CopperPoint Insurance Company, a Phoenix-based specialty provider of workers’ compensation and commercial insurance solutions, has signed a definitive agreement to acquire General Indemnity Group (GIG), an insurance holding company focused on commercial and contract surety solutions in all 50 states and Washington, D.C.
The transaction includes GIG subsidiary United Casualty & Surety Insurance Company (UCS), guaranteed placement platform BOSS Bonds and proprietary technology platform SuretyBonds.Market. The acquisition comes from Boston-Omaha.
The transaction, CopperPoint’s third acquisition in the past decade, expands the company’s capabilities in commercial and contract guarantees while strengthening its national presence and distribution network. CopperPoint said the transaction will add specialized talent, expand its product offerings and support its continued growth strategy.
“This is an important milestone in the continued growth of our organization,” commented Kellen Booher, president and CEO of the CopperPoint family of insurance companies.
“We are proud to welcome GIG’s talented team, and we are excited to add commercial and contract underwriting capabilities to our growing portfolio of risk management and services offerings. Doing so on a national basis will allow us to serve the needs of more policyholders and long-term distribution partners wherever they operate, particularly in the construction business where we have deep expertise and scale.
“We look forward to working with the entire GIG team to build on their decade-long record of growth and innovation, driven by investments in people, partnerships and platforms that have long been a priority for CopperPoint.”
Founded in 2015, GIG has a national presence in the surety industry, supporting tens of thousands of bonds related to construction, commercial and public sector projects. The company’s business revolves around the digital transformation of technology-led services and guarantee markets.
GIG President Dave Herman said the acquisition will support the company’s next phase of growth while expanding its market presence.
“This is a transformative moment for our organization and an exciting new chapter for our team,” Herman added. “Joining CopperPoint allows us to scale our business, continue to enhance our technology and service offerings, and bring our expertise to a broader client base, ultimately unlocking a new phase of accelerated growth for our organization. With our national footprint, we are eager to contribute to CopperPoint’s geographic expansion and continue to deliver innovative solutions to the insurance market.”
Herman continued, “We are proud of our team and the business we have built. This next chapter with CopperPoint is a natural evolution of our growth strategy, and we look forward to what we can achieve together.”
Herman also noted in a separate statement: “We are pleased to join forces with CopperPoint to bring our comprehensive underwriting services and expertise to a broader platform. This partnership gives us access to significant resources and financial strength, complementary scale in key markets and industry sectors, and CopperPoint’s deep broker and agent relationships. Together, we will provide greater value to our customers and partners.”
CopperPoint said GIG’s technology-driven approach and specialty surety expertise will complement its relationships with brokers and agents and its broader commercial insurance business. Bucher said the two companies have similar long-term approaches to growth and customer service.
“CopperPoint is honored to welcome GIG’s talented team and we look forward to building on their strong record of growth and innovation together. Their clear focus on service, expertise and building for the long term makes this a cultural and strategic fit,” said Booher.
“Adding guarantee capabilities to CopperPoint’s product portfolio also marks an exciting moment in our evolution, allowing us to serve the needs of more policyholders and distribution partners nationwide.”
CopperPoint was founded in 1925 as the Arizona Workers’ Compensation Fund and became a mutual insurance company in 2013. The company operates in a core region of 15 Western states and continues to expand nationally. CopperPoint confirmed that its headquarters will remain in Phoenix, Arizona.
Following the transaction, GIG will continue to operate out of its Boston office, which CopperPoint said will serve as a key regional hub within its expanding national network.
The acquisition is subject to regulatory approvals and customary closing conditions, and the companies expect the transaction to close by the end of the year.
