Ullico Inc. subsidiary, The Union Labor Life Insurance Company (Union Labor Life), announced that its highest rating in company history has been affirmed by A.M. Best in August.
The ratings agency reassigned its rating of B++ (Good), stable outlook, noting Union Labor Life’s focus on growth and established reputation in the union marketplace. The A.M. Best Company is the leading rating and information source on insurance institutions.
"The ratings of [Union Labor Life] reflect its conservative investment profile, good risk-adjusted capitalization, established niche in the Taft-Hartley market and positive operating results reported in four of the past five years," the A.M. Best analysts remarked in their assessment. "[Union Labor Life] and its parent organization, Ullico Inc., have continued to focus on operational efficiencies and balance sheet quality over the past few years."
The assessment also noted that the Union Labor Life continues to execute on its strategies for profitable growth of its life and health product lines, improving expense ratios and driving revenue growth through underwriting and pricing improvements. A.M. Best also observed that the company’s management has focused on building a foundation through targeted products and services that cater to the needs of the labor market.
"Union Labor Life has maintained the strongest rating in company history while continuing our long history of serving the unique insurance and investment needs of the union marketplace," said Edward M. Smith, president and CEO of Ullico Inc. "We are proud to be Labor’s Company and proud of our continued standing in the insurance industry."