Closing continues company’s journey to become the leading super regional commercial insurance company for the western United States
PHOENIX Dec. 17, 2019 – CopperPoint Insurance Companies, a western-based super regional commercial insurance company, today announced it has completed its acquisition of Alaska National Insurance Company. The forecasted enterprise financial results as of December 31, 2019, are approximately $625 million of written premium, a combined ratio of 98.5%, total assets of $5 billion and an enterprise surplus of $1.4 billion. CopperPoint announced the agreement to acquire Alaska National on September 17, 2019.
Following this acquisition, AM Best announced an upgrade to the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) for the members of CopperPoint Insurance Group (CopperPoint), including Pacific Compensation Insurance Company. At the same time, AM Best has affirmed the FSR of A (Excellent) for Alaska National Insurance Company. The outlook assigned to these ratings is stable.
“We’re thrilled to welcome the Alaska National employees to our growing CopperPoint Family of Insurance Companies,” said Marc Schmittlein, President and CEO, CopperPoint Insurance Companies. “With our addition of Alaska National and an upgrade to our AM Best ratings, we remain focused on our strategic plan to expand through product and geographic diversification and are confident about our future.”
Waller Helms Advisors and Locke Lord LLP served as advisors to CopperPoint Insurance Companies. Macquarie Capital and Debevoise & Plimpton LLP served as advisors to Alaska National Corporation.
About CopperPoint Insurance Companies
Founded in 1925, CopperPoint Insurance Companies, copperpoint.com, is a western-based super regional commercial insurance company and a leading provider of workers’ compensation and commercial insurance solutions. With an expanded line of insurance products and a growing 10 state footprint in the western United States, CopperPoint is in a strong position to meet the evolving needs of our brokers, agents and customers. It has $5 billion in total assets and an enterprise surplus of over $1.4 billion. CopperPoint Mutual Insurance Holding Company is the corporate parent of CopperPoint Insurance Companies, Pacific Compensation Insurance Company and Alaska National Insurance Company. All companies are rated A (Excellent) by AM Best.