Sherman & Company served as financial advisor to West Bend Mutual Insurance Company on Issuance of $25,000,000 Surplus Note.
WEST BEND, WI (May 12, 2014) – On May 1, 2014, West Bend Mutual Insurance Company issued $70 million of surplus notes in a private transaction. After issuance West Bend’s surplus stood at approximately $800 million, an all-time high and three times the level it stood at just a short ten years ago. The issuance was done to increase writing capacity for its independent agency distribution force. President and CEO Kevin Steiner stated, “We have just come off two double-digit growth years and we are presently rolling out a new technology platform which will allow even greater expansion in the ensuing years. With long term rates as low as they are we felt we just couldn’t pass up this opportunity to help fuel our Agent partners’ growth and aggressively execute our expansion plans.” With this added capacity, West Bend should pass the billion dollar mark in premiums written in 2015.
West Bend Mutual Insurance Company, headquartered in West Bend, Wisconsin, provides property/casualty insurance products throughout the Midwest. The company offers a broad personal lines coverage package, a full range of commercial products and services, and insurance for specialty lines. Founded in 1894, West Bend employs more than 1,100 associates and is represented by approximately 1,250 independent insurance agencies throughout Wisconsin, Illinois, Iowa, Minnesota, Indiana, Ohio, Michigan, Missouri, Kansas, Kentucky, and Nebraska. The company has been rated A (Excellent) or better by A.M. Best since 1971 and is consistently ranked at the top of a nationwide ease-of-doing business survey.