AM Best Rating Services, Inc., the world’s oldest insurance rating and information source, has upgraded The Union Labor Life Company’s Financial Strength Rating (FSR) from “A-” (Excellent) to “A” (Excellent). The outlooks for both the FSR and Long-Term Issuer Credit Rating (ICR) have been designated as “stable.” Union Labor Life is a subsidiary of Ullico Inc.
AM Best cited Union Labor Life’s strongest-level balance sheet, favorable trend in surplus growth, strong growth in premiums, and disciplined underwriting as contributing to the upgrade, among other factors.
“The upgraded rating indicates that the company is financially strong and has consistently produced favorable bottom-line results,” said Darin Hardy, senior vice president and chief financial officer at Ullico. “AM Best recognized that we have the strongest level of risk-adjusted capitalization, as well as strong liquidity supported by a high-quality and liquid bond portfolio and positive operating cash flows.”
From its beginning, Union Labor Life has achieved lasting impacts. Nearly 100 years ago, when access to affordable insurance products was unavailable to unions, farsighted labor leaders founded the company to provide financial security to the union movement’s members, their families and their benefit plans. By providing essential insurance, Union Labor Life has helped create a new level of security for America’s working men and women.
“We’re excited to achieve this rating from AM Best. Our products are designed for union members and their families. We’ve established a history of long-term relationships and credibility in the market by staying true to our mission,” said Stephanie Whalen, president of The Union Labor Life Insurance Company.
Today, more than 2.2 million union members are covered by Union Labor Life’s insurance offerings, and 52 group life policyholders have been with the company for more than 50 years.
“Ullico continues to report strong financial performance and demonstrate why it is the leader in providing insurance and investment products and services to the labor movement,” said Edward M. Smith, CEO and Chairman of the Board of Directors of Ullico.
About Ullico
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.
Learn more about the 2023 AM Best Rating of The Union Labor Life Insurance Company.
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.
