Will Become 6th Largest Fraternal
in United States
MILWAUKEE, July 10,
2024 /PRNewswire/ -- Trusted Fraternal Life, a
Milwaukee-based fraternal life
insurance organization, is pleased to announce its second merger in
three months. Catholic United Financial, headquartered in
Arden Hills, Minnesota, intends to
join the Trusted Fraternal Life family of brands, which was
established by Catholic Financial Life earlier this year. The
merger marks the next milestone in Trusted Fraternal Life's journey
to build the NextGen fraternal benefit society.
"We've been collaborating with Catholic United Financial on
various initiatives for years and this merger is a natural next
step. It is also evidence of Trusted Fraternal Life's purpose—to
facilitate consolidation in the fraternal sector while preserving
unique identities and traditions and achieving the necessary scale
to be relevant, to compete, and to grow," said John Borgen, President and CEO of Trusted
Fraternal Life.
The result of this merger and the merger of Woman's Life
Insurance Society, announced last April, will be an
organization with nearly $3 billion
in assets and over 215,000 members. It will be the sixth largest
fraternal in the United States;
there are about 70 fraternals in the country.
"Members whose organizations become part of the Trusted
Fraternal Life family of brands will join one of the oldest and
financially strongest fraternals in the
United States," Borgen added.
Catholic United Financial has a rich 146-year history. A group
of Catholics from ten different parish-based societies founded the
organization in 1878. The organization has evolved into a trusted,
member-owned, not-for-profit financial services company with nearly
$1 billion in assets and 75,000
members concentrated in Minnesota,
North and South Dakota,
Iowa, and Wisconsin.
"This merger reinforces our shared values and dedication to
growing our business while engaging more people to live financially
secure, purposeful lives," said Michael
Ahles, President, CEO and Board Chair of Catholic United
Financial. "Joining forces with Trusted Fraternal Life allows the
Catholic United Financial brand, volunteer network, and Catholic
community efforts to continue for future generations."
The merger is anticipated to take effect January 1, 2025, pending approval by Catholic
United Financial delegates and regulators.
About Trusted Fraternal Life
Trusted Fraternal Life's
vision is to be the innovative leader in fraternal partnerships and
consolidation, while growing existing business, and engaging more
people to enjoy financially secure, purposeful lives. Created in
March 2024 by Catholic Financial
Life, Trusted Fraternal Life is committed to building the NextGen
fraternal benefit society. The organization's financial strength
rating was upgraded to an A with a stable outlook in 2023 by the
Kroll Bond Rating Agency and has been recognized as a Top Workplace
eleven years in a row. For more information, visit
www.trustedfraternallife.org.
About Catholic United Financial
Catholic United
Financial is a member-owned, not-for-profit financial services
company, connecting people of faith, protecting their future, and
generously impacting parishes, schools and communities in the Upper
Midwest since 1878. The company provides life insurance, retirement
products, Medicare supplement insurance, credit union services and
charitable giving planning for its 75,000 members. Based in
Saint Paul, Minn., Catholic United
Financial returns a portion of its profits to communities through
programs like the Catholic United Financial Raffle, Post-High
School Tuition Scholarship, and more. Catholic United Financial was
certified as a Great Place To Work™ in 2023 and 2024. For more
information, visit www.catholicunitedfinancial.org.
Contact: Debbie Michalak
T: (414) 278-6487
Debbie.Michalak@cfl.org
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SOURCE Trusted Fraternal Life