Alleghany insurance subsidiary sells workers’ comp unit
Alleghany’s wholly-owned subsidiary Alleghany Insurance Holdings has signed a definitive agreement to sell Pacific Compensation Insurance Company (PacificComp), an underwriter of workers' compensation insurance, primarily in California, to CopperPoint Mutual Insurance Company for $150 million.
Furthermore, an Alleghany subsidiary will continue to provider adverse development reinsurance cover on PacificComp’s pre-acquisition claims.
The deal is expected to close at the end of the year.
"We are thrilled to have found a great home for PacificComp's employees and policyholders,” said Weston Hicks, president and CEO of Alleghany. “I would like to thank Jan Frank for her leadership and the entire PacificComp team for their efforts over the past five years to build PacificComp into the successful California workers' compensation specialist it is today. As part of the CopperPoint family of companies, PacificComp will be ideally positioned to continue to grow profitably and to capitalize on new opportunities."