Alterra America Insurance Company, a wholly-owned subsidiary of Alterra Capital Holdings, has signed an agreement with Ullico Casualty Group (UCG), to venture into the US multiemployer and governmental fiduciary liability and union liability insurance market.

As part of the long-term agreement, UCG will provide both new and renewal professional fiduciary and union liability insurance policies from Alterra America, starting 01 January 2013.

Alterra executive vice president and Alterra US Insurance chief executive officer Doug Worman said the partnership will offer a meaningful production source to the company for conducting profitable union program business.

UCG claims professionals and underwriters are expected to work with its producers in order to ensure a seamless transition to Alterra America.

Bermuda-based Alterra Capital is a provider of diversified specialty insurance and reinsurance products to corporations, public entities, and property and casualty insurers.

Ullico Casualty Group, is a subsidiary of Ullico, which offers a comprehensive portfolio of property and casualty insurance products that are designed to protect and grow the labor movement.