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Washington National Insurance Company

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Washington National Insurance Company is an American insurance company based in Carmel, Indiana.[1] Washington National offers disability, accident, life, cancer, critical illness and hospital confinement insurance plans in 49 states. Washington National was founded in 1911 by G.R. Kendall and became a wholly owned subsidiary of CNO Financial Group (formerly Conseco, Inc.) in 1997.

Michael Heard has served as Washington National’s president since March 2017.

History[edit]

Incorporated in 1911 in Illinois, Washington National started their operations by providing teachers with health and accident insurance.[2] It was originally formed as a fraternal insurance society by the name of Washington Health and Accident Association, or WHAA, and eventually incorporated as Washington Life and Accident Insurance Company. It then merged with Fidelity Life and Accident Insurance Company and United States National Life and Casualty Company in 1926. It then became Washington Fidelity National Insurance Company and change its name in 1931 to Washington National Insurance Company. In 1993, they moved their Headquarters from Evanston to Lincolnshire, Illinois.[3] In 1997, it was acquired by CNO Financial Group.[4][5] Washington National is listed on the Chicago Stock Exchange. [6]

Operations[edit]

Washington National sells voluntary insurance products for employees and individuals. The company issues insurance policies in the disability, accident, life, critical illness and cancer segments. Its products are marketed by independent insurance agents and brokers.

The company is headquartered in Carmel, Indiana. Washington National is wholly owned by CNO Financial Group, but operates as an independent subsidiary.

Washington National's holding company, CNO Financial Group, was ranked among America’s 500 Best Midsize Employers 2018 by Forbes. CNO Financial Group earned the accolade in the Midsize Employer category. In its assessment, Forbes gathered anonymous feedback from employees who shared how likely they would be to recommend their employer to others.[7]

As of October 4th, 2018, the company's long term credit rating was upgraded to A3 by Moody's Investor Service.[8] As of May 2nd, 2018, A.M. Best Rating Services gave a rating of A-(Excellent) and an outlook of stable.[9]

On April 21st, 2020 in the midst of the Coronavirus epidemic, Fitch Ratings affirmed the 'A-' Insurer Financial Strength rating of Washington National Insurance Company. It also confirmed the Rating Outlook as Stable.[10]

Products[edit]

Washington National issues insurance policies in the disability, accident, life, critical illness and cancer segments. In December 2018, Washington National began to offer a new hospital indemnity policy, Hospital Assure.[11]

Community Support[edit]

Health Opportunity through Partnership in Education (HOPE) is a nonprofit organization that promotes good health, encourages scientific research and disseminates information about the prevention, detection and treatment of cancer and other serious diseases. HOPE members and Washington National’s policyholders generously contribute to HOPE. On behalf of its members, HOPE contributes to nonprofit organizations that support HOPE’s mission. Donations in the past include $500,000 to the American Cancer Society, $100,000 to the American Red Cross and $50,000 to St.Jude Children’s Research Hospital.

Washington National in partnership with HOPE established an initial gift of $100,000 as an endowment with the American Cancer Society to help fund cancer research, educational programs, services for cancer patients and their families, and further their mission. Washington National also provided a second gift of $50,000 to support the work of Dr. Michael Verneris.

Washington National in partnership with HOPE has donated $100,000 in support of the American Red Cross national disaster relief programs.[12]

Awards[edit]

International Academy for the Visual Arts W3 Award for Creative Web Excellence 2012.[13]

See also[edit]

  • CNO Financial Group
  • List of United States insurance companies

References[edit]

  1. BBB Accredited Business Profile: Washington National Insurance Company, Better Business Bureau. Retrieved 2018-06-07.
  2. 97. Washington National Corp., Chicago Tribune. May 19, 1991. Retrieved 2018-06-07.
  3. Apartments replacing Washington Nat'l[dead link], Chicago Sun-Times 1991-2-18. Retrieved 2018-11-14.
  4. Washington National Insurance Company, NAIC #70319, Market Conduct Examination Report Closing Letter(PDF), Illinois Department of Insurance. May 5, 2016. Retrieved 2018-06-07.
  5. CNO's Ownership of Washington National Insurance Company, 40|86 Advisors. Retrieved 2018-06-07.
  6. Washington National Corporation History, Fundinguniverse. Retrieved 2018-11-14.
  7. #250 CNO Financial Group, Forbes. June 6, 2018. Retrieved 2018-12-14.
  8. Washington National Insurance Company, Moody's. Retrieved 2018-12-14.
  9. A.M. Best Rating Services, A.M. Best. Retrieved 2018-12-14.
  10. Fitch Affirms CNO Financial Group's Ratings; Outlook Stable on Coronavirus Review, Fitch Ratings. April 21, 2020. Retrieved 2020-5-11.
  11. Washington National launches hospital indemnity plan, Insurance Business America. December 3, 2018. Retrieved 2020-04-13.
  12. HOPE Donates $50,000 to American Red Cross to Support National Disaster Relief, CISION PR Newswire. February 22, 2016. Retrieved 2018-06-07.
  13. Washington National Honored with Two 2012 W3 Awards For Creative Web Excellence, CISION PR Newswire. October 23, 2012. Retrieved 2018-06-07.

External Links[edit]

Category:Pages created with the Article Wizard from 2018


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