Knights of Columbus Surpasses $95 Billion of Life Insurance In Force

Catholic insurer has added nearly $50 billion in last decade

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Sep 03, 2014, 11:41 ET

NEW HAVEN, Conn., Sept. 3, 2014 /PRNewswire-USNewswire/ -- The Knights of Columbus surpassed $95 billion of life insurance in force in August, marking the latest milestone for the company, which has experienced unprecedented growth in the last decade.

Established in 1882 by a young Catholic priest, the organization — which offers its line of top-rated products exclusively to its members and their eligible family members — manages $21 billion in assets and ranks among the largest life insurers in North America.

"This milestone isn't just a number," said CEO and Supreme Knight Carl A. Anderson, "it's an indication that we are protecting even more Catholic families and continuing the mission of our venerable founder, Father Michael J. McGivney. Every dollar of top-rated insurance that our professional agency force adds means real, meaningful security for the families we help protect."

The Knights offers insurance to its members and their families through a network of 1,500 dedicated, professional agents in the United States and Canada — all of whom are members of the Knights of Columbus.

This latest milestone comes amid a year of records and accolades for the organization. In January, the Knights announced its 13th consecutive year of sales growth for their insurance business, issuing nearly $8.2 billion of business in 2013.

In June, the Knights earned its 39th consecutive A++, Superior rating for financial strength — the highest rating available — from ratings agency AM Best. No insurer in North America is more highly rated than the Knights of Columbus.

Also, the Knights of Columbus was named a 2014 "World's Most Ethical Company" in March by the Ethisphere Institute, an independent center for research promoting best practices in corporate ethics and governance. It was one of two companies named in the "life insurance" category and one of fewer than 150 total companies worldwide to earn this distinction.

The Knights also set a new record for charitable giving in 2014. Knights donated more than $170 million to charitable causes, giving in excess of $1.5 billion in the past decade.

SOURCE Knights of Columbus