January 7, 2015
Western National Insurance Group and Michigan Millers Mutual Announce Affiliation
(Minneapolis, Minn.) Western National Insurance Group today announced that the Boards of Directors of Michigan Millers Mutual Insurance Company and Western National Mutual Insurance Company have approved an affiliation of the two companies. This affiliation will be final after the necessary regulatory approvals are completed, which are expected to be done by the end of the first quarter of 2015.
The affiliation of Western National and Michigan Millers will result in expanded opportunities for both companies. “The affiliated companies already share similar organizational values and a long history of service to policyholders and partner independent agents,” said Stuart Henderson, President and Chief Executive Officer of the Western National Insurance Group. After the transaction is completed, the companies will achieve better geographical diversification, operational expense savings and expanded market reach. Most significantly, Michigan Millers expects to regain an “A- (Excellent)” rating from A.M. Best, providing extra financial security for their policyholders and the last needed element for continued, strong growth.
“This is an exciting time for all the folks at Western National and Michigan Millers,” said Henderson. The combined direct written premiums of the group at affiliation will be in excess of $550 million, with total assets of $1.1 billion and policyholder surplus of almost $400 million.
“We look forward to our future with Western National as we continue to grow and prosper for the benefit of our policyholders, partner agents, and employees,” said Thomas Lindell, President and Chief Executive Officer of Michigan Millers Mutual Insurance Company.
Griffin Financial Group acted as Michigan Millers’ financial advisor and Dykema acted as its counsel.
Western National Insurance Group, headquartered in Edina, Minn., is a super-regional group of seven active property-and-casualty insurance companies serving individuals, families, and businesses in 19 states in the Midwestern, Northwestern, and Southwestern U.S. The group distributes its products exclusively through independent insurance agents.
Michigan Millers Mutual Insurance Company, headquartered in Lansing, Mich., is a regional property-and-casualty insurance company serving individuals, families, and businesses in Michigan and New York. The company distributes its products exclusively through independent insurance agents.
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