PHOENIX, Jan. 04, 2019 (GLOBE NEWSWIRE) -- Effective January 1, 2019, CopperPoint family of Insurance Companies has adopted a new mutual insurance holding company corporate structure. CopperPoint Mutual Insurance Holding Company is the new corporate parent of Arizona based CopperPoint Insurance Companies, California based Pacific Compensation Insurance Company, and other CopperPoint entities.
The new company organizational structure provides many benefits, including the ability to take a long-term view to serve policyholder/members, while having the flexibility and access to capital that stock insurance companies enjoy. It also allows the mutual holding company to extend mutual membership to policyholders of other companies in the CopperPoint family.
"This initiative makes CopperPoint more agile and better able to serve the needs of our policyholders as our company grows,” said CopperPoint President & CEO Marc Schmittlein. “This is part of our transformation – our evolution as a company, and we couldn’t have achieved this without the help and support of our board of directors and policyholders.”
The new corporate structure was approved by CopperPoint’s Board of Directors, the Arizona Department of Insurance, and affirmed by policyholder vote. CopperPoint retains its culture, community focus, brand, management team and directors. This transition will not disrupt or change the coverage or service provided under CopperPoint policies and will not affect CopperPoint’s relationships with agents, brokers and other business partners. CopperPoint remains owned 100 percent by policyholders after the transition. CopperPoint Insurance Company, formally known as CopperPoint Mutual Insurance Company is rated A- by A.M. Best.
About CopperPoint Insurance Companies
Founded in 1925, CopperPoint Insurance Companies are dedicated to protecting and empowering conscientious business owners. Our vision is to be a top-tier regional commercial insurance company and the preferred partner for business owners, agents and brokers in every community we serve.
CopperPoint is a multi-line commercial insurance company, offering an expanded line of products to ensure peace of mind to business owners, their employees and customers, building on our 90-year history as a leading provider of workers’ compensation insurance. As a mutual insurance company with $4 billion in assets, a policyholder surplus of nearly $1.5 billion and no debt, CopperPoint embodies stability and sustainability for over 13,000 policyholders generating approximately $400 million in revenue.
Headquartered at CopperPoint Tower in Phoenix, Arizona, with offices in Westlake Village, California, our team of talented professionals embrace Corporate Responsibility through active engagement in the communities we serve. The companies that comprise the CopperPoint Family of Insurance Companies are rated A- (Excellent) by A.M. Best. For more information, visit copperpoint.com.