Sollievo offers bond and insurance solutions for credit unions through Lockton partnership
MIDDLETOWN, PA (May 6, 2014) — Expanding its risk-management products and services for credit unions, Sollievo has announced a new partnership with Lockton, the world’s largest privately owned insurance brokerage firm and one of the largest independent insurance brokers in the credit union movement.
Working with Sollievo, a CUSO of Mid-Atlantic Corporate Federal Credit Union, credit unions can engage one of the nation’s top independent insurance advisors for guidance on their individual insurance coverage needs. A detailed analysis of a credit union’s risk situation provides a better understanding of insurance needs, as well as the steps credit unions must take to comply with regulations and fulfill their fiduciary duty to members.
“There are so many risks and uncertainties in today’s financial services environment, having the right bond and insurance coverage is critical to credit unions,” said Lori Gall, president/CEO of Sollievo. “Each credit union has unique insurance needs, and Lockton understands this. Sollievo is pleased to connect our clients with Lockton to identify and secure the coverage they truly need.”
Lockton’s group-buying ability allows for highly competitive pricing and objective advice. The company links institutions with a broad selection of insurance coverage and risk-management solutions, such as Fidelity Bond, Directors and Officers, Cyber Liability, Plastic Card, Commercial Auto, Property, Workers Compensation, REO and Employment Practices Liability (EPL) policies.
Gall says credit unions often find they are paying for unnecessary coverage, or are paying above market rates. Through Sollievo’s referral program, Lockton will provide credit unions with free, comprehensive insurance reviews and will recommend cost-effective improvements.
“Lockton is experienced serving credit unions and the bond and insurance solutions that best accommodate their risks, exposures and changing regulations,” said Ryan Staub, Lockton’s credit union practice leader. “Every credit union is different, and through this partnership with Sollievo, credit unions will be able to better understand their risks and ensure they have the right coverage for their specific institution. We help credit unions select the right program for their institution from the entire marketplace, not just one provider.”
To learn more about Sollievo as well as its Lockton program, visit www.sollievo.com or call (855) 605-5664.
Sollievo Group, LLC is a wholly owned CUSO of Mid-Atlantic Corporate Federal Credit Union located in Middletown, Pa. Sollievo (pronunciation: solˈljɛvo), an Italian word that means relief, offers a comprehensive collection of risk-management products and services to credit unions. Sollievo’s mission is to provide peace of mind and help meet compliance obligations and improve the overall risk posture of credit unions. Services include enterprise risk management, information security services, training, business continuity services, and more. For more information, please visit www.sollievo.com.
Lockton is the largest privately held insurance broker consultant in the world. Their Credit Union Practice works with credit unions nationwide to help them better understand risk and design their bond/insurance and benefit programs accordingly. Since they are not the insurance provider, they can more objectively help credit unions determine what is the right structure and program for them, selecting from the entire marketplace. Collectively, Lockton works with credit unions whose assets total more than $100 billion. To learn more, visit www.lockton.com or www.locktoncreditunions.com.