PHOENIX, Arizona - CopperPoint Mutual Insurance Company, Arizona's leading provider of workers' compensation insurance since 1925, today announced it has completed its acquisition of Pacific Compensation Insurance Company (PacificComp) from Alleghany Insurance Holdings LLC, a wholly-owned subsidiary of Alleghany Corporation (NYSE: Y). The purchase price equates to $150 million in cash and is subject to post-closing adjustments. Terms of the agreement include the purchase of adverse development reinsurance cover on PacificComp's pre-acquisition claims. CopperPoint announced the agreement to acquire Pacific Compensation on September 12, 2017.
"We are thrilled to welcome Pacific Compensation to our CopperPoint family of companies," said Marc Schmittlein, President & CEO of CopperPoint Insurance Companies. "This acquisition continues our focused effort of geographic diversification. In addition, it's a natural fit for our policyholders growing West into California and other states."
About CopperPoint Insurance Companies
Founded in 1925, CopperPoint Insurance Companies is dedicated to protecting and empowering conscientious business owners. Our vision is to be a top-tier regional commercial insurance company and the preferred partner for business owners, agents and brokers in every community we serve. For over 90 years CopperPoint has been a leading provider of workers compensation insurance. Today we are a multi-line commercial insurance company, offering additional products to ensure peace of mind to business owners, their employees and customers. As a mutual insurance company with $4.1 billion in assets, a policyholder surplus exceeding $1.5 billion and no debt, CopperPoint embodies stability and sustainability for over 13,000 policyholders generating approximately $420 million in revenue. Headquartered at CopperPoint Tower in Phoenix, Arizona our team of talented professionals embrace Corporate Responsibility through active engagement in the communities we serve. The CopperPoint Family of Insurance Companies are rated A- (Excellent) by A.M. Best. For more information, visit www.copperpoint.com.