SOURCE: Stone Point Capital

August 27, 2007 16:05 ET

CWI Holdings, Inc. (CompWest) to Be Sold to Accident Fund Insurance Company of America

GREENWICH, CT--(Marketwire - August 27, 2007) - The shareholders of CompWest, a California-based workers' compensation insurance company, have signed a definitive stock purchase agreement which will cause the company to be sold to Accident Fund Insurance Company of America. CompWest was formed in 2004 by its executive management team and Trident III, L.P. (Trident III), in response to workers' compensation regulatory reforms implemented by Governor Schwarzenegger and the California Legislature. Trident III is a private equity fund managed by Stone Point Capital LLC. CompWest was the first workers' compensation insurance company formed and licensed in California following the 2004 reforms.

CompWest, headquartered in San Francisco, is a dynamic provider of workers' compensation insurance throughout California and certain contiguous western states. The company focuses on serving mid-sized employers seeking strategies to achieve long-term cost savings within their insurance programs. CompWest works in partnership with a select number of regional independent brokers with significant books of workers' compensation business.

The CompWest executive management team is led by company co-founders William J. Mudge as CEO and Stephen C. Pogue as COO. Previously, Mr. Mudge served as the CEO of Golden Eagle Insurance Corporation and as Chief Underwriting Officer of Industrial Indemnity.

Charles A. Davis, CEO of Stone Point Capital LLC, said, "We have been very pleased with our partnership with Bill Mudge and his team at CompWest. Bill and his colleagues have quickly built a valuable business, which has been well received by the market. We look forward to watching the continued success of the CompWest team with their new partners at Accident Fund Insurance Company of America."

Stone Point Capital LLC is a global private equity firm that manages the Trident Funds and has raised more than $8 billion in committed capital to make investments in the global insurance and financial services industries.

Contact Information

  • Contact Information:
    Charles A. Davis
    Stone Point Capital LLC
    (203) 862-2900