CopperPoint Insurance Companies, a western-based regional commercial insurance company, has agreed 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 had 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, CopperPoint said in a statement.

"It's an exciting time in our nearly 95-year history as we look forward to welcoming Alaska National and their 250 employees into the CopperPoint family of insurance companies," said Marc Schmittlein, the president and chief executive officer of CopperPoint. "We have been on a journey of transformation as we continue our geographic and product diversification strategy with the vision of becoming the leading regional commercial insurance company for the western United States."

CopperPoint said that its headquarters would remain in Phoenix, Arizona, while Alaska National, which is licensed in 26 states, would continue operating under its company name and would remain domiciled and home-based in Anchorage, Alaska.

CopperPoint added that the combined companies would have a locally-focused footprint with 10 offices in Anchorage, Boise, Denver, Irvine, Las Vegas, Phoenix, Portland, Seattle, Walnut Creek, and Westlake Village.

"For nearly 40 years, our company has focused on building personal relationships and developing customized solutions designed to achieve safer futures and better outcomes for our customers," said Craig Nodtvedt, the chief executive officer of Alaska National. "CopperPoint is an ideal strategic partner and strong cultural fit for us. Both of our companies are deeply committed to employee excellence and to delivering best in class service to all of our stakeholders. We especially like that Alaska National will become part of CopperPoint's mutual holding company structure where we can maintain our long-term view of the business allowing us to concentrate first on the needs of our customers."

"Alaska National helps us significantly expand our portfolio of insurance products and geography, enabling us to better meet the evolving needs of our brokers, agents, and customers," Mr. Schmittlein continued. "They are highly respected in the industry, recognized for their stellar service, exceptional financial performance, and talented employees. We are excited and confident about the future."

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.

CopperPoint said that it expected the transaction to close once customary regulatory reviews and approvals are received.

Waller Helms Advisors and Locke Lord LLP served as advisors to CopperPoint. Macquarie Capital and Debevoise & Plimpton LLP served as advisors to Alaska National.

Victoria Spears

Victoria Spears

Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].

More from this author ⟶