CopperPoint Completes Acquisition of Alaska National, AM Best Upgrades Rating

Phoenix, Ariz.-based CopperPoint Insurance Cos. has completed its acquisition of Alaska National Insurance Co.

The forecasted enterprise financial results as of Dec. 31 are roughly $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 Sept. 17.

Following this acquisition, AM Best announced an upgrade to the Financial Strength Rating to A (Excellent) from A- (Excellent) for the members of CopperPoint Insurance Group, including Pacific Compensation Insurance Co.

At the same time, AM Best has affirmed the FSR of A (Excellent) for Alaska National Insurance Co. The outlook assigned to these ratings is stable.

CopperPoint is a Western-based super regional commercial insurance company and a provider of workers’ compensation and commercial insurance solutions.