October 6, 2010
Western National Set to Purchase Arizona-Based Companies
(Minneapolis, Minn.) Western National Insurance Group (WNIG) of Edina, Minn. today announced the signing of a definitive agreement for the purchase of 100 percent of the stock of Arizona Auto Insurance Company and Legacy Insurance Services, both headquartered in Phoenix, Ariz. The purchase has been approved by the Board of Directors of each company, and is subject only to the completion of due diligence and the approval of regulatory authorities. A final closing is expected before year-end.
Legacy was formed in 1997, and Arizona Automobile Insurance Company (AAIC) in 2003, with both companies specializing in personal lines non-standard auto insurance. The principals of Legacy / AAIC have been involved in the non-standard auto insurance industry since 1988 and will continue to be involved after the closing. Arizona Auto is licensed in seven western states, and will have access to the additional licenses of WNIG.
“We are looking forward to working with all of AAIC and Legacy staff, and their independent agency partners, as we grow our premium base,” said Stuart Henderson, president and chief executive officer of WNIG. “Their expertise, combined with our capitalization, positions the Western National Insurance Group well to increase profit and enhance stability for our mutual policyholders.”
"We are very pleased to be joining such a fine company as Western National,” said Terry Proctor, owner of AAIC Auto and Legacy. “This partnership provides Legacy and AAIC with resources, capital, oversight, and stability. We will continue to provide impeccable customer service to the independent agency force and our insureds, while maintaining our strategic plan of generating profitable growth.“
Western National Insurance Group, headquartered in Edina, Minn., is a super-regional property-and-casualty insurance group writing over $240 million in Direct Premium in ten states. The group consists of five active companies (Western National Mutual Insurance Company, Western National Assurance Company, Pioneer Specialty Insurance Company, Titan Property & Casualty Insurance Company, and Wisconsin American 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.
Philo Smith served as sole financial advisor to AAIC and Legacy on the transaction.
For further information, please contact:
Mary S. Manley
SVP Corporate Affairs & Administration