In 1867, the Union Pacific Railroad arrived in Cheyenne. The railroad would spread from Cheyenne all across the state. This increased the population and created opportunities for all parts of Wyoming. Two years later the Wyoming territory gave women the right to vote, increasing opportunity for all of the population of Wyoming.
In 2009, First Wyoming Capital was founded to create the first Wyoming based life insurance company established in the past fifty years. It is headquartered in Cheyenne and, like the railroad, has spread all across the state of Wyoming by having shareholders in every county of the state. Like the forward looking residents of the Wyoming territory, it will provide financial and career opportunities to all Wyomingites.
First Wyoming Capital has raised $900,000 in two private placement securities offerings, and $9.175 million through an intrastate stock offering. We have obtained a charter for First Wyoming Life Insurance Company, the only life insurance company headquartered in Wyoming. We have capitalized First Wyoming Life with four million in capital and surplus. However, capitalization is not the only requirement for a life insurance company. Experience in running a life insurance company is critical. We are fortunate that our largest shareholder, Midwest Holding, brings experience in both life insurance sales and administrative services to our life insurance company. As a result our management team has over a hundred years of experience in the insurance and financial services business.
We have over 2,000 shareholders spread across Wyoming's twenty three counties. These Wyoming shareholders understand business in Wyoming and have a vision of creating jobs and opportunities in Wyoming. In 2012 Midwest Holding purchased the shares of First Wyoming's other largest shareholder bringing its ownership to approximately 20%. While Wyoming law provides that any party who owns more than 10% of the parent of a life insurance company has "control", Midwest Holding is committed to a long-term growth strategy of building a large, profitable life insurance company in Wyoming. All of the premiums from life insurance sales are deposited in Wyoming banks. We want to make Wyoming's only domestic life insurer a company all shareholders are proud of. In our projections with the Department of Insurance we anticipate first year insurance sales of $1.25 million. After six months of operation, we are on target to meet that projection.
Just like the early pioneers in Wyoming, we look forward to creating history in Wyoming.
First Wyoming Capital
205 Storey Boulevard
Cheyenne, WY 82009