General Indemnity Group Enters Agreement to Join CopperPoint Insurance Companies to Expand Surety Reach and Capabilities

Business Wire

The acquisition will bring together shared values and complementary strengths to deliver greater specialty insurance solutions and service

BOSTON--(BUSINESS WIRE)--
General Indemnity Group (GIG), an insurance holding company specializing in commercial and contract surety solutions in all 50 states, today announced the signing of a definitive agreement for its acquisition by CopperPoint Insurance Company (CopperPoint), a leading specialty provider of workers’ compensation and commercial insurance solutions. The transaction includes GIG’s subsidiaries, including the insurer United Casualty & Surety Insurance Company (UCS), surety placement platform BOSS Bonds, and the technology platform SuretyBonds.Market.

“This is a transformative moment for our organization and an exciting next chapter for our team,” said Dave Herman, President of GIG. “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 organization. With our national footprint, we’re eager to contribute to CopperPoint’s geographic expansion and to continue delivering innovative solutions to the insurance marketplace.”

With tens of thousands of bonds facilitating construction, commercial, and public sector projects across 50 states, GIG has built a reputation for innovation, responsiveness, and digital transformation in the surety industry since its founding in 2015. Through the partnership with CopperPoint, GIG will combine its technology-driven ease-of-doing business approach and specialized surety expertise with CopperPoint’s strong agent and broker relationships, significant resources, and complementary capabilities to better serve distribution partners and customers nationwide.

“We are proud of the team and the business we’ve built,” Herman added. “This next chapter with CopperPoint is a natural evolution of our growth strategy, and we look forward to what we can accomplish together.”

“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,” said Kellen Booher, President & CEO of the CopperPoint family of insurance companies. “Adding surety capabilities to CopperPoint’s portfolio also marks an exciting moment in our growth story, allowing us to meet more of our policyholders’ and distribution partners’ needs across a national footprint.”

CopperPoint Insurance Company is based in Phoenix, Arizona, with operations across a core 15-state Western footprint and growing. Founded in 1925 as the Arizona Workers' Compensation state fund, CopperPoint became a mutual insurance company in 2013 and has evolved to become a leading specialty insurer. CopperPoint’s headquarters will remain in Phoenix, Arizona.

The acquisition is expected to close following regulatory approvals and other customary closing conditions. Upon closing, GIG will continue operations from its Boston office, which will serve as a key regional hub within CopperPoint’s growing national footprint.

About General Indemnity Group

Founded in 2015, General Indemnity Group is an insurance holding company, specializing in contract and commercial surety solutions. Through its subsidiaries, including UCS, and BOSS Bonds, GIG delivers innovative, technology-driven services to agents and customers across the United States. GIG is committed to excellence, growth, and expanding access to surety solutions nationwide.

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 customers. 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.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning the consummation of the acquisition, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. General Indemnity Group, and its parent, Boston Omaha Corporation. desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.