OLDWICK, N.J.--(BUSINESS WIRE)--AM 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 Alaska National Insurance Company (ANIC) (Anchorage, AK). ANIC is a wholly owned subsidiary of Alaska National Corporation (ANC).
The Credit Rating (rating) actions follow the announcement that CopperPoint Insurance Company (CopperPoint) has entered into a definitive agreement to acquire ANC from its current owners. The transaction is subject to customary closing conditions, including regulatory approvals.
The under review with developing implications status reflects the need for AM Best to fully assess the financial and operational impacts of the acquisition, as well as continue to monitor the newly combined entity’s progress on strategic business initiatives. At the completion and close of the transaction, the most likely outcome would be affirmation of ANIC’s ratings with stable outlooks. AM Best will continue to hold discussions with ANIC’s management and monitor the group’s balance sheet strength, operating performance, business profile and enterprise risk management.
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