Washington, D.C. (August 2, 2013) — Ullico Inc. subsidiary, The Union Labor Life Insurance Company, announces that its highest rating in company history has been affirmed by A.M. Best. The ratings agency reassigned its rating of B++ (Good), stable outlook, noting Union Labor Life's focus on growth and established presence in the union marketplace.
The A.M. Best Company is the leading rating and information source on insurance institutions.
“The ratings of The Union Labor Life Insurance Company reflect the company's good risk-adjusted capitalization, conservative investment profile, established niche in the Taft-Hartley market and positive operating results reported over the past five years,” the A.M. Best analysts remarked in their assessment. “[Union Labor Life] continues to execute on its strategy for profitable growth of its life and health product lines, focusing on growth of its medical stop-loss, group life, specialty group health products, and its direct marketed life and health products.”
The assessment also noted the company established Ullico Labor Captive to serve as a separate risk bearing entity to support the fiduciary liability and union liability insurance lines.
“Union Labor Life has maintained the strongest rating in company history while developing new and innovative insurance and investment options for the union marketplace,” said Edward M. Smith, president and CEO of Ullico Inc.
“Our team's focus is to continue to strengthen the financial position of Union Labor Life so that our labor customers, partners and shareholders can confidently choose our products and services. During the past year we accomplished this by increasing capital and reducing the risk for the company,” said Daniel L. Wolak, president of Union Labor Life.
Union Labor Life is a wholly owned subsidiary of Ullico Inc. The company offers a variety of group insurance products such as term life, accidental death and dismemberment and disability insurance. In addition, the company offers individual supplemental term life insurance for union members.
The company's real estate investment offerings to union-affiliated benefit funds include Separate Account J, also known as 'J for Jobs,' which has a 36-year tradition of delivering attractive and competitive fixed-income performance to institutional investors while creating jobs for union members and signatory contractors.
Union Labor Life has also been a leader in designing and offering group medical stop loss programs to self-funded multiemployer health care plans to help manage high cost claims and adapt to coverage requirements associated with health care reform.
For more than 85 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees, businesses and investments. The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
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