CopperPoint Completes Acquisition of General Indemnity Group, Expanding Nationwide Surety and Specialty Insurance Capabilities

Business Wire

Transaction adds commercial and contract surety expertise, nationwide reach and best-in-class platform for agents, brokers and customers

PHOENIX & BOSTON--(BUSINESS WIRE)--
CopperPoint Insurance Company (“CopperPoint”) and General Indemnity Group (“GIG”) today announced the successful completion of CopperPoint’s acquisition of GIG from Boston Omaha Corporation (NYSE: BOC), creating an expanded specialty insurance and surety platform serving customers and distribution partners nationwide. CopperPoint is a leading Arizona-based specialty provider of workers’ compensation and commercial insurance solutions. GIG’s subsidiaries include United Casualty & Surety Insurance Company (“UCS”), surety placement platform BOSS Bonds and SuretyBonds.Market, a proprietary technology platform developed by GIG.

The closing follows the receipt of all necessary regulatory approvals and the satisfaction of other customary closing conditions. Adding nationwide commercial and contract surety expertise strengthens CopperPoint’s growing footprint and construction risk solutions, while BOSS Bonds and SuretyBonds.Market provide a seamless digital experience to access and place surety bonds of all types and sizes. Customers and distribution partners will benefit from broader product capabilities, expanded underwriting capacity, enhanced digital service options and access to additional specialty insurance solutions.

“This is an exciting milestone for both organizations and the customers and partners we serve,” said Kellen Booher, President & CEO of CopperPoint and its related companies. “GIG brings experienced surety professionals, nationwide capabilities, and a best-in-class platform that makes placing bonds easier than ever. By combining those strengths with CopperPoint’s Property & Casualty solutions, significant financial strength and commitment to service, we are creating new opportunities to deliver value and support the long-term success of our customers, distribution partners, employees and communities. Our commitment to that growth is demonstrated by the additional capital we are contributing to further strengthen and expand our surety offerings.”

Since its founding in 2015, GIG has built a nationally recognized surety platform through its combination of underwriting expertise, surety placement capabilities, and proprietary technology to serve customers, agents, brokers, subagents, and market partners in all 50 states and Washington, D.C.

“Today marks an exciting next chapter for our teams,” said Dave Herman, President of GIG. “This combination brings together complementary strengths and investments that will accelerate our next phase of growth while enhancing our exceptionally high service standards. We couldn’t be more excited to be part of the CopperPoint team.”

Customers and distribution partners will continue working with the teams, products, and platforms they know while benefiting from the combined organization's broader capabilities, expanded resources, and enhanced market reach. GIG's Boston office will remain the headquarters for the company’s surety operations and will become an important local hub within CopperPoint's growing national footprint.

Troutman Pepper Locke served as legal counsel, and PwC served as valuation and tax advisor to CopperPoint. Gennari Aronson served as legal counsel and Propel Advisory Group acted as financial advisor to GIG and Boston Omaha Corporation.

About CopperPoint Insurance Companies

CopperPoint Insurance Companies, www.copperpoint.com, is a leading provider of workers' compensation and commercial property and casualty insurance solutions. With an expanded line of insurance products and a growing footprint in the United States, CopperPoint is positioned to meet the evolving needs of its agents, brokers, and policyholders. It has $5.27 billion in total assets and an enterprise surplus of over $1.97 billion.

CopperPoint Mutual Insurance Holding Company is the corporate parent of CopperPoint Insurance Companies, Pacific Compensation Insurance Company and Alaska National Insurance Company. All companies are rated A (Excellent) by AM Best.