Ullico Inc. has announced that its subsidiary, Ullico Casualty Group, Inc., will begin writing and renewing multiemployer and government fiduciary liability and union liability policies next week with Alterra American Insurance Co. Proposals and renewals released January 17, 2013 and later, in approved states, will be offered through Alterra America.
President and CEO Edward M. Smith said the company has completed a 12 month evaluation of its business plan and is transitioning back to its core business.
“Prior management had built several non-union programs through unaffiliated managers mostly in workers compensation insurance lines, and those programs have left a legacy of losses,” said Smith. “Focusing on our niche—labor unions, their members and employers, paid off in 2012 and will continue to do so in the future.”
Ullico is offering new enhancements to its fiduciary liability policies, and added several new endorsements to its other professional liability lines. These include:
- Full coverage limits for fiduciary surcharges under ERISA Section 502(a)3; Separate form for governmental fiduciary for tailored exposures; and full limits for non-fiduciary duties in the administration of employee benefit plans.
- New endorsements for professional lines including wrongful employment practices for fiduciary liability policies that include both defense and indemnity payments, third-party cyber liability, and coverage for miscellaneous professional services provided by policyholders, including training funds exposure to claims of failure to educate.
Smith said Ullico has embraced the managing general agency (MGA) model through its Ullico Casualty Group subsidiary, which has been a successful platform for Ullico’s professional lines for many years.
In 2012, the company set up Ullico Labor Captive to support its professional lines policies.
Smith said the company is also aggressively pursuing a partnership to give Ullico Casualty Group a 50-state platform for its commercial lines.
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