Omaha National Acquires California Domiciled Insurance Company
April 17 2024 - 10:00AM
Business Wire
Acquisition makes Omaha National a
full-stack carrier for its California business
Omaha National Group Inc., a leading tech-enabled provider of
workers’ compensation insurance, has acquired Sutter Insurance
Company, a California domiciled insurance carrier that has been
renamed Omaha National Casualty Company. Omaha National also owns
Omaha National Insurance Company, which is domiciled in
Nebraska.
“The acquisition of a carrier licensed in California, which is
our largest market, is a major step forward in operating as a
national full-stack carrier,” CEO Reagan Pufall said. “Since
inception, our plan has been to combine strong growth with
exceptional financial results and that’s what we’ve achieved. We’re
approaching $200 million in-force premium while at the same time
our loss ratio, including allocated loss adjustment expenses, has
been below 60% every year we’ve been in operation.”
“We are now licensed to issue policies in 37 states and continue
to expand toward nationwide coverage,” Omaha National General
Counsel Jim Hempel said. “We enjoy excellent relationships with our
fronting partners but writing on our own paper immediately enhances
our financial results and allows us to better serve our
policyholders and broker partners.”
In another milestone, Omaha National is now implementing Oncore
Underwriting, the company’s proprietary underwriting and policy
management application. “One of our core strategic principles is
that we design and develop our own operational software entirely
in-house,” said Bryan Connolly, Omaha National’s Chief Operating
Officer. “When we implemented Oncore Claims in 2021 it generated
remarkable improvements in our claims results, and we expect Oncore
Underwriting to have a similarly profound impact. When Oncore CRM
is implemented in 2025 all key functions within the company will be
performed within a single proprietary application.”
About Omaha National
Omaha National serves the companies that build America and keep
it running; employers that are in industries where people work with
their hands and have a greater risk of being injured. Our
proprietary software application, Oncore, empowers our employees to
better serve our customers and their injured workers while
generating exceptional underwriting results. Omaha National offers
AM Best A- (Excellent) rated workers’ compensation coverage through
more than 2,500 agencies. Since our marketing launch in 2017, the
company has grown to more than 250 employees and is approaching
$200 million of in-force premium.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240417359437/en/
Jonathan Marino Prosek Partners jmarino@prosek.com