On May 1, 1927, The Union Labor Life Insurance Company opened for business, and as we approach our 89th Anniversary, and the beginning of the North America's Building Trades Unions (NABTU) Legislative Conference, I am reminded of the historic partnership we have enjoyed throughout the years.
I am proud to say that our relationship with the Building Trades unions has never been better, and that NABTU President and Ullico Secretary-Treasurer Sean McGarvey is one of our strongest proponents. Sean's leadership on the value proposition of investing pension fund dollars into Economically Targeted Investments dovetails with his message of the economic impact of Ullico's investment platforms.
Putting Building Trades members and partnering Contractors to work by investing in our J for Jobs and Ullico Infrastructure Fund, is truly a decision that pays economic dividends for the funds and the union members they serve. The economic impact is amplified as it is coupled with the funds' goal of stable, risk adjusted rate of return. These investments underscore the importance of utilizing every tool and taking every opportunity to leverage resources that grow the labor movement. Thanks to all of our investors for your continued strong participation in our investment platforms, and please keep it coming, because the more we have to invest, the more union jobs we create.
At Ullico, in addition to job creation and competitive returns on pension fund investments, we also provide solutions to the issues faced every day by unions and their respective trust funds — fiduciary and union liability insurance to protect union leaders and trustees, and stop loss coverage to protect the assets of health & welfare funds. New programs include private exchanges for health care, and union-friendly defined contribution platforms to meet today's challenges, and core standards like life, property and casualty insurance that have stood the test of time. Our goal is to continue developing products that matter, and then back them up with a professional staff that is dedicated to getting the job done right the first time.
While the 2016 election has bombarded us with drama, hyperbole and spectacle, we know that our marketplace will be affected no matter what the outcome. This is why now, more than ever, we will not be distracted from our mission of meeting the financial needs of those we serve, and being a company that organized labor is proud to own — yesterday, today and tomorrow. On behalf of Ullico and all its employees, thanks for your continued support, and I promise you that we will continue to work as hard as you do, to grow this company and the labor movement.
Edward M. Smith
President and CEO