Dear Partners and Friends of Euclid Specialty, we are celebrating the fifth anniversary of Euclid Specialty, and want to say thank you.
We started in November 2011 with the mission to build a great underwriting company based on providing superior expertise in a complex niche. In a world of increasing commoditization, we wanted brokers and employee benefit plans to choose Euclid Specialty because we represent the most prudent choice for your clients with personal assets at risk. We want you to feel confident Euclid Specialty has the very best knowledge and expertise to satisfy your client’s fiduciary responsibilities. Expertise is the bedrock of our company, and we will work every day to provide the best choice for America’s benefit fund trustees and fiduciaries.
As we take a moment to reflect on our achievements, we consider the following:
- We have provided a consistent, reliable and independent fiduciary liability insurance market to protect trustees of non-profit employee benefit plans;
- We have introduced valuable coverage enhancements for fiduciary liability insurance with the Euclid Vanguard Fiduciary Policy, many of which have been adopted by our competitors, including CyberEssentials coverage, enhanced penalty coverage, including the Euclid Penalty Box and miscellaneous/other penalty coverage, and expanded non-fiduciary and settlor coverage.
- We have provided governmental benefit plans more transparent insurance coverage that provides choices for levels of indemnification, including introducing ASide coverage for individual benefit plan trustees;
- We introduced an ERISA fidelity bond and crime coverage with the broadest protection in the market that covers assets with third-party custodians;
- We have provided fiduciary liability thought leadership to the professional liability community with our white papers and publications;
- We have achieved the Target Markets Program Administrator Best Practice Designation as the premier standard of excellence in the program underwriting industry.
For those that work with us closely, you know we will not rest on our laurels. We will continue to strive for constant improvement. But our mission will remain the same: to serve as an excellent, reliable and independent market for high quality fiduciary insurance coverage – a market that meets the standard of expertise and prudence mandated by ERISA and other fiduciary responsibility laws.
Thank you again to all of the insurance representatives who have chosen Euclid Specialty to protect their clients. We take this responsibility seriously and will continue to work hard to earn and keep your trust.
Very truly yours, The Euclid Specialty Team