April 23, 2008
Western National Insurance Group Announces First Quarter 2008 Results
Western National Insurance Group today reported on its financial results for 2008 through March 31. These numbers reflect the pooled results of Western National Mutual Insurance Company, Western National Assurance Company, Western Home Insurance Company and Pioneer Specialty Insurance Company. All comparisons mentioned are to results as of 3/31/07.
- Total Assets of $529 million, up almost $16 million (3%)
- Net Written Premiums of $64.4 million, up $9.9 million (18.2%)
- Combined Ratio of 88% (versus 89.5%)
- Net Income After Tax of $6.8 million, down $0.3 million (-4.4%)
- Policyholder Surplus of $211.6 million, up $15.4 million (7.8%)
"In a year where growth in the U.S. insurance industry is expected to be non-existent, Western National's strong first quarter shows our resolve and capacity to buck the nationwide trend," said company president and chief executive officer, Stuart C. Henderson, JD, CPCU. "Extra communication with agents to productively direct our joint efforts to write profitable business, together with continued expert underwriting, helped guide our first quarter success and leaves us poised for another year of profitable growth. We look forward to the enhanced protection this provides to our policyholders as we move through 2008 and beyond."
Western National Insurance Group is a super-regional insurance group writing over $243 million in Direct Premium annually with over $211 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 IA, MN, ND, SD and WI; Western National Assurance Company writes personal lines in NV, OR, UT and WA, and commercial lines in OR and WA; and Western Home Insurance Company writes personal lines in MN, NV, UT and WA. 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