Western National Insurance Group of Edina, Minn., has signed a definitive agreement for the purchase of 100 percent of the stock of Anchorage, Alaska-based Umialik Insurance Co. from UkpeaÄ¡vik Iñupiat Corp. The purchase is subject to the completion of due diligence, approval by Western National Mutual’s Board of Directors, and regulatory authorities. A final closing is expected before year-end.
Umialik Insurance will continue to operate locally in Alaska as a separate entity writing personal and commercial lines, under the ultimate management and control of Western National and with its full financial support.
Western National Insurance Group is a super-regional property/casualty insurance group that writes more than $240 million in direct premium in 10 states. The group consists of five active companies (Western National Mutual Insurance Co., Western National Assurance Co., Pioneer Specialty Insurance Co., Titan Property & Casualty Insurance Co., and Wisconsin American Mutual Insurance Co.) serving personal and commercial customers in the Midwest, Northwest, and Southwest. All of the group’s products are sold exclusively through professional independent agents.
Umialik Insurance is a regional property/casualty insurance company that writes more than $30 million of commercial and personal lines in Alaska and Washington. The company also sells all of its products exclusively through professional independent agents.
LMC Capital served as sole financial advisor to UkpeaÄ¡vik Iñupiat Corp. on the transaction.
Topics Property Casualty Alaska
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