US insurer CopperPoint Insurance coverage Firm has entered right into a definitive settlement to purchase Common Indemnity Group (GIG), an insurance coverage holding firm centered on business and contract surety options.
Monetary phrases of the transaction weren’t disclosed.
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The transaction covers GIG’s full portfolio of subsidiaries: insurer United Casualty & Surety Insurance coverage Firm (UCS), surety placement platform BOSS Bonds and know-how platform SuretyBonds.Market.
GIG supplies providers throughout all 50 US states and facilitates tens of hundreds of bonds for building, business and public sector initiatives.
Established in 2015, GIG has constructed its enterprise round technology-led operations within the surety sector.
The deal is designed to carry collectively GIG’s digital infrastructure and sector experience with CopperPoint’s distribution relationships throughout brokers and brokers, in addition to its wider organisational sources.
As soon as full, GIG will proceed to function out of Boston, which can function a regional hub inside CopperPoint’s nationwide community.
CopperPoint will retain its headquarters in Phoenix, Arizona.
GIG president Dave Herman mentioned: “Becoming a member of CopperPoint permits us to scale our operations, proceed to reinforce our know-how and repair choices, and produce our experience to a broader buyer base, finally unlocking a brand new section of accelerated progress for our organisation.
“With our nationwide footprint, we’re wanting to contribute to CopperPoint’s geographic growth and to proceed delivering revolutionary options to the insurance coverage market.”
CopperPoint traces its origins to 1925, when it was established as Arizona’s employees’ compensation state fund.
It transformed to a mutual insurance coverage firm in 2013 and immediately studies complete belongings of $5.27bn and enterprise surplus above $1.97bn.
Its operations are anchored in a 15-state Western footprint.
The corporate’s company dad or mum, CopperPoint Mutual Insurance coverage Holding Firm, additionally oversees the Pacific Compensation Insurance coverage Firm and Alaska Nationwide Insurance coverage Firm.
Closing of the transaction stays topic to regulatory approvals and customary situations.
CopperPoint president and CEO Kellen Booher added: “CopperPoint is proud to welcome GIG’s extremely proficient staff, and we look ahead to constructing collectively on their robust observe file of progress and innovation. Their clear concentrate on service, experience and constructing for the long run make this each a cultural and a strategic match.”
