AM Best Affirms Credit Ratings of CopperPoint Insurance Group Main Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of the main subsidiaries of CopperPoint Insurance Group (CopperPoint), which is led by CopperPoint Insurance Company (Phoenix, AZ). (See below for a detailed list.) Concurrently, AM Best has downgraded the Long-Term ICR to “a” (Excellent) from “a+” (Excellent) and affirmed the FSR of A (Excellent) of Alaska National Insurance Company (ANIC) (Anchorage, AK), a newly added member of CopperPoint Insurance Group. The outlook of these Credit Ratings (ratings) is stable.

The ratings of CopperPoint reflect the group’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

ANIC has become a more-integrated company to the overall CopperPoint group since its acquisition in December 2019. The company continues to be a meaningful contributor to the group’s premiums and net income, and its systems and operations along with its risk management have become more intertwined with the broader CopperPoint organization, and as a result, AM Best has added ANIC as a new member of the CopperPoint Insurance Group.

CopperPoint maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by a conservative investment portfolio, favorable reserve development and strong reinsurance program. Additionally, the group has reported consistent profitability with generally favorable return metrics. CopperPoint is a western-based regional commercial insurance company with a good degree of geographic diversification. The group’s product offerings include workers’ compensation coverage options, as well as a commercial package, automobile and umbrella.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been affirmed with stable outlooks for the following members of the CopperPoint Insurance Group:

• CopperPoint Insurance Company
• CopperPoint American Insurance Company
• CopperPoint Casualty Insurance Company
• CopperPoint General Insurance Company
• CopperPoint Indemnity Insurance Company
• CopperPoint National Insurance Company
• CopperPoint Premier Insurance Company
• CopperPoint Western Insurance Company
• MountainPoint Insurance Company
• Pacific Compensation Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Michael Venezia
Senior Financial Analyst

+1 908 439 2200, ext. 5034

michael.venezia@ambest.com

Erik Miller, CFA

Director

+1 908 439 2200, ext. 5187

erik.miller@ambest.com

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy
Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Source: AM Best