July 23, 2008
Western National Insurance Group Announces Second Quarter 2008 Results
Western National Insurance Group today reported on its financial results for 2008 through June 30. 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.
- Total Assets of $540.1 million, up from $513.5 million at 12/31/07
- Combined Ratio of 98% (versus 89% at 6/30/07)
- Net Income After Tax of $7.5 million, down from $14.1 million as of 6/30/07
- Policyholder Surplus of $210.6 million, up from $206.3 million at 12/31/07
“Western National’s ability to remain profitable in the face of such severe and unrelenting storm activity is a defining quality of this company,” said Western National president and chief executive officer Stuart C. Henderson, JD, CPCU. “Despite strong price competition and a retained catastrophe loss of about $13 million (adding 13 points to our loss ratio), we continue to bolster our Surplus—a result that not only demonstrates the company’s financial strength and stability, but one that also enhances the level of financial protection we’re able to provide to our valued policyholders.”
Western National Insurance Group is a super-regional insurance group writing over $240 million in Direct Premium. 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 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 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 states 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