsidiaries Ullico Casualty Group, Inc. and Ullico Casualty Company (Ullico Casualty) have formed a strategic alliance with leading property and casualty insurance carrier Philadelphia Insurance Companies (PHLY). The partnership gives PHLY an avenue to deliver contract and commercial surety bonds, while supplying Ullico Casualty with the financial backing to serve large union contractors.
Under the agreement with PHLY, Ullico Casualty will transform its Surety business from underwriting and issuing Surety bonds to providing a unique distribution channel and effective risk management programs to Ullico Casualty's organized labor affinity market. Over the past four years, Ullico Casualty, the company's property and casualty business unit, has built the Surety product line to be among the top 40 providers in the country , enabling hundreds of small to mid-size contractors to obtain the coverage they need to qualify for work on construction projects. This alliance with the A+ (Superior) rated Philadelphia Insurance Companies will allow the company to offer Surety solutions to a broader array of union contractors.
“We understand the importance of Surety bonds to our small and medium sized union contractors,” said Daniel Aronowitz, president, Ullico Casualty. “While we have helped many union contractors over the last several years, this arrangement will allow us to help many more as we now have a special relationship with a powerful partner who maintains an A.M. Best rating of A+ (Superior).”
The new business relationship will be based at PHLY's headquarters in Bala Cynwyd, Pa., but will continue to serve the Surety needs of union contractors nationwide. The transition began on July 1, 2011 as Ullico Casualty's Surety business employees officially became members of the PHLY staff.
Christopher Maguire, president and chief operating officer, Philadelphia Insurance Companies, added, “We look forward to working in conjunction with Ullico Casualty to provide a range of surety products to union contractors of all sizes. Ullico Casualty has done a tremendous job of assisting many in this affinity group that faced challenges securing Surety bonds, and we anticipate that with the combined strength of PHLY, it will enable Ullico Casualty to continue helping union contractors and remain a significant player in the Surety market.”
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.
About Philadelphia Insurance Companies
Philadelphia Insurance Companies, a member of the Tokio Marine Group, designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. In operation since 1962, the Company, whose commercial lines insurance subsidiaries are rated A+ (Superior) by A.M. Best Company and A+ for counterparty credit and financial strength by Standard & Poor's, is nationally recognized as a member of Ward's Top 50. The organization has 46 offices strategically located across the United States to provide superior service. To locate the office nearest you or for more information, visit us on the web at www.phly.com.
Philadelphia Insurance Companies is the marketing name for the property and casualty operations of Philadelphia Consolidated Holding Corp. In the United States, all products are written by insurance company subsidiaries of Philadelphia Consolidated Holding Corp. Coverage may not be available in all jurisdictions and is subject to actual policy language. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds. Non-insurance products and services may be provided by independent third parties.