The Ullico Inc. family of companies have many things to be excited about thus far in 2014. During the first six months of the year, the company:
Building off the progress made during the previous year, Ullico Casualty Group (UCG) also posted a positive first half of 2014. Highlights include:
"It is my belief that the positive retention numbers indicate the confidence of both the brokers and the insureds in Ullico as a company and our partnership with Alterra America, a Markel company," said Bill Cavanagh, president of Ullico Casualty Group. "I believe this confidence comes from the continuity of our management team and underwriting staff, as well as stability in our products and overall expertise."
Cavanagh says that his focus for UCG will be to increase the quality of service to the brokers and insureds, streamline operations and ensure compliance with all regulatory bodies.
"Our goal is to be the best that we can be in the professional liability space and to improve, if only by degrees, all areas within our professional services line. Every day, I am in touch with our insureds and brokers and exploring ways to meet their needs and I believe our team has stepped up to the plate and exceeded everyone’s high expectations," Cavanagh said.
The life and health business unit of Ullico reported strong sales in the first half of 2014 and is having a record year of medical stop loss policy sales. Through June, stop loss sales exceeded $17 million of new annual premium and are on pace to exceed the prior sales record of $19.9 million for the full year 2011.
The strong sales are a result of the need for health care funds to have coverage for very large health claims. Beginning in 2014, the Affordable Care Act (sometimes known as Obamacare) requires health plans to remove any limit on the amount that will be paid by insurance on any one claim during a calendar year. Without stop loss insurance, a fund would have unlimited liability from claims from any plan member.
In addition, The Union Labor Life Insurance Company has received endorsements from five international unions–International Bricklayers and Allied Craftworkers; International Brotherhood of Teamsters; International Brotherhood of Electrical Workers; International Union of Operating Engineers; and, Laborers’ Internat ional Union of North America– as part of its stop loss partnership with organized labor.
"We appreciate being the stop loss insurer of choice for many funds and their consultants and brokers," said Dan Wolak, president of The Union Labor Life Insurance Company. "We realize that the ACA is resulting in new rules and costs for health funds and we want to help protect plan assets through our insurance and our focus on negotiating savings on large claims."
The unit continues to position itself in the changing health care arena for union-provided health coverage and is working with labor on ways to offer insurance to members in the future.
As of June 30, Ullico’s investment services business unit raised more than $140 million for its various investment strategies this year.
"Our sales professionals have been highly focused on raising assets for the company and the momentum continues," said Joseph Linehan, president of Ullico Investment Company, Inc. "In the months and years ahead, we look forward to working diligently on behalf of our clients to achieve their investment objectives.