Ullico | Annual Report 2020

In March 2020, Ullico employees began working remotely due to the COVID-19 pandemic. At the time, no one could predict the pandemic's effect on business operations. But when times are tough, it's all about the people, and we have the best. A year later, we're proud to report that the patience, cooperation and positive attitude of our employees proved us right.
Not only did the company survive, it thrived. We adapted quickly and continued to deliver the products and services that union workplaces require, and at the same time we sought to maximize shareholder value. As a result, 2020 was another outstanding year, with several record-breaking achievement:

Remote Workforce

Ullico's 223 employees worked efficiently and effectively from remote locations during the COVID-19 pandemic.

Shareholder Liquidity

Ullico repurchased $4.2 million of company stock, resulting in the largest shareholder liquidity event in recent history.

All-Time Highs

Investment assets under management, property and casualty premiums, and stop loss new business all reached recent or record highs in 2020.

Winning At A Glance

$30.3 Million

Net income

$315.1 Million

Revenue (net earned premiums plus fee income)


Book Value per Share. An increase of 19% over prior year

$4.2 Million

Repurchase of Ullico stock, the largest shareholder liquidity event in recent history

$7.1 Billion

Ullico's Investment Services increased its assets under management (AUM) by approximately $704 million

Life & Health

$283.1 Million

Gross written premium, a new high

$37.5 Million

In new Stop Loss sales, a record high and retained 95% of its current business

$1.1 Million

Sales of supplemental insurance

$4.5 Million

Paid dividends to participating health and welfare funds

Union Labor Life continues to be a leader in covering union members for life insurance, with over 95% of current group life business retained and over 2.2 million members covered. Through the year, Union Labor Life paid over $45 million in group life insurance claims.

Union Labor Life also maintained its leadership role in providing medical stop loss coverage to health and welfare funds. The Life & Health division achieved $37.5 million in new stop loss sales and retained 95% of its current business.

The Stop Loss International Union dividend program allows policyholders and their health and welfare funds to earn dividends based on annual premium and/or claims experience. Since the program's inception in 2012 to the end of 2020, Union Labor Life has paid $32.7 million in dividends to participating health and welfare funds in these stop loss programs.

The supplemental insurance division, UnionCare, achieved $1.1 million in new sales and continues to enhance direct response distribution channels.

Property & Casualty

$71 Million

Program premium, a new high

$8.2 Million

In new business, a record high


Labor organizations and benefit plans covered

Ullico Casualty Group, LLC (UCG) demonstrated its unmatched commitment to safeguarding union leaders and multiemployer fund fiduciaries from personal liability. By updating coverages and loss control services as exposures evolve, UCG's expert underwriters and claims professionals help protect its policyholders.

In 2020, Professional Liability Program premiums reached a record $71 million, with 97% of policies renewing. The business unit also achieved a record number of insureds, with over 6,000 labor organizations and benefit plans covered.

The division continued to provide new products to the union marketplace. In 2020, it began offering Business Owners policies underwritten by member companies of Markel. It also promoted a new collaboration with NFP to insure construction and infrastructure projects.

UCG also rolled out new cyber liability tools in its risk management portal, the Ullico Resource Center.

Investments Services

$7.1 Billion

During calendar year 2020, Ullico's Investment Services increased its assets under management (AUM) by approximately $704 million

$685 Million

REIG invested in 15 projects in 2020

$600 Million

Over $600 million invested in 3 infrastructure transactions in 2020

$756 Million

Ullico's fixed-income platform assets under management (AUM) at year-end in 2020

Ullico's Investment Services division offers investment products and services specifically designed for the union marketplace and their benefit plans. Our signature real estate and infrastructure products offer investors the opportunity to earn appropriate risk-adjusted returns while promoting union job creation.

During calendar year 2020, Ullico's Investment Services division increased its assets under management (AUM) by approximately $704 million to reach $7.1 billion.

Real Estate Investment Group (REIG)
Ullico's real estate debt products, including its flagship Separate Account J (J For Jobs), have provided more than $19 billion in loan financings for more than 500 projects since inception in 1977. In 2020, REIG invested $685 million in fifteen projects. Including loan participations from other lenders, total financing amounted to over $3.25 billion for these transactions. Projections indicate that construction financed by these loans will generate significant economic activity, including the creation of over 13,500 jobs and 27 million working hours. Since its inception, J for Jobs has created over 335,000 jobs and 676 million working hours for union workers.

Ullico's real estate debt products are managed for Union Labor Life by the Real Estate Investment Group of Ullico Investment Advisors. It ended the calendar year with $3.7 billion in AUM.

Ullico Infrastructure Fund (UIF)
UIF finished calendar year 2020 with $2.4 billion in AUM. The portfolio consisted of 18 completed transactions covering 494 assets throughout North America. These assets represent all major sectors, including wind, solar, natural gas energy generation, electricity transmission, water distribution and wastewater collection and treatment, and transportation and social infrastructure. Four active UIF investments have created an estimated 6.7 million working hours for union members.

Responding to investment needs for the nation's infrastructure, UIF was established in 2010 to assist in the construction, maintenance and refurbishment of America's infrastructure. Since its creation, UIF has experienced significant growth in its AUM, its deal opportunity pipeline, and investor interest. UIF currently has in excess of $3.3 billion in investor commitments. UIF's objectives are to provide investors with appropriate risk adjusted returns, promote the creation of union jobs, and contribute to economic growth in the nation's communities.

UIA Investment Management (UIA-IM)
Launched in 2018, UIA-IM managed $756 million in fixed-income assets at 2020 year-end. As an affiliated investment platform, UIA-IM expands Ullico's in-house capability to provide focused fixed-income investment management services to institutional fund sponsors.

FINRA Disclosures   |   NABTU report card disclosure

Supporting the American Labor Movement

$2.13+ Million

Total contributions in 2020


Organizations supported

Founded and owned by labor, Ullico is committed to giving back to the labor movement and exerting a positive influence on the communities in which we work and live. To honor that commitment, Ullico has contributed to various nonprofit organizations and charitable causes that share the same goals that we do to make the world a better place for working Americans.

In 2020:


Community Organizations




Health & Wellness




Workers' Rights


COVID-19 Relief

Letter From the CEO & Chairman

Winning From Home

The success of the Labor's company in 2020 is in the numbers — but also what's behind those numbers.

In a year that was both tumultuous and tragic, in which most working families faced as much or more hardship, challenge and loss as they ever have, Ullico stood strong and steady. We achieved record results in our business units, and just like the union movement itself, we helped our nation carry onward.

When the threat of the COVID-19 pandemic became apparent, our company quickly adjusted. With the health of our 223 employees foremost in mind, we equipped them to fully fulfill their work remotely. But we didn't only maintain operations — we adapted and we grew, providing new and innovative services to the union workplace.

In all, we reported $30.3 million in net income during 2020, and our book value per share increased 19 percent from $24.52 to $29.10. These results were driven by all three business units at Ullico achieving recent or record highs. Ullico Casualty Group reported a record $71 million in gross written premium and $81 million in new business. Union Labor Life also achieved $283.1 million in gross written premiums, a recent high, along with $39.1 million in new sales. Our investment services division increased third party assets under management by over $700 million, surpassing $7.1 billion in 2020. Our focus on competitive returns and support for union workers earned the Ullico Infrastructure Fund the gold standard: a 100 percent rating from the North America's Building Trades Unions' Infrastructure Manager Report Card.

And despite the health and economic turmoil of 2020, our A- excellent rating from A.M. Best was reaffirmed.

Those are the numbers, but behind them is the story of how we serve our mission. As it became clear the pandemic was creating longer term unsettling changes, we helped our key stakeholders to adapt. We provided clients, investors and others with expert webinars, white papers and updates. Through social media, we helped union members and their families by developing online material, from coloring books to keep the kids busy to Facebook sounding boards on which working people could share tips, ideas and inspiration.

Unions arose from the struggle for economic and social justice, and when it became clear how far our nation still has to go, we spoke out against bigotry and racism in no uncertain terms. We pledge to continue to stand shoulder-to -shoulder with all who are guided by the American struggle for equality.

We look forward with hope. Our financial results reflect our people and our mission — and our mission inspires us to reach greater heights and to always fulfill our promise: we always have been, and we always will be there for working men and women.

Corporate Information

AS OF MAY 2021

Joseph J. Hunt
Chairman, Ullico Inc.
President Emeritus
International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers

Stuart M. Bloch
Chairman of the Board Emeritus
Congressional Bank

James T. Callahan
General President
International Union of Operating Engineers

The Honorable Robin Carnahan
Former Missouri Secretary of State

Kenneth W. Cooper
International Secretary-Treasurer
International Brotherhood of Electrical Workers

The Honorable Jerry F. Costello
President & CEO
The Jerry Costello Group, LLC

Timothy J. Driscoll
International Union of Bricklayers and Allied Craftworkers

Daniel J. Kane
Vice President
International Brotherhood of Teamsters, Eastern Region

Christopher B. Lissner
President & Managing Member
Acropolis Investment Management, LLC

Edward J. McElroy
President Emeritus
American Federation of Teachers, AFL-CIO

Mark McManus
General President
United Association

Sean McGarvey
Secretary-Treasurer, Ullico Inc.
North America's Building Trades Unions

Terence M. O'Sullivan
General President
Laborers' International Union of North America

Kenneth E. Rigmaiden
General President
International Union of Painters and Allied Trades

Kinsey M. Robinson
International President
United Union of Roofers, Waterproofers & Allied Workers

K. Dunlop Scott
Columbia Partners Energy Solutions, LLC

DeMaurice F. Smith
Executive Director
NFL Players Association

Edward M. Smith
President & CEO Ullico Inc.

Edward C. Sullivan
President Emeritus
Building and Construction Trades Department, AFL-CIO

George Tedeschi
Graphic Communications Conference of the International Brotherhood of Teamsters

Richard L. Trumka
American Federation of Labor and Congress of Industrial Organizations

Financial Information

$30.3 Million

Net Income


Book Value Per Share

$315.1 Million


In 2020, Ullico experienced another year of strong financial performance and continued its history of delivering shareholder value. For a detailed report, download the 2020 Audited Financial Statements below.

© 2021 Ullico

FaceBook Twitter LinkedIn YouTube Flickr

Site Map  |  Contact Us  |  Legal & Privacy
www.ullico.com    jrpwww.ullico.com    7732    This site is best viewed in Chrome, Firefox, Safari or IE11 (with Compatability Turned Off)