After 15 years of outstanding service, Chief Financial Officer David J. Barra is officially retiring from Ullico, effective June 30. Barra will continue serving Ullico as a member of the company’s board of directors.
A seasoned financial management professional, Barra has served as Ullico’s chief financial officer since 2008. During that time, the company has undergone significant changes and weathered turbulent economic conditions. Barra was directly involved in efforts to strengthen the company’s pension plan, sell and reinsure business entities, and enter into new reinsurance relationships. He oversaw the implementation of an expense-reduction plan that improved the company’s financial health, and he was a key player in the company’s restructuring of its professional liability business model several years ago.
Today, as a result, Ullico is stronger than ever.
Barra’s actions have improved Ullico’s overall liquidity, allowing for the resumption of shareholder liquidity events in recent years. During Barra’s tenure, Union Labor Life achieved a financial strength rating of A- from global insurance rating agency A.M. Best for the first time since 1955.
“Ullico is in the best financial shape it has ever been, due in large part to Dave Barra’s guidance. As we look ahead, the company is well-positioned to accomplish its mission, to help protect and grow the labor movement,” said Brian Hale, President and COO of Ullico.
“Dave Barra has played an instrumental role in Ullico’s evolution and growth,” said Edward M. Smith, Ullico’s CEO and Chairman of the Board. “We wish him well in retirement, and we’re thrilled he’ll continue to share his knowledge and experience as a member of Ullico’s board of directors.”
Ullico also announced that Darin Hardy will assume the position of CFO, effective July 1. Hardy joined Ullico as Vice President, Corporate Controller, in 2020. Hardy is a certified public accountant whose experience includes collaborations, mergers and acquisitions, reinsurance transactions, and accounting adoptions.
“Darin’s promotion ensures Ullico will experience a seamless transition upon my retirement,” said Barra. “His breadth of experience and commitment to Ullico’s mission mean that the company’s finance and accounting operations are in good hands.”
About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions and delivering value to our clients. Our products are tailored to promote financial security and stability for American workers.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
Ullico Inc., the only labor-owned insurance and investment company, shared select financial and business results for its fiscal 2023 fourth quarter ended December 31, 2023 and select year-end results.
