Catholic United Financial will maintain its own identity, while helping create the sixth-largest fraternal insurer in nation
Above: President and CEO Michael Ahles addresses Delegates during the business session at the 2024 Catholic United Financial Triennial Conference, held Sept. 13-14 in Bloomington, Minn. The Delegates voted in favor of the merger proposal at that session.
SAINT PAUL, Minn. – Catholic United Financial is pleased to announce that delegates at its Triennial Conference on September 14 ratified the organization’s merger with Trusted Fraternal Life, a Milwaukee-based, fraternal life insurance organization. The Trusted Fraternal Life Board unanimously voted to approve the merger on September 24. Upon approval from Minnesota and Wisconsin regulators, the merger will take effect on January 1, 2025.
“This is a significant step in our organization’s 146-year history serving Catholic communities across the Upper Midwest,” said Michael Ahles, President, CEO and Board Chair of Catholic United Financial. “Our identity, legacy and commitment to Catholic values will continue, but with even greater financial strength and more product offerings to our members.”
Catholic United Financial has nearly $1 billion in assets and 75,000 members concentrated in Minnesota, North and South Dakota, Iowa, and Wisconsin. It will retain its name and identity within the Trusted Fraternal Life family of brands model.
“This is a significant step in our organization’s 146-year history serving Catholic communities across the Upper Midwest”
“We are honored and excited that Catholic United Financial will join Trusted Fraternal Life,” said John Borgen, President and CEO of Trusted Fraternal Life. “We are well on our way to building the NextGen fraternal and achieving our 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.”
The delegates’ approval comes after the Catholic United Financial Board of Directors had voted unanimously in June 2024 to recommend the merger.
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.
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.
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