CopperPoint Mutual Insurance Company, Arizona’s leading provider of workers’ compensation insurance since 1925, today announced it has completed its acquisition of Pacific Compensation Insurance Company (PacificComp) from Alleghany Insurance Holdings LLC, a wholly-owned subsidiary of Alleghany Corporation (NYSE: Y). The purchase price equates to $150 million in cash and is subject to post-closing adjustments. Terms of the agreement include the purchase of adverse development reinsurance cover on PacificComp’s pre-acquisition claims. CopperPoint announced the agreement to acquire Pacific Compensation on September 12, 2017.
“We are thrilled to welcome Pacific Compensation to our CopperPoint family of companies,” said Marc Schmittlein, President & CEO of CopperPoint Insurance Companies. “This acquisition continues our focused effort of geographic diversification. In addition, it’s a natural fit for our policyholders growing West into California and other states.”