Ullico Recognizes Craig Arneson with “2023 Richard L. Trumka Award for Employee Excellence”
Craig Arneson received the “2023 Richard L. Trumka Award for Employee Excellence” during Ullico's 2023 Annual Shareholders Meeting.
May 22, 2023
During the fourth quarter of 2022, Ullico committed to providing up to $396.5 million to finance construction of real estate projects located in Honolulu, Philadelphia, San Francisco, and Seattle. Financed by The Union Labor Life Insurance Company through its Separate Account J (known as ‘J for Jobs’), the loans for each of the four projects were approved with the condition all construction will be built with union labor.
The four projects include:
“Despite rising interest rates and economic uncertainty, we continue to make investments in promising real estate projects. These are dynamic, resilient markets with attractive economic and cultural amenities for new and current residents,” said Herbert A. Kolben, senior vice president of Ullico Investment Advisors’ Real Estate Investment Group, which provides lending and loan servicing for commercial real estate projects.
“Every dollar we provide to help finance these projects supports the labor movement,” said Edward M. Smith, CEO of Chairman of the Board of Ullico Inc. “These buildings will be constructed with union labor, and that’s just one way we help increase the vast economic power of the labor movement by while bolstering local economies.”
J for Jobs has a goal of delivering competitive fixed-income performance to institutional investors over the long-term. Since its inception in 1977, J for Jobs has participated in the funding of more than 550 real estate projects nation-wide totaling in excess of $20 billion.
“Ullico is known for bringing together expert resources and partners to better meet the needs of institutional and tax-exempt investors. These investments are another example of how our clients and their advisers benefit from the support of a dedicated team of professionals,” says Joe Linehan, President of Ullico Investment Advisors.
Separate Account J (“the Fund”) is offered through a group annuity contract issued by The Union Labor Life Insurance Company (“Union Labor Life”) and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. The Fund will only be offered to qualified institutional and accredited investors. Investments in commercial mortgage loans secured by illiquid real estate are subject to additional risks including the potential inability of an investor to redeem units. The investment return and principal value of the Fund will fluctuate so that an investor’s units, when redeemed, may be worth more or less than original cost. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments held by the Fund, thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the investments.
For more than 95 years, Ullico has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.