CopperPoint Insurance Co., a workers’ compensation and commercial insurance provider based in Phoenix, has completed its acquisition of Boston-based General Indemnity Group (GIG), an insurance holding company specializing in commercial and contract surety.
The sale to CopperPoint 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 was structured as an all-cash transaction with a purchase price of $84,308,757.68, in exchange for which CopperPoint acquired 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.
CopperPoint is adding nationwide commercial and contract surety expertise to its growing footprint and its construction risk offerings, while BOSS Bonds and SuretyBonds.Market provide a digital experience to access and place surety bonds of all types and sizes.
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.
GIG’s Boston office will remain the headquarters for the company’s surety operations and will become an important local hub as CopperPoint grows its national footprint.
“This is an exciting milestone for both organizations and the customers and partners we serve,” said Kellen Booher, CopperPoint president and chief executive officer.
CopperPoint Mutual Insurance Holding Co. is the corporate parent of CopperPoint Insurance Companies, Pacific Compensation Insurance Co. and Alaska National Insurance Co. 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.
Topics InsurTech Mergers & Acquisitions Tech
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