February 19, 2008
Western National Insurance Group Announces Year End 2007 Results
Western National Insurance Group today announced their full year financial results through December 31, 2007. These results reflect the pooled financial results of all companies in the group. Significant comparative financial measures include:
- Total Assets - grew from $493.9 million to $513.5 million, an increase of $19.6 million (4%);
- Net Written Premiums - after adjustment for a commuted reinsurance contract, NWP was up slightly ($1 million) to $212.3 million;
- Net Income After Tax - totaled $23.0 million, essentially flat as compared to $23.4 in 2006;
- The Combined Ratio was 93.5% compared to 91.4% in 2006;
- Surplus - increased from $190.6 million to $206.3 million ($15.7 million or 8.2%);
- Return on Average Surplus - was 11.6% compared to 14% in 2006
"The results for 2007, given a softening market and extraordinary catastrophe loss ($22 million net after reinsurance recoveries), are truly gratifying," said Stuart Henderson, president & chief executive officer. "Much of our efforts in the last several years has been to build a book of business, and establish a risk management program, that allows us to produce industry beating results in the face of market cycles and unusual loss activity; 2007 results reflect the fruits of those labors. "
Western National Insurance Group is a super-regional insurance group writing over $243 million in Direct Premium annually with over $206 million in Policyholder Surplus. The group consists of four regional Property and Casualty Insurance companies with shared administrative offices in Edina, MN and a local underwriting and claim office in Seattle, WA. Western National Mutual Insurance Company writes personal and commercial lines in MN, WI, SD, ND and IA; Western National Assurance Company writes personal lines in WA, OR, NV and UT, and commercial lines in WA and OR; and Western Home Insurance Company writes personal lines in MN, WA, NV and UT. Pioneer Specialty Insurance Company will commence writing niche commercial lines in those territories in 2008. All of the companies' products are sold exclusively through professional independent agents.
For further information, contact:
Mary S. Manley
SVP Corporate Affairs & Administration