Willkie represents Alleghany in deal to sell Pacific Compensation Insurance Company, an underwriter of workers' compensation insurance, to CopperPoint Mutual Insurance Company for $150 million.
On September Sept. 13, Willkie client Alleghany Corporation (NYSE: Y) announced that its wholly owned subsidiary Alleghany Insurance Holdings LLC has signed a definitive agreement to sell Pacific Compensation Insurance Company to CopperPoint Mutual Insurance Company for $150 million in cash. In connection with the transaction, an Alleghany subsidiary will continue to provide adverse development reinsurance cover on Pacific Compensation’s pre-acquisition claims. The transaction, which is subject to customary closing conditions and regulatory review and approvals, is expected to close at the end of the year.
Alleghany Corporation creates value through owning and managing operating subsidiaries and investments anchored by a core position in property and casualty reinsurance and insurance. Pacific Compensation Insurance Company is an underwriter of workers' compensation insurance, primarily in California.
The Willkie deal team was led by partners Steven Seidman and Laura Delanoy and included partners Anthony Carbone and Mark Holdsworth; counsel Elizabeth Bannigan; and associates Laura Acker, David Blassberger, Karolina Majewski, Matthew Makover, Yevgeniy Markov, Ryan Stott and Edward Torres.