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LMC Capital Advises Ukpeaġvik Iņupiat Corporation
On September 13, 2010, Western National Insurance Group of Edina, Minnesota announced the signing of a definitive agreement for the purchase of 100 percent of the stock of Anchorage, Alaska-based Umialik Insurance Company from Ukpeaġvik Iņupiat Corporation.
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 shareholders."
Western National Insurance Group, 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.
Umialik Insurance Company is a regional property-and-casualty insurance company writing over $30 million of commercial and personal lines in Alaska and Washington and is rated A- (excellent) by A.M. Best.
Ukpeaġvik Iņupiat 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.
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.
LMC Capital served as sole financial advisor to Ukpeaġvik Iņupiat Corporation. | 
