NEWS ARTICLE
March 6, 2009
Western National Insurance Group Announces Year End 2008 Results
Western National Insurance Group today announced full year financial results through December 31, 2008. Significant comparative financial measures include:
- Total Assets grew from $513.5 million to $533.5 million, an increase of $20 million (4%)
- Direct Written Premiums grew from $243.1 million to $245.4 million, an increase of $2.3 million (1%)
- Net Income After Tax totaled $12.3 million, compared to $23.0 million in 2007
- The Combined Ratio was 96.7%, compared to 93.5% in 2007
- Surplus increased from $206.3 million to $210.5 million ($4.2 million or 2%)
“From an underwriting perspective, we produced good results while maintaining discipline in a soft market,” said Stuart Henderson, president & chief executive officer. “From a loss perspective, we incurred over $40 million in gross catastrophe losses—an atypically severe year—and still produced an underwriting profit. It was the investment arena where the ‘perfect storm’ was created. While our loss was small compared to our total portfolio, accounting treatment reduced our annual investment income significantly, resulting in a deviation from our normal practice of meeting or exceeding our profit goals.”
Western National Insurance Group is a super-regional insurance group writing over $245 million in Direct Premium in nine states. The group consists of three 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 lines in MN, SD and WI, and commercial lines in IA, MN, ND, SD and WI; Western National Assurance Company writes personal lines in NV, OR, UT and WA, and commercial lines in MN, NV, OR, SD, UT, and WA; and Pioneer Specialty Insurance Company writes niche commercial lines in all nine states. All of the companies' products are sold exclusively through professional independent agents.
For further information, please contact:
Mary S. Manley
SVP Corporate Affairs & Administration
952-921-3820
mary.manley@wnins.com
