Sherman & Company Holdings, formerly LMC Capital, served as financial advisor to Ukpeagvik Iñupiat Corporation
Minneapolis, Minnesota (September 13, 2010) - Western National Insurance Group of Edina, Minn. today announced the signing of a definitive agreement for the purchase of 100 percent of the stock of Anchorage, Alaska-based Umialik Insurance Company from Ukpeagvik Iñupiat Corporation. The purchase is subject to the completion of due diligence, approval by Western National Mutual's Board of Directors, and regulatory authorities. A final closing is expected before year-end.
Umialik Insurance Company will continue to operate locally in Alaska as a separate entity writing personal and commercial lines, under the ultimate management and control of Western National and with its full financial support.
"We are looking forward to working with Umialik's fine staff and their independent agency partners as we expand our presence in the Northwest," said Stuart Henderson, president and chief executive officer of WNIG. "Umialik's book of business, combined with the economies of scale, product enhancements, and improved capitalization that this partnership brings, positions the Western National Insurance Group 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 ten states. The group consists of five active companies (Western National Mutual Insurance Company, Western National Assurance Company, Pioneer Specialty Insurance Company, Titan Property & Casualty Insurance Company, and Wisconsin American Mutual Insurance Company) serving personal and commercial customers in the Midwestern, Northwestern, and Southwestern U.S. All of the group's products are sold exclusively through professional independent agents.
Umialik Insurance Company is a regional property-and-casualty insurance company writing over $30 million of commercial and personal lines in Alaska and Washington. The company also sells all of its products exclusively through professional independent agents.
Ukpeagvik Iñupiat Corporation is an Alaska Native Corporation that owns various non-insurance businesses, providing Construction, Engineering, Oilfield Support, Technology & Professional, Transportation & Marine, and Product Supply services to government and commercial customers.
LMC Capital served as sole financial advisor to Ukpeagvik Iñupiat Corporation on the transaction.
For further information, contact:
Mary S. Manley
SVP Corporate Affairs & Administration