Western Nartional Announces Year End 2007 Results

Minneapolis-based Western National Insurance Group recently announced their full year financial results through Dec. 31, 2007. These results reflect the pooled financial results of all companies in the group. Significant comparative financial measures include:

• Total Assets – grew from $493.9 million to $513.5 million, an increase of $19.6 million (4 percent);
• Net Written Premiums – after adjustment for a commuted reinsurance contract, NWP was up slightly ($1 million) to $212.3 million;
• Net Income After Tax – totaled $23.0 million, essentially flat as compared to $23.4 in 2006;
• The Combined Ratio was 93.5 percent compared to 91.4 percent in 2006;
• Surplus – increased from $190.6 million to $206.3 million ($15.7 million or 8.2 percent); and,
• Return on average surplus – was 11.6 percent compared to 14 percent in 2006

“The results for 2007, given a softening market and extraordinary catastrophe loss ($22 million net after reinsurance recoveries), are truly gratifying,” said Stuart Henderson, president & chief executive officer. “Much of our efforts in the last several years has been to build a book of business, and establish a risk management program, that allows us to produce industry beating results in the face of market cycles and unusual loss activity; 2007 results reflect the fruits of those labors.”

Western National Insurance Group consists of four regional property/casualty insurance companies with shared administrative offices in Edina, Minn. and a local underwriting and claims office in Seattle, Wash. Western National Mutual Insurance Company writes personal and commercial lines in Minnesota, Wisconsin, South.Dakota, North.Dakota and Iowa. All of the companies’ products are sold exclusively through professional independent agents.

Source: Western National Insurance Group