ULLICO Inc. Poised to Help Investment in the Nation's Infrastructure
Job Creation Closely Tied to Investment
WASHINGTON, Oct. 21 /PRNewswire/ -- Water pouring over the levees in New Orleans. Rescuers working to save motorists from the Mississippi River in Minnesota after the I-35 bridge collapse. These are images we won't soon forget. Today, ULLICO Inc., a privately held financial and risk solutions provider, is announcing the launch of its infrastructure investment business to assist in the investment, maintenance and refurbishment of our nation's infrastructure.
According to the American Society of Civil Engineers:
One in four of the nation's bridges are either structurally unsound or functionally obsolete;
Roadway conditions are a significant factor in nearly one-third of all traffic fatalities;
America's drinking water systems face an annual shortfall of at least $11 billion to replace aging facilities that are near the end of their useful lives and non-compliant with existing and future federal water regulations;
Leaking water pipes lose an estimated 7 billion gallons of clean drinking water a day; and
The U.S. power transmission system is in urgent need of modernization. Growth in electricity demand has not been matched by investment in new transmission facilities resulting in an increased number of "bottlenecks" which increase costs to consumers and the risk of blackouts.
"Most of the U.S. infrastructure system -- including roads, bridges, railways, water systems -- is between 50 and 100 years old. In some cases even older," said Ed Smith, President of ULLICO. "More than ever, cash strapped communities are forced to defer maintenance and capacity enhancement, increasingly, with tragic results. Investment in these assets will not only help keep America's infrastructure safe but will also help to create jobs and keep America competitive in the global economy."
ULLICO has a longstanding commitment to supporting investment in building projects linked to job creation. "Through its real estate investment product, J for Jobs, ULLICO has funded $1.2 billion of new construction in 2008, alone," added Smith. "These investment dollars helped to create over 32 million hours of union labor on new construction sites. ULLICO is committed to creating a similar outcome through its infrastructure investment business."
As part of this commitment, the organization has hired two senior investment professionals to lead its infrastructure business. Jeff Murphy and Sonia Axter come to ULLICO with 14 years of infrastructure development and investment experience, each, and a track record of working together. Both Mr. Murphy and Ms. Axter were previously senior infrastructure investment personnel at Bechtel Enterprises, the infrastructure finance, development, and ownership arm of Bechtel Group Inc., as well as members of Deutsche Bank's alternative investment group responsible for investing private capital in infrastructure assets in North America.
It is estimated that over the next five years, $2.2 trillion will be needed to fix our most pressing infrastructure needs. In November, ULLICO will roll out its program to work with local and state governments, and private investors to help address this need.
About ULLICO Inc.
ULLICO Inc., with $5.3 billion in total assets under management, is an insurance and financial services holding company. ULLICO's subsidiary companies include The Union Labor Life Insurance Company; ULLICO Investment Advisors, Inc.; ULLICO Investment Company; ULLICO Casualty Company; and ULLICO Casualty Group, Inc. Since 1927, the ULLICO Family of Companies has offered quality insurance and investment products and services to its single most important client, the American labor movement. For additional information, visit www.ullico.com.
