NEWS ARTICLE

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March 14, 2024

Umialik, Western National Insurance Group Announces Year-End 2023 Results

(Anchorage, Alaska) Umialik Insurance Company and the Western National Insurance Group today announced full-year financial results through December 31, 2023. Significant comparative financial measures include:

• Total Assets grew from $1.90 billion to $2.11 billion, an increase of $204.9 million (10.8%) compared to 12/31/22.
• Direct Premium Written totaled $935.3 million, with growth from continuing operations of 17.2% over 2022.
• Net Income After Tax totaled $69.6 million, compared to $77.1 million in 2022.
• Surplus increased from $781.0 million to $885.5 million, an increase of $104.4 million (13.4%) compared to 12/31/22.

These figures reflect the combined performance of all group companies, including Western National Mutual Insurance Company and its subsidiaries: American Freedom Insurance Company, Nevada General Insurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, and Western National Assurance Company. These numbers do not include results from affiliates. With affiliates, the Group’s year-end results include Total Assets of $2.44 billion, Surplus of $993.9 million, and Direct Written Premium of $1.10 billion.

“These excellent year-end numbers, achieved during another year marked by severe weather and higher repair-related costs, are the result of the impressive hard work of our employees and agency partners,” said Rick Long, President and CEO of Western National Insurance Group. “I’m proud of how our Group’s people and solid business plan enabled us to both serve our customers and further grow our policyholder’s surplus. These results add to our Group’s strong foundation of financial security, and we look forward to building on them in 2024 and beyond for the continued protection of our policyholders.”

Umialik Insurance Company, headquartered in Anchorage, Alaska, has served the property-and-casualty insurance needs of Alaskans since 1981. Umialik is a member of Western National Insurance Group, a super-regional group of property-and-casualty insurance companies providing personal and commercial coverage in 20 states across the Midwestern, Northern, and Western U.S. as well as in Alaska; and surety bonds in 43 states. Together, the affiliated Group writes over $1 billion in personal and commercial direct premium through five active insurance companies—Western National Mutual Insurance Company, Western National Assurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, and American Freedom Insurance Company—and through one affiliate, Michigan Millers Mutual Insurance Company. All of the companies’ products are sold exclusively through professional Independent Insurance Agents.

For further information, please contact:

Steve Norman, CPCU, M.A., AIT
Senior Vice President - Communications & Customer Experience
(952) 921-5680 or (800) 862-6070 (Ext. 7680)
steven.norman@wnins.com