CopperPoint Insurance Companies announced it has signed a definitive agreement to acquire General Indemnity Group (GIG) and its subsidiaries from Boston Omaha Corporation. The deal will add commercial and contract surety capabilities to CopperPoint’s portfolio while establishing nationwide operations across all 50 states and Washington D.C.
The acquisition includes United Casualty & Surety Insurance Company (UCS), surety placement platform BOSS Bonds, and SuretyBonds.Market, a proprietary technology platform developed by GIG. CopperPoint said the transaction will strengthen its specialty insurance offerings, add talent and digital capabilities, and expand services for policyholders and distribution partners.
CopperPoint described the transaction as its third acquisition in the past decade as the company continues to expand beyond its roots as Arizona’s workers’ compensation state fund.
Kellen Booher, President & CEO of the CopperPoint family of insurance companies, said the acquisition marks a major milestone for the company’s growth strategy and will enhance its ability to serve construction clients and other customers nationwide.
GIG, founded in 2015, has focused on innovation and digital transformation in the surety industry. CopperPoint said GIG’s Boston office will remain a core operational hub following the acquisition.
Dave Herman, President of GIG, said the partnership with CopperPoint will provide access to additional resources, financial strength, broker relationships, and expanded scale across key markets and industry sectors.
CopperPoint said its headquarters will remain in Phoenix, Arizona. The transaction is subject to regulatory approvals and is expected to close before the end of the year.
CopperPoint Insurance Companies currently has $5.27 billion in total assets and enterprise surplus exceeding $1.97 billion. The company and its affiliated insurers are rated A (Excellent) by AM Best.
KEY QUOTES:
“This is a significant milestone in our organization’s continued growth story. We’re proud to welcome GIG’s incredibly talented team, and we are very pleased to add commercial and contract surety capabilities to our growing portfolio of risk management and service offerings. Doing so on a countrywide basis will allow us to meet more of our policyholders’ and long-standing distribution partners’ needs wherever they operate, particularly in our construction business where we have significant expertise and scale. We look forward to partnering with the entire GIG team to build together on their decade-long track record of growth and innovation, fueled by the same kinds of investments in people, partnerships, and platforms that CopperPoint has long prioritized.”
Kellen Booher, President & CEO, CopperPoint Insurance Companies
“We are thrilled to join forces with CopperPoint and bring our comprehensive surety services and expertise to a broader platform. This partnership gives us access to significant resources and financial strength, complementary scale in major markets and industry segments, and CopperPoint’s deep broker and agency relationships. Together, we are well-positioned to provide even greater value to our customers and partners.”
Dave Herman, President, General Indemnity Group
