Ullico Infrastructure Fund is expanding its long-standing partnership with D. E. Shaw Renewable Investments with a $250 million long-term financing facility. This investment will fund development and construction of utility scale, union-built renewable energy projects.
Ullico Inc., the nation’s only union-owned insurance and investment company, reported to shareholders today that it broke its record for pre-tax earnings in fiscal 2022, reaching $58.7 million. In addition, the company reached highs in investment assets under management, property and casualty professional liability premiums, and gross stop loss premiums.
“Record earnings, new products, competitive returns and protecting and growing North America’s union movement – that’s what we’ve come to expect of our company,” Ullico Chairman and CEO Edward M. Smith said.
“We’ve reached new heights, from the growing recognition of our expertise in financing jobs-creating, world-class infrastructure projects to our development of innovative insurance solutions for working people and our unions.”
Ullico President and COO Brian J. Hale said, “Unions and their members invest in the business, represent the business, benefit from the business, and their well-being informs every business decision we make. The model works. In 2022, despite turbulent economic conditions, we set financial records and created union jobs.”
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.
The company reported that it continued to retain customers while acquiring new ones. For example, 97 percent of professional liability policies renewed, and the insured grew to a record 7,177 labor organizations and benefit plans.
The company’s Real Estate Investment Group invested $1.4 billion in 23 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 2022 with $4.3 billion 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.
In addition to the release and discussion of its annual report, the shareholders meeting included remarks from U.S. Commerce Secretary Gina M. Raimondo.
Follow the link to read the complete 2022 Annual Report.