Amalgamated Life Insurance Company Celebrates Its 75th Anniversary - Also Announces 43rd Consecutive A.M. Best "A" Excellent Rating
WHITE PLAINS, N.Y., Aug. 8, 2018 /PRNewswire/ -- Amalgamated Life Insurance Company (www.amalgamatedlife.com), a leading provider of comprehensive insurance solutions, and the flagship company of the Amalgamated Family of Companies, has achieved a corporate milestone many businesses never do. This year, the Company celebrates its 75th anniversary; seven and half decades marked by steady growth, expansion and industry recognition. The milestone also was enhanced by the company's recent achievement of its 43rd consecutive A.M. Best "A" (Excellent) Rating. The rating by A.M. Best, a full-service credit rating organization dedicated to serving the insurance industry, is a third-party confirmation of Amalgamated Life's strong fiscal position.
President and CEO Paul Mallen stated, "When our founder, Sidney Hillman, established Amalgamated Life Insurance Company, he did so with a mission to help meet the needs of working people. He established an insurance company that would help them and their families achieve financial security by providing affordable insurance products. Today, we remain committed to that mission and continue to respond to market needs with an ever expanding product portfolio of high quality, competitively-priced solutions."
Since its inception, Amalgamated Life Insurance Company has grown considerably from its New York roots to an organization that is licensed in all 50 states and the District of Columbia, and offers an extensive suite of group and voluntary insurance solutions, as well as other valuable risk and health cost containment services. Its group offerings include: life, medical stop loss, and disability. Its voluntary benefits include accident, accidental death and dismemberment, critical illness, dental, disability, hearing, ID protection, legal and whole life. The Company is currently exploring a new portable term life offering.
While geographic and product line expansion played a significant role in the Company's growth, so too has its emphasis on fiscal stability and "Best in Class" customer service; both of which have contributed to the Company's multiple awards and its over four decades of consecutive "A" (Excellent) ratings from A.M. Best.
"We also have a strong, dedicated Board of Directors led by Chair Lynne Fox," continued Mallen. "And, while we have expanded beyond our labor roots, we continue to build on our strength in meeting the needs of that niche market." Mallen also attributed the Company's steady growth and success to having sustained a financial philosophy of being fiscally conservative.
"Amalgamated Life's 75th anniversary reflects the contributions of many; our dedicated leaders over the years, our hardworking employees, our loyal customers and our industry partners," said Chair Lynne Fox. "On behalf of the Board, it is a proud chapter in this great Company's history."
About Amalgamated Life Insurance Company
Founded in 1943, Amalgamated Life Insurance Company has since grown into a leading provider of comprehensive insurance solutions operating in all 50 states and the District of Columbia. The Company provides competitive group products including life, AD&D, disability and medical stop loss, as well as voluntary products such as accident, critical illness, disability and whole life, among others. Since 1975, Amalgamated Life Insurance Company has consistently earned the "A" (Excellent) Rating from A.M. Best Company attesting to its strong fiscal position. The Company is a member of the Amalgamated Family of Companies which also includes AliCare, a third-party administrator; AliCare Medical Management, a medical care management firm; AliGraphics, a full-service printing and graphics firm; and Amalgamated Agency, a property and casualty brokerage. For more information, visit: www.amalgamatedlife.com
SOURCE Amalgamated Life Insurance Company
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