History
On May 1, 1927 in Washington, D.C., labor leaders formed the Union Labor Life Insurance Company (Union Labor Life) opened for business, providing life insurance to union workers, which was unavailable at the time. Many Americans worked in hazardous jobs with few, if any, work safety laws in place to protect them. Railroads, construction sites and factories all presented too much risk for many companies’ underwriters. Life insurance was either priced out of reach of workers or insurance companies denied coverage because of the risks associated with their jobs. Union Labor Life aimed to provide a new level of stability for workers and increase their standard of living.
Samuel Gompers, the first president of the American Federation of Labor (AFL), saw the value in a union-owned insurance company. Matthew Woll, then president of the Photo Engravers Union, became Union Labor Life's first president. Soon more than 60 international unions, hundreds of local unions, and more than 300 individuals, including AFL president William Green, owned stock.
Over the years, as the needs of unions and their members evolved, Union Labor Life grew and diversified, offering health insurance, fiduciary liability insurance, investment products for pension funds and services for administering trust fund business. As other subsidiaries formed, it was clear that Union Labor Life needed another entity for future growth and diversification. In 1987, Ullico Inc. was created as a holding company for Union Labor Life and Ullico Casualty Company.
Read more about this topic: Union Labor Life Insurance Company
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