IPS / Lighthouse Insurance Group Blog: non-renewal
View the latest blog posts from IPS / Lighthouse Insurance Group.
FRIDAY, JANUARY 16, 2015
In a recent press release, the Michigan Miller's Mutual Insurance Company made the following announcement:
We are pleased to announce that the Boards of Directors of Michigan Millers Mutual Insurance Company and Western National Insurance Company have approved an affiliation of the two companies. The affiliation will be final after the necessary regulatory approvals are completed, which we expect by the end of March, 2015.
The affiliation of Western National and Michigan Millers will result in expanded opportunities for both companies. "The affiliated companies already share similar organizational values and a long history of service to policyholders and partner independent agents", said Stuart Henderson, President and CEO of the Western National Insurance Group. After the transaction is completed, the companies will achieve better geographical diversification, operational expense savings, and expanded market reach. Most significantly, Michigan Millers will regain an "A- (Excellent)" rating from AM Best providing extra financial security for their policyholders and the last needed element for continued, strong growth.
"This is an exciting time for the folks at Western National and Michigan Millers," said Henderson. The combined direct written premiums of the group at affiliation will be in excess of $550 million, with total assets of $1.1 billion and policyholder surplus of almost $400 million.
"We look forward to our future with Western National as we continue to grow and prosper for the benefit of our policyholders, partner agents, and employees," said Thomas Lindell, President and CEO of Michigan Millers Mutual Insurance Company.
Western National Insurance Group, headquartered in Edina, MN, is a super-regional group of seven active property and casualty insurance companies serving individuals, families and businesses in 19 states in the Midwestern, Northwestern and Southwestern U.S. The group distributes its products exclusively through independent insurance agents.
Michigan Millers Mutual Insurance Company, headquartered in Lansing, MI, is a regional property and casualty insurance company serving individuals, families and businesses in Michigan and New York. The company distributes its products exclusively through independent insurance agents.
We understand that a consequence of this affiliation is that Michigan Millers Mutual Insurance Company will be stepping out of the the personal lines market completely. As a result, all personal auto, homeowner and umbrella liability policies will be non-renewed beginning in April, 2015.
If you receive a non-renewal notice for your policy with Michigan Millers Mutual Insurance Company, call us at 800-220-5592 or contact us on the web. We can help find a new insurance company to suit your needs.