Boston-headquartered insurance aggregator One80 Intermediaries has acquired Commercial Insurance Group (CIG) for an undisclosed amount.
The transaction also covers CIG’s affiliates Strategic Insurance Agency, and its proprietary online platform Bigfoot Insurance.
Founded in 2007, Colorado Springs-based CIG is a wholesale broker and Managing General Agent (MGA). The company specialises in California homeowners insurance as well as high risk property, casualty and package business.
It currently distributes products and services to over 10,000 agents and brokers across the US.
Bigfoot Insurance enables agents to quote, bind and issue policies for stationary homes, small homes on wheels or sleds, container homes and other small dwellings.
The addition of CIG will enable One80 Intermediaries to expand its online platform for hard to place risks.
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Commenting on the deal, One80 Intermediaries president Matthew Power said: “Since our inception, One80 has specialised in hard to place homeowners and commercial property risks throughout the US.
“Acquiring Commercial Insurance Group will extend our capabilities to include an innovative, market leading online platform, Bigfoot, allowing appointed brokers to quote, bind and issue policies for hard to place risks with ease. I was extremely impressed with this advanced technology, as it enables Bigfoot to rapidly implement new programmes and products meeting the evolving needs of its clients.”
Following the transaction, Commercial Insurance Group will become a division of One80 Intermediaries.
Commercial Insurance Group managing director Martin Burlingame said: “As the insurance market continues to consolidate, we felt it was important to join a larger, rapidly growing organisation to further support our agents, providing access to a more expansive product suite.
“One80’s expansion plan, desire to grow and innovative culture was particularly appealing, and we are very much looking forward to this partnership.”
Last month, One80 Intermediaries acquired the reinsurance intermediary and Managing General Underwriter (MGU) Brokers’ Risk for an undisclosed amount.