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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 18, 2019 03:57 PM (EDT)
AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of the members of CopperPoint Insurance Group (CopperPoint), which is led by CopperPoint Insurance Company (CopperPoint Insurance) (Phoenix, AZ). (See below for a detailed list.)
The ratings of the members of CopperPoint Insurance Group have been placed under review with positive implications following receipt of an agreement to acquire, under which CopperPoint Insurance Company, the lead member of the group, will acquire Alaska National Corporation (ANC) and its wholly owned subsidiary, Alaska National Insurance Company (ANIC). The transaction is anticipated to close during the fourth quarter of 2019 pending regulatory reviews and approvals.
In placing the ratings under review with positive implications, AM Best anticipates the potential for positive changes in CopperPoint’s business profile assessment, post transaction close. The acquisition of ANC will provide the consolidated enterprise with geographic spread as ANIC is licensed in 26 states with significant presence in Alaska, California, Washington, Idaho and Oregon.
The FSR of A- (Excellent) and the Long-Term ICRs of “a-” have been placed under review with positive implications for the following members of the CopperPoint Insurance Group:
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry.