Encore Fiduciary
Encore Fiduciary underwrites specialty fiduciary and management liability insurance for employee benefit plan sponsors, private and not-for-profit companies, and labor unions, distributing exclusively through brokers with carrier backing from Hudson, Preferred Professional, and Coverys.
- Company typePrivate
- Founded2011
- HeadquartersVienna, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Encore Fiduciary does
Encore Fiduciary is a specialty insurance underwriting company operating as a division of Specialty Program Group LLC. Founded in 2011 (originally as Euclid Fiduciary, rebranded in October 2021), the firm underwrites fiduciary liability insurance, management liability insurance, ERISA fidelity bonds and crime policies, cyber liability insurance, labor professional liability insurance, non-profit D&O insurance, and labor organization bonds. Its core product, fiduciary liability insurance, covers single-employer, multiemployer, and governmental employee benefit plan sponsors against ERISA Section 409 fiduciary breach claims, with policy limits up to $15 million. In 2024 the firm expanded into a bundled Management Liability package combining D&O, Employment Practices Liability, Fiduciary Liability, and Crime Insurance for private and not-for-profit entities. Policies are backed by Hudson Insurance Group (AM Best A+), Preferred Professional Insurance Company (AM Best A), and Coverys Specialty Insurance Company (AM Best A).
The firm distributes exclusively through licensed insurance brokers and agents, with underwriters carrying direct decision-making authority. Its leadership team includes a President, Chief Revenue Officer, Head of Management Liability, Chief Claims Officer, Chief Business Officer, Director of Underwriting, and multiple Senior Underwriters drawn from AIG, Chubb, Travelers, Beazley, CAP Specialty, and Hudson. The firm is registered as a DBA of Specialty Program Group LLC (SPG Insurance Solutions in California, License No. 0L09546), headquartered in Midtown Manhattan at 1065 6th Ave, 4th Floor. Encore generates revenue through recurring annual insurance premiums on subscription-style policies, with pricing customized per plan characteristics, size, complexity, and coverage limits.
The firm has built a defensible position through proprietary thought leadership, including the Fiduciary Liability Insurance Handbook, the Fid Guru Blog (co-authored with Davis & Harman LLP), an annual Large-Plan Recordkeeping Benchmark Study tracking 2,500+ large plans, and amicus briefs filed at the U.S. Supreme Court in Cunningham v. Cornell and Hughes v. Northwestern. The Department of Labor has validated that its ERISA fidelity bond complies with Section 412 fraud-and-dishonesty standards. Customer segments span single-employer, multiemployer, and governmental benefit plans, private and not-for-profit companies, and 501(c)(5) labor organizations including international unions, district councils, local unions, JATCs, and labor-related associations.
Encore Fiduciary firmographics
Firmographics- Name
- Encore Fiduciary
- Legal name
- Encore Fiduciary, division of Specialty Program Group LLC
- Website
- https://encorefiduciary.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Encore Fiduciary underwrites specialty fiduciary and management liability insurance for employee benefit plan sponsors, private and not-for-profit companies, and labor unions, distributing exclusively through brokers with carrier backing from Hudson, Preferred Professional, and Coverys.
- Ownership category
- akta.pro rank
Encore Fiduciary industry classification
Industry- Product category
- Specialty Liability Insurance (Fiduciary and Management Liability)
- NAICS
- Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers and Related Activities (524)
- SIC
- Fire, Marine & Casualty Insurance (6331)
- akta.pro primary industry
- Management Liability (D&O/EPL/Fiduciary) (FSAJAGAD)
- akta.pro secondary industry
- Professional Liability (E&O) (FSAJAGAC)
Keywords
Where Encore Fiduciary is headquartered
LocationHeadquarters
- HQ city
- Vienna
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Encore Fiduciary business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Fiduciary Liability Insurance Premiums: Underwriting and administering fiduciary liability insurance policies for employee benefit plans, collecting insurance premiums from plan sponsors and fiduciaries
- Management Liability Insurance Premiums: Comprehensive management liability coverage including D&O, EPL, Fiduciary and Crime insurance for private companies and not-for-profits
- Fidelity Bonds/Crime Policy Premiums: ERISA-required fidelity bonds and crime insurance policies for employee benefit plans
- Labor Professional Liability Insurance Premiums: Professional liability coverage for labor unions, labor organizations, and non-profit entities
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Fiduciary Liability Insurance - Custom Quote |
| Subscription | Annual | Management Liability Insurance - Custom Quote |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels7 records
Encore Fiduciary product offering
Product offeringCore offering
Encore Fiduciary underwrites and distributes specialty liability insurance products — primarily fiduciary liability insurance and management liability insurance — for U.S. employee benefit plans (single-employer, multiemployer, governmental), labor unions, and non-profit organizations. Offerings are placed exclusively through licensed insurance brokers and agents, with carrier capacity from Hudson Insurance Company (AM Best A+), Preferred Professional Insurance Company, and Coverys Specialty Insurance Company. The company complements its insurance products with proprietary thought-leadership content, including the Fiduciary Liability Insurance Handbook and an annual Large-Plan Recordkeeping Benchmark Study.
Product overview
Encore Fiduciary is a premier fiduciary liability insurance underwriting company offering a comprehensive suite of insurance products for employee benefit plans and organizations. The core product portfolio includes Fiduciary Liability Insurance (their flagship product for single-employer, multi-employer, and governmental benefit plans), Management Liability Insurance (a unified package combining D&O, Employment Practices, Fiduciary, and Crime coverage), ERISA Fidelity Bonds/Crime Policies, Cyber Liability Insurance, Labor Professional Liability Insurance, Non-Profit D&O Insurance, and Labor Organization Bonds. The company has recently expanded beyond fiduciary insurance to offer broader Management Liability coverages for private and not-for-profit entities. Their products are backed by carrier partners including Hudson Insurance Company (AM Best A+ rated) and Coverys Specialty Insurance Company. In addition to insurance products, Encore provides thought leadership resources including the Fiduciary Liability Insurance Handbook and the Large-Plan Recordkeeping Benchmark Study.
Differentiator
Problem solved
Functional benefit
Products and services
- Fiduciary Liability Insurance Comprehensive fiduciary liability insurance protecting plan trustees, fiduciaries, and employee benefit plans against claims alleging breach of fiduciary duties or errors in plan administration. Provides defense and indemnity coverage for single-employer, multi-employer, and governmental benefit plans, with limits capacity up to $15 million, duty-to-defend with choice of counsel, $0 retention for non-indemnifiable loss, full PPACA and HIPAA/HITECH penalty coverage, pre-claim investigation costs, and no hammer clause.
- Encore Management Liability (D&O, EPL, Fiduciary, Crime package) Comprehensive management liability coverage package for private and not-for-profit companies combining Directors & Officers Liability, Employment Practices Liability, Fiduciary Liability, and Crime Insurance, with flexible individual or shared limit options up to $10 million. Backed by Preferred Professional Insurance Company (A.M. Best 'A') and Coverys Specialty Insurance Company (A.M. Best 'A').
- ERISA Fidelity Bonds / Crime Policies ERISA-compliant fidelity bonds protecting employee benefit plans against losses from fraudulent or dishonest acts, with coverage for computer theft, funds transfer fraud, and social engineering scams. Limits up to $10 million; the Department of Labor has validated that the Encore fidelity bond complies with ERISA's fraud and dishonesty standard in trust fund audits.
- Cyber Liability Insurance Cyber liability coverage for employee benefit and retirement plans, including first and third-party coverages such as enterprise security event liability, privacy regulation liability, computer system extortion, crisis management, business interruption, ransomware loss, and social engineering fraud.
- Labor Professional Liability Insurance Professional liability coverage designed for labor unions and labor organizations (501(c)(5) entities), covering collective bargaining risks, duty of fair representation, employment practices, and personal injury. Includes individual labor leader coverage; designed for International, Regional, District Council and Local unions, JATCs, and labor related associations.
- Non-Profit D&O Insurance Directors and officers insurance for employee benefit plans and non-profits with capacity up to $5 million, including defense costs outside limits, wage and hour defense coverage, and optional employment practices, fiduciary, and crime coverage.
- Labor Organization Bonds Bonds for labor organizations required under LMRDA, protecting union funds against losses from fraudulent or dishonest acts by officers or employees. Limits available up to $1 million with no retention for employee theft.
Quantifiable outcome
- The DOL validated that the Encore fidelity bond complies with ERISA's fraud and dishonesty standard in trust fund audits
- +1 more outcomes
Companies that use Encore Fiduciary
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Encore Fiduciary technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Encore Fiduciary partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered strategic, core and minor.
- Davis & Harman LLPstrategicLaw firm Davis & Harman LLP co-authors fiduciary liability thought leadership content with Encore Fiduciary, including blog posts on ERISA litigation trends and Supreme Court case analysis. The firm authored amicus briefs on behalf of the American Benefits Council on fiduciary issues.
- Hudson Insurance GroupcoreHudson Insurance Group providesEncore Fiduciary with underwriting, claims and marketing authority. Hudson is the U.S. Insurance Division of Odyssey Re Holdings Corp. and is an AM Best A+ (Superior) carrier with demonstrated track record in multiemployer and governmental fiduciary liability and labor affinity niche. Encore Fiduciary underwriters have been underwriting for Hudson for more than 15 years.
- Preferred Professional Insurance CompanycorePreferred Professional Insurance Company backs Encore's Management Liability insurance policies. Rated 'A' (Excellent) by A.M. Best with assets of $3.99 billion and $1.4 billion in policyholder surplus.
- Coverys Specialty Insurance CompanycoreCoverys Specialty Insurance Company backs Encore's Management Liability insurance policies alongside Preferred Professional Insurance Company. Rated 'A' (Excellent) by A.M. Best.
- IFEBP - International Foundation of Employee Benefit PlansminorProfessional association for employee benefit plan professionals; listed as a resource link on Encore's associations page
- NCCMP - National Coordinating Committee of Multiemployer PlansminorTrade association representing multiemployer plans; listed as a resource link
- PLUS - Professional Liability Underwriting SocietyminorProfessional liability insurance industry association; several Encore team members are members
- NAPA - National Association of Plan AdvisorsminorAssociation for retirement plan advisors; Encore team members are members
- Dorsey & Whitney Law FirmstrategicLaw firm Dorsey & Whitney assists Encore Fiduciary in tracking ERISA class action litigation data, providing analysis of lawsuit trends and settlement data for industry reports
Scale indicators5 records
Recent moves7 records
Expansion highlights5 records
Encore Fiduciary competitors and assessment
Company assessmentDirect peers
- Beazley: Specialty insurer with a strong professional liability franchise including fiduciary, D&O, and crime coverages for financial institutions and benefit plans; Encore's Chief Claims Officer previously led professional liability claims at Beazley.
- Markel Corporation: Specialty insurer with dedicated professional liability and management liability divisions serving non-profits, private companies, and financial institutions; competes for the same broker-distributed niche D&O/EPL/fiduciary business.
- Travelers: Major US insurer offering management liability and professional liability coverage including fiduciary and D&O products; Encore's Chief Claims Officer and a recent senior underwriter hire both came from Travelers' specialty liability groups.
- Chubb: Global P&C and specialty insurer offering fiduciary liability, D&O, EPL, and crime coverages to large employer benefit plans, private companies, and non-profits — directly competing with Encore's product suite across overlapping broker channels.
- RLI Corp: Specialty insurance underwriter with niche professional liability and management liability products for non-profits, private companies, and financial services — comparable distribution model of selling through specialty brokers with niche underwriting expertise.
- AIG: Large multinational insurer with a dedicated Financial Lines unit offering fiduciary liability, D&O, EPL, and crime policies to public, private, and non-profit entities; Encore's Head of Management Liability previously oversaw AIG's Northeast Financial Lines business.
- Hiscox: Specialty insurer focused on professional liability and management liability for small to mid-market private companies and non-profits, with overlapping D&O/EPL/fiduciary product offerings distributed through brokers.
Broad incumbents
- The Hartford: Large US insurer with a Financial Lines group offering management liability and fiduciary products, primarily distributed through brokers to mid-market and enterprise customers; competes broadly but without Encore's fiduciary specialization.
- AXA XL: Global specialty insurer offering D&O, fiduciary, and professional liability products through broker networks to large corporations and financial institutions; broader portfolio with global reach compared to Encore's US-focused niche.
- CNA Financial: Large P&C insurer with a Financial Lines portfolio including D&O, EPL, fiduciary, and crime products targeting mid-market and large enterprises; broader portfolio overlap with Encore but less specialized in fiduciary liability for employee benefit plans.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Encore Fiduciary social profiles
Digital presenceEncore Fiduciary financial estimates
Financial estimateRevenue estimate
Valuation estimate
Encore Fiduciary leadership team
Management profileNumber of profiles
Profiles10 records
Encore Fiduciary funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Encore Fiduciary M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Encore Fiduciary
What does Encore Fiduciary do?
Encore Fiduciary underwrites and distributes specialty liability insurance products — primarily fiduciary liability insurance and management liability insurance — for U.S. employee benefit plans (single-employer, multiemployer, governmental), labor unions, and non-profit organizations. Offerings are placed exclusively through licensed insurance brokers and agents, with carrier capacity from Hudson Insurance Company (AM Best A+), Preferred Professional Insurance Company, and Coverys Specialty Insurance Company. The company complements its insurance products with proprietary thought-leadership content, including the Fiduciary Liability Insurance Handbook and an annual Large-Plan Recordkeeping Benchmark Study.
Is Encore Fiduciary a public or private company?
Encore Fiduciary is a private company. It is classified as corporate owned and is currently operating.
When was Encore Fiduciary founded?
Encore Fiduciary was founded in 2011. It employs 11 to 50 people.
Where is Encore Fiduciary based?
Encore Fiduciary is headquartered in Vienna, United States, in the North America region.
How does Encore Fiduciary make money?
Four revenue lines are on record. Fiduciary Liability Insurance Premiums are the primary driver. The others are management Liability Insurance Premiums, fidelity Bonds/Crime Policy Premiums and labor Professional Liability Insurance Premiums.
Who are Encore Fiduciary's main competitors?
Direct peers on record are Beazley, Markel Corporation, Travelers, Chubb, RLI Corp, AIG and Hiscox. Broad incumbents are The Hartford, AXA XL and CNA Financial.
Does Encore Fiduciary have an API?
No public API is recorded for Encore Fiduciary.
What industry is Encore Fiduciary in?
Encore Fiduciary's product category is Specialty Liability Insurance (Fiduciary and Management Liability). Its primary akta.pro industry code is FSAJAGAD, Management Liability (D&O/EPL/Fiduciary), with a secondary code of FSAJAGAC, Professional Liability (E&O). Its NAICS code is 52412 and its SIC code is 6331.