March 3, 2015
Umialik, Western National Insurance Group Announce Year-End 2014 Results
(Minneapolis, Minn.) Umialik Insurance Company and the Western National Insurance Group today announced full-year financial results for the group through December 31, 2014. Significant comparative financial measures include:
Total Assets grew from $833.0 million to $916.8 million ($83.8 million, or 10.0% growth compared to 12/31/13)
Direct Premium Written totaled $451.2 million, an increase of $40.4 million (9.8%) over 2013
The Combined Ratio improved to 91.8%, compared to 94.9% in 2013
Net Income After Tax totaled $33.1 million, compared to $22.7 million in 2013
Surplus increased from $314.2 million to $349.9 million ($35.7 million, or 11.3% growth compared to 12/31/13)
These figures reflect the combined performance of all group companies, including Western National Mutual Insurance Company and its subsidiaries American Freedom Insurance Company, Arizona Automobile Insurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, Western National Assurance Company, and Western Home Insurance Company.
“By every measure, 2014 was a very successful year of financial performance and policyholder protection for Western National,” said Stuart Henderson, President and Chief Executive Officer. “Our results outpaced the rest of the property-and-casualty insurance industry — a combined ratio of 91.8 for our group compared to 97.2 for the U.S. P&C industry*, and premium growth of 9.8% for our group compared to 3.9% for the industry. As a result, we added to our group’s strong financial foundation and ability to continue enhancing our customer experience. We thank our agency partners and our dedicated staff for their work in executing our long-term plan, and we look forward to building on these successes in 2015 and beyond.”
Western National Insurance Group, headquartered in Edina, Minn., is a super-regional group of seven active property-and-casualty insurance companies. The group insures personal and business coverages plus surety in 19 states across the Midwestern, Northwestern, and Southwestern U.S.; and surety-only in another 7 states. The group distributes its products exclusively through Independent Insurance Agents.
*Excluding mortgage and financial guaranty segments
For further information, please contact:
Steve Norman, CPCU, M.A., AIT
Assistant Vice President - Communications
(952) 921–5680 or (800) 862–6070 Ext. 7680