On Labor Day, we pause to remember and honor the struggles and sacrifices that the labor movement endured in pursuit of fair wages, safe working conditions, pensions to retire on after a lifetime of hard work, and respect in the workplace. Unfortunately, we know the fight to maintain those rights continues today. In fact, the assault on workers continues unabated. Witness the efforts to pass legislation in states around the country authorizing Right-to-Work, the repeal of Prevailing Wage Acts, the elimination of Project Labor Agreements, and Dues checkoff provisions, to name just a few.
For unions and their members, Labor Day calls for a reflection on the past and present, but most urgently on the future. Where is the labor movement and where is it headed? Those are the questions that we at Ullico have thought about and acted on for the past 90 years.
Since our founding in 1927, Ullico has played a unique role in the labor movement by developing products that meet the needs of working men and women. We were a company created to provide life insurance to union members when coverage was not frequently available to them, and we still provide that coverage today. Forty years ago, we expanded by creating our J for Jobs investment platform to create competitive returns on pension fund investments and put union members and contractors to work. Thirty years ago, we developed state of the art fiduciary and union liability insurance to protect fund trustees, union leaders and members. Everything we do is designed to protect and grow the labor movement. We understand the labor market like no other, because we are labor’s own insurance company
Every year, we renew our commitment to provide the best products in the marketplace, because we understand a simple truth: Future success requires a dedication to constant innovation. So, we are designing the products of tomorrow, today. Products like our Ullico Infrastructure Fund, designed for labor to invest in itself while renewing America's considerable infrastructure needs into the next century. Stop loss policies designed to protect health and welfare funds from large claim exposure in the wake of the Affordable Care Act. Cyber liability represents the new frontier in insurance coverage, and we are meeting that challenge with policies designed specifically for the union market.
At Ullico, we look confidently to the future and the continuation of our historic partnership with the labor movement. We thank our great board of directors for their leadership and guidance, and all of our customers and consultants for their belief and trust in us. Finally, thank you to our dedicated employees who give 110 percent every day to serve the unions and their members. As Frank Sinatra would say, “The best is yet to come.”
Edward M. Smith
President and CEO