Boston-based General Indemnity Group (GIG), an insurance holding company specializing in commercial and contract surety, announced that it has agreed to be acquired by CopperPoint Insurance Co., a workers’ compensation and commercial insurance provider based in Phoenix.
The sale by Boston Omaha includes GIG’s subsidiaries United Casualty & Surety Insurance Co. (UCS), surety placement platform BOSS Bonds, and the technology platform SuretyBonds.Market.
The transaction is structured as an all-cash transaction with a purchase price of $84,308,757.68, in exchange for which CopperPoint will acquire 100% of the equity interests of GIG. Approximately 93% of the net sale proceeds will be distributed to Boston Omaha, with the remaining net sale proceeds payable to GIG’s senior management.
The deal gives CopperPoint nationwide surety capabilities and a countrywide platform.
GIG, which was founded in 2015, provides bonds facilitating construction, commercial, and public sector projects across all 50 states. It is known for its technology-driven business approach and specialized surety expertise.
“With our national footprint, we’re eager to contribute to CopperPoint’s geographic expansion and to continue delivering innovative solutions to the insurance marketplace,” said Dave Herman, president of GIG.
Kellen Booher, president and CEO of CopperPoint companies, said the deal unlocks “a new phase of accelerated growth” by combining GIG’s technology and surety expertise with CopperPoint’s strong agent and broker relationships and resources.
CopperPoint has operations across 15 western states. Founded in 1925 as the Arizona Workers’ Compensation state fund, CopperPoint became a mutual insurance company in 2013.
Upon closing, GIG will continue operations from its Boston office, which will serve as a regional hub within CopperPoint’s growing national footprint. CopperPoint’s headquarters will remain in Phoenix.
CopperPoint Mutual Insurance Holding Co. is the corporate parent of CopperPoint Insurance Companies, Pacific Compensation Insurance Co. and Alaska National Insurance Co.
Topics Mergers & Acquisitions
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