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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alleghany Corp | NYSE:Y | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 847.79 | 0 | 01:00:00 |
A.M. Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Pacific Compensation Insurance Company (PacificComp) (Thousand Oaks, CA). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of the members of CopperPoint Mutual Group (CopperPoint). The outlook of these ratings is stable. (See below for a detailed list.)
The rating actions follow confirmation that CopperPoint Mutual Insurance Company (CopperPoint Mutual) (Phoenix, AZ), the lead member in CopperPoint, has acquired Pacific Compensation Corporation (PCC) and its wholly owned subsidiary PacificComp from Alleghany Insurance Holdings, LLC, a subsidiary of Alleghany Corporation (Alleghany) [NYSE:Y].
The ratings reflect PacificComp’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).
The ratings also reflect the significant explicit support provided by CopperPoint Mutual in terms of capital contributions and reinsurance protection. In addition, A.M. Best believes CopperPoint remains committed to PacificComp, which provides the group with geographic premium diversification and broader distribution channels.
PacificComp maintains the strongest level risk-adjusted capitalization as measured by Best's Capital Adequacy Ratio (BCAR) with scores at the 99.6% level. Risk-adjusted capitalization benefits from the protection afforded through an adverse development cover and keep well agreement for prior year reserves, as well as the $100 million capital contribution received from CopperPoint Mutual post-transaction close. Improved underwriting results in recent years reflect ongoing management initiatives implemented to restore underwriting profitability. However, pre-tax operating earnings trail the workers’ compensation industry composite by a wide margin over the recent five-year period given the weak performance in earlier years.
The ratings of CopperPoint reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate ERM.
CopperPoint maintains the strongest level risk-adjusted capitalization as measured by Best's Capital Adequacy Ratio (BCAR) with scores at the 99.6% level. Strong pre-tax operating earnings have outperformed the workers’ compensation industry composite by a wide margin over the recent five-year period, with operating earnings driven by growth in the level of net investment income, which has more than offset reported underwriting losses.
The FSR of A- (Excellent) and the Long-Term ICRs of “a-” have been affirmed with a stable outlook for the following members of the CopperPoint Mutual Group:
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 © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180117006150/en/
A.M. BestGordon McLean, +1-908-439-2200, ext. 5304Senior Financial Analystgordon.mclean@ambest.comorJacqalene Lentz, CPA, +1-908-439-2200, ext. 5762Directorjacqalene.lentz@ambest.comorChristopher Sharkey, +1-908-439-2200, ext. 5159Manager, Public Relationschristopher.sharkey@ambest.comorJim Peavy, +1-908-439-2200, ext. 5644Director, Public Relationsjames.peavy@ambest.com
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