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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 18, 2019 03:58 PM (EDT)
AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Alaska National Insurance Company (ANIC) (Anchorage, AK). ANIC is a wholly owned subsidiary of Alaska National Corporation (ANC).
The Credit Rating (rating) actions follow the announcement that CopperPoint Insurance Company (CopperPoint) has entered into a definitive agreement to acquire ANC from its current owners. The transaction is subject to customary closing conditions, including regulatory approvals.
The under review with developing implications status reflects the need for AM Best to fully assess the financial and operational impacts of the acquisition, as well as continue to monitor the newly combined entity’s progress on strategic business initiatives. At the completion and close of the transaction, the most likely outcome would be affirmation of ANIC’s ratings with stable outlooks. AM Best will continue to hold discussions with ANIC’s management and monitor the group’s balance sheet strength, operating performance, business profile and enterprise risk management.
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.