October 24, 2007
Western National Insurance Group Announces 3rd Quarter 2007 Results
Western National Insurance Group today reported on its financial results for 2007 through September 30. These numbers reflect the pooled results of Western National Mutual Insurance Company, Western National Assurance Company, Farmers Home Mutual Insurance Company, Western Home Insurance Company and Pioneer Specialty Insurance Company. All comparisons mentioned are to results as of 9/30/06.
Total Assets of $510.3 million, up $16.4 million (3.3%)
Net Written Premiums of $165.3 million, down $7.6 million (4.4%)
Combined Ratio of 94.2% (versus 90.9%)
Net Income After Tax of $16.4 million, up $0.6 million (3.8%)
Policyholder Surplus of $201.7 million, up $41.7 million (26.1%) - up $21.7 million (13.6%) after adjustment for Surplus Note
"The strong financial results attained in the face of one of the worst ever wind and hail storm years in our companies' history is very satisfying," said company president and chief executive officer, Stuart C. Henderson, JD, CPCU. "Despite retained catastrophe loss of over $20 million (which added over 13 points to our loss ratio), and increasing price competition, we have increased our net income and our Surplus over a much quieter year in 2006 on both those fronts. The success of our efforts to build an economic infrastructure that would protect our policyholders, by paying claims quickly and then by being financially solid thereafter, is evidenced by these results."
Western National Insurance Group consists of five regional Property and Casualty Insurance companies with shared administrative offices in Edina, Minnesota and a local underwriting and claim office in Seattle, WA. Western National Mutual Insurance Company writes personal and commercial lines in MN, WI, SD, ND and IA; Western National Assurance Company writes personal lines in WA, OR, NV and UT, and commercial lines in WA and OR; and Farmers Home Mutual Insurance Company and Western Home Insurance Company write personal lines in MN, WA, NV and UT. Pioneer Specialty Insurance Company will commence writing commercial lines in those territories 2008. All of the companies' products are sold exclusively through professional independent agents.
For further information, contact:
Mary S. Manley
SVP Corporate Affairs & Administration