After acquiring Alaska National and Alaska National Insurance Company, the combined company’s asset-base will grow to nearly £3.85bn
CopperPoint Insurance Companies, a commercial insurance company, has signed an agreement to acquire Alaska National Corporation and its subsidiary Alaska National Insurance Company (ANIC), for an undisclosed amount.
The deal is expected to close once the customary regulatory reviews and approvals are received.
ANIC is an Alaska domiciled workers’ compensation and commercial insurance carrier, which is licenced in 26 US states. At the middle of this year, it had a statutory surplus of about $550m (£441m). Last year, the company had a gross written premium of $250m (£200m).
The combined companies are expected to represent nearly $650m (£521m) in premium and an asset base of nearly $4.8bn (£3.85bn).
Alaska National has licence to operate in 26 US states
With Alaska National’s licence in 26 states, the acquisition will support CopperPoint to continue with its diversification strategy.
Earlier this year, CopperPoint adopted a new mutual insurance holding company corporate structure to support its continued growth.
After the deal is closed, ANIC will continue to operate under the present name and will to remain domiciled in Anchorage, Alaska. CopperPoint’s headquarters will remain in Phoenix, Arizona.
CopperPoint Insurance Companies president and CEO Marc Schmittlein said: “It’s an exciting time in our nearly 95-year history as we look forward to welcoming Alaska National and their 250 employees into the CopperPoint Family of Insurance Companies.
“We have been on a journey of transformation as we continue our geographic and product diversification strategy with the vision of becoming the leading regional commercial insurance company for the western United States.”
The combined companies are expected to have locally-focused footprint with 10 offices in Anchorage, Boise, Denver, Irvine, Las Vegas, Phoenix, Portland, Seattle, Walnut Creek and Westlake Village, enabling them to share the essential philosophy of getting close to their distribution partners and their policyholder customers.
Alaska National CEO Craig Nodtvedt said: “For nearly 40 years, our company has focused on building personal relationships and developing customized solutions designed to achieve safer futures and better outcomes for our customers.
“CopperPoint is an ideal strategic partner and strong cultural fit for us. Both of our companies are deeply committed to employee excellence and to delivering best in class service to all of our stakeholders.
“We especially like that Alaska National will become part of CopperPoint’s mutual holding company structure where we can maintain our long-term view of the business allowing us to concentrate first on the needs of our customers.”