“We have always been a nimble organization. That's what has allowed us to be successful in times of change.”
- William Hunt, GBU CEO
Happy 130th Birthday to GBU!
April 13, 2022
In 1992, GBU employee Julie Gaita worked closely with author Wilson J. Warren to put together pieces of history for a biography of GBU Financial Life's first 100 years. This April, GBU will celebrate its 130th year providing life insurance, annuities and member benefits to families throughout the United States. "So much has changed, even in the last 30 years," said Gaita.
GBU Financial Life was founded as the German Beneficial Union, one of many great fraternal benefit societies that formed between the close of the 19th century and the Civil War. This period marked a great time of growth for the Pittsburgh region as household names such as ALCOA, PPG, Heinz and D.L. Clark were just getting their starts, and immigrants were flooding into the city to begin their American dreams. Since many arrived poor and unsure what lay ahead of them, they looked to fellow countrymen who had come to the US before them for support. This support was the foundation of the fraternal benefit society system, which formed to help provide benefits and social interaction to fellow immigrants.
In 1935, the enactment of Social Security brought country-wide health and retirement benefits, but many still leaned on fraternal benefit societies for social activities, life insurance and retirement savings programs. Although GBU Financial Life was founded by a group of German-Americans, it quickly became a melting pot for all nationalities. German, Lutheran, Slovak and Hungarian influences can still be seen throughout GBU's social gatherings, along with a welcoming spirit of community for anyone who is looking for a secure way to grow their savings.
Throughout its 130 years, GBU has weathered the storm of stock market panics, depressions, pandemics, wars and political change to quietly become one of the largest fraternal benefit societies in the country. "We have always been a nimble organization," said current GBU CEO William Hunt, "that's what has allowed us to be successful in times of change." GBU's conservative approach to investing has also led to a financially strong foundation, allowing it to grow over the years at an even, steady rate. "We pride ourselves in being real long-term stewards of our members’ money," said Hunt.
What can we expect from GBU Financial Life during its second century as a national fraternal organization?
“We want to look at new ways to bring our members together. We want to support them in helping with the needs of their local communities. Our growing team at the GBU Home Office is excited about what the future will bring. Our members are known for their energy and giving spirits and we are excited to be a part of that.”
- Lesley Mann, GBU CMO
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