Ullico Inc. today announced the closing of its purchase of additional investment interests in Tidewater Holdings, Inc.
Ullico Inc., the only labor-owned insurance and investment company, shared select financial and business results for its fiscal third quarter ended September 30, 2023.
“The company had another outstanding quarter. Despite the uncertainty around inflation, interest rates, and other economic challenges, we see ample opportunities to innovate and grow,” said Darin Hardy, chief financial officer for Ullico Inc.
“Our focus on union members and their families is the key to our success. Our third-quarter performance is a demonstration of our ability to deliver on our commitment to the labor movement,” said Brian Hale, president and COO of Ullico Inc.
• The company’s investment services business closed Q3 2023 with $10.5 billion in assets under management.
• Ullico’s Infrastructure Fund has over $5 billion in assets under management.
Life & Health
• AM Best Rating Services, Inc., the world’s oldest insurance rating and information source, upgraded The Union Labor Life Company’s Financial Strength Rating (FSR) from “A-” (Excellent) to “A” (Excellent) as of September 20, 2023.
• Union Labor Life paid $69.2 million in benefits for the quarter while maintaining an RBC ratio over 800%.
• Union Labor Life launched “Ullico Select,” an insurance platform designed for individual union members and their families.
Property & Casualty
• Ullico Casualty Group experienced Q3 2023 professional liability policyholder retention rates of 98%.
• Ullico Casualty Group had incurred losses of $12.2 million for all lines of professional liability claims during Q3 2023.
• Ullico Casualty Group continued to roll out a new carrier relationship for its commercial lines products for labor related entities with Great American Insurance Company.
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded over 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.
UIF (or the “Fund”) is managed by Ullico Investment Advisors, Inc. (“UIA”) and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. UIA is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. UIF will only be sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933. Investment in infrastructure is speculative, not suitable for all investors, and should be undertaken only by experienced and sophisticated investors who are willing to bear the high risks of such an investment, which include, but are not limited to, lack of liquidity, restrictions on transferring ownership to the Fund, absence of information regarding valuation and pricing, and high fees and expenses. Potential investors in the Fund should carefully read the Confidential Private Placement Memorandum for a description of the potential risks associated with investment in the Fund.