Western & Southern Financial Group

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Western & Southern Financial Group
Mutual
GenreFinancial Services
Founded1888 as Western and Southern Life Insurance
Headquarters
Cincinnati, Ohio
,
United States
Key people
John F. Barrett
ProductsInsurance, Annuities, Mutual Funds
Revenue$856 million (2017)[1]
Total assets$67.5 billion (2017)[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 assets owned and managed in excess of $67.5 billion as of March 2017.[2] As of 2018, it held a "AA- Very Strong" rating from Standard & Poor's.[4]

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, Lafayette Life Insurance Co, IFS Financial Services, Fort Washington Investment Advisors, Eagle Realty Group, Integrity Life Insurance Co, and National Integrity Life Insurance Co.[5]

History[edit]

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.[6]

Western & Southern played a key role in the development of the Great American Tower at Queen City Square project in downtown Cincinnati, Ohio.[2]

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]

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][5]

See also[edit]

References[edit]

  1. ^ "Nestlé to divest Gerber Life Insurance subsidiary for $1.55bn". Compelo. September 18, 2018. Retrieved October 16, 2018.
  2. ^ a b c Monk, Dan (March 28, 2017). "Dream weaver: John Barrett shares his vision for downtown Cincinnati". WCPO Cincinnati. Retrieved October 16, 2018.
  3. ^ "Western & Southern Financial". Fortune. Retrieved December 31, 2018.
  4. ^ "Our Financial Ratings". Western & Southern Financial Group. Western & Southern Financial Group. Retrieved October 16, 2018.
  5. ^ a b Iacurci, Greg (September 18, 2018). "Western & Southern buys Gerber Life Insurance in $1.55 billion deal". Investment News. Retrieved October 16, 2018.
  6. ^ "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
  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.

External links[edit]