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A.M. Best Comments on Credit Ratings of the Members of CopperPoint Mutual GroupA.M. Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" of the members of CopperPoint Mutual Group remain unchanged following the Sept. 13, 2017, announcement that its lead company, CopperPoint Mutual Insurance Company (CopperPoint), has entered into a definitive agreement to acquire Pacific Compensation Corporation (PCC) and its wholly owned subsidiary, Pacific Compensation Insurance Company (PacificComp) from Alleghany Insurance Holdings LLC (AIHL), a subsidiary of Alleghany Corporation (Alleghany) [NYSE: Y]. The outlook for the Credit Ratings (ratings) for the members of CopperPoint remains stable. The acquisition of PacificComp represents CopperPoint's geographic expansion and diversification initiatives into western states, particularly California, while leveraging their collective expertise in the workers' compensation market. PacificComp will continue to operate under its current name as part of the broader CopperPoint group of companies. CopperPoint's integration plans allow PacificComp's management team to remain in place to further strengthen synergies and markets. CopperPoint is paying $150 million in cash for PacificComp and the transaction is expected to close at the end of the year. A.M. Best will continue to monitor the progress of the transaction and ongoing performance of each rating unit and evaluate any developments for impact to the ratings. The ratings remain unchanged for the following members of the CopperPoint Mutual Group: /p>
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