A subsidiary of Ullico Inc., Ullico Casualty Group, Inc., is writing and renewing multiemployer and government fiduciary liability and union liability policies with Alterra American Insurance Company.
Ullico said that it 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.
President and CEO Edward M. Smith said Ullico has embraced the Managing General Agency (“MGA”) model through its Ullico Casualty Group subsidiary.
One of the steps the company took in 2012 was setting up Ullico Labor Captive to support its professional lines policies. “A captive is an efficient and focused vehicle to take risk on behalf of our customers assuring that labor's money is committed to protecting union members, their leaders and union employers,” Mr. Smith said.
Mr. Smith said the company also is pursuing a partnership to give Ullico Casualty Group a 50-state platform for its commercial lines.
Read more: www.ullico.com.