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Western & Southern Financial Group

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Western & Southern Financial Group
Company typeMutual
GenreFinancial Services
Founded1888; 136 years ago (1888) as Western and Southern Life Insurance
Headquarters
Cincinnati, Ohio
,
United States
Key people
John F. Barrett (CEO)
ProductsInsurance, Annuities, Mutual Funds
Revenue$7.2 billion (2023)[1]
651.3 million United States dollar (2023)
Total assets$75.1 billion (2023)[2]
Number of employees
3,400[3] (2023)
SubsidiariesThe Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Eagle Realty Group LLC, Fabric by Gerber Life, Fort Washington Investment Advisors, Gerber Life Agency, Gerber Life Insurance Company, Integrity Life Insurance Company, National Integrity Life Insurance Company, The Lafayette Life Insurance Company, Touchstone Investments, W&S Brokerage Services, W&S Financial Group Distributors
Websitewww.westernsouthern.com

Western & Southern Financial Group, also commonly referred to as Western & Southern, is the Cincinnati, Ohio-based parent company of a diversified group of financial services subsidiaries with $112.2 billion in assets owned and managed as of Dec. 31, 2023.[2] It is a Fortune 500 company at No. 284.[3] As of June 2024, 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 subsidiaries, Western & Southern offers a variety of financial services such as life insurance, annuities, mutual funds, retirement planning and investment management. Subsidiaries include 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, Eagle Realty Group, Fabric by Gerber Life and W&S Financial Group Distributors.[4]

History

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Western & Southern served as title sponsor of the Western & Southern Open tennis tournament until 2023. The new owner of the tennis tournament, Beemok Capital, renamed it the Cincinnati Open in 2024.[5] This tennis event contributes more than $80 million in annual economic impact 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.[7] The city’s tallest office tower was completed in 2011.[8]

In May 2013, Western & Southern signed a controversial agreement with Cincinnati Union Bethel to purchase the historic Anna Louise Inn in downtown Cincinnati.[9] 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.[10][11]

In 2015, Western & Southern became the title sponsor of the annual WEBN fireworks show that takes place along the Ohio River as part of Riverfest over Labor Day weekend each year. Some 500,000 people gather to watch the fireworks along the Ohio River on both Ohio and Northern Kentucky riverfronts. They also watch them on jumbotron TVs at Fountain Square.[12]

In 2018, Western & Southern acquired the Gerber Life Insurance Company from Nestle for $1.55 billion,[13][14] along with a long-term intellectual property license in connection with financial services.[15]

In November 2019, Western & Southern Financial Group promoted John Bultema as CEO of Lafayette Life Insurance Co.[16]

On 9 March 2020, Legacy Marketing Group formed a strategic partnership with Western & Southern Financial Group to create and sell Western & Southern subsidiary Integrity Life Insurance Company's proprietary fixed indexed annuity products.[17]

In 2022, Western & Southern acquired Fabric Technologies[18] and later renamed it Fabric by Gerber Life.

A study released in March 2023 by the University of Cincinnati Economic Center showed that Western & Southern supported 188,715 jobs, $13.6 billion in earnings and a total economic output of $27.4 billion.[19]

Western & Southern dates back to the founding of The Western and Southern Life Insurance Company in 1888.[20]

See also

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References

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  1. ^ a b "Financial Ratings & Annual Reports". Western & Southern Financial Group. June 4, 2024. Retrieved August 21, 2024.
  2. ^ a b "Western & Southern announces record 2023 financial results". Insurancenewsnet.com. March 12, 2024. Retrieved August 21, 2024.
  3. ^ a b "Fortune Announces 2024 Fortune 500". Fortune Media. Retrieved August 21, 2024.
  4. ^ "Family of Companies". www.westernsouthern.com. Retrieved August 31, 2022.
  5. ^ Ogwude, Haadiza. "Western & Southern Open to be called Cincinnati Open for the first time since 1901". www.cincinnati.com. Retrieved January 8, 2024.
  6. ^ Richter, Ed. "Mason, state propose millions of dollars to keep professional tennis tournament". www.daytondailynews.com. Retrieved July 3, 2024.
  7. ^ Monk, Dan (March 28, 2017). "Dream weaver: John Barrett shares his vision for downtown Cincinnati". WCPO Cincinnati. Retrieved October 16, 2018.
  8. ^ "Queen City Square "Tiara" Building & 303 Broadway Complex Bejewel CBD". The Port. Retrieved June 28, 2024.
  9. ^ "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
  10. ^ Yung, John (May 1, 2014). "Is Western & Southern planning a new HQ at Lytle Park?". Cincinnati Business Courier. Retrieved June 7, 2014.
  11. ^ Demeropolis, Tom (May 2, 2014). "Western & Southern clears first step to reshape Lytle Park district". Cincinnati Business Courier. Retrieved June 7, 2014.
  12. ^ Murray, Sidney (May 27, 2023). "New sponsor for WEBN Fireworks". Cincinnati Enquirer. USA Today. Retrieved October 10, 2023.
  13. ^ Randy Tucker (December 18, 2018). "Western & Southern closes deal to buy Gerber Life Insurance Co". Cincinnati Enquirer. Retrieved October 10, 2023.
  14. ^ Scism, Leslie; Barba, Robert (September 17, 2018). "Nestlé to Sell Gerber Life Insurance to Western & Southern Financial". Wall Street Journal – via www.wsj.com.
  15. ^ Caproni, Erin (September 17, 2018). "Western & Southern to make $1.5B acquisition". Cincinnati Business Courier. Retrieved October 16, 2018.
  16. ^ "Western & Southern names CEO for key insurance unit". www.bizjournals.com. Retrieved March 19, 2020.
  17. ^ "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.
  18. ^ Dela Cruz, Katherine. "Western & Southern acquires Fabric Technologies, Fabric Insurance Agency". spglobal.com. Retrieved June 21, 2024.
  19. ^ Demeropolis, Tom. "UC Economics Center: Western & Southern's economic impact on Cincinnati tops $27B". bizjournals.com. Retrieved June 28, 2024.
  20. ^ Watkins, Steve. "The Visionary: Western & Southern CEO John Barrett's plan transforms one corner of downtown into a magnet". bizjournals.com. Retrieved June 21, 2024.
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