June 13, 2013
Western National Insurance Group surpasses $300 million Policyholder’s Surplus milestone
(Minneapolis, Minn.) Western National Insurance Group (WNIG) today announced that it has surpassed the $300 million milestone for its Policyholder’s Surplus, marking a new level of financial strength and stability for the company and its policyholders.
Following years of concentrated storm losses from 1998 - 2000, WNIG had just over $68 million in Policyholder’s Surplus in 2001. However, WNIG’s management, together with the strong support of agency partners, implemented strategies that enabled the group to grow the Surplus to $100 million by 2004, to $200 million by 2007, and to $300 million today. The group’s financial strength and stability has since been recognized by the A.M. Best Company, which has rated WNIG as “A” (Excellent), and by the Ward Group, which has named WNIG seven of the past eight years as one of the U.S.’s top 50 property-and-casualty insurance companies in terms of financial strength and stability.
The Policyholder’s Surplus is the remaining capital an insurance company holds after meeting financial obligations to its policyholders. It represents the funds available to pay future claims when losses and expenses exceed revenues (such as in the event of a major catastrophe storm), and to support continued product and growth initiatives.
“Reaching the $300 million milestone is a major step in our ongoing efforts to build our capacity and enhance the financial security for a Western National policyholder,” said Stuart Henderson, president and chief executive officer of WNIG. “We reached this mark with hard work and a focus on relationships with agents, policyholders, and other business partners. We look forward to using similar strategies and continued high-quality customer service to achieve even greater Surplus milestones – and the enhanced policyholder protection they bring – in the years ahead.”
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 18 states in the Midwestern, Northwestern, and Southwestern U.S. The group distributes its products exclusively through independent insurance agents.
For further information, please contact:
Steve Norman, CPCU, M.A., AIT
Director of Communications
(952) 921–5680 or (800) 862–6070 Ext. 7680