Western National To Buy Titan Property And Casualty

NU Online News Service, Nov. 12, 11:41 a.m. EST

Western National Insurance group, a Minneapolis-based super regional insurer has announced plans to acquire Monee, Ill.-based Titan Property and Casualty Insurance Company. No financial details were disclosed.

This week Western National reported 2009 third quarter net income of $15.3 million, a 4 percent increase over 2008 third quarter net income of $14.7 million.

In the 2009 third quarter, Western National, a mutual company, reported a 94.4 combined ratio versus 95.8 in the previous year's third quarter. The company's total assets climbed $22.9 million from Dec. 31, 2008 to $556.4 million.

Regarding the merger, Western National said it is "anticipated that Titan Property and Casualty Insurance Company will continue to operate locally in Illinois as a separate entity writing commercial lines, although under the ultimate management and control of Western National."

Stuart Henderson, president and chief executive officer of Western National, said, "Titan's growing book of business, combined with the financial support and economies of scale that our expansion into Illinois brings, positions this transaction well to increase profit and enhance stability for our mutual policyholders."

Western National said it expects to close the transaction before year end.