Western United Life Agrees to be Placed under Voluntary Administrative Supervision of Washington OIC
27 Décembre 2003 - 3:16AM
PR Newswire (US)
Western United Life Agrees to be Placed under Voluntary
Administrative Supervision of Washington OIC Policyholders Remain
Top Priority SPOKANE, Wash., Dec. 26 /PRNewswire-FirstCall/ --
Western United Life Assurance Company today announced that, in
order to protect the company and its policyholders from problems at
its parent company, Metropolitan Mortgage & Securities Co.,
Inc. , Western United Life has agreed to have the Washington Office
of the Insurance Commissioner (OIC) place Western United under
voluntary administrative supervision. "We are confident that this
measure will help reassure our policyholders and agents that
parent-level issues do not and will not impair the safety,
liquidity or stability of our company," said John Van Engelen, who
today was elected president, CEO and chairman of Western United
Holding Company, of which the insurance company is a direct
subsidiary. In a letter to employees and agents, Mr. Van Engelen
said, "The administrative supervision does not reflect on the
solvency of Western United Life, which has more than $1.7 billion
at June 30, 2003 in assets and above- average capital and surplus
ratios. "For both the OIC and Western United Life, the top priority
as we diligently continue to monitor the situation at Metropolitan
Mortgage is to put policyholders' interests ahead of all other
considerations." Mr. Van Engelen, a 20-year veteran of the company
and previously senior vice president of Western United Holding, was
elected president, CEO and chairman of the company and replaces C.
Paul Sandifur, Jr. who has resigned as an officer and director of
Western United Holding Company and its wholly-owned subsidiary
Western United Life Assurance Company. Founded in 1963, Western
United Life Assurance Company is a wholly owned subsidiary of
Metropolitan Mortgage & Securities Co., Inc. Through a sales
force of over 1600 independent agents and brokers, Western United
operates in 16 states. DATASOURCE: Western United Life Assurance
Company CONTACT: Sandra Sternberg of Sitrick & Company,
+1-310-788-2850, for Western United Life
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