CopperPoint Mutual Insurance Company, a provider of workers' compensation insurance in Arizona, has completed its acquisition of Pacific Compensation Insurance Company from Alleghany Insurance Holdings LLC, a wholly-owned subsidiary of Alleghany Corporation.
The purchase price equated to $150 million in cash, subject to post-closing adjustments.
Terms of the agreement included the purchase of adverse development reinsurance cover on Pacific Compensation'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, the president and chief executive officer 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."
Learn more: www.copperpoint.com.