Catholic United Financial, a 133-year-old fraternal life insurance company based in St. Paul, and the American Fraternal Union, a 113-year-old fraternal life insurance company based in Ely announced a plan of merger.
Catholic United Financial and its 74,000 members will welcome the more than 12,000 members of the American Fraternal Union in the fall of 2011, subject to approval of the merger by members of both societies and customary regulatory approvals.
“This is an opportunity to join two active fraternal societies together under one roof. Our historic companies have a similar fraternal perspective,” said Michael F. McGovern, president of Catholic United Financial, in a news release. “At the heart of this merger is our desire to serve our members in the best way possible. The merger will ensure the continued strength, quality of service and longevity of our societies. We will continue to adhere to the fraternal benefit society model in the way we conduct business and benevolence.”
As of Dec. 31, 2010, the American Fraternal Union reported $53.2 million of insurance in force and total admitted assets of $23.4 million. Catholic United Financial reported $1.9 billion of insurance in force.