March 8, 2016
Umialik, Western National Insurance Group Announce Year-End 2015 Results
(Minneapolis, Minn.) Umialik Insurance Company and the Western National Insurance Group today announced full-year financial results through December 31, 2015. Significant comparative financial measures include:
Total Assets grew from $916.8 million to $1.02 billion ($102.8 million, or 11.2% growth compared to 12/31/14)
Direct Premium Written totaled $519.3 million, an increase of $68.1 million (15.0%) over 2014
The Combined Ratio improved to 90.4%, compared to 91.8% in 2014
Net Income After Tax totaled $40.1 million, compared to $33.1 million in 2014
Surplus increased from $349.9 million to $390.6 million ($40.7 million, or 11.6% growth compared to 12/31/14)
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.
“We’re pleased to report another year of strong financial performance for the Western National Insurance Group,” said Stuart Henderson, President and Chief Executive Officer. “The results have added to our solid foundation of financial security. We remain ‘on track’ with our long-term plan thanks to the dedication and hard work of our employees and agency partners. We look forward to building on these successes in 2016 and beyond for the continued protection of our policyholders.”
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.
For further information, please contact:
Steve Norman, CPCU, M.A., AIT
Assistant Vice President – Communications
(952) 921-5680 or (800) 862-6070 Ext. 7680