CEO and chair
American Family Insurance | Madison
Bill Westrate oversees American Family Insurance Group, one of the nation’s largest property and casualty insurers. Westrate started at American Family in 1996 as an actuarial analyst and progressed through several leadership roles before being named chief operating officer in 2014 and enterprise president in 2017. In 2022, he became chief executive officer and two years later became chair of the board. Reporting $17.1 billion in revenue, American Family is one of Dane County’s largest employers, with 12,500 employees nationwide.
Education: Bachelor’s, Northwestern College
Favorite Wisconsin destination: “I enjoy the great sports venues throughout the state, from Camp Randall Stadium, the Field House and the Kohl Center at the University of Wisconsin–Madison, to Lambeau Field in Green Bay and, of course, American Family Field in Milwaukee.”
Highlights from the past 12 months: “Supporting customers impacted by natural catastrophes in record numbers while transforming internal operations for greater agility and efficiency, which has resulted in improved profitability, strong revenue growth and greater value for our customers.”
Favorite movie: “‘The Bourne Identity.’ It could just be that it’s action-packed with a suspenseful story line, but it may also have something to do with the fact that I knew nothing about it when I watched it the first time, and it was unexpectedly good.”
Favorite part of the workday: “Connecting with people informally at the beginning of the day.”
2022 Wisconsin 275 Profile
Insurance
CEO
American Family Insurance | Madison
Bill Westrate assumed the top post at American Family Insurance earlier this year as part of a planned leadership transition. Westrate was previously chief operating officer of the Madison-based insurance company before becoming enterprise president in 2017 and then being named CEO-elect in 2021. With more than 13,500 employees across its family of companies, American Family is one of Dane County’s largest employers. It has ranked on the Fortune 500 for 20 years and reported $14.2 billion in revenue in 2021.
The company’s visibility has grown in the Milwaukee area in recent years thanks to its naming rights sponsorships of the Summerfest grounds’ amphitheater and Milwaukee Brewers’ stadium. Nationally, it’s gained recognition as the first U.S.-based insurance company to sign a pledge to reach net-zero carbon by 2040 and meet the Paris Agreement 10 years early.
The company, through its American Family Ventures initiative, has also been active in the venture capital and startup scene. It operates the Spark building on Madison’s east side, which serves as a coworking space and houses the company’s institute for corporate and social impact and DreamBank.
The company is also a major player philanthropically, doling out $14 million to charitable causes across the state last year. Westrate is chair of the United Way of Dane County board of directors, a fellow of the Casualty Actuarial Society, a member of the American Academy of Actuaries and on the board of the Insurance Institute for Highway Safety.
Education: Bachelor’s, Northwestern College
