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Union Mutual Life Insurance was incorporated in 1848 in Maine. [8] The company issued its first policy, which covered the life of founder and company president Elisha B. Pratt for $5000 (equivalent to $183,120 in 2023), on October 1, 1849. [8] Union Mutual's principal office at the time was located in Boston, Massachusetts, where Pratt resided.
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Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in the United States by 1989.
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Ullico Inc. is a privately held insurance and financial services holding company in the United States.Formerly known as Union Labor Life Insurance Company, it was founded in 1927 [1] by the American Federation of Labor (AFL) and its then president, Samuel Gompers, to offer health and life insurance products specifically to working men and women.
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