Third Quarter Results
Through September 30, 2023, written premium for our Group is $835 million. Our loss ratio is 51.1%, our loss adjustment expense ratio is 8.7%, and our underwriting expense ratio is 32.7%, adding up to a combined ratio of 92.5%. These numbers put us in a solid position to meet our year-end financial goals and anticipate the environmental, regulatory, and economic headwinds foreshadowed in 2024, and beyond. We know that meeting our goals requires continued hard work and partnership.
With Gratitude
With the holiday season in full swing, I want to take a moment to say “thank you” to you, our dedicated agency partner. As we have all witnessed, the insurance industry as a whole has experienced many challenges in 2023. Through it all, you have continued to partner with us to diligently serve our mutual policyholders. On behalf of all of us at Western National, thank you for all you do. We look forward to our continued partnership in 2024.
Supporting the Next Generation of Insurance Professionals
Western National Insurance Group is wrapping up its fall campus recruitment efforts. Between September and the end of December, the Talent Acquisition Team and our Employee Ambassador Group will have attended nine university events between Minnesota, Washington, and Alaska. Our presence at these events has helped spread brand awareness as well as marketed our early career opportunities, such as internships, trainee positions, and entry-level opportunities. These events included the University of Minnesota Duluth hosting a “Western National” Day and many insurance forums, classroom visits, hosting a table on campus, and traditional career fairs.
We have been intentional about the colleges we’ve partnered with, as these colleges intentionally focus on providing an inclusive pool of candidates, majors, and programming. In total, we estimate that between all the events, we’ve captured an in-person audience of over 1,000 students! Here is a list of our current campus partners:
- University of MN Duluth
- University of MN Twin Cities College of Liberal Arts
- University of MN Gamma Iota Sigma Insurance Panel
- University of MN Actuarial Fair
- University of Washington Bothell
- St. Thomas Dougherty Family College
- St. Thomas Gamma Iota Sigma Insurance Panel
- University of Alaska Anchorage
In addition to in-person conversations and promotion, we consistently advertise and outreach to other colleges not listed above on Handshake (a college recruitment platform), local two-year community colleges, and various ConnextMSP network partners who focus on inclusive talent pipelines. We are excited about the level of interest that we’ve had from candidates, and we are actively reviewing our pool and conducting interviews. We look forward to extending offers for our internship programming that formally begins in May 2024.
