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Workers compensation insurer CopperPoint Insurance Cos. has agreed to acquire Alaska National Corp., a wholly owned subsidiary of Alaska National Insurance Co., the company announced Tuesday.
The deal between Phoenix-based CopperPoint and Anchorage-based Alaska National will lead the combined companies to represent about $650 million in premium and an asset base of nearly $4.8 billion, CopperPoint said in a news release.
Each company will retain its original name and headquarters, and the combined companies will have 10 offices in the western U.S.
The transaction is expected to close once customary regulatory reviews and approvals are received.
Mergers and acquisitions among insurance agents and brokers in the United States and Canada continued apace in the first half of 2019 with 328 announced transactions, which is a 12.7% increase over 2018 and only slightly fewer than the record 333 deals in the first half of 2017, according to a report by Optis Partners LLC released Monday.