Trusted Fraternal Life Announces Second Merger in Three Months

Will Become 6^th Largest Fraternal in United States

MILWAUKEE, July 10, 2024 /PRNewswire/ -- Trusted Fraternal Life, a Milwaukee-based fraternal life insurance organization, is pleased to announce its second merger in three months. Catholic United Financial, headquartered in Arden Hills, Minnesota, intends to join the Trusted Fraternal Life family of brands, which was established by Catholic Financial Life earlier this year. The merger marks the next milestone in Trusted Fraternal Life's journey to build the NextGen fraternal benefit society.

"We've been collaborating with Catholic United Financial on various initiatives for years and this merger is a natural next step. It is also evidence of Trusted Fraternal Life's purpose—to facilitate consolidation in the fraternal sector while preserving unique identities and traditions and achieving the necessary scale to be relevant, to compete, and to grow," said John Borgen, President and CEO of Trusted Fraternal Life.

The result of this merger and the merger of Woman's Life Insurance Society, announced last April, will be an organization with nearly $3 billion in assets and over 215,000 members. It will be the sixth largest fraternal in the United States; there are about 70 fraternals in the country.

"Members whose organizations become part of the Trusted Fraternal Life family of brands will join one of the oldest and financially strongest fraternals in the United States," Borgen added.

Catholic United Financial has a rich 146-year history. A group of Catholics from ten different parish-based societies founded the organization in 1878. The organization has evolved into a trusted, member-owned, not-for-profit financial services company with nearly $1 billion in assets and 75,000 members concentrated in Minnesota, North and South Dakota, Iowa, and Wisconsin.

"This merger reinforces our shared values and dedication to growing our business while engaging more people to live financially secure, purposeful lives," said Michael Ahles, President, CEO and Board Chair of Catholic United Financial. "Joining forces with Trusted Fraternal Life allows the Catholic United Financial brand, volunteer network, and Catholic community efforts to continue for future generations."

The merger is anticipated to take effect January 1, 2025, pending approval by Catholic United Financial delegates and regulators.

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.

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. For more information, visit www.catholicunitedfinancial.org.

Contact: Debbie Michalak
T: (414) 278-6487
Debbie.Michalak@cfl.org

SOURCE Trusted Fraternal Life