Philadelphia Insurance Companies (PHLY), a property and casualty insurance company for niche markets, is launching a new surety bond division through a strategic alliance with Ullico Casualty Company and Ullico Casualty Group Inc. (Ullico Casualty). PHLY can now offer surety bonds to contractors, sub-contractors and others in the construction industry. PHLY also will offer selective commercial surety bonds.
“The goal of our new surety bond division is to be one of the premier surety providers in the country,” said Chris Maguire, president and chief operating officer of Philadelphia Insurance Companies.
“PHLY’s financial strength and extensive niche market experience, combined with our new surety division’s network of agent relationships will provide excellent growth opportunities into new markets.”
The new PHLY surety division will be led by Senior Vice President Edward Titus, who built Ullico Casualty into the 40th largest surety in the country. He brings with him a staff of nine from Ullico Casualty, who have more than 150 years of combined surety experience. The transition began on July 1, 2011, as Ullico Casualty’s surety business employees officially became members of the PHLY staff. PHLY will maintain a strategic relationship with Ullico Casualty, which also will serve as a producer for PHLY’s commercial property and casualty products.
About Philadelphia Insurance
Philadelphia Insurance Companies, a member of the Tokio Marine Group, designs, markets and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. In operation since 1962, the company, whose commercial lines insurance subsidiaries are rated A+ (Superior) by A.M. Best Company and A+ for counterparty credit and financial strength by Standard & Poor’s, is nationally recognized as a member of Ward’s Top 50. The organization has 46 offices located across the United States.
For more information, visit www.phly.com.