Western National Insurance Group in Edina, Minn., reported $5.5 million increase in policyholder surplus during the first quarter of 2010 over the amount reported at the end of 2009, as well as a 4 percent rise in the company’s combined ratio.
Western National’s combined ratio was 94.1 percent compared with 90.4 percent at the end of the first quarter in 2009. Policyholder surplus was $240.7 million at the end of Q1 2010. Total assets for the company amounted to $582.3 million, up $12.5 million from Dec. 31, 2009.
The comparison figures from 2009 do not retroactively include financials from Titan Property & Casualty Insurance Company, which Western National purchased in December 2009.
Western National Insurance Group is a super-regional property-and-casualty insurance group writing more than $240 million in direct premium in ten states. The group consists of four active companies: Western National Mutual Insurance Company, Western National Assurance Company, Pioneer Specialty Insurance Company, and Titan Property & Casualty Insurance Company serving personal and commercial customers in Minnesota, Nevada, Oregon, South Dakota, Utah, Washington and Wisconsin, as well as commercial customers in Iowa, Illinois and North Dakota.
An affiliation with Fond du Lac, Wisc.-based Wisconsin American Mutual Insurance Company is currently pending board and regulatory approval. All of the group’s products are sold exclusively through professional independent agents.
Source: Western National Insurance Group
Topics Trends Excess Surplus
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