Catholic Aid Association Becomes Catholic United Financial

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Jan 25, 2011, 12:32 ET

ST. PAUL, Minn., Jan. 25, 2011 /PRNewswire/ -- One of Minnesota's oldest companies has begun operating under a new name.

Catholic Aid Association, a fraternal insurance company that has operated in Minnesota since 1878, has officially updated its name to Catholic United Financial. The change took effect on Jan. 1, 2011.

The new name provides clarity about the company's purpose and is vital to continued growth.

"While our name has changed, we remain the same member-based company, with the same safe and secure portfolio of life insurance and financial products like annuities and IRAs," said Michael McGovern, president of the association since 1998. "Catholic is who we are. United is what we are. Financial is what we do. It makes sense."

Catholic United Financial, founded in 1878 in St. Paul, Minn., is one of the largest fraternal life insurance companies in the Upper Midwest, serving more than 74,000 members. Catholic United Financial offers life insurance, annuities and retirement savings products to its members, and is also a leader in support of the entire Catholic community. The company offers fraternal benefits - fundraisers, youth events, scholarships and matching grant programs - for Catholic parishes, schools and religious education programs throughout its territory.

The name change process began in 2008, and is the fourth name change in the company's history. The company was founded with a German name: "The Mutual Life Insurance Association of the German Roman Catholic Benevolent Societies of Minnesota." In the early 20th century, the name was changed to English and shortened to Catholic Aid Association of Minnesota. The last two words were later dropped as the company expanded its territory, and it is now licensed in Minnesota, South Dakota, North Dakota, Iowa and Wisconsin.

While the company will operate under a different name, its members and customers can expect the same exceptional service and products that have resulted in two consecutive years of record sales and membership growth. "We're the same company that has never lost a penny of our member's hard-earned money in our 133-year old history," said Senior Vice President and Secretary/Treasurer Harald Borrmann. Catholic United Financial currently has almost $2 billion of life insurance in force, and assets of more than $670 million.

More information is available at www.catholicunitedfinancial.org.