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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