146-year-old insurer would retain identity and commitment to Catholic mission within new fraternal “family of brands”
Above: Executives of Catholic United Financial and Trusted Fraternal Life stand on the steps of Church of the Assumption in Saint Paul, Minn., the site where Catholic United Financial was founded in 1878. Pictured: Sr. Vice President Paul Zastrow of Catholic United Financial; President and CEO Michael Ahles of Catholic United Financial; John Borgen, President and CEO of Trusted Fraternal Life; Kristen Mueller, Corporate Secretary of Trusted Fraternal Life.
SAINT PAUL, Minn. – Catholic United Financial announced today that its Board of Directors has voted unanimously to recommend its merger with Trusted Fraternal Life, a Milwaukee-based, fraternal life insurance organization formerly known as Catholic Financial Life. The proposal must be ratified by delegates to Catholic United Financial’s Triennial Conference in September to proceed.
“We are excited to recommend this step to our delegates and bring the opportunity for even greater financial strength and more product offerings to our members,” said Michael Ahles, President, CEO and Board Chair of Catholic United Financial. “At the same time, joining Trusted Fraternal Life’s family of fraternal brands will ensure the Catholic United Financial brand, its volunteer network, and its support of Catholic community-building activities will continue and have a path for growth.”
Catholic United Financial has nearly $1 billion in assets and 75,000 members concentrated in Minnesota, North and South Dakota, Iowa and Wisconsin. It was founded in 1878 when ten parish-based fraternal societies united to help care for families left destitute by the deaths of husbands and fathers.
“Catholic United Financial joining the Trusted Fraternal Life family of brands would benefit members of both organizations,” said John Borgen, President and CEO of Trusted Fraternal Life. “We are committed to building the Next-Gen fraternal benefit society while preserving unique brands and traditions and achieving the necessary scale to be relevant, to compete, and to serve more middle-market families.”
“…joining Trusted Fraternal Life’s family of fraternal brands will ensure the Catholic United Financial brand, its volunteer network, and its support of Catholic community-building activities will continue and have a path for growth.”
Ahles and Borgen noted that both companies have enjoyed a successful working relationship for many years, working with an asset management coalition and collaborating on a joint technology venture, Conventus Now.
“When Catholic Financial Life created the Trusted Fraternal Life ‘family of brands’ model for fraternal organizations, we carefully studied it and concluded that a merger is in the best interest of our members, their families and future generations,” added Ahles.
If approved by the Catholic United Financial delegates and regulators in Minnesota and Wisconsin, the merger is intended to take effect on January 1, 2025.
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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