Washington, D.C. (Sept. 8, 2022) — AM Best, the world’s oldest insurance rating and information source, has revised The Union Labor Life Insurance Company’s outlooks from “stable” to “positive.” It has also affirmed the company’s Financial Strength Rating A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent). Union Labor Life is a subsidiary of Ullico Inc.
AM Best cited Union Labor Life’s strong market position within the Taft-Hartley market and high policy persistency rates as contributing to its revised outlook, among other factors. Read AM Best’s Press Release.
“The revised outlook from stable to positive reflects the strength of our balance sheet, favorable trend in surplus growth, strong growth in premiums, and continuing operating profitability driven by disciplined underwriting, consistent investment returns and managing expenses,” said David Barra, senior vice president and chief financial officer at Ullico.
From its beginning, Union Labor Life has achieved lasting impacts. Nearly 100 years ago, when access to affordable insurance products was unavailable to unions, the company was founded to provide financial security to the labor movement’s members and their families. By providing essential insurance, Union Labor Life has helped create a new level of security for America’s working men and women.
“We’re dedicated to the needs of labor. Because our products are designed for union members and their families, we’ve established a history of long-term relationships and credibility in the market,” said Stephanie Whalen, president of Union Labor Life.
Today, more than 2.2 million union members are covered by Union Labor Life’s insurance offerings, and 49 group life policyholders have been with the company for more than 50 years.
“Ullico continues to report strong financial performance and demonstrate why it is the leader in providing insurance and investment products to the labor community,” said Edward M. Smith, president and CEO of Ullico.
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About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors, and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions, and delivering value to our clients. Our products are tailored to promote financial security and stability for American workers.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
Ullico Inc., the only labor-owned insurance and investment company, shared select financial and business results for its fiscal 2023 fourth quarter ended December 31, 2023 and select year-end results.
