DECEMBER 17, 2019 08:21 AM (EST)
AM Best Removes from Under Review With Positive Implications and Upgrades Credit Ratings of CopperPoint Insurance Group Members
Senior Financial Analyst
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Jacqalene Lentz, CPA
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Manager, Public Relations
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Director, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 17, 2019 08:21 AM (EST)
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “a-” for the members of CopperPoint Insurance Group (CopperPoint), which is led by CopperPoint Insurance Company (CopperPoint Insurance) (Phoenix, AZ). The outlook assigned to these Credit Ratings (ratings) is stable. (See below for a detailed list.) Concurrently, AM Best has upgraded the FSR to A (Excellent) from A- (Excellent) and the Long-Term ICR to “a” from “a-” of Pacific Compensation Insurance Company (Thousand Oaks, CA), a newly added member of CopperPoint Insurance Group. The outlook of these ratings is stable.
The rating upgrades of the members of CopperPoint Insurance Group follow confirmation that CopperPoint Insurance has closed on its acquisition of Alaska National Corporation (ANC) and its wholly owned subsidiary, Alaska National Insurance Company (ANIC) (Anchorage, AK) following regulatory approval.
The ratings for the members of CopperPoint Insurance Group reflect the group’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile, and appropriate enterprise risk management (ERM). The rating upgrades also reflect the positive change in CopperPoint’s business profile assessment, post transaction close. The acquisition of ANC provides the consolidated enterprise with geographic spread as ANIC is licensed in 26 states with significant presence in Alaska, California, Washington, Idaho and Oregon.
At the same time, AM Best has removed from under review with developing implications and affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of ANIC. The outlook assigned to these ratings is stable.
The ratings reflect ANIC’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. ANIC will remain separately rated, although its operational results will be consolidated within the CopperPoint Insurance Group. AM Best will continue to hold discussions with ANIC’s management and monitor the group’s balance sheet strength, operating performance, business profile and ERM.
The FSR has been upgraded to A (Excellent) from A- (Excellent) and the Long-Term ICRs to “a” from “a-” 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, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.