CopperPoint Insurance Cos. will acquire Alaska National Corp. and subsidiary Alaska National Insurance Co.
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. The combined companies will represent approximately $650 million in premium and an asset base of nearly $4.8 billion, according to a statement.
Alaska National is licensed in 26 states. CopperPoint's headquarters will remain in Phoenix, while Alaska National will continue operating under its company name and will remain domiciled and home-based in Anchorage, Alaska. The combined entity will have 10 offices.
The transaction is expected to close when regulatory reviews and approvals are received.
Waller Helms Advisors and Locke Lord LLP served as advisers to CopperPoint Insurance. Macquarie Capital and Debevoise & Plimpton LLP served as advisers to Alaska National.
