May 2, 2012
Western National Purchases American Freedom Insurance Company
(Minneapolis, Minn.) Western National Mutual Insurance Company of Edina, Minn. today announced the closing on the purchase of 100 percent of the stock of Arlington Heights, Illinois-based Dynamic Insurance Group, parent holding company of American Freedom Insurance Company.
American Freedom Insurance Company will operate independently as a separate entity writing non-standard automobile coverage in Illinois, Indiana and Pennsylvania, under the ultimate management and control of Western National and with its full financial support. The management team of Frank Phelan and Larry Sullivan will continue to lead American Freedom, together with all of the existing staff, in their current offices in Illinois, as they have been doing for the last 14 years.
“We are looking forward to providing financial and other support to American Freedom as needed in order for them to continue to serve their niche market,” said Stuart Henderson, president and chief executive officer of Western National. “This specialty book of business complements the similar expansion of the Group in non-standard auto in the Southwest and California, adding a new profit center to the diversified portfolio of Western National.”
Western National Insurance Group, headquartered in Edina, Minn., is a super-regional property-and-casualty insurance group writing over $315 million in Direct Premium in 14 states. The group consists of six active companies (Arizona Automobile Insurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, Western Home Insurance Company, Western National Assurance Company, and Western National Mutual Insurance Company) serving personal and commercial customers in the Midwestern, Northwestern, and Southwestern U.S. All of the group’s products are sold exclusively through professional independent agents.
American Freedom Insurance Company, headquartered in Arlington Heights, Illinois, is a specialty property-and-casualty insurance company writing over $16 million of non-standard personal auto in Illinois, Indiana, and Pennsylvania. The company also sells its products exclusively through professional independent agents.
Philo Smith & Co. served as sole financial advisor to Western National on this transaction.
For further information, please contact:
Steve Norman, AIT*
Director of Communications
(952) 921–5680 or (800) 862–6070 Ext. 7680
* Associate in Information Technology (AICPCU-IIA)