WASHINGTON, D.C. (December 20, 2010) — Ullico Casualty Group Inc. (“Ullico Casualty”), a wholly-owned subsidiary of Ullico Inc., announces today that it has increased its fiduciary liability insurance limits from $15 million to $25 million, effective immediately. Limits are available on a primary or excess basis.
“Offering a $25 million limit of liability will allow Ullico Casualty to serve the larger multiemployer and public funds' fiduciary liability business,” says Daniel Aronowitz, President of Ullico Casualty. “Since the mid-1980s, we have consistently enhanced fiduciary liability coverage to meet the changing regulatory exposures that trustees confront. Our increased limits of liability represent another product enhancement that will better protect our policyholders by providing greater personal liability coverage when they need it.”
Ullico Casualty aligns with Hudson Insurance Company (“Hudson”) to offer fiduciary liability insurance. Hudson is rated “A” (Excellent), financial size category XV (surplus greater than $2 billion) by A.M. Best as of 10/30/2010. Hudson is the lead primary insurer of Odyssey Re Holdings Corp., the holding company (with a surplus greater than $3.5 billion) for one of the world's largest underwriters of property and casualty insurance and reinsurance.
Hudson Senior Vice President Steve Porcelli notes, “Our program with Ullico Casualty has been very successful. Ullico Casualty's leadership and the professional underwriting and claims teams have demonstrated their deep understanding of the fiduciary liability marketplace. We want to expand our support of this program which has helped thousands of trust funds and their trustees by providing a competitive scope of coverage to protect the trustees from personal exposure.”
Ullico Casualty's fiduciary program offers a unique policy that combines a “duty to defend” policy form with the insured's ability to select counsel. Other policy highlights include expanded Health Insurance Portability and Accountability Act (“HIPAA”) coverage for penalties imposed by the Health Information Technology for Economic and Clinical Health Act (“HITECH”), the Pension Protection Act (“PPA”) including 502(c) liabilities, the recently enacted Patient Protection and Affordability Coverage Act (“PPACA”) and defense cost protection for trustees facing liability for non-fiduciary duties.
Ullico Casualty offers fiduciary liability through Ullico Labor Protection Group, a risk purchasing group filed and approved in Washington, D.C. and insured by Hudson.
Ullico Casualty is the risk solutions provider for the union workplace. To meet this special mission, the company creates insurance products designed to grow the labor movement. From its core fiduciary liability insurance for multiemployer and public benefit funds, to its captive solutions that help reduce the cost of workers' compensation for unionized employers, Ullico Casualty is providing solutions for the risk problems of its union affinity market.
Funds, labor unions and insurance brokers may obtain more information from Daniel Aronowitz or John O'Brien, Vice President of Marketing, at 888.315.3352 or on Ullico Casualty's website, www.ullico.com/casualty.
Ullico Inc. is a $5.5 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.
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.