US insurer CopperPoint Insurance Company has entered into a definitive agreement to buy General Indemnity Group (GIG), an insurance holding company focused on commercial and contract surety solutions.
Financial terms of the transaction were not disclosed.
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The transaction covers GIG’s full portfolio of subsidiaries: insurer United Casualty & Surety Insurance Company (UCS), surety placement platform BOSS Bonds and technology platform SuretyBonds.Market.
GIG provides services across all 50 US states and facilitates tens of thousands of bonds for construction, commercial and public sector projects.
Established in 2015, GIG has built its business around technology-led operations in the surety sector.
The deal is designed to bring together GIG’s digital infrastructure and sector expertise with CopperPoint’s distribution relationships across agents and brokers, as well as its wider organisational resources.
Once complete, GIG will continue to operate out of Boston, which will serve as a regional hub within CopperPoint’s national network.
CopperPoint will retain its headquarters in Phoenix, Arizona.
GIG president Dave Herman said: “Joining CopperPoint allows us to scale our operations, continue to enhance our technology and service offerings, and bring our expertise to a broader customer base, ultimately unlocking a new phase of accelerated growth for our organisation.
“With our national footprint, we are eager to contribute to CopperPoint’s geographic expansion and to continue delivering innovative solutions to the insurance marketplace.”
CopperPoint traces its origins to 1925, when it was established as Arizona’s workers’ compensation state fund.
It converted to a mutual insurance company in 2013 and today reports total assets of $5.27bn and enterprise surplus above $1.97bn.
Its operations are anchored in a 15-state Western footprint.
The company’s corporate parent, CopperPoint Mutual Insurance Holding Company, also oversees the Pacific Compensation Insurance Company and Alaska National Insurance Company.
Closing of the transaction remains subject to regulatory approvals and customary conditions.
CopperPoint president and CEO Kellen Booher added: “CopperPoint is proud to welcome GIG’s incredibly talented team, and we look forward to building together on their strong track record of growth and innovation. Their clear focus on service, expertise and building for the long term make this both a cultural and a strategic fit.”
