AP Wire | Union Insurance Co. Chairman to Step Down One union official involved in the negotiations said there "is no way in hell" Georgine would be staying at Ullico. Before the agreement, several union presidents were maneuvering to oust Georgine, whose stock deals and compensation packages have totaled more than $12.6 million since 1998.
"We believe that the controversy surrounding Ullico at this time makes these changes necessary to secure the future of Ullico," said Edwin D. Hill, president of the International Brotherhood of Electrical Workers. "The company provides a vital service to working people, giving labor access to quality affordable insurance and investment products that would otherwise be unavailable or unaffordable."