Minneapolis-based Western National Insurance Group today released its financial results through March 31, 2006. Total assets increased $12.4 million from 12/31/05, and now total $402.7 million. Net written premium increased $1 million, or 2 percent from the same time last year.
The loss ratio remained stable (50 percent versus 49.6 percent at 3/31/05), as did underwriting expense (25.5 percent versus 25.2 percent), and loss adjustment expense was lowered per plan (to 13.3 percent from 14.8 percent). This resulted in a combined ratio of 88.8 percent, as compared to 89.6 percent at the same time last year.
According to company’s written release, the underwriting gain up 95 pecent (to $4.89 million from $2.51 million), the net income after tax was $5.4 million for the quarter, and ending surplus was $139.65 million (up $22.3 million, or 19.0%, from first quarter 2005).
“2006 has continued the profitable trends of the last four years, once again exceeding expected U.S. property/casualty industry performance,” said Stuart Henderson, president & chief executive officer. “We expect continued careful and profitable growth for 2006 in all lines, consistent with our business plan. The affiliation with Farmers Home Group is on pace for a June 2006 closing, after which time we expect continued profitability for the newly pooled group of companies. We once again thank our employees, independent agent partners, loyal policyholders, and other business partners for joining with us to achieve these superior financial results.”
Western National Insurance Group consists of two regional property and casualty Insurance companies with direct written premium in excess of $210 million. Western National Mutual Insurance Company is headquartered in Edina, Minn. and writes in Minnesota, Wisconsin, South Dakota, North Dakota and Iowa. Western National Assurance Company maintains offices in Seattle, Wash. and writes in Washington and Oregon. The companies write both personal and commercial lines, and distribute their insurance products solely via the independent agency distribution system.
Source: Western National Insurance Group
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