CopperPoint Insurance Cos. has agreed to acquire Alaska National Corp. and its wholly owned subsidiary Alaska National Insurance Co., an Alaska-domiciled workers’ compensation and commercial insurance carrier.
The transaction is expected to close once customary regulatory reviews and approvals are received.
CopperPoint’s headquarters will remain in Phoenix, Ariz., while Alaska National will continue operating under its company name and will remain domiciled and home-based in Anchorage, Alaska. The combined companies will have a locally-focused footprint with 10 offices in Anchorage, Boise, Denver, Irvine, Las Vegas, Phoenix, Portland, Seattle, Walnut Creek and Westlake Village. This enables and reinforces the companies’ shared essential philosophy of getting close to their distribution partners and their policyholder customers.
CopperPoint, a provider of workers’ comp and commercial insurance solutions, privatized from the state of Arizona and converted to a mutual insurance company in 2013. In 2017, the company acquired Pacific Compensation Insurance Co., expanding into the California market. In 2018, CopperPoint began to offer products under the CopperPoint brand in Colorado, Nevada, New Mexico and Utah. In 2019, CopperPoint adopted a new mutual insurance holding company corporate structure.
Alaska National Insurance Co. is a commercial insurance provider in licensed in 26 states. The company focuses on workers’ comp, commercial property and auto, general liability, inland marine, umbrella, crime and other commercial insurance services. As of mid-year, the company has a reported statutory surplus of roughly $550 million. In 2018, the company had gross written premium of $250 million and the combined companies will represent roughly $650 million in premium and an asset base of nearly $4.8 billion.
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