WASHINGTON, Feb. 26 /PRNewswire/ -- ULLICO Casualty Group (ULLICO Casualty) has aligned with Hudson Insurance Company (Hudson) to offer enhanced fiduciary and union liability insurance programs. Hudson is rated "A" (Excellent), financial size category XV (surplus greater than $2 billion) by A.M. Best Company. Hudson is the lead primary insurer of Odyssey Re Holdings Corp., the holding company for one of the world's largest underwriters of property and casualty insurance and reinsurance with shareholder equity in excess of $2.4 billion. ULLICO Casualty's fiduciary program will include higher limits of liability, up to $15 million for multi-employer benefit funds and $5 million for their union liability program for labor unions and their leaders. Both product offerings will also include significant policy enhancements.
ULLICO Casualty is offering the unique blend of "duty to defend" policy forms with choice of counsel selected by the insured. The fiduciary policy also enhances coverage for liabilities imposed under Health Insurance Portability and Accountability Act (HIPAA), the recent Pension Protection Act (PPA), and situations in which trustees face liability for non-fiduciary duties. ULLICO Casualty has enhanced its union liability program, which already provides broad coverage, to now include domestic partner coverage as well as third-party discrimination liability coverage, via endorsement.
"As the risk solutions provider for organized labor and multi-employer benefit plans, we chose to issue our market-leading fiduciary liability insurance policies with Hudson because they are a leading specialty insurance company in the United States," said Daniel Aronowitz, President of ULLICO Casualty Group. "Our alignment with Hudson combines the fiduciary expertise and experience of ULLICO Casualty with the safety and security of the large policyholder surplus of Hudson."
ULLICO Casualty pioneered coverage for the Closing Agreement Penalty program of the IRS, which has developed into a significant protection for benefit plans. Now ULLICO Casualty is the first to respond to the new 502(c) liabilities imposed by the PPA. Our new policy further demonstrates why ULLICO Casualty is the market leader in protecting trustees from emerging regulatory risks and liabilities.
ULLICO Casualty staff will continue to handle underwriting, marketing and claims management for the programs, as they have proven experience and expertise in executing these critical functions. The new fiduciary and union liability programs are available through ULLICO Labor Protection Group, a risk purchasing group filed and approved in Washington, D.C. and insured by Hudson. The purchasing group is already approved in 40 states, with new states being added weekly. The use of a purchasing group allows regulatory flexibility and speed to market to offer our products in an expedited manner for targeted niches with similar members -- multi-employer funds, labor unions and related entities.
Funds, labor unions and brokers may obtain more information from Daniel Aronowitz or John O'Brien, Assistant Vice President Marketing, at (202) 962- 2980 or toll-free at (888) 315-3352 x6.
About ULLICO Inc.
ULLICO Inc., with $5.3 billion in total assets under management, is an insurance and financial services holding company. ULLICO's subsidiary companies include The Union Labor Life Insurance Company; Trust Fund Advisors, Inc.; ULLICO Casualty Company and ULLICO Casualty Group. The ULLICO Family of Companies offers quality insurance, investment and administrative products and services marketed since 1927. For additional information, visit http://www.ullico.com.
This press release may contain certain "forward-looking statements." In particular, statements regarding growth in our business are forward-looking statements as are discussions of our product pipeline and expected performance. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of ULLICO Inc. or its subsidiary companies, or the industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.
ULLICO's forward-looking statements speak only as of the date of this press release or as of the date they are made, and ULLICO undertakes no obligation to update its forward-looking statements.
For more information, contact:
John O'Brien at 202.962.2980
Jim Paul at 202.682.7958
|SOURCE ULLICO Casualty Group|
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