Westminster American Insurance Company

Scott Reacquires Westminster American Insurance Company OWINGS MILLS, MD, July 17, 2024 -- Effective June 30, 2024, John Scott, Sr. and the Scott family have reacquired Westminster American Insurance Company from NI Holdings, Inc. John Scott, Sr. originally obtained the 155-year-old company (formerly known as Carroll County Mutual) in 2005 out of receivership from the Maryland Insurance Administration after a capital contribution of $5 million. Under the leadership of John Scott, Jr., Westminster American grew organically from a single-state Maryland homeowners carrier with premiums of under $4 million in 2005 to a commercial carrier writing $33 million in twelve Mid-Atlantic states by the end of 2019. In 2020, NI Holdings, Inc. purchased Westminster American from Scott for $40 million to diversify their product offerings and geographic footprint. Following the sale, John Scott, Jr. agreed to continue as president. Westminster’s premium volume continued to grow through the end of 2023 to $77 million. Earlier this year, John Scott, Sr. and the Scott family agreed to repurchase 100% of Westminster American Insurance Company from NI Holdings, Inc. for $10.5 million. At the time, Michael J. Alexander, President and CEO of NI Holdings, Inc., stated, “The decision to sell Westminster American Insurance Company was made in the best interest of NI Holdings and its shareholders.” In addition to the $20 million of surplus that transferred with Westminster American from NI Holdings, Inc., another $30 million was contributed to the surplus from John Scott, Sr. Following the closing, A.M. Best has placed Westminster American’s rating as A- (Under Review), pending a full review later this year. John Scott, Jr., who will continue to serve as President & CEO, said, “I am excited for this opportunity – not only for my dedicated leadership team and our amazing co-workers but also for our fantastic agents and insureds.” About the Company Westminster American Insurance Company, chartered in 1869, is an admitted stock insurance company with certificates of authority in Maryland, Washington, DC, Pennsylvania, Virginia, New Jersey, Delaware, North Carolina, South Carolina, West Virginia, Georgia, Kentucky, Tennessee, Nevada, Oregon, Colorado, Washington, Massachusetts, North Dakota and Vermont. The company is a leading commercial carrier writing policies for owners of apartments and office buildings along the I-95 corridor.