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Managing general agent Ullico Casualty Group Inc., a unit of union-owned insurance company Ullico Inc., has increased its multiemployer fiduciary liability insurance capacity to $25 million, up from $15 million, Ullico said Friday.
Washington-based Ullico Casualty Group will provide limits of up to $15 million on the fiduciary liability primary form, and up to $10 million of excess coverage.
The coverage is provided by Alterra America Insurance Co., a subsidiary of Glen Allen, Virginia-based Markel Corp.
In a statement, Ullico said the coverage includes 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.
“The increase in limits is testament to the success of our partnership with Alterra America,” William K. Cavanagh, president of Ullico Casualty Group, said in the statement. “Our Professional Liability program had a great year in 2014. We retained over 96% of business, wrote over $5.1 million in new business, and effectively managed our loss ratios.”
(Reuters) — A Saudi real estate company has sued Barclays P.L.C. for $10 billion, claiming the bank ceased pursuing lease payments due from the Saudi government on military complexes in the kingdom in order to obtain a lucrative banking license there.