Ullico Inc. is a
privately held insurance and financial services holding company in the United States. Formerly known as
Union Labor Life Insurance Company was founded in 1925
[1] by the
American Federation of Labor (AFL) and its then president,
Samuel Gompers, to offer health and life insurance products specifically to America’s working men and women.
Matthew Woll,
president of the Photo Engravers Union, became the company’s first
president. Today, Ullico is one of the largest insurers, risk solutions
and investment managers focused on the union marketplace in the United
States. It is based in
Washington, D.C.
Overview
Ullico
Inc.'s mission is to provide financial security to union members and
their families. The company provides specialty insurance and investment
products to labor organizations, union employers, municipalities and
institutional investors, as well as union members and retirees. Ullico
is a privately held,
joint stock company. The company's constitution and
bylaws permit shares to be held only by
trade unions,
union officials, union members and union benefit funds. The stock's
value changes once a year when company directors set a new share price
based on the advice of independent
auditors.
As of 2009, the company insured more than two million union members
and dependents through $25 billion in Life, Accidental Death and
Dismemberment insurance. Further, more than six million members were
served through $125 million in gross written Property and Casualty
premiums. Ullico had $5.5 billion in assets and a consolidated GAAP
Equity of nearly $240 million.
Divisions
Ullico
Inc. consists of The Union Labor Life Insurance Company (Union Labor
Life), Ullico Casualty Group Inc., Ullico Investment Advisers Inc. and
Ullico Investment Company Inc. These companies fall into three
divisions: Life and Health (Union Labor Life), Property and Casualty
(Ullico Casualty Group) and Investment Services (Ullico Investment
Advisers Inc. and Ullico Investment Company Inc.)
Life and health
More
than 85 years ago, The Union Labor Life Insurance Company (Union Labor
Life) became the founding unit of Ullico Inc. Today, Union Labor Life
provides life and health solutions specifically tailored for the labor
market. Through alliances with market leaders in risk protection, the
company offers an array of insurance products for unions, jointly
managed trust funds and organized employers as well as supplemental
insurance programs that are directly marketed to union members, retirees
and their families. Products including:
- Stop Loss Insurance: Protects self-funded, employer- or
union-sponsored healthcare plans from incurring large or unforeseen
catastrophic health expenses exceeding the plans predetermined dollar
amounts. Union Labor Life helps each organization tailor their Stop Loss
plans to each group’s specific needs.
- Group Term Life and Accidental Death and Dismemberment Insurance:
These offerings feature a unique Strike Waiver of Premium that allows
premiums to be waived during sanctioned strikes when certain eligibility
requirements are met.
- Voluntary Supplemental Insurance: Marketed directly to union members
and retirees, options include Term and Whole Life, Accidental Death and
Dismemberment, Accident and Hospital Indemnity Protection, Dental
Insurance and Dental Discount programs.
- Union Labor Life also offers Group Vision Insurance, Group Prescription Benefit Management and Group Disability Insurance.[2]
Property and casualty
Ullico
Casualty Group creates insurance products that mitigate fiduciary risks
to union workplaces and its trustees. Products include:
- Fiduciary Liability: As trustees and other fiduciaries of
multi-employer and public benefit funds face significant personal
liabilities, Ullico Casualty Group not only updates insurance coverage
as these issues evolve, but knows how to resolve fiduciary claims to
protect policyholders’ personal assets.
- Union Liability: Under federal labor law, officers and directors of
labor unions can be exposed to personal liability, but must defend
themselves, in certain circumstances, at their own expense. Union
Liability covers the duty of fair representation, employment practices
liability, financial management of the union and personal injury
liability.
- Commercial Lines: The Property and Casualty portfolio includes
Property, General Liability, Automobile, Umbrella and Workers’
Compensation coverage.
- Alternative Risk Solutions: The company’s captive insurance
programs, managed through Ullico Captive PCC and Ullico Risk Solutions
LLC, help keep costs low by allowing policyholders with similar risk
profiles to share in their own insurance risk.[3]
Investment services
Ullico offers products and services designed for
institutional investors
through The Union Labor Life Insurance Company (Union Labor Life) and
Ullico Investment Advisors Inc. (UIA). These products, including
Ullico’s real estate-related Separate Account J (also known as “J for
Jobs”), are sold through the Ullico Investment Company (UIC).
Union Labor Life’s Real Estate Investment Group (REIG) is responsible for originating,
underwriting and managing the company’s
real estate mortgage and equity investments, while UIA, a registered investment advisor with the
United States Securities and Exchange Commission (SEC), provides investment advice to institutional investors with a focus on jointly managed, multi-employer
Taft-Hartley funds.
The UIC is a registered broker-dealer with the SEC and a member of the
Financial Industry Regulatory Authority (FINRA) and the
Securities Investor Protection Corporation
(SIPC). The company markets and sells products managed through UIA and
group annuity contracts offered through Union Labor Life.
[4]
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.
Timeline
1925: The AFL approves the creation of a union-owned insurance company.
1927: Union Labor Life opens for business on May 1, 1927, in
Washington, D.C. Its first group policy was written for the Federal
Employees Local 105 of Washington, D.C.
1932: Union Labor Life begins offering retirement annuities and issues its first stockholder and policyholder dividends.
1935: Company headquarters move to New York, New York.
1943: The organization begins offering group Accident, Health and Hospitalization insurance.
1946: Union Labor Life establishes company-paid-for insurance and pension plans for its own employees.
1957: The company purchases and merges with the American Standard
Life Insurance Company, founded by the International Brotherhood of
Electrical Workers in 1924.
1959: Group Dental and Prescription benefits are first offered.
1961: Group annuity actuarial and administration departments are created.
1966: Group Vision, Extended Care and an extended plan of Long-Term Disability are offered.
1977: Mortgage Separate Account J (J for Jobs) is introduced.
1979: Ullico Casualty Company is created to proceed with new kinds of insurance.
1983: Ullico headquarters move back to Washington, D.C.
1986: Ullico Casualty begins to market Fiduciary Liability insurance to funds and trustees as other carriers abandon the market.
1987: Ullico Inc. is established as a holding company for the
company's subsidiaries and assets. A number of new ventures quickly
follow.
1990: Trust Fund Advisors, a pension fund portfolio management company, is created.
1999: UlliCare®, a managed care health plan, is introduced. Ullico
also buys Tri-City Brokerage, the largest and only independent national
insurance wholesaler.
[5]
2006: Ullico becomes a registered broker and dealer with the National Association of Securities Dealers (NASD) and the SEC.
2008: Ullico Captive, PCC is established to offer alternative risk
solutions through the Life and Health and Property and Casualty lines of
business.
2009: Ullico Casualty Company posts a record $102 million in gross written in force premiums.
2010: In December 2010, the Ullico Board appoints Edward M. Smith as the company's new Chief Executive Officer.
Scandals
Ullico
expanded significantly in the 1990s, creating a large number of
strategic alliances with other insurance companies and making a number
of
acquisitions. Beginning in the late 1990s, the organization experienced a range of problems and challenges, including a
conflict of interest in
pension fund management and
insider trading.
[6][7]
AFL-CIO support for single-payer health care
Ullico's first
conflict of interest
occurred in 1991. In May of that year, the health care committee of the
AFL-CIO executive council voted to reject a proposal to support a
national
single-payer health care
plan. The stated reason was that the proposal had no chance of being
enacted by Congress. But outside observers argued that the real reason
was that government-supplied universal health care would have put
union-run health insurance plans out of business. The deciding vote in
the health committee was cast by
Robert Georgine,
chairman,
president and
chief executive officer of Ullico.
[6]
Conflict of interest in pension fund management
Ullico was caught up in a second conflict of interest scandal in 2002. In June 1998, the
New York City local of the
United Brotherhood of Carpenters and Joiners of America
hired Zenith Administrators, a former Ullico subsidiary, to oversee the
union's $1.7 billion pension and benefit funds. In 2002, federal
prosecutors and the
United States Department of Labor investigated the company for allegedly obtaining the contract through the influence of international union president
Douglas J. McCarron—who
was a director of Ullico. The Labor Department ended up suing Ullico
and Zenith Administrators for mismanaging the union's funds.
[7]
Insider dealing scandal
A
larger and more significant scandal also occurred in 2002, in which
Ullico officers and directors were accused of engaging in insider
dealing, stock price manipulation and other offenses.
Structure of the insider deal
In 1997,
Gary Winnick, founder of
telecommunications company
Global Crossing,
gave ULLICO officers and directors the chance to buy shares of his new
company at substantially lower prices than offered to the public. All
but two of Ullico's directors purchased 33 million shares for $7.6
million (or about 23 cents a share), with Ullico buying additional
stock. Global Crossing went public, and the stock soared to $62 a share
in 1999. This netted Ullico about $1.1 billion in profit.
[8]
For a variety of reasons, Global Crossing's stock price then began to decline sharply.
[8]
In December 1999, Georgine offered Ullico's officers and directors a
chance to participate in its Global Crossing profits. Under Ullico's
bylaws, Ullico officers and board members had the right to buy and sell
Ullico stock. Georgine sent a confidential letter to board members
inviting them to sell their Global Crossing shares and use the proceeds
to purchase up to 4,000 Ullico shares at the then-current price of
$53.94. The increase in Global Crossing share price had not yet been
recorded by Ullico's auditors,
PricewaterhouseCoopers.
Unlike publicly traded companies, Ullico only set its stock price once a
year, based on its prior year book value. When it was, the auditors
were sure to recommend a significantly higher Ullico share price. Under
the bylaws, the board members could then authorize a
share repurchase
plan. Board members would be able to redeem their Ullico shares at the
higher price. When the Ullico shares were re-priced later to reflect the
now-worthless Global Crossing shares, the company's stock price would
return to near its previous level. It was a chance to sell their
tumbling Ullico shares.
[8][9][10]
All Ullico shareholders, including union pension plans, could sell a
prorated amount based on their total holding. Yet those with fewer than
10,000 shares—mostly the directors—could sell all their stock. Ullico
did not offer the deal to others.
rank and file
union members, who owned the bulk of Ullico stock through
professionally managed union pension plans, were not told of the stock
offering and would not be permitted to buy stock at the $53.94 price
(had they known about the stock offering).
[8][9]
A majority of the Ullico board approved the plan. Many board members
duly sold their tumbling Global Crossing shares and bought Ullico stock
at the price of $53.94 a share. In May 2000, acting on the auditor's
recommendation, the Ullico board of directors approved a share price of
$146.
[11] On November 2, 2000, Ullico's board approved a plan to repurchase $30 million worth of Ullico stock at $146 a share.
[12]
Board members were permitted to sell all of their shares, making nearly
$13.7 million in profits, while the unions and their pension plans were
allowed to sell only a fraction of their shares. In May 2001, the
Ullico board, acting on the recommendation of its auditor, set the
company's share price at $74 (a new, lower price established almost
exclusively by the drop in Global Crossing shares).
[8][9][13]
Meanwhile, Ullico began losing money. The company lost $22 million in
2001, and $74 million in 2002. Ullico's combined capital and surplus—a
key measure of an insurance company's financial health—fell from $51.8
million in 2001 to $17.95 million in 2002. PricewaterhouseCoopers
expressed doubt about Ullico's financial solvency. Ullico then issued
more stock, raising $50 million from its shareholders, and agreed to
sell its newly completed downtown office building near the
White House to raise another $160 million.
[14]
Scandal exposed
Beginning March 15, 2002, the
Wall Street Journal
published a series of articles about Ullico's insider stock deal.
Global Crossing had filed for bankruptcy in January 2002, and a number
of investors suffered significant financial setbacks. Ullico's
investment in Global Crossing was well known, and the newspaper's
reporters wondered how severely union members' investments had suffered
from the bankruptcy. The paper also discovered that a federal
grand jury was already investigating the stock transactions.
[15]
On April 29, 2002, Ullico's board of directors agreed to conduct an
investigation into the legality and ethics of the stock sales. The board
meeting which preceded the vote was a contentious one, and the all-day
meeting ended very late in the afternoon. But in the end, the board
unanimously voted to ask
James R. Thompson, former
Republican governor of Illinois and chairman and CEO of
Winston & Strawn LLP (a large and prestigious D.C. law firm), to review the sales.
[9]
Thompson's report was completed in November 2002, but its release was
hotly debated. Thompson and two investigators, Robert W. Tarun and
Stephen J. Senderowitz (both former prosecutors with the
United States Department of Justice
and both now attorneys at Winston & Strawn), issued a 100-page
report just before Thanksgiving. The report harshly criticized Georgine
and the secretive, manipulative nature of the stock trades. The report
also concluded that the officers and directors had breached their
fiduciary duties and probably violated some states' securities laws. The
report noted that the board's compensation committee had approved the
repurchase plan even though its members were prohibited from making
decisions relating to their own compensation. Although the report said
no Ullico directors or officers had violated criminal laws, it did
strongly recommend that all board members return any profits to the
company. Finally, the report found that Ullico officers may also have
made millions of dollars in profits in special purchases and other
bonuses, which may not have been properly approved.
[16][17][18]
Debate over Thompson report
A
fight broke out over whether to make the report public. Thompson made
the report available to Ullico's board of directors, and required board
members to sign statements promising to keep the findings confidential.
Without a board vote to release the report, it would have remained
secret. A number of board members did not want their role in the stock
scandal made public. Board member
John J. Sweeney,
then president of the AFL-CIO and one of the board members who did not
participate in the stock trading scheme, demanded the release of the
report. Georgine and Sweeney engaged in numerous heated arguments for
several weeks, debating whether to release the Thompson report.
[16] Finally, on December 1, 2002, Sweeney resigned from the Ullico board in protest.
[19] Four other members of the board followed suit over the next month.
[17]
The fate of the Thompson report led to a number of lawsuits. The
Maryland Insurance Administration subpoenaed the report, forcing Ullico
to challenge the subpoena in court.
[20] The
United Auto Workers also filed suit to force Ullico to release the report.
[21] Even the U.S. Department of Labor filed suit to force the report into public.
[22]
In late February 2003, Sweeney threatened to debate the Ullico stock
sale in an open meeting of the AFL-CIO executive council in May.
[10]
Sweeney's threat, worsening public opinion and continued media
scrutiny of the affair led the Ullico board to make the report public.
On March 25, 2003, the Ullico board of directors created a special
advisory committee to debate the report's release. The advisory
committee voted unanimously to accept the report and release it to the
public, but voted against acceptance of the report's demand that board
members surrender their profits.
[17]
At a Ullico board meeting on March 28, Georgine proposed returning
his profits to the company. But other board members argued this would
pressure them to return their profits, too—something they did not wish
to do. The scandal was causing a split in the AFL-CIO's member unions.
Sweeney and some unions argued that surrendering profits was the only
way to restore confidence in the labor movement. But other unions, led
by Martin Maddaloni, president of the
United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry
(the plumbers' union), said they did nothing that directors in other
companies had not also done. Meanwhile, an aggravated Thompson issued a
public statement accusing Ullico and its legal counsel of making
defamatory statements about him and his inquiry and misrepresenting the
report's findings.
[23]
New board and new investigation
Three
weeks later, at Ullico's annual meeting, Georgine was forced out and a
new board of directors installed. In a hastily organized board meeting
late on April 23, 2003, Sweeney, board member
Terence M. O'Sullivan, Jr. (president of the
Laborers' International Union of North America) and
Edwin D. Hill (president of the
International Brotherhood of Electrical Workers) nominated a reform slate of 13 new board members. Georgine withdrew his name as a candidate for the board.
[24]
O'Sullivan and Maddaloni (who agreed in mid-April to return his
$418,880 profits) were the lone incumbents to return to the board.
[13]
Georgine attempted to stay on as president and CEO of Ullico, but
resigned on May 8 after the new board indicated it would attempt to fire
him. Georgine subsequently claimed Ullico owed him $2 million in
severance pay, a claim Ullico disputed.
[25] O'Sullivan was elected Ullico's new chairman, replacing Georgine.
[18]
A deeper investigation by the new board found additional problems.
Georgine's profits from the stock trade were found to be far higher than
anyone had guessed—nearly $8.8 million. Georgine and other Ullico
executives also received millions of dollars in special bonuses and
deferred compensation
never approved by the board. O'Sullivan also disclosed that Ullico
officers had loaned Georgine $2.2 million to purchase 40,000 shares of
low-priced Ullico stock prior to the stock trading scheme, further
enlarging his profits, and that Georgine's salary had risen from
$900,000 in 1996 to $5.4 million in 2000. Ullico's compensation
committee lacked the authority to approve both the loan and the salary
increases but did so anyway. O'Sullivan then issued letters to Georgine
and the other officers demanding that they refund this money.
[26]
These revelations led to an investigation by the
United States Congress. The
United States House Committee on Education and Labor subpoenaed Georgine to testify about the Ullico stock trading scheme, but Georgine asserted his
Fifth Amendment right against self-incrimination and refused to testify.
[27]
Regaining financial stability
In
2001 and 2001, the company issued more stock and sold its newly
completed Washington, D.C. office building to raise funds. By Spring
2003, with Terence M. O'Sullivan as the chairman of the new Board of
Directors, Ullico began rectifying its finances.
[28]
By year-end 2010, under new day-to-day management and a revamped
Board of Directors, the company has returned to its solid financial
footing with $6 billion of assets under management.
On May 11, 2013, the financial woes of Ullico Casualty Company (a
Ullico subsidiary) led to a court order declaring the entity insolvent.
The other Ullico subsidiaries and the Ullico holding company are not
directly impacted by that order.
[29][30]
Notes
"Company Overview. Bloomberg Businessweek. June 6, 2011.
"Vision Insurance Services".
"About Ullico".
"Ullico - Our Company".
Greenwald, "Tri-City Brokerage, Inc.," Business Insurance, October 4, 1999.
Fitch, "Big Labor's Big Secret," New York Times, December 28, 2005.
Chen, "Labor Department Is Suing 2 Ullico Units," Wall Street Journal, March 26, 2002; Raab, "Critics See a Conflict in Union Contract," New York Times, August 9, 1999.
Hamburger, "Global Crossing courted Union Leaders," Wall Street Journal, March 18, 2002; Boehm, "Slippery Stock Deal Benefits Union Bosses, Not Members," Investor's Business Daily, June 24, 2002; Schwartz, "Overnight, A Firm Big Enough to Buy US West," Washington Post, May 18, 1999; Greenhouse, "Ex-Governor to Look Into Union Stock Deal," New York Times, May 1, 2002.
Greenhouse, "Ex-Governor to Look Into Union Stock Deal," New York Times, May 1, 2002.
Franklin, "Sale of Stock in Unions' Firm Draws Fire," Chicago Tribune, February 25, 2003.
Global
Crossing shares had fallen nearly 50 percent from their 1999 peak, but
this would not be recorded in the auditor's statement until the next
regularly scheduled annual re-evaluation of the share price.
AFL-CIO
president John J. Sweeney was not present at the November meeting, and
Laborers president Terence M. O'Sullivan did not participate in the
plan. Both were Ullico board members. When he learned what had taken
place, Sweeney wrote to Georgine demanding to know why the stock trade
plan had been suggested and approved. See Franklin, "Sale of Stock in
Unions' Firm Draws Fire," Chicago Tribune, February 25, 2003; Strope, "Ullico Chief Forced Out in Stock Scandal," Associated Press, May 8, 2003.
Edsall, "Ullico Forces Chairman Out Amid Stock-Trading Dispute," Washington Post, April 24, 2003.
Irwin, "Unions Invest $50 Million More in Ullico," Washington Post, October 2, 2003.
Hamburger, "Grand Jury Reviews Stock Transactions by Insurance Firm," Wall Street Journal, March 15, 2002; Hamburger, "Global Crossing courted Union Leaders," Wall Street Journal, March 18, 2002; Hamburger, "How Union Bosses Enriched Themselves on an Insurer's Board," Wall Street Journal, April 5, 2002.
Edsall, "Union Insurer's Board to Review Probe of Stock Deals," Washington Post, November 26, 2002.
Greenhouse, "Report Said Directors of Union-Owned Insurer Should Return Unfair Trading Profits," New York Times, April 2, 2003.
Strope, "Ullico Chief Forced Out in Stock Scandal," Associated Press, May 8, 2003.
Greenhouse, "Union Head Cites Secret Report in Quitting Insurer," New York Times, December 3, 2002.
Edsall, "Union Firm Pressured on Claims of Insider Trading," Washington Post, January 21, 2003.
Goodman, "UAW Sues Union Insurer, Seeks Probe Report Release," Associated Press, January 30, 2003.
Strope, "Feds Sue Union-Owned Insurance Company," Associated Press, February 13, 2003.
Greenhouse, "Stock Dealing at Union-Owned Insurer Creates a Schism Within Labor," New York Times, April 8, 2003.
Georgine effectively withdrew his name as a candidate as chairman of Ullico as well, for the chair must be a board member.
Greenhouse, "Laborers' Leader Takes Over Troubled Union-Owned Insurer," New York Times, May 9, 2003.
Strope, "Lawyer: Stock Trades Enriched Ullico Exec," Associated Press, June 19, 2003; Edsall, "Ullico Board Seeks Return of Stock Profits," Washington Post, May 14, 2003; Greenhouse, "The Fighting O'Sullivan," New York Times, May 18, 2003.
Greenhouse, "Ex-Chairman of Insurer Won't Testify," New York Times, June 18, 2003.
"Ullico, Georgine Settle," Pensions and Investments, November 14, 2005.
http://www.delawareinsurance.gov/departments/berg/15.0LIQ&INJORDERwBARDATE-20130530.pdf
- http://www.ullico.com/ucc-receivership
References
- "Company Overview. Bloomberg Businessweek. June 6, 2011.
- "Vision Insurance Servies. Ullico.
- Boehm, Ken. "Slippery Stock Deal Benefits Union Bosses, Not Members." Investor's Business Daily. June 24, 2002.
- Chen, Kathy. "Labor Department Is Suing 2 ULLICO Units." Wall Street Journal. March 26, 2002.
- Edsall, Thomas B. "ULLICO Board Seeks Return of Stock Profits." Washington Post. May 14, 2003.
- Edsall, Thomas B. "ULLICO Forces Chairman Out Amid Stock-Trading Dispute." Washington Post. April 24, 2003.
- Edsall, Thomas B. "Union Firm Pressured on Claims of Insider Trading." Washington Post. January 21, 2003.
- Edsall, Thomas B. "Union Insurer's Board to Review Probe of Stock Deals." Washington Post. November 26, 2002.
- Edsall, Thomas B. "Uproar Over Stock Deals Divides Labor Leaders." Washington Post. February 23, 2003.
- Fitch, Robert. "Big Labor's Big Secret." New York Times. December 28, 2005.
- Franklin, Stephen. "Sale of Stock in Unions' Firm Draws Fire." Chicago Tribune. February 25, 2003.
- Goodman, David. "UAW Sues Union Insurer, Seeks Probe Report Release." Associated Press. January 30, 2003.
- Gottlieb, Jenna. "Hartford Buys Union Labor Policies." American Banker. February 15, 2005.
- Greenhouse, Steven. "Ex-Chairman of Insurer Won't Testify." New York Times. June 18, 2003.
- Greenhouse, Steven. "Ex-Governor to Look Into Union Stock Deal." New York Times. May 1, 2002.
- Greenhouse, Steven. "The Fighting O'Sullivan." New York Times. May 18, 2003.
- Greenhouse, Steven. "Laborers' Leader Takes Over Troubled Union-Owned Insurer." New York Times. May 9, 2003.
- Greenhouse, Steven. "Report Said Directors of Union-Owned Insurer Should Return Unfair Trading Profits." New York Times. April 2, 2003.
- Greenhouse, Steven. "Stock Dealing at Union-Owned Insurer Creates a Schism Within Labor." New York Times. April 8, 2003.
- Greenhouse, Steven. "Union Head Cites Secret Report in Quitting Insurer." New York Times. December 3, 2002.
- Greenwald, Judy. "Tri-City Brokerage, Inc." Business Insurance. October 4, 1999.
- Hamburger, Tom. "How Union Bosses Enriched Themselves on an Insurer's Board." Wall Street Journal. April 5, 2002.
- Hamburger, Tom. "Global Crossing Courted Union Leaders." Wall Street Journal. March 18, 2002.
- Hamburger, Tom. "Grand Jury Reviews Stock Transactions by Insurance Firm." Wall Street Journal. March 15, 2002.
- Irwin, Neil. "Unions Invest $50 Million More in ULLICO." Washington Post. October 2, 2003.
- Phelan, Craig. William Green: Biography of a Labor Leader. Albany, N.Y.: State University of New York Press, 1989. ISBN 0-88706-871-5
- Raab, Selwyn. "Critics See a Conflict in Union Contract." New York Times. August 9, 1999.
- Schwartz, John. "Overnight, A Firm Big Enough to Buy US West." Washington Post. May 18, 1999.
- Strope, Leigh. "Feds Sue Union-Owned Insurance Company." Associated Press. February 13, 2003.
- Strope, Leigh. "House Panel Says Union Firm May Have Violated Labor, Pension Laws." Associated Press. October 28, 2003.
- Strope, Leigh. "Lawyer: Stock Trades Enriched ULLICO Exec." Associated Press. June 19, 2003.
- Strope, Leigh. "ULLICO Chief Forced Out in Stock Scandal." Associated Press. May 8, 2003.
- Thompson, Laura K. "Union-Connected Insurer to Buy, Expand Amalgamated of Chicago." The American Banker. September 1, 2000.
- "ULLICO, Georgine Settle." Pensions and Investments. November 14, 2005.
- "ULLICO: History," ULLICO, no date accessed Jan. 14, 2007
- Waxman, Sharon. "DreamWorks Drops Plan for New Studios." Washington Post. July 3, 1999.
(Taken From Wikipedia)
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