All posts in "Insurance"

Arizona Workers Comp Insurer Secures Foothold In California

 

Via businessinsurance.com

CopperPoint Mutual Insurance Co., based in Phoenix, on Wednesday said it has acquired California insurer Pacific Compensation Insurance Co. from Alleghany Insurance Holdings L.L.C., a subsidiary of Alleghany Corp., for $150 million in cash.

The combined book of underwriting business for the two comp insurers will represent approximately $400 million in premium and a combined asset base of nearly $4.1 billion, with $1.5 billion in policyholder surplus, CopperPoint said in a statement.

The deal is expected to close at the end of the year subject to customary closing conditions and regulatory review and approvals, according to CopperPoint.

The acquisition of West Lake Village, California-based PacificComp is a milestone in CopperPoint’s geographic expansion and diversification initiatives, the insurer said.

“We are similar in our philosophies and the way we approach workers comp,” CopperPoint CEO Marc Schmittlein told Business Insurance. “We are really excited to be acquiring talent and the business.”

Mr. Schmittlein said CopperPoint already does business in California but wanted a stronger presence in the state. “This is just our chance to have a domicile partner in California, which allows us to get our brand in the state.”

PacificComp will retain its name and leadership, but both insurers will fall under new parent company, CopperPoint Family of Companies, he added.

Jan Frank, CEO of PacificComp, said the acquisition is an “ideal strategic and cultural fit for our employees, broker partners and policyholders that will allow us to continue our service to the market without interruption and provide us with the ability to expand the products and services we offer.”

“Our companies share a strategic vision for the continued expansion of the business and an approach to the marketplace,” Ms. Frank said in the statement.

COPYRIGHT © 2017 BUSINESS INSURANCE HOLDINGS

 

 

 

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RightSure Insurance Purchases Arizona Economy Insurance

Via markets.businessinsider.com

TUCSON, Ariz., Aug. 15, 2017 /PRNewswire/ — RightSure Insurance Group is pleased to announce the acquisition of Tucson-based Arizona Economy Insurance effective August 3, 2017.

As an independent agency, Arizona Economy Insurance is known for providing unbiased advice, broad market access and premier customer service. As part of RightSure, customers will experience even more of these great attributes.

RightSure agents help customers bypass the hassle of comparison shopping by doing all the analysis for them. The agency uses modern technology and a customer-focused model to provide clients with the best insurance options available.

Licensed to sell personal, commercial and life insurance products in 42 states, RightSure is growing quickly thanks in part to its stellar track record of satisfying customers. Arizona Economy is the company’s thirteenth book of business acquisition.

With this transition, Arizona Economy Insurance customers will enjoy convenient access to RightSure’s call center and its licensed and highly-experienced team for an upscale insurance experience. “We’re very excited to collaborate with the Arizona Economy Insurance team and their customers,” says President, R. Jeffery Arnold. “Customers can look forward to clear, friendly guidance and efficient, intuitive processes.”

With access to an impressive number of insurance markets, RightSure is well-positioned to provide both personal and commercial insurance clients with robust insurance coverage at the most competitive rates available.

About RightSure Insurance Group

Headquartered in Tucson, Arizona, RightSure Insurance Group is a full-service independent insurance agency providing insurance products to families and businesses in 42 states.  By using a unique, client-centered approach combined with superior technology, RightSure presents clients with a wide range of insurance options and a seamless purchasing process. To learn more, visit https://www.rightsure.com or call 520-917-5295.

SOURCE RightSure Insurance Group

View original content with multimedia:http://www.prnewswire.com/news-releases/rightsure-insurance-purchases-arizona-economy-insurance-300504392.html

 

 

 

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Auto Insurer Root Expands Into Arizona

Via dispatch.com

Auto insurer Root, which began offering auto insurance in Ohio in October, has expanded into Arizona.

The Columbus-based insurer has built a model on insuring only good drivers. Drivers must apply for coverage by using Root’s smartphone app, which tracks their driving habits, such as how fast they go, how hard they brake and how hard they swerve. The app then will tell drivers whether they’re eligible for coverage.

The company says its model can cut insurance rates for good drivers in half.

Root says it chose Arizona because the state is embracing innovation in the auto industry, including tests for self-driving car services.

The company says it is working on expanding to other states.

 

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Keys to adulthood: Arizona bill would let foster kids buy car insurance

Via azcentral.com

When you’re a foster kid, there are plenty of barriers to feeling normal.

Mark Leeper remembers a key obstacle: He couldn’t drive. Not for lack of interest, but because there was no way he could legally obtain the car insurance that was needed to get a permit and, later, a license.

“It wasn’t even an option,” said Leeper, now 31.

It still isn’t. State law prohibits minors from entering into contracts, with just a handful of exceptions. While his friends were driving around to school or parties, he said, he didn’t enjoy the same independence because he couldn’t even think about getting behind the wheel of a car. If the law changed, “from an inclusion standpoint, that would be helpful,” Leeper said.

A bill on Gov. Doug Ducey’s desk could make that change.

The legislation, sponsored by Sen. Dave Bradley, would allow minors in foster care or group homes to buy car insurance, a prerequisite for getting a learner’s permit and driver’s license.

It could be a mixed blessing, given the potential cost of a stand-alone policy with no adult signing on. But Bradley said it would be a small step toward easing one of the hurdles older kids in foster care face: the ability to drive before they “age out” of the system and have to face the world on their own.

‘Being able to drive’

Bradley, D-Tucson, said he remembers distinctly a survey the state did several years ago of foster kids and their needs.

“One of the top requests was being able to drive,” he said.

Breanna Carpenter reinforced that message when she talked to lawmakers earlier this year about Senate Bill 1341.

 She was able to get car insurance, and the needed driver’s license, thanks to the financial backing of supportive foster parents. But that’s not the norm, as many foster parents already feel tapped out caring for children in state custody, let alone picking up the tab, and the liability, for a teen driver.

Thanks to the mobility her foster parents provided her, she could attend a high school outside her district’s boundaries and enroll in an international-baccalaureate program.

“My story is uncommon; however, it should be the norm,” said Carpenter, now 20. “The ability to obtain auto insurance could help more young adults obtain a driver’s license.”

Leeper said it sounds like a good idea, at least in principle.

“It would be normalizing,” he said. “But from a liability standpoint, it would cost an arm and a leg.”

Bill faced some opposition

 While the bill sailed through the Senate unanimously, some House members opposed it.

Rep. Eddie Farnsworth, R-Gilbert, said the law regards minors as incapable of entering into a legal contract, such as an insurance policy. On top of that, he said, the bill carves out an exception for just one group of minors.

“I’m not against foster children driving,” said Farnsworth. But he is troubled by the state allowing youth to enter into contracts.

Bradley, however, notes foster children can already buy health and life insurance. Auto insurance would at least give them the opportunity to be on a par with their peers, albeit at a higher cost.

There are other barriers before foster children can get behind the wheel.

It’s not clear how many auto-insurance companies would offer policies to minors. A Geico representative said the company doesn’t have a product to sell.

Allstate Insurance would modify one of its existing policies to allow minors to make a purchase, said company spokeswoman Melinda Wilson. She couldn’t estimate the cost, saying there are too many variables to come up with a general figure.

The next step, if Ducey signs the bill, would likely be working toward a way to make it easier for a foster kid to get an adult’s signature on a learner’s-permit application without having to assume full liability, said Meghan Arrigo, associate director of child-welfare policy for the Children’s Action Alliance.

Although car insurance is the last step in getting on the road, Arrigo said, it’s crucial. The alliance decided that would be the first policy change it would tackle before taking on what she said is the trickier issue of a change at the Motor Vehicle Division.

“We started almost at one end of the continuum and worked backwards,” she said.

Reach the reporter at maryjo.pitzl@arizonarepublic.com and follow her on Twitter @maryjpitzl.

 

 

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