Announcing Trusted Fraternal Life, a Family of Brands
On March 5, 2024, we announced the establishment of Trusted Fraternal Life, a family of brands. In the message below, President and CEO, John Borgen, shares why this is an exciting time for our members and other fraternal organizations who join the Trusted Fraternal Life family.
Achieving Our Vision
In 2017, the Board of Directors adopted the following vision statement:
To be the innovative leader in fraternal partnerships and consolidation, while growing our existing business, and engaging more people to enjoy financially secure, purposeful lives.
For the past two years, the Board has considered several different strategies to achieve this vision. After much careful analysis and deliberation, the Board unanimously voted to establish the Trusted Fraternal Life family of brands that includes Degree of Honor and Catholic Financial Life. Read amended Articles and Bylaws.
The Opportunity
The purpose of creating Trusted Fraternal Life is to facilitate consolidation in the fraternal sector, while preserving unique identities and traditions, and achieving additional scale to compete, to be relevant, and to grow. In the process, we will build the NextGen fraternal benefit society.
Consolidation has been happening in the life insurance industry and the fraternal sector for the past 30 years. In fact, Catholic Financial Life is the result of nine different mergers during that time (five Catholic organizations, four non-Catholic.)
Creating Trusted Fraternal Life is an opportunity to leverage our track record of merger success with a unique approach to fraternal consolidation while investing in diverse brands for organic growth.
The Design
Fraternal organizations that join the Trusted Fraternal Life family of brands will maintain the essence of their brand identity while achieving economies of scale, pursue growth opportunities in different markets and make an even greater community impact.
“It’s really no different than Coke being part of the Coca-Cola Company,” said John Borgen, President & CEO. The Coca-Cola Company has hundreds of brands throughout the world including Coke, Dasani, Gold Peak Tea, Powerade and Minute Maid, to name a few. Trusted Fraternal Life is similar to the Coca-Cola Company with multiple brands.
Member Impact
Degree of Honor has been protecting members and their families and being a force for good for generations—that does not change. Members are
still part of Degree of Honor—they are members of the same lodges, enjoy the same member benefits, and continue to support local charities as decided by local members just as they always have. All of this will continue in the name of Degree of Honor.
For more information, please see the Frequently Asked Questions below.
Frequently Asked Questions
What is Catholic Financial Life doing?
We are establishing a family of brands under the name Trusted Fraternal Life. Both Degree of Honor and Catholic Financial Life are part of the family of brands. This decision was made by the Board of Directors following two years of strategic discussions discerning the best way to achieve our vision—to be the innovative leader in fraternal partnerships and consolidation.
Why is this happening now?
We are among the strongest fraternal life insurers in the United States. We have record surplus, capital, and risk-based capital ratio resulting in a financial strength rating of “A” with a stable outlook from the Kroll Bond Rating Agency. By acting now, we are leveraging our financial strength to achieve our vision.
How does this benefit Degree of Honor members?
As a life insurance company, we promise to be there for our members and their families when they need us most. By uniting other fraternals as part of the Trusted Fraternal Life family of brands, we will realize additional economies of scale. Those economies will be reinvested in product development, technology, distribution, additional financial strength, and greater charitable impact. In short, it will help us to better fulfill our mission of serving communities, providing financial security, and enhancing quality of life for generations to come.
When is it effective?
We received word from the Wisconsin Office of the Commissioner of Insurance that the changes were effective March 4, 2024.
What changes for Degree of Honor members and local lodges?
Nothing changes for members and local lodges. Members will continue to enjoy the benefits of membership as they always have. They are members of the same lodges and may continue to support the same local charities.
Does the name on the Home Office building change?
No, the name on the Home Office building does not change.
Does a member’s agent or advisor change?
No, a member’s agent or advisor does not change.
Email info@cfl.org if you have any questions.