Workers’ compensation insurance provider Omaha National has acquired Sutter Insurance, a California-based insurance carrier.
Sutter Insurance will be renamed Omaha National Casualty Company as part of the deal.
Omaha national also owns Omaha national Insurance Company, based 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 continued. “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.”
Furthermore, Omaha National is now implementing Oncore Underwriting, the firm’s proprietary underwriting and policy management application.
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“One of our core strategic principles is that we design and develop our own operational software entirely in-house,” stated 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.”
