November 10, 2009
Western National Insurance Group Announces Letter of Intent to Purchase Titan Property & Casualty Insurance Company
Western National Insurance Group of Edina, Minn. today announced its intent to purchase the Titan Property and Casualty Insurance Company of Monee, Ill. The purchase is subject to the completion of due diligence and approval by Titan shareholders, Western National Mutual’s Board of Directors, and regulatory authorities. A final closing is expected before year-end.
It is anticipated that Titan Property and Casualty Insurance Company will continue to operate locally in Illinois as a separate entity writing commercial lines, although under the ultimate management and control of Western National.
”We are looking forward to working with Titan’s fine staff and their independent agency partners as we grow our presence in the Midwest,” said Stuart Henderson, president and chief executive officer of Western National. “Titan’s growing book of business, combined with the financial support and economies of scale that our expansion into Illinois brings, positions this transaction well to increase profit and enhance stability for our mutual policyholders.”
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 nine states. The group consists of three active companies (Western National Mutual Insurance Company, Western National Assurance Company, and Pioneer Specialty Insurance Company) serving personal and commercial customers in Minnesota, Nevada, Oregon, South Dakota, Utah, Washington, and Wisconsin, as well as commercial customers in Iowa and North Dakota. All of the group’s products are sold exclusively through professional independent agents.
Titan Property and Casualty Insurance Company, headquartered in Monee, Ill., is a single-state property-and-casualty insurance company writing businessowner policies since 2008. All of the group’s products are sold exclusively through professional independent agents.
For further information, please contact:
Mary S. Manley
SVP Corporate Affairs & Administration