The Knights of Columbus insurance program passed a major milestone today
when total insurance in force exceeded $80 billion. The amount of life
insurance in force has doubled in just over a decade, from $40 billion in
2000.
The organization was established in 1882 as a fraternal benefit society,
with one of its primary aims to enable members to protect their families
with life insurance. Today, the K of C has more than 1.8 million members
in the United States, Canada, Mexico and Central America, the Caribbean,
Philippines and Poland.
The Knights of Columbus has more than $17 billion in assets and ranks in
the Fortune 1000 list of America’s largest companies. It is one of only
five insurers in North America to receive the highest possible rating for
financial stability from both Standard & Poor’s (AAA) and A.M. Best (A++).
Supreme Knight Carl A. Anderson, who assumed the role of CEO in 2000,
cites the record sales growth as resulting from the organization’s
philosophy of sustainable investment and ethical business practices.
“Despite the difficult economic conditions in the United States, the
Knights of Columbus has maintained its strength, and has improved its
standing relative to the insurance industry as a whole,” Anderson said.
“There is no higher rated insurer than the Knights of Columbus, and we
have every confidence in our continued success because we have a
fundamentally solid business model, which continues to serve us well.”
One of the most active charitable groups in the United States, Knights of
Columbus members last year set records despite the weak economy by
providing nearly 69 million hours of charitable service and more than $151
million in donations to charitable causes. Cumulative figures show that,
during the past decade, the Knights of Columbus has donated more than
$1.36 billion to charity, and provided nearly 640 million hours of
volunteer service in support of charitable initiatives.
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