Ullico's history tells a uniquely American success story, about a union company born of necessity, nurtured by strong leadership, tested through the Great Depression, economic downturns, and constant challenges to the labor movement, to not only survive 90 years in business — but to flourish. We have been successful because quality never goes out of style. Our legacy of valuing workers mirrors that of the labor movement we serve. Over the years, Ullico has adapted to changing times with new product lines that serve to protect and grow the union movement. It was chartered as a life insurance company to cover union members at a time when coverage was not frequently available to them, but over the years it has transformed into labor's incubator by developing cutting edge solutions to the problems that labor unions face every day.
One of those solutions turns 40 next year: The J for Jobs investment platform was developed to take union pension fund dollars and invest them in a way that not only creates competitive returns but creates jobs for union members and contractors.
J for Jobs was originally designed to combat the recession of the 1970s, when double digit unemployment in the trades was common. Its continued success and longevity are a testament to the central idea of utilizing labor’s considerable financial resources to invest in itself. In 2010, we introduced the Ullico Infrastructure Fund as a tool to combat the overwhelming infrastructure needs of the country, while providing jobs for union members and rebuilding communities. In just six years, this fund has raised over $650 million. It has participated in projects worth billions of dollars of economic development, and its potential for continued growth is unlimited.
Throughout our history we have protected union members, unions, union leaders and fund trustees with our life insurance, stop loss coverage, union liability, fiduciary liability, and commercial insurance products. We recently added a private exchange for union members' health care, and a labor-friendly defined contribution platform, all to meet the growing and changing needs of today’s union marketplace.
Through all the years, the constant thread in our success as a company is the quality and dedication of our employees. Our people truly believe in the mission, understand what's at stake, and always go the extra mile to deliver for union members. It's the quality of our employees that has allowed us to stand the test of time.
As we head into a new year, I want to thank our investors – the labor movement – who have always stood with us. Together, for 90 years we have faced many challenges, and turned them into opportunities for growth. We look forward to a new year with new opportunities, and a strong belief that our best years are yet to come.
Edward M. Smith
President and CEO