Ullico Inc.’s property and casualty insurance subsidiary, Ullico Casualty Group, Inc., may offer up to $25 million in multiemployer fiduciary liability insurance in its program with Alterra America Insurance Co., a Markel company. The $10 million increase in coverage is now available as excess to the fiduciary liability primary form.
As multiemployer funds face new pressures from regulatory bodies or confront increased funding challenges, trustees may need higher limits to account for these greater exposures. Ullico Casualty Group can personal liability more extensively and will also allow Ullico Casualty Group to underwrite larger, national benefit funds though one insurance program.
According to William K. Cavanagh, president of Ullico Casualty Group, the company’s professional liability retained over 96 percent of its business in 2014, wrote over $5.1 million in new business, and effectively managed loss ratios.
“We have proven ourselves to Alterra America and Markel, two strong and respectable companies, so we may further develop our alliance,” he said.
Policy highlights include a “duty to defend” policy form with the policyholder’s right to select counsel, broad definitions of insured and wrongful act, and coverage for fiduciary exposures. Other professional liability products from Ullico Casualty Group include union liability insurance and governmental fiduciary liability insurance. Coverage provided by Alterra America Insurance Co., a Markel company.
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