Wisconsin’s Partners Mutual to Affiliate with Penn National Insurance

Partners Mutual Insurance Co. (Partners Mutual), headquartered in Waukesha, Wis., and Pennsylvania National Mutual Casualty Insurance Co., (Penn National Insurance), have entered into an affiliation agreement.

Under the agreement Penn National Insurance and Partners Mutual will enter into an intercompany reinsurance pooling agreement after closing.

The parties expect that by joining the Penn National Insurance pool, Partners Mutual will be assigned Penn National Insurance’s pooled A- (Excellent) rating by A. M. Best. The affiliation agreement was approved by the boards of directors of both companies and is subject to regulatory approval, which is expected by year-end 2011.

Richard C. Ewert will continue to serve as Partners Mutual’s president and CEO; and Mark H. Ewert will continue to serve as its executive vice president.

Partners Mutual will pool its premiums, losses and underwriting expenses with Penn National Insurance and geographically diversify its book of business. Partners Mutual will also enhance its ability to gain more competitive terms on reinsurance and other operational services, and gain access to Penn National Insurance’s technology services.

The affiliation allows Penn National Insurance to geographically diversify its book of business and to pursue growth in the Midwest, through the independent agents representing Partners Mutual and with the leadership of Partners Mutual’s CEO and EVP, according to the companies’ joint announcement.

Topics Mergers & Acquisitions Wisconsin