Ullico is one of the largest insurance and investment services companies for trade union members in the United States.

The stock's value changes once a year when company directors set a new share price based on the advice of independent auditors.

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.

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.

Union Labor Life aimed to provide a new level of stability for workers and increase their standard of living.

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.

[citation needed] 2008: Ullico Captive, PCC is established to offer alternative risk solutions[buzzword] through the Life and Health and Property and Casualty lines of business.

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.

The deciding vote in the health committee was cast by Robert Georgine, chairman, president and chief executive officer of Ullico.

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.

[10] 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.

[11] In December 1999, Georgine offered Ullico's officers and directors a chance to participate in its Global Crossing profits.

[11][12][13] All Ullico shareholders, including union pension plans, could sell a prorated amount based on their total holding.

[17] 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.

[18] On April 29, 2002, Ullico's board of directors agreed to conduct an investigation into the legality and ethics of the stock sales.

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.

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 also concluded that the officers and directors had breached their fiduciary duties and probably violated some states' securities laws.

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.

Georgine and Sweeney engaged in numerous heated arguments for several weeks, debating whether to release the Thompson report.

[25] In late February 2003, Sweeney threatened to debate the Ullico stock sale in an open meeting of the AFL-CIO executive council in May.

On March 25, 2003, the Ullico board of directors created a special advisory committee to debate the report's release.

Georgine and other Ullico executives also received millions of dollars in special bonuses and deferred compensation never approved by the board.

[30] In 2001 and 2001, the company issued more stock and sold its newly completed Washington, D.C. office building to raise funds.

[32][33] On May 24, 2017, the Florida Third District Court of Appeal reversed a final summary judgment entered in favor of Ullico, concluding that a real estate broker had an ownership interest in purchase money deposits held in an escrow trust account.