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CopperPoint Mutual Insurance Co. has completed the $150 million acquisition of Pacific Compensation Insurance Co. from Alleghany Insurance Holdings L.L.C., the insurer announced Thursday.
Phoenix-based CopperPoint Mutual, a provider of workers compensation insurance in Arizona, announced its purchase in September, stating intentions to expand its market footprint. Pacific Compensation Insurance is based in West Lake Village, California.
The combined book of underwriting business for the two comp insurers will represent about $400 million in premium and a combined asset base of nearly $4.1 billion, with $1.5 billion in policyholder surplus, CopperPoint said in a statement in September.
“We are thrilled to welcome Pacific Compensation to our CopperPoint family of companies,” said Marc Schmittlein, president & chief executive officer of CopperPoint Insurance Cos., in a press release. “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.”
Workers compensation insurers reported their most profitable year in 2016 since the Great Recession despite facing economic, regulatory and legal challenges, according to a report by A.M. Best Co.