Western & Southern Financial Group

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Western & Southern Financial Group
TypeMutual
GenreFinancial Services
Founded1888; 136 years ago (1888) as Western and Southern Life Insurance
Headquarters
Cincinnati, Ohio
,
United States
Key people
John F. Barrett
ProductsInsurance, Annuities, Mutual Funds
Revenue$5.9 billion (2021)[1]
Total assets$111.6 billion (2021)[2]
Number of employees
2,226[3] (2017)
SubsidiariesGerber Life Insurance Company
Websitewww.westernsouthern.com

Western & Southern Financial Group, also commonly referred to as Western & Southern, is a Cincinnati, Ohio-based diversified family of financial services companies with $111.6 billion in assets owned and managed as of December 2021.[2] As of 2022, it held a "AA- Very Strong" rating from Standard & Poor's, a "A+ Superior" from A.M. Best, a "AA Very Strong" from Fitch, a "Aa3 Excellent" from Moody's, and a "96 out of 100" Comdex ranking.[1]

Through its member companies, Western & Southern offers a variety of financial services such as life insurance, annuities, mutual funds and investment management. Western & Southern's member companies include The Western & Southern Life Insurance Co, Western-Southern Life Assurance Co, Columbus Life Insurance Co, Gerber Life Insurance Company, Integrity Life Insurance Co, National Integrity Life Insurance Co, Lafayette Life Insurance Co, IFS Financial Services, Fort Washington Investment Advisors, Touchstone Investments, and Eagle Realty Group.[4]

History

Western & Southern hosts the Western & Southern Open tennis tournament. This tennis event has contributed more than $5.5 million to charities in the Greater Cincinnati community.[5]

Western & Southern played a key role in the development of the Great American Tower at Queen City Square project in downtown Cincinnati, Ohio.[6]

In May 2013, Western & Southern signed a controversial agreement with Cincinnati Union Bethel to purchase the historic Anna Louise Inn in downtown Cincinnati.[7] In 2014, Western & Southern Financial Group, owner of many properties within the Lytle Park Historic District asked the city to remove the historic status of several historic buildings. The company hopes to remove sections of the district in order to build new office space.[8][9]

In 2015, Western & Southern became the title sponsor of the annual WEBN fireworks show.

On September 17, 2018, Western & Southern announced that it would be acquiring the Gerber Life Insurance Company from Nestle for $1.55 billion[10] along with a long-term intellectual property license in connection with financial services. The acquisition is expected to increase Western & Southern’s assets to $77.1 billion and increase its ratio of life insurance to annuity business.[11]

In November 2019, Western & Southern Financial Group promoted John Bultema as CEO of Lafayette Life Insurance Co.[12]

On 9 March 2020, Legacy Marketing Group formed a strategic partnership with Western & Southern Financial Group to create and sell a Western & Southern member company's patented fixed indexed annuity products.[13]

See also

References

  1. ^ a b "Financial Ratings & Annual Reports". Western & Southern Financial Group. Western & Southern Financial Group. May 18, 2022. Retrieved August 31, 2022.
  2. ^ a b Watkins, Steve (March 17, 2022). "Western & Southern profits bounced back big time in 2021; here's how". American City Business Journals. Retrieved August 31, 2022.
  3. ^ "Western & Southern Financial". Fortune. Retrieved December 31, 2018.
  4. ^ "Family of Companies". www.westernsouthern.com. Retrieved August 31, 2022.
  5. ^ "Director dropped from Western & Southern tennis event," by Shannon Russell. Cincinnati Enquirer, January 12, 2011.http://news.cincinnati.com/article/20110112/SPT/101130325/Flory-dropped-from-W-S-tennis-event
  6. ^ Monk, Dan (March 28, 2017). "Dream weaver: John Barrett shares his vision for downtown Cincinnati". WCPO Cincinnati. Retrieved October 16, 2018.
  7. ^ "John Barrett toughed out Anna Louise Inn fight," Cincinnati Enquirer, May 15, 2013, http://news.cincinnati.com/article/20130515/BIZ/305150052/John-Barrett-toughed-out-Anna-Louise-fight?nclick_check=1
  8. ^ Yung, John (May 1, 2014). "Is Western & Southern planning a new HQ at Lytle Park?". Cincinnati Business Courier. Retrieved June 7, 2014.
  9. ^ Demeropolis, Tom (May 2, 2014). "Western & Southern clears first step to reshape Lytle Park district". Cincinnati Business Courier. Retrieved June 7, 2014.
  10. ^ Scism, Leslie; Barba, Robert (September 17, 2018). "Nestlé to Sell Gerber Life Insurance to Western & Southern Financial" – via www.wsj.com.
  11. ^ Caproni, Erin (September 17, 2018). "Western & Southern to make $1.5B acquisition". Cincinnati Business Courier. Retrieved October 16, 2018.
  12. ^ "Western & Southern names CEO for key insurance unit". www.bizjournals.com. Retrieved March 19, 2020.{{cite web}}: CS1 maint: url-status (link)
  13. ^ "Legacy Marketing Group® Announces Strategic Alliance With Western & Southern Financial Group; First Joint FIA Series Expected Later This Year". Insurance News Net. March 9, 2020. Retrieved July 14, 2020.{{cite web}}: CS1 maint: url-status (link)

External links

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