May 9, 2024
Washington, D.C. (May 9, 2024) — Ullico Inc., the nation’s only labor-owned insurance and investment company, reported to shareholders a record for pre-tax earnings in fiscal 2023, reaching $68.6 million.
In addition, the company reached recent or record highs in investment assets under management, Professional Liability program premiums, and life and health gross written premiums.
“We are more profitable than we ever have been,” said Terry O’Sullivan, Chairman of the Board of Ullico Inc. “A key part of that success is executing on our long-term strategy to deliver quality products and timely solutions for the North American Labor Movement.”
In 2023, the company’s Real Estate Debt Group invested $627 million in 7 projects. The group includes the flagship J for Jobs, which requires the use of union labor and has created nearly 700 million work hours since its inception.
The Ullico Infrastructure Fund ended 2023 with $5.3 billion in assets under management. Investments include those in energy and water resources and transportation, including the JFK Airport New Terminal One, the largest public-private partnership in the U.S.
The company’s Real Estate Equity Group launched its first product, the “Ullico Value-Add Real Estate Fund I, LP”, a closed-end fund that invests alongside high-quality operating partners in real estate assets with value-creation potential.
Ullico’s founding entity, The Union Labor Life Insurance Company, was upgraded by AM Best in 2023 to A (Excellent), noting the company’s strong financial stability and competitive positioning.
Ullico Casualty Group, LLC (UCG) teamed with Great American Insurance Group to offer a commercial lines insurance program designed specifically for union halls, trusts fund offices, joint apprenticeship training committees and other union-related organizations. UCG also launched an Alternative Dispute Resolution program that is delivering better outcomes for union workers injured on the job and helping union contractors to be more competitive.
During the shareholders meeting, CEO and President Brian Hale discussed the company’s strategic vision going forward.
“Our success this past year doesn’t mean we are resting on our laurels,” said Hale. “These accomplishments are already opening doors for future opportunities. We are going to remain disciplined, but we are going to keep building and innovating to serve our affinity.”
Ullico was founded in 1927 to provide insurance to union workers, who until then were excluded by other insurance providers. Since then, the company has expanded, with lines of business in a variety of insurance products for organizations, groups, and individuals, as well as investment in commercial real estate debt and equity, infrastructure, and fixed income products.
Follow the link to read the complete 2023 Annual Report.
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded more than 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.
