Trusted Fraternal Life announces second merger in three months

Milwaukee, WI (July 10, 2024) – 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 Dakota, 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.