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Press Release

Sep 14, 2017 16:06 UTC

A.M. Best Places Credit Ratings of Pacific Compensation Insurance Company Under Review With Developing Implications

OLDWICK, N.J.--(Business Wire)--A.M. Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Pacific Compensation Insurance Company (PacificComp) (Thousand Oaks, CA).

The Credit Rating (rating) actions follow the recent announcement that Alleghany Insurance Holdings LLC, a subsidiary of PacificComp’s ultimate parent, Alleghany Corporation (Alleghany)[NYSE:Y], has entered into a definitive agreement to sell PacificComp to CopperPoint Mutual Insurance Company (CopperPoint) for $150 million in cash. Currently, PacificComp benefits from significant support from Alleghany in terms of capital contributions and reinsurance protection. The developing implications reflects the need for A.M. Best to evaluate CopperPoint's finalized plans to ensure PacificComp’s risk-adjusted capitalization is maintained at levels in line with its current ratings.

The transaction is expected to close at the end of the year, pending regulatory approval and customary closing conditions. The ratings of PacificComp will remain under review until the close of the transaction, and until A.M. Best completes its analysis of the transaction.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

A.M. Best
Scott Mangan, +1-908-439-2200, ext. 5593
Senior Financial Analyst
scott.mangan@ambest.com
or
Greg Reisner, +1-908-439-2200, ext. 5224
Director
greg.reisner@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

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