Waller Helms Advisors and Locke Lord LLP served as advisors to CopperPoint Insurance Companies. Macquarie Capital and Debevoise & Plimpton LLP served as advisors to Alaska National Corporation.
CopperPoint Insurance Companies, a western-based regional commercial insurance company, today announced an agreement to acquire Alaska National Corporation and its wholly owned subsidiary Alaska National Insurance Company (ANIC), an Alaska domiciled workers’ compensation and commercial insurance carrier. As of mid-year, Alaska National Insurance Company has a statutory surplus of approximately $550 million. In 2018, the company had gross written premium of $250 million and the combined companies will represent approximately $650 million in premium and an asset base of nearly $4.8 billion.
Alaska National brings a proven track record of strong underwriting discipline and exemplary service as evidenced by the company’s inclusion in the Property-Casualty Ward’s 50® Companies for each of the past nine years. Alaska National is licensed in 26 states, opening opportunities for CopperPoint to continue its diversification strategy. CopperPoint’s headquarters will remain in Phoenix, Arizona, while Alaska National will continue operating under its company name and will remain domiciled and home-based in Anchorage, Alaska. The combined companies will have a locally-focused footprint with 10 offices in Anchorage, Boise, Denver, Irvine, Las Vegas, Phoenix, Portland, Seattle, Walnut Creek and Westlake Village. This enables and reinforces the companies’ shared essential philosophy of getting close to their distribution partners and their policyholder customers.
CopperPoint privatized from the state of Arizona and converted to a mutual insurance company in 2013. Subsequently, CopperPoint introduced additional commercial insurance products, including commercial package, auto and umbrella in Arizona. In 2017, the company acquired Pacific Compensation Insurance Company, a California domiciled company, expanding into the California market. In 2018, CopperPoint further expanded and began to offer products under the CopperPoint brand in Colorado, Nevada, New Mexico and Utah. Earlier in 2019, CopperPoint adopted a new mutual insurance holding company corporate structure to support the continued growth of the company.
The transaction is expected to close once customary regulatory reviews and approvals are received.
Debevoise & Plimpton LLP advised Alaska National Insurance Company with corporate partners Drew Dutton (Picture) and Nicholas Potter, and includes employee benefits partner Jonathan Lewis and corporate associates Risa Gordon and Paulina Stanfel and law clerk Ali Bazzi. The tax team included partner Gary Friedman and associates Daniel Priest and Cameron Rotblat.
Involved fees earner: Drew Dutton – Debevoise & Plimpton; Gary Friedman – Debevoise & Plimpton; Risa Gordon – Debevoise & Plimpton; Jonathan Lewis – Debevoise & Plimpton; Nicholas Potter – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; Cameron Rotblat – Debevoise & Plimpton; Paulina Stanfel – Debevoise & Plimpton;
Law Firms: Debevoise & Plimpton;
Clients: Alaska National Insurance Company;