Western National Insurance, Michigan Millers Mutual Join Forces

Minnesota-based Western National Insurance Group announced an affiliation between Michigan Millers Mutual Insurance Co. and Western National Mutual Insurance Co.

This affiliation will be final after the necessary regulatory approvals are completed, which are expected to be done by the end of the first quarter of 2015.

The combination of Western National and Michigan Millers will result in expanded opportunities for both companies.

“The affiliated companies already share similar organizational values and a long history of service to policyholders and partner independent agents,” said Stuart Henderson, President and Chief Executive Officer of the Western National Insurance Group.

After the transaction is completed, the companies will achieve better geographical diversification, operational expense savings and expanded market reach. Most significantly, Michigan Millers expects to regain an “A- (Excellent)” rating from A.M. Best, providing extra financial security for their policyholders and the last needed element for continued, strong growth.

The combined direct written premiums of the group at affiliation will be in excess of $550 million, with total assets of $1.1 billion and policyholder surplus of almost $400 million.

Griffin Financial Group acted as Michigan Millers’ financial advisor and Dykema acted as its counsel.

Western National Insurance Group, headquartered in Edina, Minn., is a super-regional group of seven active property-and-casualty insurance companies serving individuals, families, and businesses in 19 states in the Midwestern, Northwestern, and Southwestern U.S.

Michigan Millers Mutual Insurance Co., headquartered in Lansing, Mich., is a regional property-and-casualty insurance company serving individuals, families, and businesses in Michigan and New York.

Both companies distribute their products exclusively through independent insurance agents.

Topics Michigan