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Alterra to partner with Ullico on fiduciary, union liability insurance coverages

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Labor and union insurer Ullico Inc. on Monday announced that Alterra America Insurance Co. will be its fronting partner for subsidiary Ullico Casualty Group Inc.’s multiemployer and government fiduciary and union liability insurance coverages.

Beginning Jan. 1, Ullico Casualty will offer new and renewal fiduciary and union liability insurance policies with Alterra America, Washington-based Ullico said in a statement.

The five-year agreement with Alterra America, a unit of Hamilton, Bermuda-based Alterra Capital Holdings Inc., replaces State National Insurance Co. Inc., which previously offered the coverages for Ullico, said Edward M. Smith, president and CEO of Ullico in Washington.

“Alterra was a long-term, stronger partner for us, allowing us to do bigger policies,” Mr. Smith said, noting that State National paper still will be used in some locations.

Ullico Casualty in July experienced a rating downgrade due to sizeable underwriting loss in 2011 and the departure of several key executives, according to a July statement by Oldwick, N.J.-based A.M. Best & Co. Inc.

“This is a specialty company set up to serve the labor marketplace. Previous management got us into a lot of different areas that really didn’t fit the mission of this company,” said Mr. Smith, who joined Ullico in January 2011.

“We are very pleased with the Alterra arrangement; we got a long-term, five-year agreement with them so we’re excited about that,” Mr. Smith said.