Achievement is yet another step in the renaissance of the insurer
WASHINGTON, D.C. (October 7, 2009) - ULLICO Casualty Company ("ULLICO Casualty") finished the second quarter of 2009 with more than $102 million in gross written in force premium, surpassing the $100 million mark in record time. This achievement is yet another step in the renaissance of ULLICO Casualty as it becomes the risk solutions provider for its affinity labor market.
ULLICO Casualty has grown to more than $100 million in written in force premium -- a five-fold increase from four years ago -- with careful rebuilding of its five core product lines. ULLICO Casualty quickly resumed a market leading position for its core fiduciary and union liability insurance products for multiemployer benefit funds and labor unions. ULLICO Casualty also regained a strong market for workers' compensation, commercial lines and surety for unions and unionized employers. Much of the company's recent growth has come from innovative insurance transactions like agency and group captives for its specialty markets.
As a company dedicated to the advancement of the labor movement, ULLICO Casualty effectively responds to risk problems facing the labor movement. Since the adoption of a new management team in 2005, ULLICO Casualty's goal of solving labors' unique problems has been rejuvenated. The team believes in the company's mission and is dedicated to making ULLICO Casualty America's number one provider of choice for labor unions and unionized employers.
If you visit the office of any ULLICO Casualty Company executive, you will see a bottle of champagne sitting in the corner of his or her office. As ULLICO Casualty President Daniel Aronowitz explains, "The bottle of champagne is a constant reminder of our goal to achieve an 'A-/Excellent' rating from A.M. Best. We are on the doorstep of our ultimate goal. We are thrilled to surpass $100 million in gross written in force premium because it demonstrates that the marketplace has responded to the valuable insurance we provide. But we will not celebrate with our champagne until we reach our ultimate goal."
Edward M. Smith, President of ULLICO Inc., the holding company, expressed pride in the growth of ULLICO's Casualty operation: "The rapid growth of ULLICO Casualty is part of the revitalization of the labor movement in America. Passing the $100 million mark is just one outward sign of our work at ULLICO to advance labor."
About ULLICO Inc.
ULLICO Inc., with $5.3 billion in total assets under management, is an insurance and financial services holding company. ULLICO's subsidiary companies include The Union Labor Life Insurance Company; ULLICO Investment Advisors, Inc.; ULLICO Investment Company; ULLICO Casualty Company; and ULLICO Casualty Group, Inc. Since 1927, the ULLICO Family of Companies has offered quality insurance and investment products and services to its single most important client, the American labor movement. For additional information, visit www.ullico.com/casualty or call John O'Brien at 202.962.2980.
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John O'Brien:Vice President