The composition of the Ullico Board of Directors not only contains a list of the "Who’s Who" in the American labor movement, but in addition, it contains members who represent specific industry expertise in real estate, infrastructure, banking, insurance and investments.
Each Board member brings their unique life experiences to insure that Ullico stays financially strong, innovative and relevant in today’s marketplace.
It is in that spirit that we are excited to welcome two new Board members, James T. Callahan, general president of the International Union of Operating Engineers, and Anthony "Marc" Perrone, international president of the United Food and Commercial Workers International Union. Together, these two Union leaders represent over 1.7 million workers in the United States and Canada.
Callahan was elected general president of the IUOE in 2011. He previously served as general secretary-treasurer, and was elected an international vice president in 2008. He also served as president and business manager of Local 15 in New York City.
Perrone was elected in December, 2014, as international president of the UFCW. His election, following a decade of service as secretary-treasurer, is the capstone of a lifelong career in the service of working people.
In recognizing our new Board members, I want to express my most sincere gratitude to my good friend Joe Hansen, past international president of the UFCW, not only for his tremendous service on the Ullico Board, but also for a lifetime spent in the service of others. Joe’s leadership and service to working people in this country serves as a model for all of us, and we will miss him. Joe- enjoy your retirement, you have truly earned it.
As we enter the first quarter of 2015, I am looking forward to capitalizing on the momentum we generated in 2014. Our life & health division had a record year with sales of Stop Loss insurance. Our property and casualty division surpassed $50 million in gross premiums, and our investment division added an additional $250 million in assets. Our progress in 2014 was all accomplished with an eye toward expense management that allowed us to come in $1.5 million under budget for the year.
This year, we are introducing two new programs designed to provide real options for healthcare and retirement planning. The Ullico Private Exchange Solution provides a flexible platform to meet the specific health insurance needs of early retirees, spouses and dependents, and members who are not currently qualified, due to a lack of hours. In addition, Ullico will be offering union members access to an affordable, labor-friendly, defined contribution plan. The roll-out of the 401K platform is another example of our commitment to developing quality products to meet the needs of today’s marketplace. At Ullico, our mission is to protect and grow the union workforce, and I promise you, we are working every day to meet that goal.
Edward M. Smith
President and CEO