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Through March 31, 2021, written premium for our Group (not including affiliate Michigan Millers) is at $200.8 million. Our loss ratio is 55.3% (vs. goal of 54.4%), our loss adjustment expense ratio is 10.3% (vs. goal of 10.4%), and our underwriting expense ratio is 28.8% (vs. goal of 29.8%) – adding up to a combined ratio of 94.4%. Despite the challenges of the ongoing pandemic, we are off to a solid start for 2021.
I’m pleased to report that Western National Insurance Group has surpassed $600 million in policyholder surplus, effective January 2021. These results provide a new level of financial stability and security for our Group and its policyholders. I want to take a moment to thank you for your support as a Western National agency partner and for your work in helping us reach this milestone.
Last month we congratulated Stu Henderson on his retirement after 20 years as Western National Insurance Group’s CEO. Stu joined Western National as President and CEO in 2001 when the company’s equity had fallen to just $60.3 million and its A.M. Best financial strength rating had been downgraded to B+. He worked hard to steer the Group back on track, and we have come a long way during his twenty-year tenure. During his time at Western National, Stu also led the development of the company’s charitable programs and community initiatives, served on industry boards, oversaw activities that earned Western National several awards, and guided the company’s rise to an A+ (Superior) financial strength rating. His contributions to the Group are impressive, to say the least.
I’m proud to be entrusted by Stu and the Board of Directors with the position of President and CEO of Western National Insurance Group. I look forward to working with our employees and all our agency partners as we continue to serve our customers and achieve mutual success.
