Western National Mutual Insurance Co., based in Edina, Minn., has closed on the purchase of 100 percent of the stock of Arlington Heights, Ill.-based Dynamic Insurance Group, parent holding company of American Freedom Insurance Co.
American Freedom Insurance will operate independently as a separate entity writing non-standard automobile coverage in Illinois, Indiana and Pennsylvania, under the ultimate management and control of Western National and with its full financial support.
The management team of Frank Phelan and Larry Sullivan will continue to lead American Freedom, together with all of the existing staff, in their current offices in Illinois, as they have been doing for the last 14 years.
Stuart Henderson, president and chief executive officer of Western National, commented that American Freedom’s “specialty book of business complements the similar expansion of the Group in non-standard auto in the Southwest and California, adding a new profit center to the diversified portfolio of Western National.”
Western National Insurance Group is a super-regional property/casualty insurance group writing more than $315 million in direct premium in 14 states.
American Freedom Insurance Co. writes more than $16 million of non-standard personal auto in Illinois, Indiana and Pennsylvania. The company also sells its products exclusively through professional independent agents.
Philo Smith & Co. served as sole financial advisor to Western National on this transaction.