WASHINGTON, Feb. 26 ULLICO Casualty Group (ULLICOCasualty) has aligned with Hudson Insurance Company (Hudson) to offer enhancedfiduciary and union liability insurance programs. Hudson is rated "A"(Excellent), financial size category XV (surplus greater than $2 billion) byA.M. Best Company. Hudson is the lead primary insurer of Odyssey Re HoldingsCorp., the holding company for one of the world's largest underwriters ofproperty and casualty insurance and reinsurance with shareholder equity inexcess of $2.4 billion. ULLICO Casualty's fiduciary program will includehigher limits of liability, up to $15 million for multi-employer benefit fundsand $5 million for their union liability program for labor unions and theirleaders. Both product offerings will also include significant policyenhancements.
ULLICO Casualty is offering the unique blend of "duty to defend" policyforms with choice of counsel selected by the insured. The fiduciary policyalso enhances coverage for liabilities imposed under Health InsurancePortability and Accountability Act (HIPAA), the recent Pension Protection Act(PPA), and situations in which trustees face liability for non-fiduciaryduties. ULLICO Casualty has enhanced its union liability program, whichalready provides broad coverage, to now include domestic partner coverage aswell as third-party discrimination liability coverage, via endorsement.
"As the risk solutions provider for organized labor and multi-employerbenefit plans, we chose to issue our market-leading fiduciary liabilityinsurance policies with Hudson because they are a leading specialty insurancecompany in the United States," said Daniel Aronowitz, President of ULLICOCasualty Group. "Our alignment with Hudson combines the fiduciary expertiseand experience of ULLICO Casualty with the safety and security of the largepolicyholder surplus of Hudson."
ULLICO Casualty pioneered coverage for the Closing Agreement Penaltyprogram of the IRS, which has developed into a significant protection forbenefit 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 ULLICOCasualty is the market leader in protecting trustees from emerging regulatoryrisks and liabilities.
ULLICO Casualty staff will continue to handle underwriting, marketing andclaims management for the programs, as they have proven experience andexpertise in executing these critical functions. The new fiduciary and unionliability programs are available through ULLICO Labor Protection Group, a riskpurchasing group filed and approved in Washington, D.C. and insured by Hudson.The purchasing group is already approved in 40 states, with new states beingadded weekly. The use of a purchasing group allows regulatory flexibility andspeed to market to offer our products in an expedited manner for targetedniches with similar members -- multi-employer funds, labor unions and relatedentities.
Funds, labor unions and brokers may obtain more information from DanielAronowitz 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 aninsurance and financial services holding company. ULLICO's subsidiarycompanies include The Union Labor Life Insurance Company; Trust Fund Advisors,Inc.; ULLICO Casualty Company and ULLICO Casualty Group. The ULLICO Family ofCompanies offers quality insurance, investment and administrative products andservices marketed since 1927. For additional information, visithttp://www.ullico.com.
This press release may contain certain "forward-looking statements." Inparticular, statements regarding growth in our business are forward-lookingstatements as are discussions of our product pipeline and expectedperformance. Such