WASHINGTON, April 7 /PRNewswire/ -- The Union Labor Life Insurance Company ("ULL"), a wholly-owned subsidiary of ULLICO Inc., a privately held financial and insurance services holding company, is now partnering with Gerber Life Insurance Company ("Gerber") to offer Group Medical Stop Loss Insurance coverage in the State of New York.

ULL already offers Medical Stop Loss in 49 states and the District of Columbia. "We're pleased this new partnership with Gerber will allow Union Labor Life underwriters and sales staff to provide our cost-effective product to unions, municipalities and companies in the important New York marketplace through a highly rated carrier," noted Dan Wolak, Vice President and Chief Actuary.

Medical Stop Loss insurance protects self-funded health plans against excess medical expenses that can be incurred in the event of large claims against the policy. With the joint buying power and risk management solutions ULLICO and Gerber provide, New York unions and employers who are self-funding insurance packages for their employees can realize substantial savings, keeping premiums low for their employees while continuing to offer the plans that best fit the needs of families throughout the state. Self-funding plans backed by Stop Loss insurance are increasing in the current economic climate as the costs of maintaining standard health insurance plans escalate.

According to Gary L. Burke, President of ULL, "This relationship allows us to be competitive in the state of New York, which is a key focus of our medical Stop Loss strategy. It is an important marketplace for one of our core product offerings, and we look forward to working with Gerber."

Founded in 1967 as a subsidiary of Gerber Products, today, the Gerber Life Insurance Company is one of the largest providers of direct-marketed life insurance in the United States. Gerber Life currently has more than three million life insurance policies in force, and controls more than $1.6 billion in assets. The company's term and whole life insurance products for adults and children are available in the United States, Puerto Rico and Canada. Gerber Life currently has an A (Excellent) rating from the independent rating agency, AM Best.

As a result of its history, experience, expertise and singular mission, ULLICO  has insights into the labor market that make it uniquely qualified to meet the financial needs  of unions, union employers, union members and their families. Labor's own financial and risk solutions provider, ULLICO is committed to serving the needs of working men and women. Through its subsidiaries, ULLICO offers Group Life and AD & D; disability; Medical Stop Loss; supplemental insurance; fiduciary liability; union liability; commercial package; surety bonds; alternative risk solutions; and investment products and services.

About ULLICO Inc.

ULLICO Inc., with $5.3 billion in total assets under management, is an insurance and financial services holding company. ULLICO's subsidiary companies include: The Union Labor Life Insurance Company; ULLICO Investment Advisors, Inc.; ULLICO Investment Company; ULLICO Casualty Company; and ULLICO Casualty Group, Inc. 

Since 1927, the ULLICO Family of Companies has offered quality insurance and investment products and services to its single most important client, the American labor movement. For additional information, visit www.ullico.com.

SOURCE ULLICO Inc.

Back to top

RELATED LINKS
http://www.ullico.com