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Y

Alleghany

$566.78

5.05 (0.90%)

07:08
09/13/17
09/13
07:08
09/13/17
07:08

Copperpoint Mutual Insurance to acquire Pacific Compensation Insurance

CopperPoint Mutual Insurance Company announced a definitive agreement to acquire Pacific Compensation Insurance Company from Alleghany Insurance Holdings for $150M in cash. The combined book of underwriting business for the two companies will represent approximately $400M in premium and a combined asset base of nearly $4.1B, with $1.5B in policyholder surplus. "The acquisition of PacificComp represents a significant milestone in CopperPoint's geographic expansion and diversification initiatives. PacificComp brings a proven track record, strong underwriting discipline and focused approach to serving businesses in the California market. The two companies share complementary strengths, including expertise in workers' compensation and a commitment to providing the highest quality customer experience through select independent agents," the company said. Beyond this synergy, CopperPoint's launch of commercial lines to its workers' compensation customers in Arizona opens opportunities to bring new products and services to the California market. Upon closing, PacificComp will continue to operate under its current name as part of the broader CopperPoint family of companies. Terms of the agreement include the purchase of adverse development reinsurance cover on PacificComp's pre-acquisition claims. The transaction is expected to close at the end of the year subject to customary closing conditions and regulatory review and approvals.

Y Alleghany
$566.78

5.05 (0.90%)

09/11/17
JMPS
09/11/17
UPGRADE
Target $625
JMPS
Outperform
Alleghany upgraded to Outperform from Market Perform at JMP Securities
JMP Securities analyst Matthew Carletti said Hurricane Irma still has the potential to be the largest insured natural catastrophe event in U.S. insurance industry history, though he believes that the property catastrophe market will see a market turn at the coming January 1 renewal. He recommends investors focus near-term on insurers that have lower-than-peer exposure to the event, such as Chubb (CB) and Alleghany (Y), which he upgraded to Outperform from Market Perform with a $625 price target. He also pointed to Amerisafe (AMSF) and ProAssurance (PRA) as insurers with no exposure to Irma losses that have been caught up in the pre-Irma selloff in the space.

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DPS

Dr Pepper Snapple

$96.35

1.03 (1.08%)

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RCII

Rent-A-Center

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0.09 (0.78%)

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AR

Antero Resources

$18.74

-0.59 (-3.05%)

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T

AT&T

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0.06 (0.16%)

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Time Warner

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VZ

Verizon

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CMCSA

Comcast

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Comcast

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Dish

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CHTR

Charter

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Disney

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VIA

Viacom

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VIAB

Viacom

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GRPN

Groupon

$5.57

0.46 (9.00%)

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CELG

Celgene

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0.93 (0.91%)

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VALU

Value Line

$19.60

0.3 (1.55%)

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Value Line reaffirms $3M stock repurchase program »

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VALU

Value Line

$19.60

0.3 (1.55%)

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Value Line declares special dividend of 20c per share »

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ZEAL

Zealand Pharma

$15.05

-0.78 (-4.93%)

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Zealand Pharma: FDA approves IND for Phase 3 trials of dasiglucagon in CHI »

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GNMSF

Genmab

$190.75

2.75 (1.46%)

, JNJ

Johnson & Johnson

$147.36

0.44 (0.30%)

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Genmab says FDA grants priority review for daratumumab »

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Genmab

$190.75

2.75 (1.46%)

JNJ

Johnson & Johnson

$147.36

0.44 (0.30%)

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HII

Huntington Ingalls

$242.12

5.24 (2.21%)

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Huntington Ingalls awarded $125.2M government contract modification »

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BAESY

BAE Systems

$33.30

0.18 (0.54%)

, GD

General Dynamics

$209.10

1.3 (0.63%)

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BAE Systems, General Dynamics awarded $237.6M government contract modification »

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BAE Systems

$33.30

0.18 (0.54%)

GD

General Dynamics

$209.10

1.3 (0.63%)

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SYRS

Syros Pharmaceuticals

$10.80

0.27 (2.56%)

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Syndicate
Breaking Syndicate news story on Syros Pharmaceuticals »

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WTFC

Wintrust Financial

$87.81

0.96 (1.11%)

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TWTR

Twitter

$23.66

-0.38 (-1.58%)

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Twitter says has identified more IRA and automated Russia-based accounts »

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ITEK

Inotek Pharmaceuticals

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OIS

Oil States

$32.80

0.35 (1.08%)

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Breaking Syndicate news story on Oil States »

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AVGO

Broadcom

$266.39

-3.41 (-1.26%)

, QCOM

Qualcomm

$68.04

-0.01 (-0.01%)

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Broadcom

$266.39

-3.41 (-1.26%)

QCOM

Qualcomm

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-0.01 (-0.01%)

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TRNC

tronc

$19.53

0.3 (1.56%)

16:37
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LA Times' CEO Ross Levinsohn to take leave of absence amid probe, WSJ says »

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AP

Ampco-Pittsburgh

$14.20

0.15 (1.07%)

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Breaking Syndicate news story on Ampco-Pittsburgh »

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CG

Carlyle Group

$24.35

-0.05 (-0.20%)

, UBSH

Union Bankshares

$38.79

0.54 (1.41%)

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CG

Carlyle Group

$24.35

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UBSH

Union Bankshares

$38.79

0.54 (1.41%)

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ANDX

Andeavor Logistics

$52.52

0.12 (0.23%)

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Andeavor Logistics raises quarterly cash distribution to $1.00 per unit »

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Preliminary option volume of 22.8M today »

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TRNC

tronc

$19.53

0.3 (1.56%)

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RKDA

Arcadia Biosciences

$0.27

0.0285 (11.88%)

16:25
01/19/18
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Conference/Events
Arcadia Biosciences to host special shareholder meeting »

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