Washington D.C. (July 18, 2019) – AM Best, the world's oldest insurance rating and information source, has upgraded The Union Labor Insurance Company's Financial Strength Rating and Issuer Credit Rating.
AM Best upgraded Union Labor Life's Financial Strength Rating (FSR) to A- (Excellent) from B++ (Good) and its Long-Term Issuer Credit Rating (ICR) to "a-" from "bbb+." The outlook of the FSR and Long-Term ICR remain stable. Union Labor Life is a subsidiary of Ullico Inc.
"The favorable ratings from AM Best reflect the strong capital position and positive profitability trends that Union Labor Life has produced over the past several years and acknowledge the company's forward momentum," said David Barra, senior vice president and chief financial officer at Ullico.
From its beginning, Union Labor Life has achieved lasting impacts. Nearly 100 years ago, when access to affordable insurance products was unavailable to unions, the company was founded to provide financial security to the labor movement's members and their families. By providing essential insurance, Union Labor Life has helped create a new level of security for America's working men and women.
"More than 2 million union members are covered by our life insurance products," said Stephanie Whalen, president of Union Labor Life. "We're focused on fulfilling our commitment to meet the needs of labor. That's why customers stay with us for the long-term, like the more than 40 group life policyholders who have been with us for more than 50 years."
"AM Best's recognition of Union Labor Life's strength is a significant milestone for the Ullico Inc. family of companies, which are building on our unique legacy of providing insurance and financial service expertise to the union workplace," said Edward M. Smith, president and CEO of Ullico.
Ullico provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded more than 90 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.