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Alleghany Corporation Announces Sale Of Pacific Compensation Insurance Company

September 13, 2017

NEW YORK, Sept. 13, 2017 /PRNewswire/ — Alleghany Corporation (NYSE: Y) today announced that its wholly-owned subsidiary Alleghany Insurance Holdings LLC, has signed a definitive agreement to sell Pacific Compensation Insurance Company (PacificComp), an underwriter of workers’ compensation insurance, primarily in California, to CopperPoint Mutual Insurance Company for $150 million of total cash consideration. In connection with the transaction, an Alleghany subsidiary will continue to provide adverse development reinsurance cover on PacificComp’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.

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