Ullico announced that its 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 Company, 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. The increase in limits will allow the company to underwrite larger, national benefit funds though one insurance program.
“The increase in limits is testament to the success of our partnership with Alterra America,” comments William K. Cavanagh, president of Ullico Casualty Group. “Our Professional Liability program had a great year in 2014. We retained over 96 percent of business, wrote over $5.1 million in new business, and effectively managed our loss ratios. We have proven ourselves to Alterra America and Markel, two strong and respectable companies, so we may further develop our alliance.”
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.
Source: Ullico Inc.
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