WASHINGTON, Dec. 1, 2010 /PRNewswire/ -- Ullico Inc., a privately held specialty insurance and investment company serving the union workplace, today announced the appointment of Edward M. Smith as the company's new Chief Executive Officer. Smith has served as Ullico's President since May 2008. He will assume his new duties on January 3, 2011.
"We conducted an extensive search for our next chief executive," said Joseph Hunt, Chairman of the Board of Ullico Inc. "And at the end of the day, we kept coming back to the same conclusion – that the best choice to lead Ullico into the future is right here. We're excited about this choice and look forward to starting off the new year working with Ed in this new capacity."
Since joining Ullico in January 2007 as Executive Vice President, Smith has been instrumental in the continued growth of the company. He has successfully led sales and marketing efforts and has worked closely with Ullico's product development teams to meet the evolving needs of the union marketplace. Smith played a key role in the recent re-branding initiative that led to Ullico's positioning as a provider of specialty insurance and investment solutions for the union workplace. Mr. Smith also serves on the Real Estate Investment Committee of the Board of Directors.
A union leader for more than 30 years, Mr. Smith has been an active voice for the needs of Ullico's customer base, meeting regularly with union leaders and employers to learn those needs first hand and taking those messages to the development teams back at Ullico.
"Ed's deep understanding of both Ullico and the needs of America's working men and women is the perfect mix and I couldn't think of a more qualified person to be the CEO," retiring CEO Edward J. McElroy said. "Ullico will be in good hands."
As a member of the Laborers' International Union of North America (LIUNA), Smith was elected business manager of LIUNA Local 773 in Illinois at age 21. He later became International Union Vice President and Midwest Regional Manager and served as Assistant to the General President of LIUNA. Mr. Smith earned his Bachelor of Science degree from the National Labor College and a degree from the Harvard University Trade Union Program.
In addition to his work with Ullico and LIUNA, Mr. Smith served as the Chairman of the Illinois State Board of Investment, Chairman of the National Alliance for Fair Contracting and was a member of the Illinois Department of Labor Advisory Board.
Smith will take the reins from Edward J. McElroy who will be retiring at the end of the year. Said Chairman Hunt, "On behalf of the Board of Directors, I want to thank Ed McElroy for his dedication and commitment to Ullico over the years, first as a fellow Board member and then as our CEO for the past 18 months. We are delighted that Ed will continue to serve on the Ullico Board of Directors."
Ullico Inc. is a $5.5 billion insurance and financial services holding company whose subsidiary companies include The Union Labor Life Insurance Company; Ullico Investment Advisors, Inc.; Ullico Investment Company; Ullico Casualty Company; and Ullico Casualty Group, Inc. For additional information, visit www.ullico.com.
SOURCE Ullico Inc.